<SEC-DOCUMENT>0001157523-11-005202.txt : 20110829
<SEC-HEADER>0001157523-11-005202.hdr.sgml : 20110829
<ACCEPTANCE-DATETIME>20110829084047
ACCESSION NUMBER:		0001157523-11-005202
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110826
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110829
DATE AS OF CHANGE:		20110829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WORLD FUEL SERVICES CORP
		CENTRAL INDEX KEY:			0000789460
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
		IRS NUMBER:				592459427
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09533
		FILM NUMBER:		111061491

	BUSINESS ADDRESS:	
		STREET 1:		9800 N.W. 41ST STREET
		STREET 2:		SUITE 400
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178
		BUSINESS PHONE:		305-428-8001

	MAIL ADDRESS:	
		STREET 1:		9800 N.W. 41ST STREET
		STREET 2:		SUITE 400
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL RECOVERY CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6842908.htm
<DESCRIPTION>WORLD FUEL SERVICES CORPORATION 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      D.C. 20549</b></font><br><br>
    </p>
    <hr style="height: 1.0 pt; text-align: center; color: #000000; width: 20%">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font><br><br>
    </p>
    <hr style="height: 1.0 pt; text-align: center; color: #000000; width: 20%">


    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported): &#160;August 26, 2011</font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WORLD
      FUEL SERVICES CORPORATION</b></font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Florida</b>
          </p>
        </td>
        <td valign="bottom" style="width: 34%; white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-9533</b>
          </p>
        </td>
        <td valign="bottom" style="width: 33%; white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>59-2459427</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation)
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Number)
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="bottom" style="width: 67%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>9800 N.W. 41<sup>st</sup> Street, Suite 400</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Miami</b>
          </p>
        </td>
        <td valign="bottom" style="width: 33%; white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>33178</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 67%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Zip
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt">Registrant&#8217;s telephone number, including
      area code:</font><font style="font-size: 10pt"><b> (305) 428-8000</b></font><br>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      [&#160;&#160;&#160;] &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br>[&#160;&#160;&#160;] &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br>[&#160;&#160;&#160;] &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br>[&#160;&#160;&#160;] &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 5.02.</b>
          </p>
        </td>
        <td valign="top" style="width: 90%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Departures of Directors or Certain Officers; Election of
            Directors; Appointment of Certain Officers; Compensatory
            Arrangements of Certain Officers.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      5.02(b)
    </p>
    <p style="text-indent: 60.0px">
      On August&#160;29, 2011, World Fuel Services Corporation (the &#8220;Company&#8221;)
      announced that, effective January&#160;1, 2012, Paul H. Stebbins will
      transition from Chairman of the Board of Directors and Chief Executive
      Officer to Executive Chairman of the Board of Directors and an officer
      of the Company.
    </p>
    <p>
      5.02(c)
    </p>
    <p style="text-indent: 60.0px">
      On August&#160;29, 2011, the Company also announced that, effective
      January&#160;1, 2012, Michael J. Kasbar will assume the position of Chief
      Executive Officer in addition to his role as President of the Company.
    </p>
    <p style="text-indent: 60.0px">
      Mr.&#160;Kasbar, age 55, has served as President and Chief Operating Officer
      of the Company since July 2002 and as a director of the Company since
      June 1995.&#160;&#160;From January 1995 to July 2002, he served as Chief Executive
      Officer of World Fuel Services Americas, Inc. (formerly Trans-Tec
      Services, Inc.), at the time the Company&#8217;s principal subsidiary engaged
      in the marine fuel services business.&#160;&#160;Prior to joining the Company, Mr.
      Kasbar was an officer, shareholder and director of Trans-Tec Services,
      Inc., a global marine fuel services company, which he co-founded in
      1985.&#160;&#160;With 30 years of experience in the fuel services business and
      over 16 years of service to the Company, Mr. Kasbar has been involved in
      all aspects of the Company&#8217;s business and has gained a unique
      understanding of the Company&#8217;s strategies and operations. Mr. Kasbar is
      the first cousin of Richard A. Kassar, a director of the Company.
    </p>
    <p style="text-indent: 60.0px">
      On August 26, 2011, the Company entered into Amendment No. 1 (the
      &#8220;Kasbar Amendment&#8221;) to the Agreement between the Company and Mr. Kasbar,
      dated March 14, 2008 (the &#8220;Kasbar Agreement&#8221;), in connection with his
      transition from President and Chief Operating Officer to President and
      Chief Executive Officer, effective January 1, 2012.&#160;&#160;The Kasbar
      Amendment generally provides that starting on January 1, 2012 and
      continuing through January 1, 2016, subject to annual renewals
      thereafter unless either party provides the other with one year&#8217;s
      advance notice, Mr. Kasbar will serve as President and Chief Executive
      Officer of the Company, and the Company will pay Mr. Kasbar an annual
      base salary of $750,000 (&#8220;Base Salary&#8221;), which is subject to change from
      time to time as determined by the Compensation Committee of the Board of
      Directors (the &#8220;Compensation Committee&#8221;).&#160;&#160;Mr. Kasbar will remain
      eligible to receive annual cash incentive awards and performance-based
      equity awards as determined by the Compensation Committee and under the
      terms of the Company&#8217;s applicable compensation plans.&#160;&#160;Pursuant to the
      Kasbar Amendment, the provisions of the Kasbar Agreement in existence
      prior to the execution of the Kasbar Amendment will continue in effect
      in all respects during Mr. Kasbar&#8217;s continued employment as President
      and Chief Operating Officer through December 31, 2011. Furthermore,
      except as specifically modified by the Kasbar Amendment, the provisions
      of the Kasbar Agreement will continue to govern Mr. Kasbar&#8217;s employment
      following December 31, 2011.
    </p>
    <p style="text-indent: 60.0px">

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 60.0px">
      This description of the Kasbar Amendment is qualified in its entirety by
      the full text of the Kasbar Amendment, which is attached hereto as
      Exhibit 10.1 and is incorporated herein by reference.
    </p>
    <p>
      5.02(e)&#160;&#160;&#160;&#160;&#160;
    </p>
    <p style="text-indent: 60.0px">
      On August 26, 2011, the Company entered into Amendment No. 1 (the
      &#8220;Stebbins Amendment&#8221;) to the Agreement between the Company and Mr.
      Stebbins, dated March 14, 2008 (the &#8220;Stebbins Agreement&#8221;), in connection
      with his transition from Chairman of the Board of Directors and Chief
      Executive Officer to Executive Chairman of the Board of Directors and an
      officer of the Company, effective January 1, 2012. The Stebbins
      Amendment generally provides that starting on January 1, 2012 and
      continuing through January 1, 2014, subject to annual renewals
      thereafter unless either party provides the other with six months&#8217;
      advance notice, Mr. Stebbins will serve as Executive Chairman of the
      Board and an officer of the Company, and the Company will pay Mr.
      Stebbins an annual base salary of $750,000 (&#8220;Base Salary&#8221;), which is
      subject to change from time to time as determined by the Compensation
      Committee.&#160;&#160;In addition, subject to approval of the Compensation
      Committee, Mr. Stebbins will be eligible to receive annual equity-based
      awards with a grant-date value targeted at $500,000, 50% in the form of
      service-based restricted stock units (&#8220;RSUs&#8221;) and 50% in the form of
      performance-based RSUs. Subject to the terms and conditions of the
      applicable award agreements and the Company&#8217;s equity compensation plan,
      the service-based RSUs will generally vest on the first anniversary of
      the date of grant, provided that Mr. Stebbins remains employed by the
      Company on the relevant vesting dates, and the performance-based RSUs
      will be subject to one-year performance periods and the achievement of
      performance goals established by the Compensation Committee from time to
      time and will generally vest on the later of (i) one year following the
      date of grant and (ii) the last day of the applicable one-year
      performance period.&#160;&#160;Pursuant to the Stebbins Amendment, the provisions
      of the Stebbins Agreement in existence prior to the execution of the
      Stebbins Amendment will continue in effect in all respects during Mr.
      Stebbins&#8217; continued employment as Chief Executive Officer and Chairman
      of the Board through December 31, 2011. Furthermore, except as
      specifically modified by the Stebbins Amendment, the provisions of the
      Stebbins Agreement will continue to govern Mr. Stebbins&#8217; employment
      following December 31, 2011.
    </p>
    <p style="text-indent: 60.0px">
      This description of the Stebbins Amendment is qualified in its entirety
      by the full text of the Stebbins Amendment, which is attached hereto as
      Exhibit 10.2 and is incorporated herein by reference.
    </p>
    <p style="text-indent: 60.0px">

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 5.03.</b>
          </p>
        </td>
        <td valign="top" style="width: 90%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amendments to Articles of Incorporation or Bylaws; Change in
            Fiscal Year.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">
      In connection with the changes discussed in Item 5.02 above, on August
      26, 2011, the Board of Directors of World Fuel Services Corporation (the
      &#8220;Company&#8221;) approved an amendment and restatement of the Company&#8217;s
      By-Laws in order to (i) separate the Chairman of the Board of Directors
      and Chief Executive Officer positions, (ii) combine the President and
      Chief Operating Officer positions, (iii) revise the descriptions of the
      duties of the Chairman of the Board and President, (iv) add a
      description of the duties of the Chief Executive Officer and Chief
      Financial Officer, (v) remove Section 4 of Article III on the
      compensation of officers and (vi) make certain clarifying or conforming
      changes.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The foregoing description of the amendments to the By-Laws set forth
      above is qualified in its entirety by reference to the full text of the
      By-Laws which is filed as Exhibit 3.1 to this Form 8-K.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 7.01</b>
          </p>
        </td>
        <td valign="top" style="width: 90%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Regulation FD Disclosure.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">
      On August 29, 2011, World Fuel Services Corporation issued a press
      release announcing that, effective January&#160;1, 2012, (i) Michael J.
      Kasbar will assume the position of Chief Executive Officer in addition
      to his role as President of the Company and (ii) Paul H. Stebbins will
      transition from Chairman of the Board of Directors and Chief Executive
      Officer to Executive Chairman of the Board of Directors and an officer
      of the Company.&#160;&#160;A copy of the press release is attached hereto as
      Exhibit 99.1 and incorporated herein by reference.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      This information and the information contained in Exhibit 99.1 shall not
      be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange
      Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), or
      incorporated by reference in any filing under the Securities Act of
      1933, as amended, or the Exchange Act, except as may be expressly set
      forth by specific reference in any such filing.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td valign="top" style="width: 90%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Financial Statements and Exhibits</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          (d)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          Exhibits
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 15%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="width: 75%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 15%; text-align: left; padding-left: 0.0px">

        </td>
        <td style="width: 75%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 15%; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          3.1
        </td>
        <td valign="top" style="width: 75%; text-align: left; padding-left: 0.0px">
          By-Laws, amended and restated as of August 26, 2011.
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 15%; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          10.1
        </td>
        <td valign="top" style="width: 75%; text-align: left; padding-left: 0.0px">
          Amendment No. 1, dated August 26, 2011, to Agreement between World
          Fuel Services Corporation and Michael J. Kasbar.
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 15%; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          10.2
        </td>
        <td valign="top" style="width: 75%; text-align: left; padding-left: 0.0px">
          Amendment No. 1, dated August 26, 2011, to Agreement between World
          Fuel Services Corporation and Paul H. Stebbins.
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 15%; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          99.1
        </td>
        <td valign="top" style="width: 75%; text-align: left; padding-left: 0.0px">
          Press Release, dated August 29, 2011.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; margin-left: 210.0px">

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap; margin-left: 210.0px">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font><br>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">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, thereunto duly authorized.</font><br><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            August 29, 2011
          </p>
        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>World Fuel Services Corporation</b>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ R. Alexander Lake</u>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            R. Alexander Lake
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Vice President, General Counsel and
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Corporate Secretary
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a6842908_ex31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 3.1</b>
    </p>
    <p style="text-align: right">
      <br>

    </p>
    <p style="text-align: center">
      BY-LAWS
    </p>
    <p style="text-align: center">
      OF
    </p>
    <p style="text-align: center">
      WORLD FUEL SERVICES CORPORATION
    </p>
    <p style="text-align: center">
      (Amended and Restated as of August 26, 2011)
    </p>
    <p style="text-align: center">
      <u>ARTICLE I.&#160;&#160;MEETINGS OF STOCKHOLDERS</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 1.&#160;&#160;Annual Meeting</u>.&#160;&#160;The annual meeting of the
      Stockholders of this corporation shall be held at the time and place
      designated by the Board of Directors of the corporation.&#160;&#160;Business
      transacted at the annual meeting shall include the election of Directors
      of the corporation.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 2.&#160;&#160;Special Meetings</u>.&#160;&#160;Special meetings of the
      Stockholders shall be held when directed by the Chairman of the Board,
      the Chief Executive Officer, the President or the Board of Directors, or
      when requested in writing by the holders of not less than ten percent of
      all the shares entitled to vote at the meeting.&#160;&#160;Notice of a meeting
      requested by Stockholders shall be sent to Stockholders within thirty
      days after the request is received by the corporation, and the meeting
      shall be held no less than ten nor more than sixty days after the date
      the notice is sent to Stockholders.&#160;&#160;The call for the meeting shall be
      issued by the Secretary, unless the Chairman of the Board, the Chief
      Executive Officer, the President or the Board of Directors shall
      designate another person to do so.&#160;&#160;Only business within the purpose or
      purposes described in the special meeting notice may be conducted at a
      special meeting of the Stockholders.&#160;&#160;This Section 2 shall be the
      exclusive means for Stockholders to request a special meeting of
      Stockholders or to propose business to be brought before a special
      meeting of Stockholders.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      A request by Stockholders for a special meeting shall not be valid if
      (a) the request relates to an item of business that is not a proper
      subject for Stockholder action under applicable law, (b) the request is
      received by the corporation during the period commencing 90 days prior
      to the first anniversary of the preceding year&#8217;s annual meeting of
      Stockholders and ending on the date of that year&#8217;s annual meeting of
      Stockholders or (c) a related item was presented at any meeting of
      Stockholders within 90 days prior to receipt by the corporation of such
      request.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Any request by Stockholders for a special meeting shall include the
      following: (a) a statement of the specific purpose(s) of the special
      meeting, the matter(s) proposed to be acted on at the special meeting,
      the reasons for conducting such business at the special meeting, and any
      interest of each Stockholder and each Stockholder Associated Person (as
      defined in Section 6 of this Article I) in the business proposed to be
      conducted at the special meeting; (b) if the purpose of the special
      meeting is to conduct Business (as defined in Section 6 of this Article
      I), such request shall also include (i) the complete text of any
      resolution(s) proposed for consideration, and in the event that such
      Business includes a proposal to amend these By-Laws, the language of the
      proposed amendment and (ii) as to each Stockholder signing such request
      and, where applicable, each Stockholder Associated Person, the
      information requested in Section 6(C)(ii) of this Article I; and (c) if
      the purpose of the special meeting is to nominate persons for election
      to the Board of Directors, such request shall also include (i) as to
      each person whom the Stockholder(s) propose to nominate for election as
      a Director, the information requested in Section 7(A)(3)(a) of this
      Article I and (ii) as to each Stockholder signing such request and,
      where applicable, each Stockholder Associated Person, the information
      requested in Section 7(A)(3)(b) of this Article I.&#160;&#160;For the avoidance of
      doubt, if the Chairman of the Board, the Chief Executive Officer, the
      President or the Board of Directors calls a special meeting for the
      purpose of nominating persons for election to the Board of Directors,
      the ability of Stockholders to submit nominations at such special
      meeting is governed by the provisions of Section 7(B) of this Article I.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Except as otherwise provided by law, the Articles of Incorporation or
      these By-Laws, the Chairman of the meeting (or the Chairman of the Board
      prior to the meeting) shall have the power and duty to determine whether
      any request for a special meeting was submitted in accordance with the
      procedures set forth in this Section 2 and, if any request for a special
      meeting is not in compliance with this Section 2, to declare that such
      defective request shall be disregarded.&#160;&#160;Notwithstanding the compliance
      of any such request with this Section 2, the Board of Directors may (in
      lieu of calling the special meeting requested in such request) present a
      related item for Stockholder approval at any other meeting of
      Stockholders that is held not less than 90 days after the receipt of
      such request by the corporation.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If, after the Stockholder has submitted a request for a special meeting
      in accordance with this Section 2, any information required to be
      contained in such request changes prior to the date of the relevant
      meeting, such request shall be deemed to be not in compliance with this
      Section 2 and not effective unless such Stockholder, as promptly as
      practicable following the event causing such change in information,
      delivers to the Secretary at the principal executive offices of the
      corporation an updated request containing such change.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Stockholders may revoke a request for a special meeting by written
      revocation delivered to the corporation at any time prior to the special
      meeting; provided, however, that the Board of Directors shall have the
      discretion to determine whether or not to proceed with the special
      meeting.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If none of the Stockholders who submitted a request for a special
      meeting appears or sends a Qualified Representative (as defined in
      Section 6 of this Article I) to present the proposal(s) or business
      submitted by the Stockholders for consideration at the special meeting,
      the corporation need not present such proposal(s) or business for a vote
      at such meeting.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 3.&#160;&#160;Place</u>.&#160;&#160;Meetings of Stockholders may be
      held within or without the State of Florida.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 4.&#160;&#160;Notice</u>.&#160;&#160;Written notice stating the place,
      day and hour of the meeting and, in the case of a special meeting, the
      purpose or purposes for which the meeting is called shall be delivered
      not less than ten nor more than sixty days before the meeting date<i><b> </b></i>by
      any means of communication permitted under or authorized by the Florida
      Business Corporation Act, including, without limitation, in person, by
      electronic transmission (as defined in the Florida Business Corporation
      Act) or by mail, by or at the direction of the Chairman of the Board,
      the Chief Executive Officer, the President, the Secretary, or the
      Officer calling the meeting to each Stockholder of record entitled to
      vote at such meeting.&#160;&#160;If mailed, such notice shall be deemed to be
      delivered when deposited in the United States mail addressed to the
      Stockholder at his address as it appears on the stock transfer books of
      the corporation, with postage thereon prepaid.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -2-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Without limiting the manner in which notice otherwise may be given
      effectively to Stockholders, any notice to Stockholders given by the
      corporation under any provision of the Florida Business Corporation Act,
      the Articles of Incorporation, or these By-Laws shall be effective if
      given by a single written notice to Stockholders who share an address if
      consented to by the Stockholders at that address to whom such notice is
      given.&#160;&#160;Any such consent shall be revocable by a Stockholder by written
      notice to the corporation.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 5.&#160;&#160;Notice of Adjourned Meetings</u>.&#160;&#160;When a
      meeting is adjourned to another time or place, it shall not be necessary
      to give any notice of the adjourned meeting if the time and place to
      which the meeting is adjourned are announced at the meeting at which the
      adjournment is taken, and at the adjourned meeting any business may be
      transacted that might have been transacted on the original date of the
      meeting.&#160;&#160;If, however, after the adjournment the Board of Directors
      fixes a new record date for the adjourned meeting, a notice of the
      adjourned meeting shall be given as provided in this section to each
      Stockholder of record on the new record date entitled to vote at such
      meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 6.&#160;&#160;Business to be Transacted at Annual Meeting; Advance
      Notice of Stockholder-Proposed Business at Annual Meeting</u>.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (A) <u>Proper Business</u>.&#160;&#160;At any annual meeting of Stockholders, only
      such Business (as defined below) shall be conducted as shall have been
      brought before the meeting (i) pursuant to the corporation&#8217;s notice of
      meeting, (ii) by or at the direction of the Board of Directors (or any
      duly authorized committee thereof) or (iii) by any Stockholder who (a)
      is a Stockholder of record at the time of giving of the notice provided
      for in this Section 6 and at the time of the annual meeting, (b) is
      entitled to vote at such annual meeting and (c) complies with the notice
      procedures set forth in this Section 6.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (B) <u>Timely Notice of Stockholder Proposed Business</u>.&#160;&#160;In addition
      to any other applicable requirements (including, without limitation, any
      applicable Securities and Exchange Commission and New York Stock
      Exchange (&#8220;NYSE&#8221;) rules and regulations), for Business to be properly
      brought before an annual Stockholder meeting by a Stockholder, the
      Stockholder must have given timely notice thereof in writing to the
      Secretary of the corporation and such Business must otherwise be a
      proper matter for Stockholder action. To be timely, a Stockholder&#8217;s
      notice shall be delivered to or mailed and received at the principal
      executive offices of the corporation not earlier than the close of
      business on the 120<sup>th</sup> day and not later than the close of
      business on the 90<sup>th</sup> day prior to the first anniversary of
      the preceding year&#8217;s annual meeting of Stockholders; <i>provided,
      however</i>, that in the event that the date of the annual meeting is
      advanced more than 30 days prior to such anniversary date or delayed
      more than 60 days after such anniversary date, then to be timely such
      notice must be received by the corporation not earlier than the close of
      business on the 120<sup>th</sup> day and not later than the close of
      business on the 90<sup>th</sup> day prior to the date of such annual
      meeting or, if the first Public Announcement (as defined below) of the
      date of such annual meeting is less than 100 days prior to the date of
      such annual meeting, the 10<sup>th</sup> day following the day on which
      Public Announcement of the date of such meeting is first made by the
      corporation.&#160;&#160;In no event shall any adjournment or postponement of an
      annual meeting or the Public Announcement thereof commence a new time
      period (or extend any time period) for the giving of a Stockholder&#8217;s
      notice as described above.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -3-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (C) <u>Contents of Notice</u>.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Stockholder&#8217;s notice to the Secretary shall set forth as to
      each matter the Stockholder proposes to bring before the annual meeting:
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;a brief description of the Business desired to be brought
      before the annual meeting (including the complete text of any
      resolution(s) proposed for consideration, and in the event that such
      Business includes a proposal to amend these By-Laws, the language of the
      proposed amendment), and the reasons for conducting such Business at the
      annual meeting; and
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (b)&#160;&#160;&#160;&#160;&#160;&#160;any interest of the Stockholder or any Stockholder Associated
      Person (as defined below) in such Business.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (ii)&#160;&#160;&#160;&#160;&#160;&#160;As to the Stockholder giving such notice and, where noted
      below, each Stockholder Associated Person, the Stockholder&#8217;s notice
      shall set forth and include the following:
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;the name and address, as they appear on the corporation&#8217;s
      books, of the Stockholder proposing such Business and the name and
      address of any Stockholder Associated Person;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;the class or series and number of shares of the corporation
      which are, directly or indirectly, held of record or beneficially owned
      (as determined under Regulation 13D (or any successor provision thereto)
      under the Securities Exchange Act of 1934, as amended (such act and the
      rules and regulations promulgated thereunder are referred to herein as
      the &#8220;Exchange Act&#8221;)) by such Stockholder and by any Stockholder
      Associated Person and documentary evidence of such record or beneficial
      ownership;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;a list of all Derivative Instruments (as defined below)
      directly or indirectly held of record or beneficially owned by the
      Stockholder and any Stockholder Associated Person, a description of all
      economic terms of all such Derivative Instruments, copies of all
      agreements and other documents relating to each such Derivative
      Instrument and a list of all transactions by such Stockholder and any
      Stockholder Associated Person involving any shares of the corporation or
      any Derivative Instruments within 60 days prior to the date of the
      notice;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;the name of each person with whom such Stockholder or
      Stockholder Associated Person has any agreement, arrangement or
      understanding (whether written or oral) (1) for the purpose of
      acquiring, holding, voting (except pursuant to a revocable proxy given
      to such person in response to a public proxy or consent solicitation
      made generally by such person to all holders of shares of the
      corporation) or disposing of any shares of the corporation, (2) to
      cooperate in obtaining, changing or influencing the control of the
      corporation (except independent financial, legal and other advisors
      acting in the ordinary course of their respective businesses), (3) with
      the effect or intent of increasing or decreasing the voting power of, or
      that contemplates any person voting together with, any such Stockholder
      or Stockholder Associated Person with respect to any shares of the
      corporation, any Business proposed by a Stockholder or any nominees for
      election to the Board of Directors proposed by a Stockholder or (4)
      otherwise in connection with any Business proposed by a Stockholder or
      any nominees for election to the Board of Directors proposed by a
      Stockholder, and, in each case, a description of each such agreement,
      arrangement or understanding;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -4-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">

    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;any other information relating to such Stockholder and any
      Stockholder Associated Person that would be required to be disclosed in
      a proxy statement or other filings required to be made in connection
      with solicitations of proxies for the proposal pursuant to Regulation
      14A of the Exchange Act (or any successor provision thereto);
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;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; and
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;a representation as to whether the Stockholder or any
      Stockholder Associated Person intends or is part of a group that intends
      to (1) deliver a proxy statement and/or form of proxy to holders of at
      least the percentage of the corporation&#8217;s outstanding capital stock
      required to approve or adopt the proposal or (2) otherwise solicit
      proxies from Stockholders in support of such proposal.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (D) <u>General</u>.&#160;&#160;Only such Business shall be conducted at an annual
      Stockholder meeting as shall have been brought before the meeting in
      accordance with the procedures set forth in this Section 6. Except as
      otherwise provided by law, the Articles of Incorporation or these
      By-Laws, the Chairman of the meeting (or the Chairman of the Board prior
      to the meeting) shall have the power and duty to determine whether any
      Business proposed to be brought before the meeting was proposed in
      accordance with the procedures set forth in this Section 6 and, if any
      proposed Business is not in compliance with this Section 6, to declare
      that such defective proposal shall be disregarded.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If, after the Stockholder has delivered the notice required by this
      Section 6, any information required to be contained in such notice
      changes prior to the date of the relevant meeting, such notice shall be
      deemed to be not in compliance with this Section 6 and not effective
      unless such Stockholder, as promptly as practicable following the event
      causing such change in information, delivers to the Secretary at the
      principal executive offices of the corporation an updated notice
      containing such change.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Notwithstanding the foregoing provisions of this Section 6, if the
      Stockholder (or a Qualified Representative of the Stockholder) does not
      appear at the annual meeting of Stockholders to present the Business set
      forth in such Stockholder&#8217;s notice or is no longer a holder of record of
      shares of the corporation on the date of such meeting, such proposed
      Business shall not be transacted, notwithstanding that proxies in
      respect of such vote may have been received by the corporation.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -5-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (E) <u>Definitions</u>.&#160;&#160;For purposes of this Article I, the following
      terms shall have the following meanings:
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>&#8220;Business&#8221;</i>
      shall mean all matters other than nominations of candidates for Director
      and the election of Directors.&#160;&#160;Stockholder nomination of Directors for
      election is governed solely by Sections 2 and 7 of this Article I.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (ii)&#160;&#160;&#160;&#160;&#160;&#160;<i>&#8220;Stockholder Associated
      Person&#8221;</i> of any Stockholder means (a) any beneficial owner of
      shares of stock of the corporation on whose behalf any proposal or
      nomination is made by such Stockholder, (b) any person with whom such
      Stockholder or any beneficial owner described in clause (a) is acting in
      concert with respect to the corporation and (c) any affiliates or
      associates (each as defined under Regulation 12B under the Exchange Act
      (or any successor provision thereto)) of such Stockholder or any
      beneficial owner described in clause (a).
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (iii)&#160;&#160;&#160;&#160;&#160;<i>&#8220;Public Announcement&#8221; </i>shall
      mean 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 (or any successor provisions thereto).&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (iv)&#160;&#160;&#160;&#160;&#160;&#160;<i>&#8220;Derivative Instrument&#8221;</i>
      shall mean (a) any option, warrant, convertible security, stock
      appreciation right, or similar right with an exercise or conversion
      privilege or a settlement payment or mechanism at a price related to any
      class or series of shares of the corporation or with a value derived in
      whole or in part from the value of any class or series of shares of the
      corporation, (b) any short interest in any class or series of shares of
      the corporation or (c) any other direct or indirect opportunity to
      profit or share in any profit derived from any increase or decrease in
      the value of any class or series of shares of the corporation, whether
      or not, in each case such instrument, right or opportunity (x) shall be
      subject to settlement in the underlying class or series of shares of the
      corporation or (y) conveys any voting rights in the underlying class or
      series of shares of the corporation or whether or not such Stockholder
      or Stockholder Associated Person may have entered into other
      transactions that hedge the economic effect of such interest, right or
      opportunity.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (v)&#160;&#160;<i>&#8220;Nominee Questionnaire&#8221;</i> shall mean a
      written questionnaire with respect to the background and qualification
      of the proposed nominee for Director and the background of any other
      person or entity on whose behalf the nomination is being made (which
      questionnaire shall be provided by the Secretary upon written request).
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (vi)&#160;&#160;<i>&#8220;Nominee Representation and Agreement&#8221;</i>
      shall mean a written representation and agreement (in the form provided
      by the Secretary upon written request) that the proposed nominee for
      Director:
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -6-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">

    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (1)&#160;&#160;&#160;&#160;&#160;&#160;is not and will not become a party to (a) any agreement,
      arrangement or understanding (whether written or oral) with, and has not
      given any commitment or assurance to, any person or entity as to how
      such person, if elected as a Director of the corporation, will act or
      vote on any issue or question (a &#8220;Voting Commitment&#8221;) that has not been
      disclosed to the corporation or (b) any Voting Commitment that could
      limit or interfere with such person&#8217;s ability to comply, if elected as a
      Director of the corporation, with such person&#8217;s fiduciary duties as a
      Director under applicable law;
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (2)&#160;&#160;&#160;&#160;&#160;&#160;is not and will not become a party to any agreement,
      arrangement or understanding (whether written or oral) with any person
      or entity other than the corporation with respect to any direct or
      indirect compensation, reimbursement or indemnification in connection
      with service or action as a Director that has not been disclosed
      therein; and
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (3)&#160;&#160;&#160;&#160;&#160;&#160;if elected as a Director of the corporation, would be in
      compliance and will comply with all applicable corporate governance,
      conflict of interest, confidentiality, stock ownership and trading
      policies and guidelines of the corporation and any other policies
      applicable to Directors of the corporation.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (vii)&#160;&#160;&#160;&#160;&#160;<i>&#8220;Qualified Representative&#8221;</i>
      of a Stockholder shall mean a duly authorized officer, manager or
      partner of such Stockholder or a person 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; provided, that 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="text-indent: 60.0px; text-align: justify">
      <u>Section 7.&#160;&#160;Nominations of Directors; Advance Notice of Stockholder
      Nominations</u>.&#160;&#160;&#160;&#160;Only persons who are nominated in accordance with
      the procedures set forth in Section 2 or this Section 7 shall be
      eligible to serve as Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (A) <u>Annual Meeting of Stockholders</u>.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (1) <u>Proper Nominations</u>.&#160;&#160;Nominations of persons for election to
      the Board of Directors of the corporation may be made at an annual
      meeting of Stockholders only (a) pursuant to the corporation&#8217;s notice of
      meeting, (b) by or at the direction of the Board of Directors (or any
      duly authorized committee thereof) or (c) by any Stockholder who (i) is
      a Stockholder of record at the time of giving of the notice provided for
      in this Section 7 and at the time of the annual meeting, (ii) is
      entitled to vote for the election of Directors at such meeting and (iii)
      complies with the notice and other procedures set forth in this Section
      7.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (2) <u>Timely Notice of Stockholder Nominations</u>. In addition to any
      other applicable requirements, for any nominations to be properly
      brought before an annual meeting by a Stockholder, the Stockholder must
      have given timely notice thereof in writing to the Secretary of the
      corporation. To be timely, a Stockholder&#8217;s notice shall be delivered to
      or mailed and received at the principal executive offices of the
      corporation not earlier than the close of business on the 120<sup>th</sup>
      day and not later than the close of business on the 90<sup>th</sup> day
      prior to the first anniversary of the preceding year&#8217;s annual meeting of
      Stockholders; <i>provided, however</i>, that in the event that the date
      of the annual meeting is advanced more than 30 days prior to such
      anniversary date or delayed more than 60 days after such anniversary
      date, then to be timely such notice must be received by the corporation
      not earlier than the close of business on the 120<sup>th</sup> day and
      not later than the close of business on the 90<sup>th</sup> day prior to
      the date of such annual meeting or, if the first Public Announcement of
      the date of such annual meeting is less than 100 days prior to the date
      of such annual meeting, the 10<sup>th</sup> day following the day on
      which Public Announcement of the date of such meeting is first made by
      the corporation.&#160;&#160;In no event shall any adjournment or postponement of
      an annual meeting or the Public Announcement thereof commence a new time
      period (or extend any time period) for the giving of a Stockholder&#8217;s
      notice as described above.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -7-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">

    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (3)&#160;&#160;<u>Contents of Notice</u>.&#160;&#160;A Stockholder&#8217;s notice to the
      Secretary for the nomination of Directors shall set forth and include:
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;as to each person whom the Stockholder proposes to nominate
      for election or reelection as a Director:
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (i)&#160;&#160;&#160;&#160;&#160;all information relating to such person that is required to be
      disclosed in solicitations of proxies for election of Directors in a
      contested election (even if a contested election is not involved), or is
      otherwise required, in each case pursuant to Regulation 14A of the
      Exchange Act (or any successor provision thereto) (including such
      person&#8217;s written consent to being named in the proxy statement as a
      nominee and to serving as a Director if elected);
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (ii)&#160;&#160;&#160;&#160;a description of all direct and indirect compensation and other
      material monetary agreements, arrangements and understandings (whether
      written or oral) during the past three years, and any other material
      relationships, between or among such Stockholder and Stockholder
      Associated Person, if any, on the one hand, and each proposed nominee,
      and his or her respective affiliates and associates, or others acting in
      concert therewith, on the other hand, including, without limitation all
      information that would be required to be disclosed pursuant to Rule 404
      promulgated under Regulation S-K if the Stockholder making the
      nomination and any Stockholder Associated Person on whose behalf the
      nomination is made, if any, were the &#8220;registrant&#8221; for purposes of such
      rule and the nominee were a director or executive officer of such
      registrant;
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (iii)&#160;&#160;&#160;a completed and signed Nominee Questionnaire; and
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (iv)&#160;&#160;&#160;a completed and signed Nominee Representation and Agreement; and
    </p>
    <p style="text-indent: 60.0px; text-align: justify; margin-left: 30.0px">
      (b) as to the Stockholder giving the notice and, where noted below, each
      Stockholder Associated Person, the Stockholder&#8217;s notice shall set forth
      and include the following:
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (i)&#160;&#160;the information requested in Section 6(C)(ii)(a-f) of this Article
      I;
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -8-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">

    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (ii)&#160;&#160;any other information relating to such Stockholder and any
      Stockholder Associated Person that would be required to be disclosed in
      a proxy statement or other filings required to be made in connection
      with solicitations of proxies for the election of directors in a
      contested election (even if a contested election is not involved)
      pursuant to Regulation 14A of the Exchange Act (and any successor
      provision thereto);
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (iii)&#160;&#160;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 nomination;
      and
    </p>
    <p style="text-indent: 90.0px; text-align: justify; margin-left: 30.0px">
      (iv)&#160;&#160;a representation as to whether the Stockholder or any Stockholder
      Associated Person intends or is part of a group that intends (i) to
      deliver a proxy statement and/or form of proxy to holders of at least
      the percentage of the corporation&#8217;s outstanding capital stock required
      to elect the proposed nominee or (ii) to otherwise solicit proxies from
      Stockholders in support of such nomination.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (B) <u>Special Meeting of Stockholders</u>.&#160;&#160;Nominations of persons for
      election to the Board of Directors of the corporation at a special
      meeting of Stockholders at which Directors are to be elected pursuant to
      the corporation&#8217;s notice of meeting may be made only (i) by or at the
      direction of the Board of Directors or (ii) by any Stockholder that (a)
      is a Stockholder of record at the time of giving of notice provided for
      in this Section 7(B) and at the time of the special meeting, (b) is
      entitled to vote for the election of Directors at the meeting and (c)
      complies with the notice and other procedures set forth in this Section
      7 as to such nomination. In the event that a special meeting of
      Stockholders is called by the Chairman of the Board, the President or
      the Board of Directors for the purpose of electing one or more Directors
      to the Board of Directors, any such Stockholder may nominate a person or
      persons (as the case may be) for election to such position(s) as
      specified in the corporation&#8217;s notice of meeting, by delivering a notice
      of nomination that complies with the requirements of Section 7(A)(3) of
      this Article I to the Secretary at the principal executive offices of
      the corporation not earlier than the close of business on the 120<sup>th</sup>
      day and not later than the close of business on the 90<sup>th</sup> day
      prior to the date of such special meeting or, if the first Public
      Announcement of the date of such meeting is less than 100 days prior to
      the date of such special meeting, the 10<sup>th</sup> day following the
      day on which the 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.&#160;&#160;In no event shall any adjournment or
      postponement of a special meeting or the Public Announcement thereof
      commence a new time period (or extend any time period) for the giving of
      a Stockholder&#8217;s notice as described above.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (C)&#160;&#160;<u>General</u>.&#160;&#160;At the request of the Board of
      Directors, any person nominated by the Board of Directors for election
      as a Director must also furnish to the Secretary that information
      required to be set forth in a Stockholder&#8217;s notice of nomination that
      pertains to the nominee.&#160;&#160;The corporation may require any proposed
      nominee to furnish such other information as may reasonably be required
      by the corporation to determine the eligibility of such proposed nominee
      to serve as an independent Director of the corporation or that could be
      material to a reasonable Stockholder&#8217;s understanding of the independence
      and qualifications, or lack thereof, of such nominee.&#160;&#160;Except as
      otherwise provided by law, the Articles of Incorporation or these
      By-Laws, the Chairman of the meeting shall have the power and duty to
      determine whether the proposed nomination to be brought before the
      meeting was made in accordance with the procedures set forth in this
      Section 7 and, if any proposed nomination is not in compliance with this
      Section 7, to declare that such defective nomination shall be
      disregarded.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -9-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If, after the Stockholder has delivered the notice required by this
      Section 7, any information required to be contained in such notice
      changes prior to the date of the relevant meeting, such notice shall be
      deemed to be not in compliance with this Section 7 and not effective
      unless such Stockholder, as promptly as practicable following the event
      causing such change in information, delivers to the Secretary at the
      principal executive offices of the corporation an updated notice
      containing such change.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Notwithstanding the foregoing provisions of this Section 7, if the
      Stockholder (or a Qualified Representative of the Stockholder) does not
      appear at the annual meeting of Stockholders to propose the
      nomination(s) set forth in such Stockholder&#8217;s notice or is no longer a
      holder of record of shares of the corporation on the date of such
      meeting, such proposed nominations shall be disregarded, notwithstanding
      that proxies in respect of such vote may have been received by the
      corporation.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 8.&#160;&#160;Exchange Act; Preferred Stock</u>.&#160;&#160;Notwithstanding
      the foregoing provisions of Section 6 and 7 of this Article I, a
      Stockholder shall also comply with all requirements of applicable law,
      including all requirements of the Exchange Act and all applicable rules
      and requirements of the NYSE, in each case with respect to the matters
      set forth in these By-Laws; provided, however, that any references in
      these By-Laws to the Exchange Act are not intended to and shall not
      limit the requirements of these By-Laws applicable to nominations or
      proposals as to any other business to be considered pursuant to these
      By-Laws, regardless of whether or not the Stockholder intends to utilize
      Rule 14a-8 under the Exchange Act (or any successor provision thereto)
      or other federal laws or rules.&#160;&#160;Nothing in these By-Laws shall be
      deemed to affect any rights of (i) Stockholders to request inclusion of
      proposals in the corporation&#8217;s proxy statement pursuant to Rule 14a-8
      under the Exchange Act or (ii) the holders of any series of preferred
      stock if and to the extent required by law, the Articles of
      Incorporation or these By-Laws.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 9.&#160;&#160;Fixing Record Date</u>.&#160;&#160;For the purpose of
      determining Stockholders entitled to notice of or to vote at any meeting
      of Stockholders or any adjournment thereof, or entitled to receive
      payment of any dividend, or in order to make a determination of
      Stockholders for any other purpose, the Board of Directors shall fix in
      advance a date as the record date for any determination of Stockholders,
      such date in any case to be not more than seventy days and, in case of a
      meeting of Stockholders, not less than ten days, prior to the date on
      which the particular action requiring such determination of Stockholders
      is to be taken.&#160;&#160;When a determination of Stockholders entitled to vote
      at any meeting of Stockholders has been made as provided in this
      section, such determination shall apply to any adjournment thereof,
      unless the Board of Directors fixes a new record date for the adjourned
      meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 10.&#160;&#160;Voting Record</u>.&#160;&#160;The Officers or agent
      having charge of the stock transfer books for shares of the corporation
      shall make, at least ten days before each meeting of Stockholders, a
      complete list of the Stockholders entitled to vote at such meeting or
      any adjournment thereof, with the address of and the number and class
      and series, if any, of shares held by each.&#160;&#160;The list, for a period of
      ten days prior to such meeting, shall be kept on file at the registered
      office of the corporation, at the principal place of business of the
      corporation or at the office of the transfer agent or registrar of the
      corporation and any Stockholder shall be entitled to inspect the list at
      any time during the usual business hours.&#160;&#160;The list shall also be
      produced and kept open at the time and place of the meeting and shall be
      subject to the inspection of any Stockholder at any time during the
      meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -10-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If the requirements of this section have not been substantially complied
      with, the meeting on demand of any Stockholder in person or by proxy,
      shall be adjourned until the requirements are complied with.&#160;&#160;If no such
      demand is made, failure to comply with the requirements of this section
      shall not affect the validity of any action taken at such meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 11.&#160;&#160;Stockholder Quorum and Voting</u>.&#160;&#160;A majority
      of the shares entitled to vote, represented in person or by proxy, shall
      constitute a quorum at a meeting of Stockholders.&#160;&#160;When a specified item
      of business is required to be voted on by a class or series of stock, a
      majority of the shares of such class or series shall constitute a quorum
      for the transaction of such item of business by that class or series.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If a quorum is present, action on a matter (other than the election of
      Directors) is approved if the votes cast favoring the action exceed the
      votes cast opposing the action unless otherwise provided by
      law.&#160;&#160;Directors shall be elected by a plurality of the votes cast by the
      shares entitled to vote at the election.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      After a quorum has been established at a Stockholders' meeting, the
      subsequent withdrawal of Stockholders, so as to reduce the number of
      Stockholders entitled to vote at the meeting below the number required
      for a quorum, shall not affect the validity of any action taken at the
      meeting or any adjournment thereof.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 12.&#160;&#160;Voting of Shares</u>.&#160;&#160;Each outstanding share,
      regardless of class, shall be entitled to one vote on each matter
      submitted to a vote at a meeting of Stockholders.&#160;&#160;A Stockholder may
      vote either in person or by proxy.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Treasury shares, shares of stock of this corporation owned by another
      corporation the majority of the voting stock of which is owned or
      controlled by this corporation, and shares of stock of this corporation
      held by it in a fiduciary capacity 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.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      At each election for Directors every Stockholder entitled to vote at
      such election shall have the right to vote, in person or by proxy, the
      number of shares owned by him for as many persons as there are Directors
      to be elected at that time and for whose election he has a right to
      vote.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Shares standing in the name of another corporation, domestic or foreign,
      may be voted by the Officer, agent, or proxy designated by the By-Laws
      of the corporate Stockholder; or, in the absence of any applicable
      By-Law, by such person as the Board of Directors of the
      corporate&#160;&#160;Stockholder may designate.&#160;&#160;Proof of such designation may be
      made by presentation of a certified copy of the By-Laws or other
      instrument of the corporate Stockholder.&#160;&#160;In the absence of any such
      designation, or in case of conflicting designation by the corporate
      Stockholder, the Chairman of the Board, Chief Executive Officer,
      President, any Vice President, Secretary and Treasurer of the corporate
      Stockholder shall be presumed to possess, in that order, authority to
      vote such shares.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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          -11-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Shares held by an administrator, executor, guardian or conservator may
      be voted by him, either in person or by proxy, without a transfer of
      such shares into his name.&#160;&#160;Shares standing in the name of a trustee may
      be voted by him, either in person or by proxy, but no trustee shall be
      entitled to vote shares held by him without a transfer of such shares
      into his name.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Shares 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.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      A Stockholder whose shares are pledged shall be entitled to vote such
      shares until the shares have been transferred into the name of the
      pledgee, and thereafter the pledgee or his nominee shall be entitled to
      vote the shares so transferred.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      On and after the date on which a written notice of redemption of
      redeemable shares has been mailed to the holders thereof and a sum
      sufficient to redeem such shares has been deposited with a bank or trust
      company with irrevocable instruction and authority to pay the redemption
      price to the holders thereof upon surrender of certificates therefor,
      such shares shall not be entitled to vote on any matter and shall not be
      deemed to be outstanding shares.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 13.&#160;&#160;Proxies</u>.&#160;&#160;Every Stockholder of the
      corporation or other person entitled to vote on behalf of a Stockholder
      pursuant to law or as attorney-in-fact for a Stockholder may vote the
      Stockholder&#8217;s shares in person or by proxy.&#160;&#160;Every Stockholder of the
      corporation may appoint a proxy to vote or otherwise act for him by
      signing an appointment form (either personally or by attorney-in-fact),
      with signature affixed, by any reasonable means including, but not
      limited to, facsimile or electronic signature, or by transmitting or
      authorizing the transmission of an electronic transmission with respect
      to the appointment of such proxy as provided by Section 607.0722 of the
      Florida Business Corporation Act or any successor provision.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      An appointment of a proxy is effective when received by the Secretary or
      other Officer or agent authorized to tabulate votes.&#160;&#160;An appointment is
      valid for up to eleven months from the date thereof unless a longer
      period is expressly provided in the appointment.&#160;&#160;An appointment of a
      proxy shall be revocable at the pleasure of the Stockholder unless the
      appointment form or electronic transmission conspicuously states that it
      is irrevocable and the appointment is coupled with an interest.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The authority of the holder of a proxy to act shall not be revoked by
      the incompetence or death of the Stockholder who executed the proxy
      unless, before the authority is exercised, written notice of an
      adjudication of such incompetence or of such death is received by the
      corporate Officer responsible for maintaining the list of Stockholders.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -12-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If a proxy for the same shares confers authority upon two or more
      persons and does not otherwise provide, a majority of them present at
      the meeting, or if only one is present then that one, may exercise all
      the powers conferred by the proxy; but if the proxy holders present at
      the meeting are equally divided as to the right and manner of voting in
      any particular case, the voting of such shares shall be prorated.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      If an appointment form expressly provides, any proxy holder may appoint
      in writing a substitute to act in his place.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 14.&#160;&#160;Voting Trusts</u>.&#160;&#160;Any number of Stockholders
      may create a voting trust for the purpose of conferring upon a trustee
      or trustees the right to vote or otherwise represent their shares, as
      provided by law.&#160;&#160;Where the counterpart of a voting trust agreement and
      the copy of the record of the holders of voting trust certificates has
      been deposited with the corporation as provided by law, such documents
      shall be subject to the same right of examination by a Stockholder, in
      person or by agent or attorney, as are the books and records of the
      corporation, and such counterpart and such copy of such record shall be
      subject to examination by any holder of record of voting trust
      certificates either in person or by agent or attorney, at any reasonable
      time for any proper purpose.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 15.&#160;&#160;Stockholders&#8217; Agreements</u>.&#160;&#160;Two or
      more Stockholders may enter into an agreement or agreements providing
      for the exercise of voting rights in the manner provided in the
      agreement(s) or relating to any phase of the affairs of the corporation
      as provided by law.&#160;&#160;Nothing therein shall impair the right of this
      corporation to treat the Stockholders of record as entitled to vote the
      shares standing in their names.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 16.&#160;&#160;Action Without a Meeting</u>.&#160;&#160;Any action
      required to be taken at any annual or special meeting of Stockholders or
      any action which may be taken at any annual or special meeting of
      Stockholders, may be taken without a meeting, without prior notice, and
      without a vote if a consent in writing, setting forth the action so
      taken, shall be signed by the holders of outstanding stock having not
      less than the minimum number of votes that would be necessary to
      authorize or take such action at a meeting at which all shares entitled
      to vote thereon were present and voted.&#160;&#160;If any class of shares is
      entitled to vote thereon as a class, such written consent shall be
      required of the holders of a majority of the shares of each class
      entitled to vote as a class thereon and of the total shares entitled to
      vote thereon.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Within 10 days after first obtaining such authorization by written
      consent, notice must be given to those Stockholders who have not
      consented in writing.&#160;&#160;The notice shall fairly summarize the material
      features of the authorized action and, if the action be a merger,
      consolidation, or sale or exchange of assets for which appraisal rights
      are provided, the notice shall contain a clear statement of the right of
      Stockholders who intend to assert their appraisal rights to be paid the
      fair value of their shares upon compliance with the Florida Business
      Corporation Act provision concerning appraisal rights of Stockholders.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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          -13-
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <u>ARTICLE II.&#160;&#160;DIRECTORS</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 1.&#160;&#160;Function</u>.&#160;&#160;All corporate powers shall be
      exercised by or under the authority of, and the business and affairs of
      the corporation shall be managed under the direction of, the Board of
      Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 2.&#160;&#160;Qualification</u>.&#160;&#160;Directors need not be
      residents of this state or Stockholders.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 3.&#160;&#160;Compensation</u>.&#160;&#160;The Board of Directors shall
      have authority to fix the compensation of Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 4.&#160;&#160;Duties of Directors</u>.&#160;&#160;A Director shall
      perform his duties as a Director, including his duties as a member of
      any committee of the Board upon which he may serve, in good faith, in a
      manner he reasonably believes to be in the best interests of the
      corporation, and with such care as an ordinarily prudent person in a
      like position would use under similar circumstances.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      In performing his duties, a Director shall be entitled to rely on
      information, opinions, reports or statements, including financial
      statements and other financial data, in each case prepared or presented
      by:
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (a)&#160;&#160;&#160;&#160;&#160;one or more Officers or employees of the corporation whom the
      Director reasonably believes to be reliable and competent in the matters
      presented,&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (b)&#160;&#160;&#160;&#160;&#160;&#160;counsel, public accountants or other persons as to matters
      which the Director reasonably believes to be within such person's
      professional or expert competence, or
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;a committee of the Board upon which he does not serve, duly
      designated in accordance with a provision of the Articles of
      Incorporation or the By-Laws, as to matters within its designated
      authority, which committee the Director reasonably believes to merit
      confidence.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      A Director shall not be considered to be acting in good faith if he has
      actual knowledge concerning the matter in question that would cause such
      reliance described above to be unwarranted.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      A person who performs his duties in compliance with this section shall
      have no liability by reason of being or having been a Director of the
      corporation.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 5.&#160;&#160;Presumption of Assent</u>.&#160;&#160;A Director of the
      corporation who is present at a meeting of its Board of Directors at
      which action on any corporate matter is taken shall be presumed to have
      assented to the action taken unless he votes against such action or
      abstains from voting in respect thereto because of an asserted conflict
      of interest.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 6.&#160;&#160;Number</u>.&#160;&#160;This corporation shall have not
      less than four (4) nor more than ten (10) Directors.&#160;&#160;The number of
      Directors may be increased or decreased from time to time by amendment
      to these By-Laws, but no decrease shall have the effect of shortening
      the terms of any incumbent Director.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 7.&#160;&#160;Election and Term</u>.&#160;&#160;Each person named in
      the Articles of Incorporation as a member of the initial Board of
      Directors shall hold office until the first annual meeting of
      Stockholders, and until his successor shall have been elected and
      qualified or until his earlier resignation, removal from office or
      death.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      At the first annual meeting of Stockholders and at each annual meeting
      thereafter the Stockholders shall elect Directors to hold office until
      the next succeeding annual meeting.&#160;&#160;Each Director shall hold office for
      the term for which he is elected and until his successor shall have been
      elected and qualified or until his earlier resignation, removal from
      office or death.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 8.&#160;&#160;Vacancies</u>.&#160;&#160;Any vacancy occurring in the
      Board of Directors, including any vacancy created by reason of an
      increase in the number of Directors, may be filled by the affirmative
      vote of a majority of the remaining Directors though less than a quorum
      of the Board of Directors.&#160;&#160;A Director elected to fill a vacancy shall
      hold office only until the next election of Directors by the
      Stockholders.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 9.&#160;&#160;Removal of Directors</u>.&#160;&#160;At a meeting of
      Stockholders called expressly for that purpose, any Director or the
      entire Board of Directors may be removed, with or without cause, by a
      vote of the holders of a majority of the shares then entitled to vote at
      an election of Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 10.&#160;&#160;Quorum and Voting</u>.&#160;&#160;A majority of the
      number of Directors fixed by these By-Laws shall constitute&#160;a quorum for
      the transaction of business.&#160;&#160;The act 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.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 11.&#160;&#160;Director Conflicts of Interest</u>.&#160;&#160;No
      contract or other transaction between this corporation and one or more
      of its Directors or any other corporation, firm, association or entity
      in which one or more of the Directors are Directors or Officers or are
      financially interested, shall be either void or voidable because of such
      relationship or interest or because such Director or Directors are
      present at the meeting of the Board of Directors or a committee thereof
      which authorizes, approves or ratifies such contract or transaction or
      because his or their votes are counted for such purpose, if:&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (a)&#160;&#160;&#160;&#160;&#160;&#160;The fact of such relationship or interest is disclosed or known
      to the Board of Directors or committee which authorizes, approves or
      ratifies the contract or transaction by a vote or consent sufficient for
      the purpose without counting the votes or consents of such interested
      Directors; or
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (b)&#160;&#160;&#160;&#160;&#160;&#160;The fact of such relationship or interest is disclosed or known
      to the Stockholders entitled to vote and they authorize, approve or
      ratify such contract or transaction by vote or written consent; or
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
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        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;The contract or transaction is fair and reasonable as to the
      corporation at the time it is authorized by the Board, a committee or
      the Stockholders.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Common or interested Directors may be counted in determining the
      presence of a quorum at a meeting of the Board of Directors or a
      committee thereof which authorizes, approves or ratifies such contract
      or transaction.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 12.&#160;&#160;Executive and Other Committees</u>.&#160;&#160;The Board
      of Directors, by resolution adopted by a majority of the full Board of
      Directors, may designate from among its members an executive committee
      and one or more other committees each of which, to the extent provided
      in such resolution shall have and may exercise all the authority of the
      Board of Directors, except that no committee shall have the authority
      to:&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (a)&#160;&#160;&#160;&#160;&#160;&#160;approve or recommend to Stockholders actions or proposals
      required by law to be approved by Stockholders,
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (b)&#160;&#160;&#160;&#160;&#160;&#160;designate candidates for the office of Director, for purposes
      of proxy solicitation or otherwise,
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;fill vacancies on the Board of Directors or any committee
      thereof,&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (d)&#160;&#160;&#160;&#160;&#160;&#160;amend the By-Laws,&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (e)&#160;&#160;&#160;&#160;&#160;&#160;authorize or approve the reacquisition of shares unless
      pursuant to a general formula or method specified by the Board of
      Directors, or
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (f)&#160;&#160;&#160;&#160;&#160;&#160;authorize or approve the issuance or sale of, or any contract
      to issue or sell, shares or designate the terms of a series of a class
      of shares, except that the Board of Directors, having acted regarding
      general authorization for the issuance or sale of shares, or any
      contract therefor, and, in the case of a series, the designation
      thereof, may, pursuant to a general formula or method specified by the
      Board of Directors, by resolution or by adoption of a stock option or
      other plan, authorize a committee to fix the terms of any contract for
      the sale of the shares and to fix the terms upon which such shares may
      be issued or sold, including, without limitation, the price, the rate or
      manner of payment of dividends, provisions for redemption, sinking fund,
      conversion, voting or preferential rights, and provisions for other
      features of a class of shares, or a series of a class of shares, with
      full power in such committee to adopt any final resolution setting forth
      all the terms thereof and to authorize the statement of the terms of a
      series for filing with the Department of State.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Board of Directors, by resolution adopted in accordance with this
      section, may designate one or more Directors as alternate members of any
      such committee, who may act in the place and stead of any absent member
      or members at any meeting of such committee.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 13.&#160;&#160;Place of Meetings</u>.&#160;&#160;Regular and special
      meetings by the Board of Directors may be held within or without the
      State of Florida.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
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        </div>
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        </div>
      </div>
      <div>
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        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 14.&#160;&#160;Time, Notice and Call of Meetings</u>.&#160;&#160;Regular
      meetings of the Board of Directors shall be held without notice
      immediately following the annual meeting of Stockholders.&#160;&#160;Written
      notice of the time and place of special meetings of the Board of
      Directors shall be given to each Director by either personal delivery,
      telegram, telex or cable at least two days before the meeting or by
      notice mailed to the Director at least five days before the meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Notice of a meeting of the Board of Directors need not be given to any
      Director who signs a waiver of notice either before or after the
      meeting.&#160;&#160;Attendance of a Director at a meeting shall constitute a
      waiver of notice of such meeting and waiver of any and all objections to
      the place of the meeting, the time of the meeting, or the manner in
      which it has been called or convened, except when a Director states, at
      the beginning of the meeting, any objection to the transaction of
      business because the meeting is not lawfully called or convened.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Neither the business to be transacted at, nor the purpose of, any
      regular or special meeting of the Board of Directors need be specified
      in the notice or waiver of notice of such meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      A majority of the Directors present, whether or not a quorum exists, may
      adjourn any meeting of the Board of Directors to another time and
      place.&#160;&#160;Notice of any such adjourned meeting shall be given to the
      Directors who were not present at the time of the adjournment and,
      unless the time and place of the adjourned meeting are announced at the
      time of the adjournment, to the other Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Meetings of the Board of Directors may be called by the Chairman of the
      Board, by the President of the corporation, or by any two Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Members of the Board of Directors may participate in a meeting of such
      Board 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.&#160;&#160;Participation by such means shall
      constitute presence in person at a meeting.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 15.&#160;&#160;Action Without a Meeting</u>.&#160;&#160;Any action
      required to be taken at a meeting of the Directors of a corporation, or
      any action which may be taken at a meeting of the Directors or a
      committee thereof, may be taken without a meeting if a consent in
      writing, setting forth the action so to be taken, signed by all of the
      Directors, or all the members of the committee, as the case may be, is
      filed in the minutes of the proceedings of the Board or of the
      committee.&#160;&#160;Such consent shall have the same effect as a unanimous vote.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -17-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-align: center">
      <u>ARTICLE III.&#160;&#160;OFFICERS</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 1.&#160;&#160;Officers</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Officers of this
      corporation shall consist of a Chairman of the Board (if the Board of
      Directors has designated that the Chairman of the Board is an officer of
      the corporation), Chief Executive Officer, President, Chief Financial
      Officer, one or more Vice Presidents (with each Vice President to have
      such descriptive title, if any, as the Board of Directors shall
      determine), a Secretary and a Treasurer, each of whom shall be elected
      by the Board of Directors.&#160;&#160;The Board of Directors may also elect such
      other Officers and Assistant Officers and agents as the Board of
      Directors deems necessary from time to time.&#160;&#160;Any two or more offices
      may be held by the same person.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 2.&#160;&#160;Duties</u>.&#160;&#160;The Officers of this corporation
      shall have the following duties:
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Chairman of the Board shall be a member of the Board of Directors
      and shall be elected by the Board of Directors.&#160;&#160;The Board of Directors
      may designate that the Chairman of the Board is or is not an officer of
      the corporation.&#160;&#160;If the Board of Directors designates that the chairman
      of the Board is not an officer of the corporation, then the Chairman of
      the Board shall not be an employee of the corporation.&#160;&#160;The Chairman of
      the Board shall, if present, preside at all meetings of the Stockholders
      and of the Board of Directors at which s/he is present and have such
      other powers and duties as may be prescribed by the Board of Directors.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Chief Executive Officer of the corporation shall be responsible for
      corporate policy and strategy, have general supervision and direction of
      the corporation&#8217;s policies, business, and affairs and have such other
      powers and duties as may be prescribed by the Board of Directors.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The President shall be the chief operating officer of the corporation,
      participate in the supervision, direction and affairs of the business of
      the corporation and have such other powers and duties as may be
      prescribed by the Board of Directors or the Chief Executive Officer.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Chief Financial Officer shall have the general supervision of the
      corporation&#8217;s financial policies and affairs and shall have such other
      powers and duties as may be prescribed by the Board of Directors or the
      Chief Executive Officer.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Secretary shall have custody of, and maintain, all of the corporate
      records except the financial records; shall record the minutes of all
      meetings of the Stockholders and Board of Directors, send all notices of
      meetings out, and perform such other duties as may be prescribed by the
      Board of Directors or the Chief Executive Officer.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Treasurer shall have custody of all corporate funds and financial
      records, shall keep full and accurate accounts of receipts and
      disbursements and render accounts thereof at the annual meetings of
      Stockholders and whenever else required by the Board of Directors, the
      Chief Executive Officer or the President, and shall perform such other
      duties as may be prescribed by the Board of Directors or the Chief
      Executive Officer.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -18-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 3.&#160;&#160;Removal of Officers</u>.&#160;&#160;Any Officer or agent
      may be removed by the Board, with or without cause, whenever in its
      judgment the best interests of the corporation will be served
      thereby.&#160;&#160;Any vacancy in any office may be filled by the Board of
      Directors.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Removal of any Officer shall be without prejudice to the contract
      rights, if any, of the person so removed; however, election or
      appointment of an Officer or agent shall not of itself create contract
      rights.
    </p>
    <p style="text-align: center">
      <u>ARTICLE IV:&#160;&#160;STOCK CERTIFICATES AND UNCERTIFICATED SHARES</u>
    </p>
    <p style="text-indent: 60.0px">
      <u>Section 1.&#160;&#160;Issuance</u>.&#160;&#160;The shares of this corporation
      may be represented by certificates or may be uncertificated.&#160;&#160;Every
      holder of shares in this corporation shall be entitled to have a
      certificate representing all shares to which he is entitled.&#160;&#160;No
      certificate shall be issued for any share until such share is fully paid.
    </p>
    <p style="text-indent: 60.0px">
      <u>Section 2.&#160;&#160;Form of Stock Certificates</u>.&#160;&#160;Certificates
      representing shares in this corporation shall be signed by the Chief
      Executive Officer, the President or Vice President and the Secretary or
      an Assistant Secretary and may be sealed with the seal of this
      corporation or a facsimile thereof. The signatures of the Chief
      Executive Officer, the President or Vice President and the Secretary or
      Assistant Secretary may be facsimiles if the certificate is manually
      signed on behalf of a transfer agent or a registrar, other than the
      corporation itself or an employee of the corporation. In case any
      Officer who signed or whose facsimile signature has been placed upon
      such certificate shall have ceased to be such Officer before such
      certificate is issued, it may be issued by the corporation with the same
      effect as if he were such Officer at the date of its issuance.
    </p>
    <p style="text-indent: 60.0px">
      Every certificate representing shares which are restricted as to the
      sale, disposition or other transfer of such shares shall state that such
      shares are restricted as to transfer and shall set forth or fairly
      summarize upon the certificate, or shall state that the corporation will
      furnish to any Stockholder upon request and without charge a full
      statement of, such restrictions.
    </p>
    <p style="text-indent: 60.0px">
      Each certificate representing shares shall state upon the face thereof:
      the name of the corporation; that the corporation is organized under the
      laws of this state; the name of the person or persons to whom issued;
      the number and class of shares, and the designation of the series, if
      any, which such certificate represents; and the par value of each share
      represented by such certificate, or a statement that the shares are
      without par value.
    </p>
    <p style="text-indent: 60.0px">
      <u>Section 3.&#160;&#160;Transfer of Stock</u>.&#160;&#160;In the case of shares
      represented by a stock certificate, upon surrender to the corporation or
      the transfer agent of the corporation of a certificate representing
      shares properly endorsed by the holder of record or by his duly
      authorized attorney, and the signature of such person has been
      guaranteed by a commercial bank or trust company or by a member of the
      New York or American Stock Exchange, a new certificate or uncertificated
      shares shall be issued to the person entitled thereto, the old
      certificate shall be cancelled and the transaction shall be recorded
      upon the books of the corporation.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -19-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 60.0px">
      In&#160;&#160;the&#160;&#160;case&#160;&#160;of&#160;&#160;uncertificated&#160;&#160;shares,&#160;&#160;upon&#160;&#160;the&#160;&#160;receipt&#160;&#160;by the
      corporation&#160;&#160;or the&#160;&#160;transfer&#160;&#160;agent&#160;&#160;of
      the&#160;&#160;corporation&#160;&#160;of&#160;&#160;proper&#160;&#160;transfer instructions from the registered
      owner or duly authorized&#160;&#160;agent,&#160;&#160;transferee or
      legal&#160;&#160;representative&#160;&#160;thereof,&#160;&#160;such uncertificated&#160;&#160;shares shall be
      cancelled, issuance of new equivalent uncertificated shares or a stock
      certificate for such shares shall be made to the person
      entitled&#160;&#160;thereto and the transaction shall be recorded upon the books
      of the corporation.
    </p>
    <p style="text-indent: 60.0px">
      <u>Section 4.&#160;&#160;Lost, Stolen or Destroyed Certificates</u>.&#160;&#160;The
      corporation shall issue a new stock certificate or uncertificated shares
      in the place of any certificate previously issued if the holder of
      record of the certificate (a) makes proof in affidavit form that it has
      been lost, destroyed or wrongfully taken; (b) requests the issue of a
      new certificate or uncertificated shares before the corporation has
      notice that the certificate has been acquired by a purchaser for value
      in good faith and without notice of any adverse claim; and (c) satisfies
      any other reasonable requirements imposed by the corporation, including
      bond in such form as the corporation may direct, to indemnify the
      corporation, the transfer agent, and registrar against any claim that
      may be made on account of the alleged loss, destruction or theft of a
      certificate.
    </p>
    <p style="text-indent: 60.0px">
      <u>Section 5.&#160;&#160;Notice upon Issuance or Transfer of Uncertificated Shares</u>.&#160;&#160;In
      accordance with the requirements of the Florida Business Corporation
      Act, the corporation shall, within a reasonable time after the issuance
      or transfer of uncertificated shares, send to the registered owner of
      uncertificated shares a written statement containing the information
      required to be set forth or stated on certificates pursuant to the
      Florida Business Corporation Act, as it may be amended from time to
      time, and any successor to said act.
    </p>
    <p style="text-align: center">
      <u>ARTICLE V.&#160;&#160;BOOKS AND RECORDS</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 1.&#160;&#160;Books and Records</u>.&#160;&#160;This corporation shall
      keep correct and complete books and records of account and shall keep
      minutes of the proceedings of its Stockholders, Board of Directors and
      committees of Directors.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      This corporation shall keep at its registered office or principal place
      of business, or at the office of its transfer agent or registrar, a
      record of its Stockholders, giving the names and addresses of all
      Stockholders, and the number, class and series, if any, of the shares
      held by each.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Any books, records and minutes may be in written form or in any other
      form capable of being converted into written form within a reasonable
      time.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 2.&#160;&#160;Stockholders' Inspection Rights</u>.&#160;&#160;Any
      person who shall have been a holder of record of one quarter of one
      percent (.25%) of the outstanding shares of any class or series of the
      corporation, or of voting trust certificates therefor, at least six
      months immediately preceding his demand or shall be the holder of record
      of, or the holder of record of voting trust certificates for, at least
      five percent of the outstanding shares of any class or series of the
      corporation, upon written demand stating the purpose thereof, shall have
      the right to examine, in person or by agent or attorney, at any
      reasonable time or times, for any proper purpose its relevant books and
      records of accounts, minutes and records of Stockholders and to make
      extracts therefrom.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -20-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <u>Section 3.&#160;&#160;Financial Information</u>.&#160;&#160;Not later than four
      months after the close of each fiscal year, this corporation shall
      prepare a balance sheet showing in reasonable detail the financial
      condition of the corporation as of the close of its fiscal year, and a
      profit and loss statement showing the results of the operations of the
      corporation during its fiscal year.&#160;&#160;This requirement may be modified by
      a resolution of the Stockholders not later than four months after the
      close of each fiscal year.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      Upon written request of any Stockholder or holder of voting trust
      certificates for shares of the corporation, the corporation shall mail
      to such Stockholder or holder of voting trust certificates a copy of the
      most recent such balance sheet and profit and loss statement.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The balance sheets and profit and loss statements shall be filed in the
      registered office of the corporation in this state, shall be kept for at
      least five years, and shall be subject to inspection during business
      hours by any Stockholder or holder of voting trust certificates, in
      person or by agent.&#160;&#160;
    </p>
    <p style="text-align: center">
      <u>ARTICLE VI.&#160;&#160;DIVIDENDS</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Board of Directors of this corporation may, from time to time,
      declare and the corporation may pay dividends on its shares in cash,
      property or its own shares, except when the corporation is insolvent or
      when the payment thereof would render the corporation insolvent or when
      the declaration or payment thereof would be contrary to any restrictions
      contained in the Articles of Incorporation, subject to the following
      provisions:&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (a)&#160;&#160;&#160;&#160;&#160;&#160;Dividends in cash or property may be declared and paid, except
      as otherwise provided in this section, only out of the unreserved and
      unrestricted earned surplus of the corporation or out of capital
      surplus, howsoever arising, but each dividend paid out of capital
      surplus shall be identified as a distribution of capital surplus, and
      the amount per share paid from such surplus shall be disclosed to the
      Stockholders receiving the same concurrently with the distribution.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (b)&#160;&#160;&#160;&#160;&#160;&#160;Dividends may be declared and paid in the corporation's own
      treasury shares.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;Dividends may be declared and paid in the corporation's own
      authorized but unissued shares out of any unreserved and unrestricted
      surplus of the corporation upon the following conditions:
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (1)&#160;&#160;&#160;&#160;&#160;&#160;If a dividend is payable in shares having a par value, such
      shares shall be issued at not less than the par value thereof and there
      shall be transferred to stated capital at the time such dividend is paid
      an amount of surplus equal to the aggregate par value of the shares to
      be issued as a dividend.
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (2)&#160;&#160;&#160;&#160;&#160;&#160;If a dividend is payable in shares without par value, such
      shares shall be issued at such stated value as shall be fixed by the
      Board of Directors by resolution adopted at the time such dividend is
      declared, and there shall be transferred to stated capital at the time
      such dividend is paid an amount of surplus equal to the aggregate stated
      value so fixed in respect of such shares; and the amount per share so
      transferred to stated capital shall be disclosed to the Stockholders
      receiving such dividend concurrently with the payment thereof.&#160;&#160;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -21-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (d)&#160;&#160;&#160;&#160;&#160;&#160;No dividend payable in shares of any class shall be paid to the
      holders of shares of any other class unless the Articles of
      Incorporation so provide or such payment is authorized by the
      affirmative vote or the written consent of the holders of at least a
      majority of the outstanding shares of the class in which the payment is
      to be made.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      (e)&#160;&#160;&#160;&#160;&#160;&#160; A split-up or division of the issued shares of any class into
      a greater number of shares of the same class without increasing the
      stated capital of the corporation shall not be construed to be a share
      dividend within the meaning of this section.&#160;&#160;
    </p>
    <p style="text-align: center">
      <u>ARTICLE VII.&#160;&#160;CORPORATE SEAL</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      The Board of Directors shall provide a corporate seal which shall be
      circular in form and shall have inscribed thereon the following:&#160;&#160;
    </p>
    <p style="text-align: center">
      WORLD FUEL SERVICES CORPORATION<br>1984<br>Florida
    </p>
    <p style="text-align: center">
      <u>ARTICLE VIII.</u>&#160;&#160;
    </p>
    <p style="text-align: center">
      <u>INDEMNIFICATION</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The corporation shall indemnify any person who is or was a
      Director or Officer of the corporation and is made, or threatened to be
      made, a party to, or is otherwise involved in, any action, suit or other
      type of proceeding (whether civil, criminal, administrative or
      investigative, and whether formal or informal) by reason of the fact
      that he or she is or was a Director, Officer, employee or agent of the
      corporation or, at the request of the corporation, is or was serving any
      other corporation, partnership, joint venture, trust, employee benefit
      plan or other enterprise in any capacity, to the fullest extent
      authorized or permitted by the laws of Florida as in effect at the date
      hereof and, if broader, as authorized or permitted pursuant to the laws
      of Florida hereafter.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Expenses (including counsel fees) incurred by any current or
      former Officer or Director in defending any pending, threatened, or
      completed action, suit or other type of proceeding (whether civil,
      criminal, administrative or investigative, and whether formal or
      informal) shall be paid by the corporation in advance of the
      determination of such current or former Officer&#8217;s or Director&#8217;s
      entitlement to indemnification promptly upon receipt of an undertaking
      by or on behalf of such current or former Officer or Director to repay
      amounts so advanced in the event and to the extent that such current or
      former Officer or Director is ultimately found not to be entitled to
      indemnification by the corporation as authorized by this Article.&#160;&#160;The
      Board of Directors may, upon approval of such current or former Officer
      or Director, authorize the corporation&#8217;s counsel to represent such
      current or former Officer or Director, in any action, suit or
      proceeding, whether or not the corporation is a party thereto.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -22-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      3.&#160;&#160;All rights to indemnification and advances under this Article:&#160;&#160;(a)
      shall be deemed to be a contract between the corporation and each person
      who is or was a Director or Officer of the corporation who serves or
      served in such capacity at any time while this Article is in effect; and
      (b) are and are intended to be, retroactive and shall be available with
      respect to events occurring prior to the adoption of these
      provisions.&#160;&#160;Any repeal or modification of this Article or any repeal or
      modification of relevant provisions of the Florida Business Corporation
      Act or any other applicable laws shall not, with respect to any events
      occurring or matters arising prior to the date of such repeal or
      modification, in any way diminish any rights to indemnification and to
      such advances of such person or the obligations of the corporation
      arising hereunder.&#160;&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      4.&#160;&#160;The provisions of this Article shall inure to the benefit of heirs,
      executors, administrators and personal representatives of those entitled
      to such indemnification and advances and shall be binding upon any
      successor to the corporation to the fullest extent permitted by the laws
      of Florida as from time to time in effect.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      5.&#160;&#160;The indemnification and advancement of expenses provided by this
      Article shall not be deemed exclusive of any other rights to which those
      seeking indemnification or advancement may be entitled under Florida
      law, the corporation&#8217;s Articles of Incorporation, any agreement, any
      vote of Stockholders or disinterested Directors or otherwise.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      6.&#160;&#160;Any indemnification required by this Article shall be made promptly,
      and in any event within 30 days, upon the written request of the
      indemnified party.&#160;&#160;Any advance required by this Article shall be made
      within 5 business days after the written request of the indemnified
      party.&#160;&#160;The right to indemnification or advances as granted by this
      Article shall be enforceable by the indemnified party in any court of
      competent jurisdiction if the corporation denies such request, in whole
      or in part, or if no disposition thereof is made within the time period
      specified in this Section&#160;6.&#160;&#160;The indemnified party&#8217;s costs and expenses
      incurred in connection with successfully establishing a right of
      indemnification or advances, in whole or in part, in any such action
      shall also be indemnified by the corporation.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      7.&#160;&#160;Except as provided in Section 8, any determination that
      indemnification of a Director or Officer is proper in the circumstances
      because he or she has met the standard of conduct pursuant to applicable
      law, unless pursuant to a determination by a court, shall be made:
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (a)&#160;&#160;By the Board of Directors by a majority vote of a quorum consisting
      of Directors who were not parties to such proceeding;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (b)&#160;&#160;If such a quorum is not obtainable or, even if obtainable, by
      majority vote of a committee, consisting solely of two or more Directors
      not at the time parties to the proceeding, which committee shall be
      designated by the Board of Directors (and Directors who are parties to
      the proceeding may participate in the vote to select such committee);
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (c)&#160;&#160;By independent legal counsel:
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -23-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 90.0px; text-align: justify">

    </p>
    <p style="text-indent: 120.0px; text-align: justify">
      1.&#160;&#160;Selected by the Board of Directors as prescribed in clause (a) above
      or by the committee prescribed in clause (b) above; or
    </p>
    <p style="text-indent: 120.0px; text-align: justify">
      2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;If a quorum of the Directors cannot be obtained for clause (a)
      above and the committee cannot be designated under clause (b), selected
      by majority vote of the full Board of Directors (and Directors who are
      parties to the proceeding may participate in the vote to select such
      counsel);
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (d)&#160;&#160;By the Stockholders by a majority vote of a quorum consisting of
      Stockholders who were not parties to such proceeding or, if no such
      quorum is obtainable, by a majority vote of Stockholders who were not
      parties to such proceeding; or
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (e)&#160;&#160;By any other method authorized by the laws of the State of Florida.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;If a Change in Control has occurred, the person asserting the
      right to indemnification shall be entitled to select the method of
      making the determination described in Section 7, so long as such method
      is authorized pursuant to applicable law.&#160;&#160;As used herein, Change in
      Control means the occurrence of an event which results in any of the
      following:
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (i)&#160;&#160;any person or &quot;group&quot; as defined in Section&#160;13(d)(3) of the
      Exchange Act, but excluding any employee benefit plan or plans of the
      corporation and its subsidiaries, becomes the beneficial owner, directly
      or indirectly, of twenty percent (20%) or more of the combined voting
      power of the corporation's outstanding voting securities ordinarily
      having the right to vote for the election of Directors of the
      corporation;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (ii)&#160;&#160;any merger, consolidation, reorganization or similar event of the
      corporation or any of its subsidiaries, as a result of which the holders
      of the voting stock of the corporation immediately prior to such merger,
      consolidation, reorganization or similar event do not directly or
      indirectly hold at least fifty-one percent (51%) of the aggregate voting
      power of the capital stock of the surviving entity;
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (iii)&#160;&#160;the individuals who, as of March 1, 2003 (the &#8220;Effective Date&#8221;),
      constitute the Board of Directors of the corporation (the &#8220;Board&#8221;
      generally and as of the Effective Date the &#8220;Incumbent Board&#8221;) cease for
      any reason to constitute at least two-thirds (2/3) of the Board, or in
      the case of a merger or consolidation of the corporation, do not
      constitute or cease to constitute at least two-thirds (2/3) of the board
      of directors of the surviving company (or in a case where the surviving
      corporation is controlled, directly or indirectly by another corporation
      or entity, do not constitute or cease to constitute at least two-thirds
      (2/3) of the board of such controlling corporation or do not have or
      cease to have at least two-thirds (2/3) of the voting seats on any body
      comparable to a board of directors of such controlling entity, or if
      there is no body comparable to a board of directors, at least two-thirds
      (2/3) voting control of such controlling entity); provided that any
      person becoming a director (or, in the case of a controlling
      non-corporate entity, obtaining a position comparable to a director or
      obtaining a voting interest in such entity) subsequent to the Effective
      Date whose election, or nomination for election, was approved by a vote
      of the persons comprising at least two-thirds (2/3) of the Incumbent
      Board (other than an election or nomination of an individual whose
      initial assumption of office is in connection with an actual or
      threatened election contest), shall be, for purposes of this Article,
      considered as though such person were a member of the Incumbent Board; or
    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          -24-
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 90.0px; text-align: justify">

    </p>
    <p style="text-indent: 90.0px; text-align: justify">
      (iv)&#160;&#160;there is a liquidation or dissolution of the corporation or a sale
      of all or substantially all of its assets.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this Article, the term &#8220;corporation&#8221; shall
      include any predecessor of the corporation and any constituent
      corporation (including any constituent of a constituent) absorbed by the
      corporation in a consolidation or merger.&#160;&#160;Any Director or Officer of
      the corporation serving (i) another corporation, partnership, joint
      venture, trust, or other enterprise, of which a majority of the equity
      interests entitled to vote in the election of its directors or the
      equivalent is controlled directly or indirectly by the corporation, or
      (ii) any employee benefit plan of the corporation or any entity referred
      to in clause (i), in any capacity shall be deemed to be doing so at the
      request of the corporation and action by a person with respect to any
      employee benefit plan which such person reasonably believes to be in the
      interest of the participants and beneficiaries of such plan shall be
      deemed to be action not opposed to the best interests of the corporation.
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      10.&#160;&#160;&#160;&#160;&#160;&#160;Each of the provisions of this Article is a separate and
      distinct agreement and independent of the others, so that if any
      provision hereof shall be held to be invalid or unenforceable in whole
      or in part for any reason, such invalidity or unenforceability shall not
      affect the validity or enforceability of the other provisions
      hereof.&#160;&#160;In the event that all or any portion of this Article is ever
      held void or unenforceable by a court of competent jurisdiction, then
      such court is hereby expressly authorized to modify any provision(s)
      held void or unenforceable to the extent, and only to the extent,
      necessary to render it valid and enforceable.&#160;&#160;If any such portion
      cannot be so modified and is invalidated on any ground by a court of
      competent jurisdiction, then the corporation shall nevertheless
      indemnify each person who is or was a Director and Officer of the
      corporation as to costs, charges and expenses (including attorneys&#8217;
      fees), judgments, fines and amounts paid in settlement with respect to
      any action, suit or proceeding, whether civil, criminal, administrative
      or investigative, including an action by or in the right of the
      corporation, to the full extent permitted by any applicable portion of
      this Article that shall not have been invalidated and to the full extent
      permitted by applicable law.
    </p>
    <p style="text-align: center">
      <u>ARTICLE IX.&#160;&#160;AMENDMENT</u>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      These By-Laws may be repealed or amended, and new By-Laws may be
      adopted, by either the Board of Directors or the Stockholders, but the
      Board of Directors may not amend or repeal any By-Law adopted by
      Stockholders if the Stockholders specifically provide that such By-Law
      is not subject to amendment or repeal by the Directors.
    </p>
    <p style="text-indent: 60.0px; text-align: center">
      <br>
      -25-
    </p>
    <p style="text-indent: 60.0px; text-align: center">

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>a6842908_ex101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 10.1</b>
    </p>
    <p style="text-align: right">
      <br>

    </p>
    <p style="text-align: center">
      [Letterhead of World Fuel Services]
    </p>
    <p style="text-align: center">
      <br>
      <br>

    </p>
    <p>
      August 26, 2011
    </p>
    <p>
      <br>

    </p>
    <p>
      Re:&#160;&#160;Amendment No. 1 to Employment Agreement
    </p>
    <p>
      <br>

    </p>
    <p>
      Dear Mr. Kasbar,
    </p>
    <p style="text-indent: 60.0px">
      This letter amends the terms of the Agreement by and between you
      (&#8220;Executive&#8221;) and World Fuel Services Corporation (the &#8220;Company&#8221;), dated
      March&#160;14,&#160;2008, as it may be amended from time to time (the &#8220;Employment
      Agreement&#8221;).&#160;&#160;All capitalized terms used in this amendment but not
      otherwise defined herein will have the same meaning as defined in the
      Employment Agreement.
    </p>
    <p style="text-indent: 60.0px">
      You and the Company desire to amend the Employment Agreement to, among
      other things, reflect the anticipated change in your title, duties and
      responsibilities and enter into a new four-year term.&#160;&#160;Accordingly, in
      accordance with Section 14(a) of the Employment Agreement, the parties
      hereby agree to amend the terms of the Employment Agreement as set forth
      in this amendment.&#160;&#160;This amendment will become effective immediately
      upon execution by both parties; <u>provided</u> that, the terms of the
      Employment Agreement as in effect prior to execution of this amendment
      will continue to govern until December 31, 2011, and the terms of the
      Employment Agreement as amended by this amendment will govern beginning
      on January 1, 2012.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px">
      Notwithstanding anything to the contrary set forth in the Employment
      Agreement or any other agreement that relates to your employment:
    </p>
    <p style="text-indent: 60.0px">
      1.&#160;&#160;<u>Employment</u>.&#160;&#160;You hereby agree that the first five
      sentences of Section 1 of the Employment Agreement are hereby deleted in
      their entirety and replaced with the following:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Employment</u>.&#160;&#160;Effective
      as of January 1, 2012 (the &#8220;Amendment Effective Date&#8221;), the Company
      hereby employs Executive pursuant to the terms and conditions of this
      Agreement for a term (the &#8220;Amendment Initial Term&#8221;), commencing on the
      Amendment Effective Date and ending on the fourth (4th) anniversary of
      the Amendment Effective Date, unless sooner terminated in accordance
      with Section 4 hereof.&#160;&#160;The Amendment Initial Term shall automatically
      renew for successive one (1) year terms (subject to earlier termination
      as provided in Section 4 hereof) unless the Company or Executive
      provides written notice to the other at least one (1) year prior to the
      date on which the Employment Term otherwise would expire of its or his
      election not to renew the Employment Term.&#160;&#160;The Amendment Initial Term,
      as it may be extended pursuant to this Agreement, is sometimes referred
      to in the Employment Agreement as the &#8220;Employment Term&#8221;.&#160;&#160;During the
      Employment Term, Executive shall serve as President and Chief Executive
      Officer of the Company.&#160;&#160;Executive shall faithfully and diligently
      perform all services as may be assigned to him by the Board consistent
      with his position, shall report solely to the Board, and shall exercise
      such power and authority as may from time to time be delegated to him by
      the Board.&#8221;
    </p>
    <p style="text-indent: 90.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 60.0px">
      2.&#160;&#160;<u>Base Salary</u>.&#160;&#160;You hereby agree that the following
      sentences are hereby added as the last sentences of Section 2.1 of the
      Employment Agreement:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;The Compensation Committee has determined that, as of the Amendment
      Effective Date, the Company shall pay you an annual base salary equal to
      Seven Hundred Fifty Thousand Dollars ($750,000).&#160;&#160;The term &#8220;Base Salary&#8221;
      shall mean the base salary as determined from time to time by the
      Compensation Committee in its sole discretion.&#8221;
    </p>
    <p style="text-indent: 60.0px">
      3.&#160;&#160;<u>Certain Definitions</u>.
    </p>
    <p style="text-indent: 90.0px">
      (a)&#160;&#160;<u>Accrued Obligations</u>.&#160;&#160;You hereby agree that the
      reference to &#8220;Section 2.4(ii)&#8221; in Section 3.1(c) of the Employment
      Agreement is hereby deleted and replaced with &#8220;Section 2.3&#8221;.
    </p>
    <p style="text-indent: 90.0px">
      (b)&#160;&#160;<u>Trade Area</u>.&#160;&#160;You hereby agree that Section 6(b) of
      the Employment Agreement is hereby deleted in its entirety and replaced
      with the following:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;(b)&#160;&#160;&#160;&#160;&#160;&#160;As used herein, the term &#8220;Trade Area&#8221; shall mean the United
      States of America and any other foreign countries or regions, which are
      or were serviced by the Company or its subsidiaries or affiliates at any
      time since January 1, 1998.&#8221;
    </p>
    <p style="text-indent: 60.0px">
      4.&#160;&#160;<u>Full Force and Effect</u>.&#160;&#160;Except as specifically set
      forth herein, this amendment shall not, by implication or otherwise,
      alter, amend or modify in any way any terms of the Employment Agreement,
      all of which shall continue in full force and effect.
    </p>
    <p style="text-indent: 60.0px">
      5.&#160;&#160;<u>Governing Law/Jurisdiction</u>.<b>&#160;&#160;</b>The
      validity and effect of this amendment shall be governed by and construed
      and enforced in accordance with the laws of the State of Florida,
      without regard to any conflict-of-law rule or principle that would give
      effect to the laws of another jurisdiction.&#160;&#160;&#160;Any dispute, controversy,
      or question of interpretation arising under, out of, in connection with,
      or in relation to the Employment Agreement or any amendments thereof, or
      any breach or default hereunder, shall be submitted to, and determined
      and settled by, litigation in the state or federal courts in Miami-Dade
      County, Florida.&#160;&#160;Each of the parties hereby irrevocably submits to the
      exclusive jurisdiction of the state and federal courts sitting in
      Miami-Dade County, Florida.&#160;&#160;Each party hereby irrevocably waives, to
      the fullest extent it may effectively do so, the defense of an
      inconvenient forum to the maintenance of any litigation in Miami-Dade
      County, Florida.
    </p>
    <p style="text-indent: 60.0px">
      6.&#160;&#160;<u>Counterparts</u>.&#160;&#160;This amendment may be executed in
      any number of counterparts, each of which shall be deemed an original,
      and all of which shall constitute one and the same instrument.
    </p>
    <p style="text-indent: 60.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">
      7.&#160;&#160;<u>Entire Agreement</u>.&#160;&#160;This amendment, together with
      the Employment Agreement, contains the entire agreement between you and
      the Company concerning the subject matter hereof and supersedes all
      prior agreements, understandings, discussions, negotiations and
      undertakings, whether written or oral, between you and the Company with
      respect hereto.
    </p>
    <p style="text-indent: 60.0px">
      <br>
      <br>

    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            August 26, 2011
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            WORLD FUEL SERVICES CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px" colspan="2">
          by
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
        <td valign="top" style="width: 42%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 25.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ R. Alexander Lake
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 8%">

        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          Name: R. Alexander Lake
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 8%">

        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Title: Senior Vice President,<br>General Counsel and Corporate<br>Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ACCEPTED AND AGREED,
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">
          &#160;
        </td>
        <td valign="top" style="width: 40%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          /s/ Michael J. Kasbar
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          Name: Michael J. Kasbar
        </td>
        <td style="width: 50%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      3
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>a6842908_ex102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 10.2</b>
    </p>
    <p style="text-align: right">
      <br>

    </p>
    <p style="text-align: center">
      [Letterhead of World Fuel Services]
    </p>
    <p style="text-align: center">
      <br>
      <br>

    </p>
    <p>
      August 26, 2011
    </p>
    <p>
      <br>

    </p>
    <p>
      Re:&#160;&#160;Amendment No. 1 to Employment Agreement
    </p>
    <p>
      <br>

    </p>
    <p>
      Dear Mr. Stebbins,
    </p>
    <p style="text-indent: 60.0px">
      This letter amends the terms of the Agreement by and between you and
      World Fuel Services Corporation (the &#8220;Company&#8221;), dated March&#160;14,&#160;2008,
      as it may be amended from time to time (the &#8220;Employment
      Agreement&#8221;).&#160;&#160;All capitalized terms used in this amendment but not
      otherwise defined herein will have the same meaning as defined in the
      Employment Agreement.
    </p>
    <p style="text-indent: 60.0px">
      You and the Company desire to amend the Employment Agreement to, among
      other things, (a) reflect the anticipated change in your title, duties
      and responsibilities, (b)&#160;enter into a new two-year term and (c) make
      certain other changes to your compensation pursuant to the Employment
      Agreement.&#160;&#160;Accordingly, in accordance with Section 14(a) of the
      Employment Agreement, the parties hereby agree to amend the terms of the
      Employment Agreement as set forth in this amendment.&#160;&#160;This amendment
      will become effective immediately upon execution by both parties; <u>provided</u>
      that, the terms of the Employment Agreement as in effect prior to
      execution of this amendment will continue to govern until December 31,
      2011, and the terms of the Employment Agreement as amended by this
      amendment will govern beginning on January 1, 2012.
    </p>
    <p style="text-indent: 60.0px">
      Notwithstanding anything to the contrary set forth in the Employment
      Agreement or any other agreement that relates to your employment:
    </p>
    <p style="text-indent: 60.0px">
      1.&#160;&#160;<u>Employment</u>.&#160;&#160;You hereby agree that Section 1 of the
      Employment Agreement is hereby deleted in its entirety and replaced with
      the following:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Employment</u>.&#160;&#160;Effective
      as of January 1, 2012 (the &#8220;Amendment Effective Date&#8221;), the Company
      hereby employs Executive pursuant to the terms and conditions of this
      Agreement for a term (the &#8220;Amendment Initial Term&#8221;), commencing on the
      Amendment Effective Date and ending on the second (2nd) anniversary of
      the Amendment Effective Date, unless sooner terminated in accordance
      with Section 4 hereof.&#160;&#160;The Amendment Initial Term shall automatically
      renew for successive one (1) year terms (subject to earlier termination
      as provided in Section 4 hereof) unless the Company or Executive
      provides written notice to the other at least six (6) months prior to
      the date on which the Employment Term otherwise would expire of its or
      his election not to renew the Employment Term.&#160;&#160;The Amendment Initial
      Term, as it may be extended pursuant to this Agreement, is sometimes
      referred to in the Employment Agreement as the &#8220;Employment
      Term&#8221;.&#160;&#160;During the Employment Term, Executive shall serve as the
      Executive Chairman of the Board of Directors of the Company (the
      &#8220;Board&#8221;) and shall also serve as an officer of the Company.&#160;&#160;Executive
      shall faithfully and diligently perform all services as may be assigned
      to him by the Board consistent with his position, shall report solely to
      the Board, and shall exercise such power and authority as may from time
      to time be delegated to him by the Board.&#160;&#160;During the Employment Term,
      Executive shall devote the time and effort reasonably required to
      fulfill his duties and responsibilities hereunder.&#160;&#160;It shall not be
      considered a violation of this Agreement for Executive to serve on
      corporate, industry, civic or charitable boards or committees, manage
      his personal investments, or pursue other professional ventures, so long
      as such activities do not interfere with the performance of Executive&#8217;s
      duties and responsibilities hereunder or otherwise conflict with the
      interests of the Company, including, without limitation, as provided in
      Section 6 hereof.&#160;&#160;During the Employment Term, Executive shall be
      subject to the Company&#8217;s policies on the same basis as other senior
      executives of the Company.&#8221;
    </p>
    <p style="text-indent: 90.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 60.0px">
      2.&#160;&#160;<u>Base Salary</u>.&#160;&#160;You hereby agree that the following
      sentences are hereby added as the last sentences of Section 2.1 of the
      Employment Agreement:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;The Compensation Committee has determined that, as of the Amendment
      Effective Date, the Company shall pay you an annual base salary equal to
      Seven Hundred Fifty Thousand Dollars ($750,000).&#160;&#160;The term &#8220;Base Salary&#8221;
      shall mean the base salary as determined from time to time by the
      Compensation Committee in its sole discretion.&#8221;
    </p>
    <p style="text-indent: 60.0px">
      3.&#160;&#160;<u>Annual Equity Awards</u>.&#160;&#160;You hereby agree that the
      following Section 2.4 is hereby added as the last subsection in Section
      2 of the Employment Agreement:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;2.4&#160;&#160;&#160;&#160;&#160;&#160;<u>Annual Equity Awards</u>.
      Subject to approval by the Compensation Committee, it is the Company&#8217;s
      current expectation that, during each year of the Employment Term while
      Executive remains employed hereunder, commencing in 2012, on or about
      the date that the Company makes annual equity grants to its employees,
      Executive will be eligible to receive equity-based awards with an annual
      grant-date value targeted at Five Hundred Thousand Dollars
      ($500,000).&#160;&#160;Subject to approval by the Compensation Committee, such
      awards shall be comprised of 50% service-based restricted stock units
      (&#8220;RSUs&#8221;) and 50% performance-based RSUs, in each case, determined based
      on the grant-date value of such RSUs.&#160;&#160;Subject to the terms and
      conditions of the applicable award agreements evidencing the awards and
      the applicable equity compensation plan of the Company (the &#8220;Plan&#8221;), the
      service-based RSUs will vest on the first anniversary of the date of
      grant and the performance-based RSUs will be subject to a one-year
      performance period and the achievement of performance goals as
      established by the Compensation Committee from time to time; <u>provided</u>,
      <u>however</u>, that, except as otherwise set forth in this Agreement,
      Executive shall be required to be employed by the Company on the
      relevant vesting dates in order to vest in the service-based RSUs and
      until the later of (i) one year following the date of grant and (ii) the
      last day of the applicable performance period in order to vest in the
      performance-based RSUs; <u>provided</u>, <u>however</u>, that in no
      event shall any such RSUs be settled later than March 15 of the year
      following the year in which such RSUs are no longer subject to a
      &#8220;substantial risk of forfeiture&#8221; within the meaning of Section 409A of
      the Code.&#160;&#160;For the avoidance of doubt, the RSUs shall be subject to the
      Company&#8217;s Stock Retention Policy as in effect from time to time.
    </p>
    <p style="text-indent: 90.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 60.0px">
      Notwithstanding any provision in this Agreement (including Section 5.6
      hereof) or the Plan or any applicable award agreement to the contrary,
      with respect to RSUs having performance-based vesting criteria,
    </p>
    <p style="text-indent: 60.0px">
      (i) in the event that the Executive becomes entitled to payout of such
      RSUs upon the occurrence of a Change of Control pursuant to the first
      sentence of Section 5.6(a) hereof, then the payout of such RSUs shall be
      with respect to all such RSUs,
    </p>
    <p style="text-indent: 60.0px">
      (ii) in the event that a Change of Control occurs while such RSUs remain
      outstanding and the Executive does not become entitled to payout of such
      RSUs upon the occurrence of such Change of Control, following such
      Change of Control, such RSUs will no longer be subject to
      performance-based vesting criteria (but will remain subject to
      service-based vesting criteria), and, assuming the Executive remains
      employed until the one-year anniversary of the grant date or is
      terminated prior to such date under circumstances that would entitle the
      Executive to payments or benefits pursuant to Section&#160;5.4 hereof, then
      the level of payout for such RSUs will be the same as pursuant to the
      immediately preceding clause (i), and
    </p>
    <p style="text-indent: 60.0px">
      (iii) in the event that, prior to a Change of Control, the Executive
      becomes entitled to payout of such RSUs pursuant to Section 5.6(b) of
      this Agreement (relating to termination without Cause or for Good Reason
      or expiration of the Employment Term) or the final sentence of Section
      5.6 of this Agreement (relating to termination due to death or
      Disability), then the level of payout for such RSUs will be determined
      following the last day of the applicable performance period based on the
      Company&#8217;s actual performance during such period.&#160;&#160;For the avoidance of
      doubt, the sole purpose of this paragraph is to specify the level of
      payout of RSUs having performance-based vesting criteria upon the
      occurrence of the events specified in the immediately preceding clauses
      (i), (ii) and (iii), and this provision shall not, in any event, amend
      or modify the timing of vesting or payout of such RSUs or any of the
      Executive&#8217;s obligations pursuant to Section 5.6 or 5.7 hereof or
      otherwise; <u>provided</u>, <u>however</u>, that in no event shall any
      such RSUs be settled later than March 15 of the year following the year
      in which such RSUs are no longer subject to a &#8220;substantial risk of
      forfeiture&#8221; within the meaning of Section 409A of the Code.&#8221;
    </p>
    <p style="text-indent: 60.0px">
      4.&#160;&#160;<u>Good Reason</u>.&#160;&#160;For the avoidance of doubt, you
      hereby agree that the changes to your title, position, duties,
      authority, responsibilities, status and compensation (other than Base
      Salary), in each case as a result of the change in your position to
      Executive Chairman of the Board shall not serve as the basis for you to
      terminate employment for Good Reason.
    </p>
    <p style="text-indent: 60.0px">
      5.&#160;&#160;<u>Certain Definitions</u>.
    </p>
    <p style="text-indent: 90.0px">
      (a)&#160;&#160;<u>Accrued Obligations</u>.&#160;&#160;(i)&#160;&#160;You here by agree that
      Section 3.1(b) of the Employment Agreement is hereby deleted in its
      entirety and replaced with the following:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;(b)&#160;&#160;&#160;&#160;&#160;&#160;any earned and accrued but unpaid bonus with respect to the
      2011 performance period;&#8221;
    </p>
    <p style="text-indent: 90.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          3
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 120.0px">
      (ii) The reference to &#8220;Section 2.4(ii)&#8221; in Section 3.1(c) of the
      Employment Agreement is hereby deleted and replaced with &#8220;Section 2.3&#8221;.
    </p>
    <p style="text-indent: 90.0px">
      (b)&#160;&#160;<u>Trade Area</u>.&#160;&#160;You hereby agree that Section 6(b) of
      the Employment Agreement is hereby deleted in its entirety and replaced
      with the following:
    </p>
    <p style="text-indent: 90.0px">
      &#8220;(b)&#160;&#160;&#160;&#160;&#160;&#160;As used herein, the term &#8220;Trade Area&#8221; shall mean the United
      States of America and any other foreign countries or regions, which are
      or were serviced by the Company or its subsidiaries or affiliates at any
      time since January 1, 1998.&#8221;
    </p>
    <p style="text-indent: 60.0px">
      6.&#160;&#160;<u>Full Force and Effect</u>.&#160;&#160;Except as specifically set
      forth herein, this amendment shall not, by implication or otherwise,
      alter, amend or modify in any way any terms of the Employment Agreement,
      all of which shall continue in full force and effect.
    </p>
    <p style="text-indent: 60.0px">
      7.&#160;&#160;<u>Governing Law/Jurisdiction</u>.<b>&#160;&#160;</b>The
      validity and effect of this amendment shall be governed by and construed
      and enforced in accordance with the laws of the State of Florida,
      without regard to any conflict-of-law rule or principle that would give
      effect to the laws of another jurisdiction.&#160;&#160;&#160;Any dispute, controversy,
      or question of interpretation arising under, out of, in connection with,
      or in relation to the Employment Agreement or any amendments thereof, or
      any breach or default hereunder, shall be submitted to, and determined
      and settled by, litigation in the state or federal courts in Miami-Dade
      County, Florida.&#160;&#160;Each of the parties hereby irrevocably submits to the
      exclusive jurisdiction of the state and federal courts sitting in
      Miami-Dade County, Florida.&#160;&#160;Each party hereby irrevocably waives, to
      the fullest extent it may effectively do so, the defense of an
      inconvenient forum to the maintenance of any litigation in Miami-Dade
      County, Florida.
    </p>
    <p style="text-indent: 60.0px">
      8.&#160;&#160;<u>Counterparts</u>.&#160;&#160;This amendment may be executed in
      any number of counterparts, each of which shall be deemed an original,
      and all of which shall constitute one and the same instrument.
    </p>
    <p style="text-indent: 60.0px">
      9.&#160;&#160;<u>Entire Agreement</u>.&#160;&#160;This amendment, together with
      the Employment Agreement, contains the entire agreement between you and
      the Company concerning the subject matter hereof and supersedes all
      prior agreements, understandings, discussions, negotiations and
      undertakings, whether written or oral, between you and the Company with
      respect hereto.
    </p>
    <p style="text-indent: 60.0px">
      <br>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="font-family: Times New Roman; text-align: center; font-size: 8pt">
          4
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            August 26, 2011
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            WORLD FUEL SERVICES CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 25.0px" colspan="2">
          by
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
        <td valign="top" style="width: 42%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 25.0px">
          /s/ R. Alexander Lake
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 8%">

        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          Name: R. Alexander Lake
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 8%">

        </td>
        <td valign="top" style="width: 42%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Title: Senior Vice President,<br>General Counsel and Corporate<br>Secretary
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ACCEPTED AND AGREED,
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 10%">
          &#160;
        </td>
        <td valign="top" style="width: 40%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px">
          /s/ Paul H. Stebbins
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          Name: Paul H. Stebbins
        </td>
        <td style="width: 50%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      5
    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>a6842908_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>World
      Fuel Services Corporation Announces Executive Leadership Transition</b></font>
    </p>
    <p>
      MIAMI--(BUSINESS WIRE)--August 29, 2011--World Fuel Services Corporation
      (NYSE: INT), today announced that during its regularly scheduled board
      meeting held August 26<sup>th</sup> its Board of Directors approved the
      transition of Michael J. Kasbar to the position of president and chief
      executive officer effective January 1, 2012. Following the transition,
      Paul H. Stebbins will remain as executive chairman.
    </p>
    <p>
      &#8220;One of the most important responsibilities of a chief executive officer
      is ensuring effective succession in the enterprise,&#8221; stated Paul H.
      Stebbins, chairman and chief executive officer of World Fuel Services
      Corporation. Mike has been the thought-leader driving our strategic
      expansion and he is uniquely qualified to lead World Fuel through our
      next phase of growth. We have been partners for 27 years, and I will
      continue to support Mike&#8217;s efforts by maintaining an active role in
      customer and supplier relationships, assisting in business development
      and representing the company at industry events around the world.&#8221;
    </p>
    <p>
      The company will continue to benefit from Mr. Stebbins&#8217; leadership and
      experience through his service as both chairman of the board of
      directors of the company and as a member of the executive management
      team.
    </p>
    <p>
      &#8220;The past 10 years have been a time of extraordinary growth and
      transformation at World Fuel,&#8221; said Michael J Kasbar, president and
      chief operating officer. &#8220;The company has achieved an important level of
      organizational maturity and is now poised for a new level of strategic
      engagement in today&#8217;s fast changing global market.&#8221;
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Information Relating to Forward-Looking Statements
    </p>
    <p>
      With the exception of historical information in this news release, this
      document includes forward-looking statements that involve risks and
      uncertainties, including, but not limited to, quarterly fluctuations in
      results, the creditworthiness of customers and counterparties and our
      ability to collect accounts receivable, fluctuations in world oil prices
      or foreign currency, changes in political, economic, regulatory, or
      environmental conditions, adverse conditions in the markets or
      industries in which we or our customers operate, our failure to
      effectively hedge certain financial risks associated with the use of
      derivatives, non-performance by counterparties or customers on
      derivatives contracts, the integration of acquired businesses, uninsured
      losses, our ability to retain and attract senior management and other
      key employees and other risks detailed from time to time in the
      Company's Securities and Exchange Commission filings. Actual results may
      differ materially from any forward-looking statements set forth herein.
    </p>
    <p>
      About World Fuel Services Corporation
    </p>
    <p>
      Headquartered in Miami, Florida, World Fuel Services is a leading global
      fuel logistics company, principally engaged in the marketing, sale and
      distribution of aviation, marine and land fuel products and related
      services on a worldwide basis. World Fuel Services sells fuel and
      delivers services to its clients at more than 6,000 locations in 200
      countries and territories, including airports, seaports, tanker truck
      loading terminals and other customer storage locations. With 48
      strategically located global offices, World Fuel Services offers its
      clients a value-added outsource service for the supply, quality control,
      logistical support and price risk management of marine, aviation and
      land fuel.
    </p>
    <p>
      The Company's global team of market makers provides deep domain
      expertise in all aspects of marine, aviation and land fuel management.
      Aviation customers include commercial airlines, cargo carriers, private
      aircraft and fixed base operators (FBO's), as well as the United States
      and foreign governments. World Fuel Services' marine customers include
      international container and tanker fleets, cruise lines and time-charter
      operators, as well as the United States and foreign governments. Land
      customers include petroleum distributors, retail petroleum operators,
      and industrial, commercial and government accounts. For more
      information, call 305-428-8000 or visit <u>www.wfscorp.com</u>.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>World Fuel Services Corporation<br>Ira M. Birns, Executive
      Vice President &amp;<br>Chief Financial Officer, 305-428-8000
    </p>
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