<SEC-DOCUMENT>0001104659-20-054438.txt : 20200430
<SEC-HEADER>0001104659-20-054438.hdr.sgml : 20200430
<ACCEPTANCE-DATETIME>20200430161153
ACCESSION NUMBER:		0001104659-20-054438
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200428
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200430
DATE AS OF CHANGE:		20200430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIGI INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000854775
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER COMMUNICATIONS EQUIPMENT [3576]
		IRS NUMBER:				411532464
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34033
		FILM NUMBER:		20835767

	BUSINESS ADDRESS:	
		STREET 1:		9350 EXCELSIOR BLVD.
		STREET 2:		SUITE 700
		CITY:			HOPKINS
		STATE:			MN
		ZIP:			55343
		BUSINESS PHONE:		(952) 912-3444

	MAIL ADDRESS:	
		STREET 1:		9350 EXCELSIOR BLVD.
		STREET 2:		SUITE 700
		CITY:			HOPKINS
		STATE:			MN
		ZIP:			55343
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2018116d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>April 28, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (date of earliest event
reported)</B></P>

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Digi International Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1-34033</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>41-1532464</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State of Incorporation)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Commission file number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S.&nbsp;Employer&nbsp;Identification&nbsp;No.)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9350 Excelsior Blvd., Suite 700<BR>
Hopkins, Minnesota</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>55343</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(952) 912-3444</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s telephone number,
including area code)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (<I>see</I>&nbsp;General
Instruction A.2. below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DGII</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&uml;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&uml;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.03.</B></TD><TD><FONT STYLE="color: #212529"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year</B></FONT><B>. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">On April 28, 2020,
the Board of Directors of Digi International Inc. (&ldquo;Digi&rdquo;) approved an amendment to Digi&rsquo;s Amended and Restated
By-Laws. The amendment adds a new Article VIII implementing emergency bylaw provisions that will be operative during any emergency
condition as a result of which a quorum of the board of directors cannot readily be convened for action. The provisions address
notices of meetings, quorum requirements, lines of management succession and office relocation, with the intent of ensuring the
continuity of corporate governance in the event of an emergency.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">The
following exhibit is provided herewith:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 55%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Manner of Filing</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2018116d1_ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><A HREF="tm2018116d1_ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated By-Laws of the Company</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2018116d1_ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Electronically</FONT></A></TD></TR>
</TABLE>



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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: April 30, 2020</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">DIGI INTERNATIONAL INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David
    H. Sampsell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David H. Sampsell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President of Corporate Development, General Counsel &amp; Corporate Secretary</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2018116d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 3.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AS AMENDED AND RESTATED AS OF APRIL 28, 2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1.01. <U>Registered Office</U>.
The Corporation shall maintain a registered office and registered agent within the State of Delaware at such place within such
State as may be designated from time to time by the Board of Directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1.02. <U>Other Offices</U>.
The Corporation also may have offices at such other places both within and without the State of Delaware as the Board of Directors
may from time to time determine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.01. <U>Place of Meetings</U>.
Meetings of stockholders may be held at the principal executive offices of the Corporation or at such other place, either within
or without the State of Delaware, as may be designated by the Board of Directors or the chief executive officer of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.02. <U>Annual Meetings and
Advance-Notice of Business, Other than Director Nominations and Elections</U>. An annual meeting of stockholders shall be held
in each calendar year for the election of directors on such date and at such time as shall be designated from time to time by the
Board of Directors. At any annual meeting of stockholders of the Corporation, the proposal of business (other than the nomination
and election of directors, which shall be subject to Section&nbsp;3.13) to be considered by the stockholders may be made (i)&nbsp;pursuant
to the Corporation&rsquo;s notice of the meeting (or any supplement thereto), (ii)&nbsp;by or at the direction of the Board of
Directors, or (iii)&nbsp;by any stockholder of record of the Corporation entitled to vote on the business at the meeting who complies
with the notice procedures hereinafter set forth in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a) <U>Timing of Notice</U>. For
such business to be properly brought before any annual meeting by a stockholder, a stockholder&rsquo;s notice of any such business
to be conducted at such meeting must be delivered to the Secretary of the Corporation, or mailed to and received at the principal
executive office of the Corporation, not less than one hundred twenty (120)&nbsp;days before the first anniversary of the date
of the preceding year&rsquo;s annual meeting of stockholders. If, however, the date of the annual meeting of stockholders is more
than thirty (30)&nbsp;days before or sixty (60)&nbsp;days after such anniversary date, notice by a stockholder shall be timely
only if so delivered or so mailed and received not less than one hundred twenty (120)&nbsp;days before such annual meeting or,
if later, within ten (10)&nbsp;days after the first public announcement of the date of such annual meeting. Except to the extent
otherwise required by law, the adjournment of an annual meeting of stockholders shall not commence a new time period for the giving
of a stockholder&rsquo;s notice as required above. Nothing in this Section shall reduce or otherwise affect the notice period required
under Rule&nbsp;14a-8 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) in order for a stockholder
to have the right, under Rule&nbsp;14a-8, to include or have disseminated or described in the Corporation&rsquo;s proxy statement
or on the proxy card of the Board of Directors for any annual meeting of stockholders any stockholder proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b) <U>Content of Notice</U>.
A stockholder&rsquo;s notice to the Corporation for an annual meeting of stockholders shall set forth as to each matter the stockholder
proposes to bring before the annual meeting (i)&nbsp;a brief description of the business desired to be brought before the meeting
and the reasons for conducting such business at the meeting, (ii)&nbsp;the name and address, as they appear on the Corporation&rsquo;s
books, of the stockholder proposing such business and the name and address of</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">any beneficial owner on whose behalf the proposal
is made, (iii)&nbsp;the information required by clause (b)(y)(ii) of Section&nbsp;3.13 with respect to such stockholder and any
such beneficial owner, (iv)&nbsp;any material interest in such business of the stockholder or any such beneficial owner, and (v)&nbsp;a
representation and other appropriate evidence that the stockholder is a holder of record of shares of stock entitled to vote on
such business at the meeting, will continue to be a holder of record of shares of stock entitled to vote on such business through
the date of the meeting, and intends to appear in person or by proxy at the meeting to make the proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c) <U>Consequences of Failure
to Give Proper Notice</U>. Notwithstanding anything in these By-Laws to the contrary, no business (other than the nomination and
election of directors, which shall be subject to Section&nbsp;3.13) shall be conducted at any annual meeting except in accordance
with the procedures set forth in this Section. The presiding Officer of the meeting shall, if the facts warrant, determine that
business was not properly brought before the meeting in accordance with the procedures described in this Section and, if the presiding
Officer should so determine, the presiding Officer shall so declare to the meeting, and any such business not properly brought
before the meeting shall not be transacted. Nothing in this Section shall be deemed to preclude discussion by any stockholder of
any business properly brought before the meeting in accordance with these By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d) <U>Public Announcement</U>.
For purposes of this Section and Section&nbsp;3.13, &ldquo;public announcement&rdquo; means disclosure (i)&nbsp;when made in a
press release reported by the Dow Jones News Service, Associated Press, or comparable national news service, (ii)&nbsp;when filed
in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section&nbsp;13, 14, or
15(d) of the Exchange Act, or (iii)&nbsp;when mailed as the notice of the meeting (or any supplement) pursuant to Section&nbsp;2.04
of the By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e) <U>Compliance with Laws</U>.
Notwithstanding the foregoing provisions of this Section, a stockholder shall also comply with all applicable requirements of Delaware
law and the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section and in
Section&nbsp;3.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.03. <U>Special Meetings</U>.
Unless otherwise specifically provided by law or the Certificate of Incorporation, a special meeting of stockholders, for any purpose
or purposes, may be called only by the Chairman or the Chief Executive Officer and shall be called by either such officer upon
the written request of a majority of the Board of Directors or by a committee of the Board of Directors which has been duly designated
by the Board of Directors, and whose powers and authority, as expressly provided in a resolution of the Board of Directors, include
the power to call such meetings. Such request shall state the purpose or purposes of the proposed meeting. If the authorized officers
fail to cause such meeting to be called within thirty (30)&nbsp;days after receipt of such request and held within ninety (90)&nbsp;days
after receipt of such request, the directors making the request may call the meeting by giving notice as provided in these By-Laws
at the expense of the Corporation. Business transacted at any special meeting shall be limited to the purposes stated in the notice
of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.04. <U>Notice of Meetings</U>.
A written notice stating the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes
for which the meeting is called, or a separate written notice of the posting of such information on an electronic network (such
as a website), shall be personally delivered or mailed, postage prepaid, not less than ten (10)&nbsp;nor more than sixty (60)&nbsp;days
before the date of such meeting to each stockholder of record of the Corporation entitled to vote at such meeting at the stockholder&rsquo;s
mailing address shown upon the records of the Corporation. Service of notice is complete upon mailing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.05. <U>Waiver of Notice</U>.
Notice of any annual or special meeting of stockholders may be waived either before, at or after such meeting in a writing signed
by the person or persons entitled to the notice. Attendance of a person at a meeting shall constitute a waiver of notice of such
meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the
transacting of any business because the meeting is not lawfully called or convened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.06. <U>Quorum</U>. At each
meeting of stockholders, except where otherwise provided by law or the Certificate of Incorporation or these By-Laws, the holders
of a majority of the outstanding capital stock entitled to vote at the meeting, present in person or represented by proxy, shall
constitute a quorum. If a quorum is once present at the meeting, the stockholders may continue to transact business until adjournment
notwithstanding the withdrawal of enough stockholders to leave less than a quorum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.07. <U>Adjourned Meetings</U>.
The Corporation may adjourn the meeting from time to time to a later day or hour or to another place. If the adjournment is for
more than thirty (30)&nbsp;days, or if after adjournment a new record date is fixed for the adjourned meeting, a notice of the
adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. Otherwise, notice of any adjourned
meeting need not be given if the time and place thereof are announced at the meeting at which the adjournment is taken. At an adjourned
meeting at which a quorum is present or represented by proxy, any business may be transacted which might have been transacted at
the meeting as originally convened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.08.&nbsp;<U>Voting</U>. Unless
otherwise provided in the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall
have one vote for each share of stock having voting power upon the matter in question which is held by such stockholder and registered
in the stockholder&rsquo;s name on the books of the Corporation as of the applicable record date. All elections of directors shall
be conducted by written ballot, unless the Certificate of Incorporation otherwise provides. The vote upon any other question before
a meeting need not be by written ballot, and need not be conducted by inspectors, unless otherwise determined by the Board of Directors
or the officer presiding at the meeting. All elections and questions at a meeting, other than the election of directors, shall
be decided by a majority vote of the number of shares entitled to vote represented at the meeting at the time of the vote except
where otherwise required by statute, the Certificate of Incorporation or these By-Laws. Except as provided in Section&nbsp;3.03
of these By-Laws and subject to the rights of the holders of any series of preferred stock to elect directors under specified circumstances,
each director shall be elected by the vote of a majority of the votes cast with respect to that director nominee at any meeting
of the stockholders for the election of directors, provided that if the number of nominees exceeds the number of directors to be
elected, the directors shall be elected by the vote of a plurality of the shares represented in person or by proxy at any such
meeting and entitled to vote on the election of directors. For purposes of this Section, a majority of votes cast means that the
number of shares voted &ldquo;for&rdquo; a director&rsquo;s election must exceed the number of votes cast &ldquo;against&rdquo;
that director&rsquo;s election. If a nominee for director is not elected and the nominee is an incumbent director, the director
shall promptly tender his or her resignation to the Board of Directors, subject to acceptance by the Board of Directors. The Nominating
and Governance Committee (or other committee tasked with responsibilities of the type held by such a committee) will make a recommendation
to the Board of Directors as to whether to accept or reject the tendered resignation, or whether other action should be taken.
The Board of Directors will act on the Nominating and Governance Committee&rsquo;s recommendation, and publicly disclose its decision
regarding the tendered resignation and the rationale behind the decision within ninety (90)&nbsp;days from the date of the certification
of the election results. The director who tenders his or her resignation will not participate in the recommendation of the Nominating
and Governance Committee or the decision of the Board of Directors with respect to his or her resignation. If a director&rsquo;s
resignation is accepted by the Board of Directors pursuant to this Section, or if a nominee for director is not elected and the
nominee is not an incumbent director, then the Board of Directors may fill the resulting vacancy pursuant to Section&nbsp;3.03
of</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">these By-Laws, or may decrease the size of the Board of Directors pursuant to Section&nbsp;3.02 of these By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.09. <U>Proxies</U>. Each
stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for him or her by proxy
in any manner, including without limitation via telephone, Internet or such other manner as permitted by Section&nbsp;212 of the
Delaware General Corporation Law, as amended from time to time, provided that such authorization sets forth or contains information
from which the Corporation can determine that the authorization was granted by the stockholder. If the authorization is granted
in a manner other than in a written form, the proxy holder shall provide such reasonable verification as required by the Corporation.
If any such authorization designates two or more persons to act as proxies, a majority of such persons present at the meeting,
or, if only one shall be present, then that one, shall have and may exercise all of the powers conferred by such authorization
upon all of the persons so designated unless such authorization shall otherwise provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.10. <U>Fixing Date for Determination
of Stockholders of Record</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;In order that the Corporation
may determine the stockholders entitled (i)&nbsp;to notice of or to vote at any meeting of stockholders or any adjournment thereof,
or (ii)&nbsp;to express consent to corporate action in writing without a meeting, or (iii)&nbsp;to receive payment of any dividend
or other distribution or allotment of any rights, or to exercise any rights in respect of any change, conversion or exchange of
stock, or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall be
(X) not more than sixty (60)&nbsp;nor less than ten (10)&nbsp;days before the date of any such meeting; (Y)&nbsp;not more than
ten (10)&nbsp;days after the date upon which the resolution fixing the record date for any written action is adopted by the Board
of Directors; and (Z)&nbsp;not more than sixty (60)&nbsp;days prior to any other action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;If no record date is
fixed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;The record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding
the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which
the meeting is held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&nbsp;The record date for determining
stockholders entitled to express consent to corporate action in writing without a meeting, (A)&nbsp;when no prior action by the
Board of Directors is necessary, shall be the day on which the first signed written consent setting forth the action taken or proposed
to be taken is delivered to the Corporation, and (B)&nbsp;when prior action by the Board of Directors is necessary, shall be at
the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&nbsp;The record date for determining
stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution
relating thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;A determination of stockholders
of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board of Directors may fix a new record date for the adjourned meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.11. <U>Stockholder List</U>.
The officer of the Corporation who has charge of the stock ledger of the Corporation shall prepare and make, at least ten (10)&nbsp;days
before every meeting of stockholders, a</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical
order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list
shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for
a period of at least ten (10)&nbsp;days prior to the meeting, either at a place within the city where the meeting is to be held,
which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held.
The list also shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected
by any stockholder who is present. The stock ledger shall be the only evidence as to who are the stockholders entitled to examine
the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of
stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.01. <U>General Powers; Organization</U>.
The business of the Corporation shall be managed by or under the direction of its Board of Directors, which may exercise all such
powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or
by these By-Laws directed or required to be exercised or done by the stockholders. The Board of Directors may annually elect a
Chairman of the Board from among its members who shall preside at its meetings, or in his or her absence the Chief Executive Officer
shall so preside, or in his or her absence a chairman chosen at the meeting shall so preside. The Secretary shall act as secretary
of the meeting, but in his or her absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Any meeting of the Board of Directors may be held within or without the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.02. <U>Number, Qualification
and Term of Office</U>. The number of directors constituting the Board of Directors shall be fixed from time to time by resolution
of the Board of Directors. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section&nbsp;3.03
of these By-Laws, and each director elected shall hold office for the term elected and until his or her successor is duly elected
and qualified. Any director may resign at any time upon giving written notice to the Corporation. Directors need not be stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0">Section&nbsp;3.03. <U>Vacancies</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;Vacancies and newly created
directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then
in office, in their sole discretion and whether or not constituting less than a quorum, and the directors so chosen shall hold
office until the next election of the class for which such directors shall have been chosen and until their successors to such
class are duly elected and qualified, or until their earlier resignation, retirement or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;Whenever the holders
of any class or classes of stock or series thereof are entitled to elect one or more directors by the provisions of the Certificate
of Incorporation of the Corporation, vacancies and newly created directorships of such class or classes or series may be filled
by a majority of the directors elected by such class or classes or series thereof then in office, or by a sole remaining director
so elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.04. <U>Regular Meetings</U>.
Regular meetings of the Board of Directors may be held without notice at such time and place as may be designated from time to
time by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.05. <U>Special Meetings</U>.
Special meetings of the Board of Directors may be called from time to time by the Chairman, if any, or the Chief Executive Officer,
and, upon request by any two directors, shall be called by the Chairman or the Chief Executive Officer.</P>

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

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

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.06. <U>Notice of Special
Meetings</U>. Notice of each special meeting of the Board of Directors stating the place, date and hour of the meeting shall be
given to each director by mail not less than forty-eight (48)&nbsp;hours, or personally or by telephone or electronic communication
not less than twenty-four (24)&nbsp;hours, before the date and hour of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.07. <U>Waiver of Notice</U>.
Notice of any meeting of the Board of Directors may be waived either before, at or after such meeting in a writing signed (or consented
to by electronic communication) by each director or directors to whom the notice was not duly given. Attendance of a director at
a meeting shall constitute a waiver of notice of such meeting, except when the director attends the meeting for the express purpose
of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or
convened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.08. <U>Quorum</U>. Unless
otherwise specifically provided by law, the Certificate of Incorporation or these By-Laws, at all meetings of the Board of Directors,
a majority of the total number of directors shall constitute a quorum for the transaction of business, and the vote of a majority
of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall
not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum shall be present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0">Section&nbsp;3.09. <U>Committees of Directors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;The Board of Directors
may, by resolution adopted by a majority of the total number of directors, designate one or more committees, each committee to
consist of one or more of the directors of the Corporation and to have such name as may be determined by the Board of Directors.
The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or
disqualified member at any meeting of the committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;Any committee, to the
extent allowed by law and provided in the resolution designating the committee, may exercise the powers of the Board of Directors
in the management of the business and affairs of the Corporation and may authorize the corporate seal, if any, to be affixed to
all papers that may require it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;Each committee shall
keep regular minutes of its proceedings and report the same to the Board of Directors when required. Unless the Board of Directors
otherwise provides, each committee may make, alter and repeal rules for the conduct of its business. In the absence of such rules
each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to these
By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.10. <U>Conference Communications</U>.
Directors may participate in any meeting of the Board of Directors, or of any duly constituted committee thereof, by means of a
conference telephone conversation or other comparable method of communication by which all persons participating in the meeting
can hear and communicate with each other. For the purpose of establishing a quorum and taking any action at the meeting, such directors
participating pursuant to this Section&nbsp;3.10 shall be deemed present in person at the meeting; and the place of the meeting
shall be the place of origination of the conference telephone conversation or other comparable method of communication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.11. <U>Action by Written
Consent of Directors</U>. Any action required or permitted to be taken at a meeting of the Board of Directors or any committee
thereof may be taken without a meeting if all directors or committee members consent thereto in writing (including electronic communication)
and</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">the writing or writings are filed with the minutes of proceedings of the Board of Directors or the committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.12. <U>Compensation</U>.
The Board of Directors shall have the authority to fix the compensation of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Section&nbsp;3.13</U></FONT>.
<U>Advance-Notice of Stockholder-Sponsored Director Nominations</U>. No person (other than a person nominated by or at the direction
of the Board of Directors) shall be eligible for election as a director at any annual or special meeting of stockholders unless
timely notice is given in writing of such nomination by a stockholder of record of the Corporation entitled to vote for the election
of directors at the meeting who complies with the notice procedures hereinafter set forth in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a) <U>Timing of Notice</U>. To
be timely, a stockholder&rsquo;s notice of nominations to be made (i)&nbsp;at an annual meeting of stockholders must be delivered
to the Secretary of the Corporation, or mailed to and received at the principal executive office of the Corporation, not less than
one hundred twenty (120)&nbsp;days before the first anniversary of the date of the preceding year&rsquo;s annual meeting of stockholders;
provided, however, that if the date of the annual meeting of stockholders is more than thirty (30)&nbsp;days before or sixty (60)&nbsp;days
after such anniversary date, notice by a stockholder shall be timely only if so delivered or so mailed and received not less than
one hundred twenty (120)&nbsp;days before such annual meeting or, if later, within ten (10)&nbsp;days after the first public announcement
of the date of such annual meeting, and (ii)&nbsp;in the case of a special meeting of stockholders called for the purpose of electing
directors, within ten (10)&nbsp;days after the first public announcement of the date of such special meeting. Except to the extent
otherwise required by law, the adjournment of a meeting of stockholders shall not commence a new time period for the giving of
a stockholder&rsquo;s notice as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b) <U>Content of Notice</U>.
A stockholder&rsquo;s notice to the Corporation of nominations for a meeting of stockholders shall set forth (x)&nbsp;as to each
person whom the stockholder proposes to nominate for election as a director: (i)&nbsp;such person&rsquo;s name, (ii) all information
relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest,
or that is otherwise required, pursuant to Regulation&nbsp;14A under the Exchange Act, and (iii)&nbsp;such person&rsquo;s signed
written consent to being a nominee and to serving as a director if elected; and (y)&nbsp;as to the stockholder giving the notice:
(i)&nbsp;the name and address, as they appear on the Corporation&rsquo;s books, of such stockholder and the name and address of
any beneficial owner on whose behalf the nomination is made, (ii) (A)&nbsp;the number of shares of stock of the Corporation of
each class or series that is beneficially owned by such stockholder or any such beneficial owner, (B)&nbsp;any option, warrant,
convertible security, stock appreciation right, swap, 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 stock of the Corporation or with a value derived in
whole or in part from the value of any class or series of shares of stock of the Corporation, whether or not such instrument or
right shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a &ldquo;Derivative
Instrument&rdquo;) owned beneficially by such stockholder or any such beneficial owner and any other opportunity to profit or share
in any profit derived from any increase or decrease in the value of shares of the Corporation, (C)&nbsp;any proxy, contract, arrangement,
understanding, or relationship pursuant to which such stockholder or any such beneficial owner has a right to vote any shares of
the Corporation, (D)&nbsp;any short interest in any security of the Corporation (for purposes of these By-Laws, a person shall
be deemed to have a &ldquo;short interest&rdquo; in a security if such person has the opportunity to profit or share in any profit
derived from any decrease in the value of the subject security), (E)&nbsp;any rights to dividends on the shares of stock of the
Corporation owned beneficially by such stockholder or any such beneficial owner that are separated or separable from the</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">underlying
shares of stock of the Corporation, (F)&nbsp;any proportionate interest in&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of stock of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which
such stockholder or any such beneficial owner is a general partner or, directly or indirectly, beneficially owns an interest in
a general partner and (G)&nbsp;any performance-related fees (other than an asset-based fee) that such stockholder or any such beneficial
owner is entitled to based on any increase or decrease in the value of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of stock of the Corporation or Derivative Instruments, if any, as of the date of such notice, including without limitation any
such interests held by members of such stockholder&rsquo;s or any such beneficial owner&rsquo;s immediate family sharing the same
household (which information shall be supplemented by such stockholder not later than ten (10)&nbsp;days after the record date
for the meeting to disclose such ownership as of the record date), (iii)&nbsp;a description of any material relationships, including
financial transactions and compensation, between the stockholder and the proposed nominee(s), and (iv)&nbsp;a representation and
other appropriate evidence that the stockholder is a holder of record of shares of stock of the Corporation entitled to vote for
the election of directors, will continue to be a holder of record of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of stock entitled to vote for the election of directors through the date of the meeting, and intends to appear in person or by
proxy at the meeting to nominate the person or persons specified in the notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c) <U>Consequences of Failure
to Give Proper Notice</U>. Notwithstanding anything in these By-Laws to the contrary, no stockholder-sponsored nominees shall be
eligible for election as a director of the Corporation except in accordance with the procedures set forth in this Section. The
presiding Officer of the meeting shall, if the facts warrant, determine that the nomination(s) were not properly brought before
the meeting in accordance with the procedures described in this Section and, if the presiding Officer should so determine, the
presiding Officer shall so declare to the meeting, and the defective nomination(s) shall be disregarded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.01. <U>Number</U>. The Board
of Directors shall elect a Chief Executive Officer, a Secretary and a Treasurer. The Board of Directors also may choose a President,
one or more Vice-Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers or any other officers or agents
as the Board of Directors by a majority vote of the total number of directors may designate. Any person may hold two or more offices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.02. <U>Election, Term of
Office and Qualifications</U>. The Board of Directors shall elect the officers of the Corporation, who shall hold their offices
for such terms and shall exercise such powers and perform such duties not inconsistent with these By-Laws as shall be determined
from time to time by the Board of Directors. All officers of the Corporation shall hold their offices until their respective successors
are elected and qualified, or until their respective offices are eliminated by vote of the majority of all directors, or until
their earlier resignation, retirement or removal. Officers may be, but need not be, directors. Any officer may resign at any time
upon written notice to the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.03. <U>Compensation</U>.
The salaries of the officers of the Corporation shall be fixed from time to time by the Board of Directors or by the Chief Executive
Officer if authorized by the Board of Directors.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.04. <U>Removal and Vacancies</U>.
Any officer may be removed from office, with or without cause, by the Board of Directors, but such removal shall be without prejudice
to the contract rights of such officer, if any, with the Corporation. Any vacancy occurring in any office of the Corporation may
be filled by the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.05. <U>Chief Executive Officer</U>.
The Chief Executive Officer shall have the general powers and duties of management and supervision usually vested in and imposed
upon the chief executive officer of a corporation. Subject to the control of the Board of Directors, the Chief Executive Officer
shall have general supervision of the business of the Corporation and shall see that all orders and resolutions of the Board of
Directors are carried into effect.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.06. <U>Secretary</U>. The
Secretary shall keep the minutes of the meetings of the stockholders, the Board of Directors and any committees in a book to be
kept for that purpose and shall perform such other ministerial duties as the Board of Directors of the Corporation may direct.
The Secretary shall duly give notice of all meetings of the stockholders, special meetings of the Board of Directors and meetings
of its committees, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.07. <U>Treasurer</U>. The
Treasurer shall keep accurate accounts of all moneys of the Corporation received or disbursed. He or she shall deposit all moneys,
drafts and checks in the name of and to the credit of the Corporation in such banks and depositaries as a majority of the whole
Board of Directors shall from time to time designate. The Treasurer shall have power to endorse for deposit all notes, checks and
drafts received by the Corporation. He or she shall disburse the funds of the Corporation as ordered by the Board of Directors,
making proper vouchers therefor. The Treasurer shall render to the Board of Directors or the chief executive officer of the Corporation,
whenever required, an account of all his or her transactions as Treasurer and of the financial condition of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.08. <U>Other Officers Elected
by the Board. </U>The Board of Directors may elect a President, Vice Presidents, a Chief Financial Officer, Assistant Treasurers,
Assistant Secretaries, or such other officers of the Corporation as the Board of Directors may deem necessary, to serve at the
pleasure of the Board of Directors. Other officers elected by the Board of Directors shall have such powers and performance such
duties as may be assigned to such officers by or pursuant to authorization of the Board of Directors or by the Chief Executive
Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.09. <U>Other Officers. </U>The
Board of Directors may authorize the Corporation to elect or appoint other officers, including Vice Presidents, Assistant Treasurers,
Assistant Secretaries and other officers of the Corporation, each of whom shall serve at the pleasure of the Corporation. Officers
elected or appointed by the Corporation shall have such powers and perform such duties as may be assigned to them by the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.10. <U>Authority and Other
Duties</U>. All officers of the Corporation shall be subject to the supervision and direction of the Board of Directors and, in
addition to the foregoing authority and duties, all officers of the Corporation shall respectively have such authority and perform
such other duties in the management of the business of the Corporation as may be designated from time to time by the Board of Directors.
Unless prohibited by a resolution approved by the affirmative vote of a majority of the directors present, an officer elected or
appointed by the Board may, without the approval of the Board, delegate some or all of the duties and powers of his or her office
to other persons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.01. <U>Indemnification</U>.
The Corporation shall indemnify any person (a &ldquo;Covered Person&rdquo;) who was or is made or is threatened to be made a party
or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a &ldquo;proceeding&rdquo;),
by reason of the fact that he or she, or a person for whom he or she is the executor, administrator or other legal representative,
is or was a director or officer (which term, for purposes of this Article&nbsp;V, includes all officers, whether elected or appointed)
of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">or of a partnership, joint venture, trust, enterprise or nonprofit
entity, including service with respect to employee benefit plans, for such expenses and liabilities, in such manner, under such
circumstances, and to such extent, as required or permitted by subsections (a)&nbsp;through (e)&nbsp;of Section&nbsp;145 of the
Delaware General Corporation Law, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.02. <U>Insurance</U>. The
Corporation may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against any liability asserted against and incurred by such person in or arising from
that capacity, whether or not the Corporation would otherwise be required or permitted to indemnify the person against the liability.
The Company shall not be obligated under these By-Laws to make any payment in connection with any claim made against any person
if and to the extent that such person has actually received payment therefor under any insurance policy or policies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.03. <U>Indemnification Upon
a Change of Control</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;If a Change in Control
(as defined in this Section&nbsp;5.03) has occurred and the person seeking indemnification so requests, a determination of whether
a Covered Person is eligible for indemnification under Section&nbsp;5.01 hereof shall be made in a written opinion rendered by
independent legal counsel chosen by the person seeking indemnification and not reasonably objected to by the Board of Directors
(whose fees and expenses shall be paid by the Corporation) and such determination shall be binding on the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;For purposes of Section&nbsp;5.03(a),
 &ldquo;independent legal counsel&rdquo; shall mean legal counsel other than an attorney, or a firm having associated with it an
attorney, who has been retained by or has performed services for the Corporation or the person seeking indemnification within the
previous three years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;For purposes of Section&nbsp;5.03(a),
a &ldquo;Change in Control&rdquo; shall be deemed to have occurred if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;a majority of the directors
of the Corporation shall be persons other than persons (A)&nbsp;who were directors of the Corporation at July&nbsp;1, 1989, (B)&nbsp;for
whose election proxies shall have been solicited by the Board of Directors, or (C)&nbsp;who are then serving as directors appointed
by the Board of Directors to fill vacancies on the Board of Directors caused by newly-created directorships or the death or resignation
(but not removal) of a director;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&nbsp;any &ldquo;person&rdquo;
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Act&rdquo;)),
other than the Corporation, a subsidiary of the Corporation or the person seeking indemnification, and other than a person who
acquires or becomes the beneficial owner (as defined in Rule&nbsp;13d-3 under the Act, or any successor rule thereto), directly
or indirectly, of twenty percent or more of the then outstanding shares of voting stock of the Corporation as a result of the merger
of Digiboard, Inc., a Minnesota corporation, with and into the Corporation, together with its &ldquo;affiliates&rdquo; and &ldquo;associates&rdquo;
(as those terms are defined in Rule&nbsp;12b-2 under the Act), or any group of persons acting in concert, not including the person
seeking indemnification, acquires or becomes a beneficial owner (as so defined in Rule&nbsp;13d-3), directly or indirectly, of
twenty percent or more of the then outstanding shares of voting stock of the Corporation; or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&nbsp;the stockholders of the
Corporation approve a definitive agreement or plan to (A)&nbsp;merge or consolidate the Corporation with or into another corporation
(other than (1)&nbsp;a merger or consolidation with a subsidiary of the Corporation, or (2)&nbsp;a merger in which the Corporation
is the surviving corporation and no outstanding voting stock of the Corporation (other than fractional shares) held by stockholders
immediately prior to the merger is converted into cash, securities, or other property), (B)&nbsp;exchange, pursuant to a statutory
exchange of shares of voting stock of the Corporation held by stockholders of the Corporation immediately prior to the exchange,
shares of one or more classes or series of voting stock of the Corporation for shares of another corporation, (C)&nbsp;sell or
otherwise dispose of all or substantially all of the assets of the Corporation (in one transaction or a series of transactions),
or (D)&nbsp;liquidate or dissolve the Corporation, unless a majority of the voting stock (or the voting equity interest) of the
surviving corporation or of any corporation (or other entity) acquiring all or substantially all of the assets of the Corporation
(in the case of a merger, consolidation or disposition of assets) or the Corporation (in the case of a statutory share exchange)
is, immediately following the merger, consolidation, statutory share exchange or disposition of assets, beneficially owned by the
person seeking indemnification or a group of persons, including the person seeking indemnification, acting in concert; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)&nbsp;the Corporation enters
into an agreement in principle or a definitive agreement relating to an event described in clause (i), (ii)&nbsp;or (iii)&nbsp;above
which ultimately results in an event described therein, or a tender or exchange offer or proxy contest is commenced which ultimately
results in an event described therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.04. <U>Good Faith Defined,
Etc</U>. For purposes of any determination of whether a person is entitled to indemnification, such person shall be deemed to have
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation,
or, with respect to any criminal proceeding, to have had no reasonable cause to believe his or her conduct was unlawful, if such
person relied on the records or books of account of the Corporation or other enterprise, or on information supplied to him or her
by the officers of the Corporation or other enterprise, or on information or records given or reports made to the Corporation or
other enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care
by the Corporation or other enterprise. The term &ldquo;other enterprise&rdquo; as used in this Section&nbsp;5.04 shall mean any
enterprise other than the Corporation, including any corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise as to which such person is or was serving at the request of the Corporation as a director, officer, employee, agent
or trustee. The provisions of this Section&nbsp;5.04 shall not be deemed to be exclusive or to limit in any way the circumstances
in which a person may be deemed to have met the applicable standard of conduct set forth in Section&nbsp;145 of the Delaware General
Corporation Law, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.05. <U>Right to Indemnification</U>.
Upon Application; Procedure Upon Application; Etc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;Any indemnification under
these By-Laws shall be made no later than forty-five (45) days after receipt by the Corporation of the written request of the Covered
Person, unless a determination is made within said 45-day period in accordance with Section&nbsp;5.03 that such person has not
met the applicable standard of conduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;The right to indemnification
or expense advances under these By-Laws shall be enforceable by the Covered Person, in any court of competent jurisdiction. Following
a Change in Control (as defined in Section&nbsp;5.03(c)), the burden of proving that indemnification is not appropriate shall be
on the Corporation. Neither the absence of any prior determination that</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">indemnification is proper in the circumstances, nor a prior
determination that indemnification is not proper in the circumstances, shall be a defense to the action or create a presumption
that the Covered Person has not met the applicable standard of conduct. The expenses (including attorneys&rsquo; fees and expenses)
incurred by a Covered Person in connection with successfully establishing his or her right to indemnification, in whole or in part,
in any proceeding (or in any proceeding brought by him or her to recover under any insurance policy or policies referred to in
Section&nbsp;5.02) also shall be indemnified by the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;If any person is entitled
under any provision of these By-Laws to indemnification by the Corporation for some or a portion of expenses, judgments, fines,
penalties or amounts paid in settlement incurred by him or her, but not, however, for the total amount thereof, the Corporation
shall nevertheless indemnify such person for the portion of such expenses, judgments, fines, penalties and amounts to which he
or she is entitled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.06. <U>Certain Persons Not
Entitled to Indemnification</U>. Notwithstanding any other provision of these By-Laws, no person shall be entitled to indemnification
or expense advances under these By-Laws with respect to any proceeding brought or made by him or her against the Corporation, other
than a proceeding seeking, or defending such person&rsquo;s right to, indemnification and/or expense advances pursuant to these
By-Laws or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.07. <U>Non-Exclusivity and
Survival of Indemnification</U>. Except as otherwise provided in Section&nbsp;5.06, but notwithstanding any other provision of
these By-Laws, it is the policy of the Corporation that indemnification and expense advances in respect of Covered Persons shall
be made to the fullest extent permitted by law, and, accordingly, in the event of any change in law, by legislation or otherwise,
permitting greater indemnification and/or expense advances, the provisions of these By-Laws shall be construed so as to require
such greater indemnification and/or expense advances. The provisions of these By-Laws shall not be deemed to preclude the indemnification
of any person who is not a Covered Person and whom the Corporation has the power to indemnify under the provisions of the General
Corporation Law of the State of Delaware or otherwise. All rights to indemnification and advancement of expenses under these By-Laws
shall be deemed to be provided by a contract between the Corporation and the director or officer who serves in such capacity at
any time while these By-Laws are in effect. Any repeal or modification of the indemnification provisions of these By-Laws shall
not affect any rights or obligations then existing. The Corporation may provide additional indemnification rights to a Covered
Person by separate agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.08. <U>Successors; Meaning
of &ldquo;Corporation&rdquo;</U>. The indemnification provisions of these By-Laws shall be binding upon and enforceable against
any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or
assets of the Corporation. For purposes of these By-Laws, but subject to the provisions of any agreement relating to any merger
or consolidation of the kind referred to in clause (a)&nbsp;below or of any agreement relating to the acquisition of any corporation
of the kind referred to in clause (b) below, references to &ldquo;the Corporation&rdquo; shall include (a)&nbsp;any constituent
corporation (including any constituent of a constituent) absorbed in a consolidation or merger with the Corporation which, if its
separate existence had continued, would have had power and authority to indemnify its directors and officers, so that any person
who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise, shall stand in the same position under the provisions of these By-Laws with respect to the Corporation as he
or she would have with respect to such constituent corporation if its separate existence had continued; and (b)&nbsp;any corporation
of which at least a majority of the voting power (as represented by its outstanding stock having voting power generally in the
election of directors) is owned directly or indirectly by the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.09. <U>Severability</U>.
The indemnification provisions of these By-Laws shall be severable in the event that any provision hereof (including any provision
within a single section, subsection, clause, paragraph or sentence) is held invalid, void or otherwise unenforceable on any ground
by any court of competent jurisdiction. In the event of any such holding, the remaining indemnification provisions of these By-Laws
shall continue in effect and be enforceable to the fullest extent permitted by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.01. <U>Certificated and Uncertificated
Shares</U>. Shares of stock of the Corporation shall be represented by certificates, provided that the Board of Directors may provide
by resolution or resolutions that some or all of any or all classes or series of stock may be uncertificated shares. Any such resolution
shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Certificates representing
shares shall be in such form as shall be prescribed by the Board of Directors, certifying the number of shares owned by the holder.
Shares represented by certificates shall be numbered in the order in which they shall be issued and shall be signed in the name
of the Corporation by the Chairman, the Chief Executive Officer, the President or a Vice-President, and by the Treasurer or an
Assistant Treasurer, or the Secretary or an Assistant Secretary, and the seal of the Corporation, if any, shall be affixed thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.02. <U>Issuance of Stock</U>.
The Board of Directors is authorized to cause to be issued stock of the Corporation up to the full amount authorized by the Certificate
of Incorporation in such amounts and for such consideration as may be determined by the Board of Directors. No shares shall be
allotted except in consideration of cash, labor, personal property, or real property, or leases thereof, or of an amount transferred
from surplus to stated capital upon a stock dividend. At the time of such allotment of stock, the Board of Directors shall state
its determination of the fair value to the Corporation in monetary terms of any consideration other than cash for which shares
are allotted. The amount of consideration to be received in cash or otherwise shall not be less than the par value of the shares
so allotted. Stock so issued shall be fully paid and nonassessable. Treasury shares may be disposed of by the Corporation for such
consideration as may be fixed by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.03. <U>Partly Paid Stock</U>.
The Corporation may issue the whole or any part of its stock as partly paid and subject to call for the remainder of the consideration
to be paid therefor. Upon the face or back of each certificate issued to represent any such partly paid stock, or upon the stock
ledger in the case of uncertificated shares, the total amount of the consideration to be paid therefor and the amount paid thereon
shall be stated. The Board of Directors may, from time to time, demand payment in respect of each share of stock not fully paid,
of such sum of money as the necessities of the business may, in the judgment of the Board of Directors, require, not exceeding
in the whole the balance remaining unpaid on such stock, and such sum so demanded shall be paid to the Corporation at such times
and by such installments as the Board of Directors shall direct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.04. <U>Registered Stockholders</U>.
The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to
receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in
such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise
provided by the laws of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.05. <U>Transfers of Stock</U>.
Transfers of stock shall be made on the books of the Corporation only by the record holder of such stock, or such holder&rsquo;s
legal representative or duly authorized attorney-in-fact, and, in the case of stock represented by a certificate, upon surrender
of the certificate or the certificates for such stock. Upon surrender to the Corporation or the transfer agent of the Corporation
of a certificate for shares duly endorsed or accompanied by proper evidence of succession,</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">assignation or authority to transfer,
it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and
record the transaction upon its books. No new certificate or certificates shall be issued in exchange for any existing certificate
until such certificate shall have been so cancelled, except in cases provided for in Section&nbsp;6.06.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.06. <U>Lost, Stolen or Destroyed
Certificates</U>. Any stockholder claiming a certificate for stock to be lost, stolen or destroyed shall make an affidavit of that
fact in such form as the Corporation may require and shall, if the Corporation so requires, give the Corporation a bond of indemnity
in form, in an amount, and with one or more sureties satisfactory to the Corporation, to indemnify the Corporation against any
claims which may be made against it on account of the alleged loss, theft or destruction of the certificate or issuance of such
new certificate. A new certificate may then be issued in the same tenor and for the same number of shares as the one claimed to
have been lost, stolen or destroyed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.07. <U>Facsimile Signatures</U>.
Whenever any certificate is countersigned by a transfer agent or by a registrar other than the Corporation or one of its employees,
then the signatures of the officers or agents of the Corporation may be facsimiles. In case any officer, transfer agent or registrar
who has signed or whose facsimile signature has been placed on any such certificate shall cease to be such officer, transfer agent
or registrar before such certificate is issued, it nevertheless may be issued by the Corporation as though the person who signed
such certificate or whose facsimile signature or signatures had been placed thereon were such officer, transfer agent or registrar
at the date of issue.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.01. <U>Dividends</U>. The
Board of Directors may declare at any regular or special meeting dividends from the Corporation&rsquo;s surplus, or if there be
none, out of its net profits for the current fiscal year and/or the preceding fiscal year, in such amounts as in their opinion
the condition of the affairs of the Corporation shall render it advisable unless otherwise restricted by law. Dividends may be
paid in cash, in property or in shares of capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.02. <U>Interested Directors
and Officers</U>. No contract or transaction between the Corporation and one or more of its directors or officers, or between the
Corporation and any other corporation, partnership, association or other organization in which one or more of its directors or
officers are directors or officers, or have a financial interest, shall be void or voidable solely for that reason, or solely because
the director or officer is present at or participates in the meeting of the Board of Directors or committee thereof which authorizes
the contract or transaction, or solely because his, her or their votes are counted for such purpose, if: (a)&nbsp;the material
facts as to his or her relationship or interest and as to the contract or transaction are disclosed or are known to the Board of
Directors or the committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by the
affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum;
or (b)&nbsp;the material facts as to his or her relationship or interest and as to the contract or transaction are disclosed or
are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith
by vote of the stockholders; or (c)&nbsp;the contract or transaction is fair as to the Corporation as of the time it is authorized,
approved or ratified, by the Board of Directors, a committee thereof, or the stockholders. Common or interested directors may be
counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract
or transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.03. <U>Voting Securities
Held by the Corporation</U>. Unless otherwise ordered by the Board of Directors, powers of attorney, proxies, waivers of notice
of meeting, consents and other instruments relating to securities owned by the Corporation may be executed in the name of and on
behalf of the</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Corporation by the Chairman, the Chief Executive Officer or the President, and either such officer may, in the name
of and on behalf of the Corporation, take all such action as such officer may deem advisable to vote in person or by proxy at any
meeting of security holders of other corporations in which the Corporation may hold securities, and at any such meeting such officer
shall possess and may exercise any and all rights and powers incident to the ownership of such securities that the Corporation
might have possessed and exercised if it had been present. The Board of Directors may from time to time confer like powers upon
any other person or persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.04. <U>Execution of Instruments</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;All deeds, mortgages,
bonds, checks, contracts and other instruments pertaining to the business and affairs of the Corporation shall be signed on behalf
of the Corporation by the Chief Executive Officer, the President or any Vice President, or by such other person or persons as may
be designated from time to time by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;If a document must be
executed by persons holding different offices or functions and one person holds such offices or exercises such functions, that
person may execute the document in more than one capacity if the document indicates each such capacity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.05. <U>Advances</U>. The
Corporation may, without a vote of the directors, advance money to its directors, officers or employees to cover expenses that
can reasonably be anticipated to be incurred by them in the performance of their duties and for which they would be entitled to
reimbursement in the absence of an advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.06. <U>Fiscal Year</U>. The
fiscal year end of the Corporation shall be September 30 or such other date as may be fixed from time to time by resolution of
the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.07. <U>Corporate Seal</U>.
The corporate seal, if one is adopted by the Board of Directors, shall be circular in form and shall have inscribed thereon the
name of the Corporation, the word &ldquo;Delaware&rdquo; and the words &ldquo;Corporate Seal.&rdquo; The seal may be used by causing
it or a facsimile thereof to be impressed or affixed or reproduced or otherwise placed on any document requiring it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.08. <U>Power to Amend</U>.
These By-Laws may be altered, amended or repealed or new By-Laws may be adopted as provided in the Certificate of Incorporation
of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.01. <U>Operative Event</U>. The
Emergency By-Law provided in this Article VIII shall be operative during any emergency condition as a result of which a quorum
of the Board of Directors cannot readily be convened for action, notwithstanding any different provision in the preceding By-Laws,
in the Certificate of Incorporation, or in the Delaware General Corporation Law. To the extent not inconsistent with this Emergency
By-Law, the preceding By-Laws shall remain in effect during such emergency, and upon the termination of such emergency this Emergency
By-Law shall cease to be operative unless and until another such emergency shall occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.02. <U>Notice of Meeting</U>.
During any such emergency, any meeting of the Board of Directors or any committee thereof may be called by any officer of the Corporation
or by any director. Notice shall be given by such person or by any officer of the Corporation. The notice shall specify the place
of the meeting, which shall be the principal executive offices of the Corporation at the time, if feasible, and otherwise any other
place specified in the notice (including meeting via conference communications). The notice shall also specify the time of the
meeting. Notice may be given only to such</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">of the directors as it may be feasible to reach at the time and by such means as may
be feasible at the time (including electronic communication). Notice shall be similarly given, to the extent feasible, to the other
persons serving as directors referred to in Section 8.03. Notice shall be given at least twenty-four (24) hours before the meeting,
if feasible in the judgment of the person giving the notice, and otherwise on any shorter time he or she may deem necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.03. <U>Quorum</U>. During any
such emergency, at any meeting of the Board of Directors, a quorum shall consist of one-third of the number of directors fixed
at the time pursuant to Section 3.02. If the directors present at any particular meeting shall be fewer than the number required
for such quorum, other persons present, to the number necessary to make up such quorum, shall be deemed directors for such particular
meeting as determined by the following provisions and in the following order of priority:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a) all Executive Vice Presidents
of the Corporation in order of their seniority of first election to such office; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b) all Senior Vice Presidents
of the Corporation in order of their seniority of first election to such office; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c) all Vice Presidents of the
Corporation in order of their seniority of first election to such office; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d) any other persons that are
designated on a list that shall have been approved by the Board before the emergency, such persons to be taken in such order of
priority and subject to such conditions as may be provided in the resolution approving the list.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.04. <U>Lines of Management Succession</U>.
The Board of Directors, during as well as before any such emergency, may provide and from time to time modify lines of succession
in the event that during such an emergency any or all officers or agents of the Corporation shall for any reason be rendered incapable
of discharging their duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">Section 8.05. <U>Office Relocation</U>.
The Board of Directors, during as well as before any such emergency, may, effective in the emergency, change the principal executive
offices or designate several alternative principal executive offices or regional offices, or authorize the officers to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.06. <U>Liability</U>. No officer,
director, or employee acting in accordance with this Emergency By-Law shall be liable except for willful misconduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.07. <U>Repeal or Amendment</U>.
This Emergency By-Law shall be subject to repeal or change by further action of the Board of Directors or by action of the stockholders,
except that no such repeal or change shall modify the provisions of Section 8.06 with regard to action or inaction prior to the
time of such repeal or change. Any such amendment of this Emergency By-Law may make any further or different provision that may
be practical and necessary for the circumstances of the emergency deems it to be in the best interest of the Corporation to do
so.</P>

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

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

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