<SEC-DOCUMENT>0001104659-20-077374.txt : 20200626
<SEC-HEADER>0001104659-20-077374.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626143103
ACCESSION NUMBER:		0001104659-20-077374
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200626
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRETT BUSINESS SERVICES INC
		CENTRAL INDEX KEY:			0000902791
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				520812977
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21886
		FILM NUMBER:		20993190

	BUSINESS ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
		BUSINESS PHONE:		(800) 494-5669

	MAIL ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2023514-1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">UNITED STATES</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8&#45;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">CURRENT REPORT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
June 26, 2020</P>

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

<P STYLE="margin: 0pt 0; font-size: 14pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>BARRETT
BUSINESS SERVICES, INC.</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0-21886</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">52-0812977</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of <BR>
incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification <BR>
No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8100 N.E. Parkway Drive, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vancouver, Washington</P></TD>
    <TD STYLE="vertical-align: bottom; width: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><BR>
98662</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></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">Registrant&rsquo;s telephone number, including
area code: (360) 828-0700</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">Check the appropriate box below if the Form&nbsp;8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</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"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</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"> <FONT STYLE="font-family: Wingdings">&#168;</FONT>
Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</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 0pt 13.5pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"> <FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&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 COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 1.5pt 6pt 0.5in"><FONT STYLE="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt; text-align: center; width: 32%"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt; border-right: Black 1pt solid; text-align: center; width: 33%"><FONT STYLE="font-size: 10pt">Trading symbol(s)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt; border-right: Black 1pt solid; text-align: center; width: 35%"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock, par value $0.01</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">per share</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">BBSI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 0; color: #211D1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 0; color: #211D1E">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 16.75pt 0pt 0; color: #211D1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="color: #211D1E">Emerging
growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 3in; text-align: center; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #211D1E">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;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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"></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"><B>Item 8.01. Other Events.</B></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">In connection with the Registration Statement
on Form S-8 filed with the Securities and Exchange Commission by Barrett Business Services, Inc. (the &ldquo;Company&rdquo;), to
register 375,000 shares of the Company&rsquo;s common stock under the Securities Act of 1933, as amended, for issuance under the
Company&rsquo;s 2020 Stock Incentive Plan, the Company is filing as exhibits to this report the Company&rsquo;s Bylaws as amended
through May 27, 2020, and a description of its capital stock as of June 26, 2020.</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"><B>Item 9.01. Financial Statements and Exhibits.</B></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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</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">See the following Index to Exhibits listing
the exhibits filed with this report<B>:</B></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"><B>INDEX TO EXHIBITS&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">Exhibit
No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description &nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="tm2023514d1_ex3-1.htm">3.1 &nbsp; Bylaws
of Barrett Business Services, Inc., as amended through May 27, 2020.</A></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="tm2023514d1_ex4-1.htm">4.1 &nbsp; Description
of Capital Stock of Barrett Business Services, Inc., as of June&nbsp;26, 2020.</A></TD>
</TR></TABLE>

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


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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>SIGNATURES</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BARRETT BUSINESS SERVICES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><BR>
Dated: June 26, 2020</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Anthony J. Harris</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt"><FONT STYLE="font-size: 10pt">Anthony J. Harris<BR>
Executive Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2023514d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>BARRETT BUSINESS SERVICES,
INC.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>As Amended Through
May 27, 2020</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
I</B></FONT><B> STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Annual Meeting.</B> The Annual Meeting of the stockholders shall be held in May or June of each year on the date and at
the time established by the board of directors for the purpose of electing directors and for the transaction of such other business
as may come before the meeting. The board of directors shall timely establish the annual meeting date and time in conjunction with
the notice of meeting requirements of Section 1.4, of these Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Special Meetings.</B> Special meetings of the stockholders, for any purpose or purposes, may be called by the president
or by the board of directors, and shall be called by the secretary upon written request by stockholders entitled to cast 25&nbsp;percent
of all votes entitled to be cast at the meeting stating the purpose of the meeting and the matters proposed to be acted upon at
the meeting and upon payment by such stockholders to the corporation of the costs of the notice of the meeting. Notwithstanding
the foregoing, a special meeting need not be called by the secretary to consider any matter which is substantially the same as
a matter voted on at any special meeting of the stockholders held during the preceding 12 months unless requested by stockholders
entitled to cast a majority of all votes entitled to be cast at the meeting.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Place of Meeting.</B> The place of meeting for all annual and special meetings of the stockholders shall be such place within
the United States as shall be determined by the board of directors. In the absence of any such determination, all meetings of stockholders
shall be held at the principal office of the corporation in the state of Washington.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Notice
of Meeting; Waiver.</B> Written or printed notice stating the place, day, and hour of the meeting and, in case of a special
meeting or if otherwise required by law, the purpose or purposes for which the meeting is called, shall be given by the
secretary not earlier than 90 nor less than 10 days before the date of the meeting, either personally or by mail, to each
stockholder of record entitled to vote at or to receive notice of such meeting. If given personally, such notice shall be
effective when delivered to the stockholder or when left at the stockholder's residence or usual place of business. If given
by mail, such notice shall be effective when deposited in the United States mail, addressed to the stockholder at his or her
address as shown in the corporation's current record of stockholders, with postage thereon prepaid. A stockholder entitled to
notice of a meeting waives such notice if he or she is present at the meeting in person or by proxy. A written waiver of
notice of a meeting signed by a stockholder entitled to such notice, whether before or after the time stated therein, which
is filed with the records of stockholders meetings, shall be equivalent to the giving of such notice. A meeting of
stockholders convened on the date for which it was called may be adjourned from time to time without further notice to a date
not more than 120 days after the original record date for the meeting.</P>

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

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

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<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-indent: 1in"><B>Section 1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Quorum; Manner of Acting. </B>The presence in person or by proxy of stockholders entitled to cast a majority of all the
votes entitled to be cast at the meeting shall constitute a quorum. Each share may be voted for as many individuals as there are
directors to be elected and for whose election the share is entitled to be voted. At a meeting of stockholders duly called at which
an election of directors is to be held and at which a quorum is present, each director shall be elected by the vote of a majority
of the votes cast with respect to the director; provided that if the number of nominees exceeds the number of directors to be elected,
directors shall be elected by the vote of a plurality of the shares represented in person or by proxy at such meeting and entitled
to vote on the election of directors. For purposes of this Section, a majority of the votes cast means that the number of shares
voted &quot;for&quot; a director exceeds the number of votes cast &quot;against&quot; that director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If an incumbent director is nominated, but
not reelected, the director shall tender his or her resignation to the board of directors promptly following certification of the
stockholder vote. The Nominating and Governance Committee will make a recommendation to the board of directors as to whether to
accept or reject the resignation. The board of directors will make a determination and publicly disclose its decision and rationale
within 90 days after receipt of the tendered resignation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any director who tenders his or her resignation
pursuant to this provision shall not participate in the Nominating and Governance Committee recommendation or action of the board
of directors regarding whether to accept the resignation offer&#894; provided, however, that if each member of the Nominating and
Governance Committee fails to receive a sufficient vote for reelection, then the independent directors who did receive a sufficient
vote shall appoint a committee from among themselves to consider the resignation offers and recommend to the board of directors
whether to accept the resignations. If three or fewer directors do not fail to receive a sufficient vote for reelection, then all
directors may participate in the decision regarding whether to accept the resignation offers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A majority of the votes cast at a meeting
of stockholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly
come before the meeting, unless more than a majority of the votes cast is required by statute or by the charter of the corporation
to approve the action. Unless otherwise provided by the Maryland General Corporation Law or by the corporation's charter, each
outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders.</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-indent: 1in"><B>Section 1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Proxies.</B> At all meetings of stockholders, a stockholder may vote by proxy executed in writing by the stockholder or
by his or her duly authorized attorney-in-fact. Such proxy shall be filed with the secretary of the corporation before or at the
time of the meeting. No proxy shall be valid after 11 months from the date of its execution unless otherwise expressly provided
in the proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Voting of Shares.</B> Each outstanding share of the corporation's common stock shall be entitled to one vote upon each
matter submitted to a vote at a meeting of the stockholders except that shares owned, directly or indirectly, by another corporation
in which the corporation owns, directly or indirectly, shares entitled to cast a majority of all the votes entitled to be cast
by all shares of such other corporation shall not be voted at any meeting or counted in determining the total number of outstanding
shares at any given time.</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-indent: 1in"><B>Section 1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Acceptance of Votes.</B> If the name signed on a vote, consent, waiver, or proxy appointment corresponds to the name of
a stockholder, the corporation shall be entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as
the act of the stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the name signed on a vote, consent, waiver,
or proxy appointment does not correspond to the name of its stockholder, the corporation shall nevertheless be entitled to accept
the vote, consent, waiver, or proxy appointment and give it effect as the act of the stockholder if:</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: 1in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
stockholder is a corporation, and the name signed purports to be that of the president, a vice-president, or a proxy appointed
by either of them or by another person appointed under a bylaw or resolution of the board of directors of such stockholder, a
certified copy of which is presented to the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The stockholder is an entity, other than a corporation, and the name signed purports to be that of an officer or agent of
the entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
name signed purports to be that of an administrator, executor, guardian, or conservator representing the stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The name signed purports to be that of a receiver or trustee in bankruptcy of the stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">e.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
name signed purports to be that of a pledgee, beneficial owner, or attorney-in-fact of the stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">f.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Two or more persons are the stockholder whether as fiduciaries, members of a partnership, joint tenants, tenants in common,
tenants by the entirety, or otherwise, and the name signed purports to be the name of at least one of the co-owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The corporation shall be entitled to reject
a vote, consent, waiver, or proxy if the secretary or other officer or agent authorized to tabulate votes, acting in good faith,
has reasonable basis for doubt about the validity of the signature on it or about the signatory's authority to sign for the stockholder.</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: 1in"><B>Section 1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Action Without Meeting.</B> Any action required or permitted by the Maryland General Corporation Law to be taken at a meeting
of the stockholders may be taken without a meeting if there are filed with the records of stockholders meetings a consent in writing
which sets forth the action so taken signed by each stockholder entitled to vote on the matter and a written waiver of any right
to dissent signed by each stockholder entitled to notice of the meeting but not entitled to vote at the meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Organization and Conduct of Stockholder Meetings.</B> Each meeting of stockholders shall be conducted by the chairman of
the board as chairman of the meeting or, in the absence of the chairman of the board, by the vice chairman of the board or, in
the absence of the vice chairman of the board or a vacancy in the position, by the president. The order of business and all other
matters of procedure at any meeting of stockholders shall be determined by the chairman of the meeting. The chairman of the meeting
may prescribe such rules, regulations and procedures and take such action as, in the discretion of the chairman and without any
action by the stockholders, are appropriate for the proper conduct of the meeting, including, without limitation:</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 0pt 0.5in; text-indent: 1in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>restricting
admission to the time set for the commencement of the meeting;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>limiting attendance at the meeting to stockholders of record of the corporation, their duly authorized proxies and such
other individuals as the chairman of the meeting may determine;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>limiting participation at the meeting on any matter to stockholders of record of the corporation entitled to vote on such
matter, their duly authorized proxies and other such individuals as the chairman of the meeting may determine;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>limiting the time allotted to questions or comments;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">e.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>determining when and for how long the polls should be opened and when the polls should be closed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">f.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>maintaining order and security at the meeting;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">g.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>removing any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set
forth by the chairman of the meeting;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">h.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>complying with any state and local laws and regulations concerning safety and security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Advance Notice by Stockholders of Nominations and Proposals of Business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Nominations
of persons for election to the board of directors and proposals of business to be transacted by the stockholders may be made
at an Annual Meeting of stockholders, (or in the case of election of directors, at a special meeting of stockholders held in
lieu of an Annual Meeting under Section 1.2 of these Bylaws) (1)&nbsp;pursuant to the corporation's proxy materials with
respect to such meeting, (2)&nbsp;by or at the direction of the board of directors, (3) by any stockholder or group of
stockholders pursuant to Section 1.12 of these Bylaws, or (4)&nbsp;by any stockholder at the time of the giving of the notice
required in subsection (b) of this Section 1.11, who is entitled to vote at the meeting and who has complied with the notice
procedures set forth in this Section 1.11. The foregoing clause&nbsp;(3) shall be the exclusive means for a stockholder to
make nominations or propose business (other than matters included in the corporation's proxy materials pursuant to
Rule&nbsp;14a-8 or Rule&nbsp;14a-11 under the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;)) at an Annual
Meeting of stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to assure that stockholders and the corporation have a reasonable opportunity to consider nominations and other
business proposed to be brought before a meeting of stockholders and to allow for full information to be distributed to stockholders,
a stockholder properly may bring nominations or other business before an annual meeting of stockholders pursuant to clause&nbsp;(3)
of subsection&nbsp;a above, only if (i)&nbsp;the stockholder has given timely notice thereof in writing to the secretary of the
corporation, and (ii)&nbsp;any such business is a proper matter for stockholder action under the Maryland General Corporation Law.
To be timely, a stockholder's notice shall be received by the secretary at the principal executive offices of the corporation not
less than 90 or more than 120&nbsp;days prior to the one-year anniversary of the date on which the corporation first mailed its
proxy materials for the preceding year's Annual Meeting of stockholders; provided, however, that, subject to the last sentence
of this subsection&nbsp;b, if the meeting is convened more than 30&nbsp;days prior to or delayed by more than 30 days after the
anniversary of the preceding year's Annual Meeting, or if no Annual Meeting was held in the preceding year, notice by the stockholder
to be timely must be received not later than the close of business on the later of (i)&nbsp;the 90th day before such Annual Meeting
or (ii)&nbsp;the 10th day following the day on which public announcement of the date of such meeting is first made. In no event
shall an adjournment or postponement of an Annual Meeting for which notice has been given commence a new time period for the giving
of a stockholder's notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Such stockholder's notice shall set forth:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if such notice pertains to the nomination of directors, as to each person whom the stockholder proposes to nominate for
election or reelection as a director all information relating to such person as would be required to be disclosed in solicitations
of proxies for the election of such nominee as a director in an election contest, or is otherwise required, pursuant to Regulation
14A under the Exchange Act, and such person's written consent to serve as a director if elected;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as to any business that the stockholder proposes to bring before the meeting, a brief description of such business, the
reasons for conducting such business at the meeting and any material interest of such stockholder in such business; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as to (A)&nbsp;the stockholder giving the notice and (B)&nbsp;each beneficial owner of shares of the corporation on whose
behalf the nomination or proposal is made (each, a &quot;party&quot;):</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> the name and address of each such party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A)&nbsp;the number of shares of the corporation that are owned, directly or indirectly, beneficially and of record by each
such party, (B)&nbsp;a description of any agreement, arrangement or understanding (including any derivative or short positions,
profit interests, options, hedging transactions, and borrowed or loaned shares, regardless of whether settled in shares or cash)
that has been entered into as of the date of the stockholder's notice by, or on behalf of, such stockholder or beneficial owner,
the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the share price of the corporation's
capital stock, or increase or decrease the voting power of the stockholder or beneficial owner with respect to shares of stock
of the corporation, including the notional number of shares that are the subject of such agreement, arrangement or understanding,
(C)&nbsp;a description of any proxy, contract, arrangement, understanding, or relationship pursuant to which any such party has
a right to vote, directly or indirectly, any shares of the corporation, (D)&nbsp;a description of any agreement, arrangement or
understanding (whether or not in writing) between or among such stockholder or beneficial owner and any other person relating to
acquiring, holding, voting or disposing of any shares of the corporation, including the number of shares that are the subject of
such agreement, arrangement or understanding, (which information shall be supplemented by such stockholder or such beneficial owner,
as the case may be, not later than ten (10) days after the record date for the meeting to disclose such ownership as of the record
date); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other information relating to each such party that would be required to be disclosed in a proxy statement or other filings
required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or the election of directors
in a contested election pursuant to Section&nbsp;14 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as provided in subsection&nbsp;g below, a person shall not be eligible for election or re-election as a director at an Annual
Meeting unless (i)&nbsp;the person is nominated by a stockholder in accordance with this Section 1.11, (ii)&nbsp;the person
is nominated by a stockholder or group of stockholders in accordance with Section 1.12, or (iii) the person is nominated by
or at the direction of the board of directors. Except as provided in subsection&nbsp;g below, only such business shall be
conducted at an Annual Meeting of stockholders as shall have been brought before the meeting in accordance with the
procedures set forth in this Section 1.11. The chair of the meeting shall have the power and the duty to determine whether a
nomination or any business proposed to be brought before the meeting has been made in accordance with the procedures set
forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that
such defectively proposed business or nomination shall not be presented for stockholder action at the meeting and shall be
disregarded. Notwithstanding the foregoing provisions of this Section 1.11, if the stockholder (or a qualified representative
of the stockholder) proposing a nominee for director or business to be conducted at a meeting does not appear at the meeting
of stockholders of the corporation to present such nomination or business, such nomination shall be disregarded and such
proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the
corporation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">e.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 1.11, &quot;public announcement&quot; shall mean disclosure in a press release reported by
the Dow Jones News Service, Associated Press or a comparable national news service or in a document publicly filed by the corporation
with the Securities and Exchange Commission pursuant to the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">f.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing provisions of this Section 1.11, a stockholder shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to matters set forth in this Section 1.11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">g.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing in this Section&nbsp;1.11 shall be deemed to affect any rights of stockholders to request (i)&nbsp;inclusion of
proposals in the corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act, (ii)&nbsp;inclusion of nominees in
the corporation's proxy statement pursuant to Rule&nbsp;14a-11 under the Exchange Act, or (iii) inclusion of nominees in the corporation&rsquo;s
proxy statement pursuant to Section 1.12 of these Bylaws. Subject to Rule&nbsp;14a-8 and Rule&nbsp;14a-11 under the Exchange Act,
nothing in these Bylaws shall be construed to permit any stockholder, or give any stockholder the right, to include or have disseminated
or described in the corporation's proxy statement any nomination of a director or directors or any other business proposal, except
in accordance with Section 1.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>Section 1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Proxy Access</FONT>.</B></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: 1in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Whenever
the board of directors solicits proxies with respect to the election of directors at an annual meeting, subject to this
Section 1.12, the corporation shall include in its proxy materials for such annual meeting the name, together with the
Required Information (defined below), of any person nominated for election (the &ldquo;Stockholder Nominee&rdquo;) to the
board of directors by a stockholder or group of no more than 20 stockholders (provided that for this purpose, any two or more
funds will count as one stockholder if such funds are (i) under common management and investment control, (ii) under common
management and funded primarily by the same employer, or (iii) a &ldquo;group of investment companies,&rdquo; as such term is
defined in Section 12(d)(1)(G)(ii) of the Investment Company Act of 1940) that satisfies the requirements of this Section
1.12 (such stockholder or group of stockholders, the &ldquo;Eligible Stockholder&rdquo;) and expressly elects at the time of
providing the notice required by this Section 1.12 (the &ldquo;Notice of Proxy Access Nomination&rdquo;) to have its
Stockholder Nominee included in the corporation&rsquo;s proxy materials pursuant to this Section 1.12. &ldquo;Required
Information&rdquo; means (i) information provided to the secretary of the corporation by the Eligible Stockholder concerning
the Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the corporation&rsquo;s proxy
materials under the Exchange Act and (ii) if the Eligible Stockholder so elects, a written statement, not to exceed 500
words, in support of its Stockholder Nominee&rsquo;s candidacy. Notwithstanding anything to the contrary contained in this
Section 1.12, the corporation may solicit against, and include in the proxy materials the corporation&rsquo;s own statement
relating to any Eligible Stockholder or any Stockholder Nominee, and omit from its proxy materials any information relating
to any Eligible Stockholder or any Stockholder Nominee that (x) is untrue in any material respect, (y) omits a material fact
necessary in order to make the information, in light of the circumstances, not misleading or (z) would violate any applicable
law or regulation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Eligible Stockholder consists of a group of stockholders, any and all requirements and obligations for an individual
Eligible Stockholder set forth in this Section 1.12, including the Minimum Holding Period (defined below), applies to each member
of such group; provided, however, that the Required Ownership Percentage (defined below) shall apply to the ownership of the group
in the aggregate. No stockholder shall be permitted to join more than one group of stockholders per each annual meeting in order
to cause the group to become an Eligible Stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To be timely, the Notice of Proxy Access Nomination must be received by the secretary of the corporation no earlier than
the close of business on the 120<SUP>th</SUP> day prior to, and no later than the close of business on the 90th day prior to, the
one-year anniversary of the date on which the corporation first mailed its proxy materials for the preceding year&rsquo;s Annual
Meeting of stockholders (such 90th day, the &ldquo;Final Proxy Access Nomination Date&rdquo;); provided, however, that, subject
to the last sentence of this subsection (ii), if the meeting is convened more than 30&nbsp;days prior to or delayed by more than
30 days after the anniversary of the preceding year's Annual Meeting, or if no Annual Meeting was held in the preceding year, the
Notice of Proxy Access Nomination must be received by the secretary of the corporation not later than the close of business on
the later of (i)&nbsp;the 90th day before such Annual Meeting or (ii)&nbsp;the 10th day following the day on which public announcement
of the date of such meeting is first made, and the Final Proxy Access Nomination Date shall be the latest of such date(s).&nbsp;In
no event shall an adjournment or postponement of an Annual Meeting for which notice has been given commence a new time period for
the giving of a Notice of Proxy Access Nomination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The maximum number of Stockholder Nominees nominated by all Eligible Stockholders that will be included in the corporation&rsquo;s
proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of (i) two and (ii) 20% of the total
number of directors in office as of the Final Proxy Access Nomination Date (rounded down to the nearest whole number) (the &ldquo;Proxy
Access Nominee Maximum&rdquo;). If the Board of Directors resolves to reduce the size of the Board of Directors after the Final
Proxy Access Nomination Date but before the date of the annual meeting, the maximum number of Stockholder Nominees included in
the corporation&rsquo;s proxy materials shall be calculated based on the number of directors in office as so reduced. The following
persons shall not be counted as a Stockholder Nominee for purposes of determining whether the Proxy Access Nominee Maximum has
been reached:</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> any person serving on the Board of Directors as of the Final Proxy Access Nomination Date who (i) will be included as a
management nominee for the Board of Directors in the corporation&rsquo;s proxy materials for the annual meeting to which the Proxy
Access Nominee Maximum determination relates and (ii) was included in the corporation&rsquo;s proxy materials as a Stockholder
Nominee pursuant to this Section 1.12 for either of the two preceding annual meetings; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any individual nominated by an Eligible Stockholder for inclusion in the corporation&rsquo;s proxy materials pursuant to
this Section 1.12 and: (i) whom the Board of Directors decides to nominate as a nominee of the Board of Directors; or (ii) whose
nomination is subsequently withdrawn (whether before or after the Final Proxy Access Nomination Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the corporation&rsquo;s proxy materials
pursuant to this Section 1.12 shall rank such Stockholder Nominees based on the order that the Eligible Stockholder desires such
Stockholder Nominees to be selected for inclusion in the corporation&rsquo;s proxy materials if the total number of Stockholder
Nominees submitted by Eligible Stockholders pursuant to this Section 1.12 exceeds the Proxy Access Nominee Maximum. If the number
of Stockholder Nominees submitted by Eligible Stockholders exceeds the Proxy Access Nominee Maximum, the highest ranking Stockholder
Nominee who meets the requirements of this Section 1.12 from each Eligible Stockholder will be selected for inclusion in the corporation&rsquo;s
proxy materials until the Proxy Access Nominee Maximum is reached. Selection will be in order of the amount (from largest to smallest)
of shares of the corporation&rsquo;s common stock each Eligible Stockholder disclosed as owned in its respective Notice of Proxy
Access Nomination. If the Proxy Access Nominee Maximum is not reached after the highest ranking Stockholder Nominee who meets the
requirements of this Section 1.12 from each Eligible Stockholder has been selected, this process will continue as many times as
necessary, following the same order each time, until the Proxy Access Nominee Maximum is reached.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>For
purposes of this Section 1.12, an Eligible Stockholder shall be deemed to &quot;own&quot; only those outstanding shares of
common stock of the corporation as to which the stockholder possesses both (i) the full voting and investment rights
pertaining to the shares and (ii) the full economic interest in (including the opportunity for profit from and risk of loss
on) such shares, provided that the number of shares calculated in accordance with (i) and (ii) shall not include any shares:
(x) sold by such stockholder or any of its affiliates in any transaction that has not been settled or closed, including any
short sale; (y) borrowed by such stockholder or any of its affiliates for any purposes or purchased by such stockholder or
any of its affiliates pursuant to an agreement to resell; or (z) subject to any option, warrant, forward contract, swap,
contract of sale, other derivative or similar agreement entered into by such stockholder or any of its affiliates, whether
any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of shares of
common stock of the corporation, in any such case which instrument or agreement has, or is intended to have, or if exercised
by either party would have, the purpose or effect of reducing in any manner, to any extent or at any time in the future, such
stockholder's or its affiliates' full right to vote or direct the voting of any such shares or hedging, offsetting or
altering to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares by
such stockholder or its affiliates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A stockholder shall &quot;own&quot; shares held in the name of a nominee or other intermediary so long as the stockholder
(i) retains the right to instruct how the shares are voted with respect to the election of directors and the right to direct the
disposition thereof and (ii) possesses the full economic interest in the shares, in each case subject to the limitations in Section
1.12(b) above. A stockholder's ownership of shares shall be deemed to continue during any period in which the stockholder has (i)
delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any
time by the stockholder or (ii) loaned such shares provided that the stockholder has the power to recall such loaned shares on
five business days' notice. For purposes of this Section 1.12, the term &quot;affiliate&quot; or &quot;affiliates&quot; shall have
the meaning ascribed thereto by Rule 12b-2 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to make a nomination pursuant to this Section 1.12, an Eligible Stockholder (i) must have owned 3% or more (the
 &ldquo;Required Ownership Percentage&rdquo;) of the corporation's outstanding common stock (the &quot;Required Shares&quot;) continuously
for 3 years or more (the &ldquo;Minimum Holding Period&rdquo;) as of both the date the Notice of Proxy Access Nomination is received
by the secretary of the corporation in accordance with this Section 1.12 and the record date for determining the stockholders entitled
to vote at the annual meeting of stockholders and (ii) must continue to own the Required Shares through the date of such annual
meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to make a nomination pursuant to this Section 1.12, within the time period specified for delivering the Notice
of Proxy Access Nomination, an Eligible Stockholder must provide the following information in writing to the secretary of the corporation:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number of shares it is deemed to own for the purposes of this Section 1.12;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>written statement(s), from a person and in a form acceptable for purposes of a stockholder proposal under Rule 14a-8(b)(2)
under the Exchange Act, verifying that, as of a date within seven calendar days prior to the date the Notice of Proxy Access Nomination
is received by the secretary of the corporation, the Eligible Stockholder owns, and has owned continuously for the Minimum Holding
Period, the Required Shares;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> the Eligible Stockholder's agreement to provide, within five business days after the record date for the annual meeting,
written statement(s), from a person and in a form acceptable for purposes of a stockholder proposal under Rule 14a-8(b)(2) under
the Exchange Act, verifying the Eligible Stockholder's continuous ownership of the Required Shares through the record date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of the Schedule 14N that has been filed with the Securities and Exchange Commission as required by Rule 14a-18 under
the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the information, representations and agreements that are the same as those that would be required to be set forth in a stockholder's
notice of nomination pursuant to Section 1.11(c) of this Article I;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a representation that the Eligible Stockholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquired
the Required Shares in the ordinary course of business and not with the intent to change or influence control at the corporation,
and does not presently have such intent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
maintain ownership of the Required Shares through the date of the annual meeting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has
not nominated and will not nominate for election any individual as a director at the annual meeting, other than its Stockholder
Nominee(s) pursuant to this Section 1.12;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has
not engaged and will not engage in, and has not and will not be a &quot;participant&quot; in another person's, &quot;solicitation,&quot;
within the meaning of Rule 14a-1(l) under the Exchange Act, in support of the election of any individual as a director at the annual
meeting other than its Stockholder Nominee(s) or a nominee of the Board of Directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees
to comply with all applicable laws and regulations with respect to any solicitation in connection with the annual meeting or applicable
to the filing and use, if any, of soliciting material;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
provide facts, statements and other information in all communications with the corporation and its stockholders that are or
will be true and correct in all material respects and that do not or will not omit to state a material fact necessary in
order to make the communications, in light of the circumstances under which they were made, not misleading; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
undertaking that the Eligible Stockholder agrees to (i) assume all liability stemming from any legal or regulatory violation arising
out of the Eligible Stockholder's communications with the stockholders of the corporation or out of the information that the Eligible
Stockholder provided to the corporation, in each case in connection with the Eligible Stockholder's use of this Section 1.12 or
efforts to elect its Stockholder Nominee(s); (ii) indemnify and hold harmless the corporation and each of its directors, officers
and employees individually against any liability, loss or damages in connection with any threatened or pending action, suit or
proceeding, whether legal, administrative or investigative, against the corporation or any of its directors, officers or employees
arising out of any nomination submitted by the Eligible Stockholder pursuant to this Section 1.12; and (iii) in the case of a nomination
by a group of stockholders that together is an Eligible Stockholder, the designation by all group members of one group member that
is authorized to act on behalf of all such members with respect to the nomination and matters related thereto, including withdrawal
of the nomination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to be eligible for nomination pursuant to this Section 1.12, within the time period specified for delivering the
Notice of Proxy Access Nomination, a Stockholder Nominee must deliver to the secretary of the corporation:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a consent of such Stockholder Nominee to being named in the proxy materials as a nominee and to serving as a director if
elected;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the information required with respect to such Stockholder Nominee if he were a person nominated for election or reelection
as a director pursuant to Section 1.11(c) of this Article I;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>a
written representation and agreement that such Stockholder Nominee (i) will submit all questionnaires required by the
corporation of its directors and director nominees; and (ii) will provide facts, statements and other information in all
communications with the corporation and its stockholders that are or will be true and correct in all material respects and
that do not or will not omit to state a material fact necessary in order to make the communications, in light of the
circumstances under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such additional information requested by the corporation as necessary to permit the board of directors to determine if such
Stockholder Nominee is independent under the listing standards of the principal U.S. exchange upon which the common stock of the
corporation is listed, any applicable rules of the Securities and Exchange Commission and any publicly disclosed standards used
by the board of directors in determining and disclosing the independence of the corporation's directors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If any information or communications provided by the Eligible Stockholder or the Stockholder Nominee to the corporation
or its stockholders (i) ceases to be true and correct in all material respects or (ii) requires disclosure of a new material fact
to make the information or communications, in light of the circumstances under which they were made, not misleading, each Eligible
Stockholder or Stockholder Nominee, as the case may be, shall promptly notify the secretary of the corporation of any defect in
such previously provided information and of the information that is required to correct any such defect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The corporation shall not be required to include, pursuant to this Section 1.12, a Stockholder Nominee in its proxy materials
for the upcoming annual meeting of stockholders:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>for which the secretary of the corporation receives a notice that a stockholder has nominated a person for election to the
Board of Directors pursuant to the advance notice requirements for stockholder nominees for director set forth in Section 1.11
of this Article I;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if the Eligible Stockholder who has nominated such Stockholder Nominee has engaged in or is currently engaged in, or has
been or is a &quot;participant&quot; in another person's, &quot;solicitation,&quot; within the meaning of Rule 14a-1(l) under the
Exchange Act, in support of the election of any individual as a director at the upcoming annual meeting other than its Stockholder
Nominee(s) or a nominee of the Board of Directors;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
the Stockholder Nominee is or becomes a party to any compensatory, payment, reimbursement, indemnification or other financial
agreement, arrangement or understanding with any person or entity other than the corporation or a wholly owned subsidiary of
the corporation, or has received or will receive any such compensation, reimbursement, indemnification or other payment from
any person or entity other than the corporation or a wholly owned subsidiary of the corporation, in each case in connection
with candidacy or service as a director of the corporation (other than agreements providing only for indemnification and/or
reimbursement of out-of-pocket expenses in connection with candidacy as a director) unless the amount(s) of compensation,
source(s) of compensation, payment criteria, form and timing of compensation, and all other material terms and conditions
with respect to such compensatory, payment, reimbursement, indemnification or other financial agreements, arrangements or
understandings are fully and accurately disclosed in the Schedule 14N referred to in Section 1.12(b)(iii)(4) above;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>who is not independent under the listing standards of any principal U.S. exchange upon which the common stock of the corporation
is listed, any applicable rules of the Securities and Exchange Commission and any publicly disclosed standards used by the Board
of Directors in determining and disclosing independence of the corporation's directors;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>whose election as a director would cause the corporation to be in violation of these Bylaws, the corporation&rsquo;s Charter,
the rules and listing or governance standards of any principal U.S. exchange upon which the common stock of the corporation is
listed, or any applicable state or federal law, rule or regulation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>who is or has been, within the past three years, an officer or director of a competitor, as defined in Section 8 of the
Clayton Antitrust Act of 1914;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>who is subject to an event for which disclosure would be required in the proxy statement for the upcoming annual meeting
by Item 401(f) of Regulation S-K;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>who
is subject to any disqualification event specified in Rule 506(d) under the Securities Act of 1933, as amended;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if such Stockholder Nominee, or the Eligible Stockholder that nominated such Stockholder Nominee, has provided information
to the corporation or its stockholders with respect to such nomination that was untrue in any material respect or that omitted
to state a material fact necessary in order to make the information, in light of the circumstances under which it was provided,
not misleading; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if such Stockholder Nominee, or the Eligible Stockholder that nominated such Stockholder Nominee, fails to comply with his,
her or its obligations pursuant to these Bylaws, including, but not limited to, this Section 1.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">d.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary set forth herein, the Board of Directors or the chairman of the meeting may declare
the nomination of a Stockholder Nominee by an Eligible Stockholder to be invalid, and such nomination shall be disregarded notwithstanding
that proxies in respect of such vote may have been received by the corporation, if:</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> such Stockholder Nominee and/or such Eligible Stockholder has breached his, her or its obligations under this Section 1.12;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Eligible Stockholder (or a qualified representative thereof) does not appear at the upcoming annual meeting to present
such nomination pursuant to this Section 1.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">e.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Stockholder Nominee who is included in the corporation's proxy materials for a particular annual meeting of stockholders
but either (i) withdraws from or becomes ineligible or unavailable for election at the annual meeting. or (ii) does not receive
the affirmative vote of at least 25% of the shares represented in person or by proxy at such meeting and entitled to vote in the
election of directors, will be ineligible to be a Stockholder Nominee pursuant to this Section 1.12 for the next three annual meetings.
For the avoidance of doubt, this Section 1.12(e) shall not prevent any stockholder from nominating any person to the Board of Directors
pursuant to and in accordance with Section 1.11 of this Article I.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
II</B></FONT><B> BOARD OF DIRECTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>General Powers.</B> The business and affairs of the corporation shall be managed under the direction of its board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Number, Tenure, and Qualifications.</B> The board of directors shall consist of not more than nine persons and not less
than three persons, the exact number within such specified limits to be fixed from time to time by resolution of a majority of
the entire board, provided that so long as there are less than three stockholders the number of directors may be fixed at less
than three but not less than the number of stockholders. Each director shall hold office until the next annual meeting of the stockholders
and until his or her successor shall have been elected and qualified unless sooner removed from office as hereinafter provided.
Directors need not be residents of the state of Maryland or stockholders of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Regular Meetings.</B> A regular meeting of the board of directors shall be held without other notice than this bylaw immediately
after, and at the same place as, the annual meeting of stockholders. The board of directors may provide by resolution the time
and place, either within or without the state of Maryland, for the holding of additional regular meetings without other notice
than such resolution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Special Meetings.</B> Special meetings of the board of directors may be called by or at the request of the president or
any two directors. The person or persons authorized to call special meetings of the board of directors may fix any place, either
within or without the state of Maryland, as the place for holding any special meeting of the board of directors called by them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notice; Waiver.</B> Notice of the date, time, and place of any special meeting shall be given at least 24 hours prior thereto
by written notice delivered personally or given by facsimile transmission, e-mail, or other form of electronic transmission, or
by mail or private carrier, to each director at his or her business address, facsimile number, or e-mail address, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</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">Such notice shall be deemed effective at
the earliest of the following: (a)&nbsp;when received, (b)&nbsp;when transmitted by facsimile, e-mail, or other form of electronic
transmission, (c)&nbsp;three days after its deposit in the United States mail, as evidenced by the postmark, if mailed postpaid
and correctly addressed, and (d)&nbsp;on the date shown on the return receipt, if sent by registered or certified mail, return
receipt requested, and the receipt is signed or sent by or on behalf of the director. A director's attendance at, or participation
in, a meeting shall constitute a waiver of notice of such meeting, except where a director at the beginning of the meeting, or
promptly upon the director's arrival, objects to holding of the meeting or the transacting of business at the meeting and does
not thereafter vote for or assent to action taken at the meeting. A written waiver, or waiver by e-mail or other form of electronic
transmission, of notice of a meeting signed by a director entitled to such notice, whether before or after the time stated therein,
which specifies the meeting for which notice is waived and which is filed with the records of the meeting shall be equivalent to
the giving of such notice. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the
board of directors need be specified in the notice or waiver of notice of such meeting.</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: 1in"><B>Section 2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Quorum.</B> A majority of the number of directors fixed from time to time pursuant to Section 2.2 shall constitute a quorum
for the transaction of business at any meeting of the board of directors, but, if less than such majority is present at a meeting,
a majority of the directors present may adjourn the meeting from time to time without further notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Manner of Acting.</B> The action 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vacancies.</B> Any vacancy occurring in the board of directors, except a vacancy resulting from an increase in the number
of directors, may be filled by the affirmative vote of a majority of the remaining directors, whether or not sufficient to constitute
a quorum. A vacancy resulting from an increase in the number of directors may be filled by the affirmative vote of a majority of
the entire board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Presumption of Assent.</B> A director who is present at a meeting of the board of directors when corporate action is taken
shall be presumed to have assented to the action taken unless the director announces his or her dissent at the meeting and (a)&nbsp;the
director's dissent is entered in the minutes of the meeting; or (b)&nbsp;the director files his or her written dissent with the
secretary of the meeting before its adjournment; or (c)&nbsp;the director forwards his or her written dissent within 24 hours after
the meeting is adjourned, by registered or certified mail, to the secretary of the meeting or of the corporation. Such right to
dissent shall not apply to a director who voted in favor of such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Removal of Directors.</B> All or any number of the directors may be removed by the stockholders with or without cause at
a meeting expressly called for that purpose by the affirmative vote of a majority of all votes entitled to be cast for the election
of directors. The notice of such meeting shall state that the purpose or one of the purposes of the meeting is the removal of the
director or directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compensation.</B> By resolution of the board of directors, each director may be paid an annual fee as director and, in
addition thereto, a fixed sum for attendance at each meeting of the board of directors and executive committee or other committees
and his expenses, if any, of attendance at any such meeting. No such payment shall preclude any director from serving the corporation
in any other capacity and receiving compensation therefor.</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-indent: 1in"><B>Section 2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Action Without Meeting.</B> Any action required or permitted by the Maryland General Corporation Law to be taken at a meeting
of the board of directors may be taken without a meeting if a consent in writing which sets forth the action so taken is signed
by each member of the board of directors and filed with the minutes of proceedings of the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Meetings By Telephone.</B> Meetings of the board of directors may be held by means of conference telephone or similar communications
equipment if all persons participating in the meeting can hear each other at the same time, and such participation shall constitute
presence in person at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Chairman and Vice Chairman.</B> The board of directors shall appoint from among its members a chairman and a vice chairman
who shall serve at the pleasure of the board of directors. The chairman, or in his absence the vice chairman, shall preside at
the meetings of the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
III</B></FONT><B> EXECUTIVE COMMITTEE AND OTHER COMMITTEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Appointment.</B> The board of directors may appoint from among its members an executive committee to consist of a chairman
and one or more other directors. The appointment of such committee, the delegation of authority to it or action by it under that
authority shall not constitute of itself compliance by any director not a member of the committee with the standard provided in
the Maryland General Corporation Law for the performance of duties by directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Authority.</B> The executive committee, when the board of directors is not in session, shall have and may exercise all the
authority of the board of directors except to the extent, if any, that such authority shall be limited by the resolution appointing
the executive committee and except also that neither the executive committee nor any other committee of the board of directors
appointed pursuant to Section 3.9 shall have the authority to (a)&nbsp;authorize dividends on stock, except as permitted under
the Maryland General Corporation Law; (b)&nbsp;issue stock, except as provided in Section 3.10; (c)&nbsp;recommend to the stockholders
any action which requires stockholder approval; (d)&nbsp;amend the bylaws; or (e)&nbsp;approve a merger or share exchange which
does not require stockholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Tenure.</B> Each member of the executive committee shall hold office until the next regular annual meeting of the board
of directors following his or her appointment and until his or her successor is appointed as a member of the executive committee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Meetings;
Notice; Waiver.</B> Regular meetings of the executive committee or any other committee of the board of directors appointed
pursuant to Section 3.9 may be held without notice at such times and places as the committee may fix from time to time by
resolution. Special meetings of the executive committee or any such other committee may be called by any member thereof upon
not less than 24 hours' notice stating the place, date and hour of the meeting. The provisions of Section 2.5 shall apply to
the method for giving notice of special meetings of the executive committee or any such other committee and to the waiver of
notice of any such meetings. The notice of a meeting of the executive committee or any such other committee need not state
the business proposed to be transacted at the meeting.</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-indent: 1in"><B>Section 3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Quorum; Manner of Acting.</B> A majority of the members of the executive committee or any such other committee shall constitute
a quorum for the transaction of business at any meeting thereof, and the act of a majority of the members present at a meeting
at which a quorum is present shall be the act of the committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vacancies.</B> Any vacancy in the executive committee or any such other committee may be filled by the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Resignations and Removal.</B> Any member of the executive committee or any such other committee may be removed at any time
with or without cause by the board of directors. Any member of the executive committee or any such other committee may resign as
a member of the committee at any time by giving written notice to the chairman of the board or secretary of the corporation, and,
unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Procedure.</B> The chairman of the executive committee shall be the presiding officer of the executive committee. The executive
committee and any such other committee shall fix its own rules of procedure which shall not be inconsistent with these bylaws.
The committee shall keep regular minutes of its proceedings and report the same to the board of directors for its information at
the meeting thereof held next after the proceedings shall have been taken.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Appointment of Other Committees of the Board of Directors.</B> The board of directors may from time to time create any other
committee or committees of the board of directors and appoint members of the board of directors to serve thereon. Each member of
any such committee shall hold office until the next regular annual meeting of the board of directors following his or her appointment
and until his or her successor is appointed as a member of such committee. Each committee shall have one or more members and, to
the extent specified by the board of directors, may exercise the powers of the board subject to the limitations set forth in Section
3.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Issuance of Stock.</B> If the board of directors has given general authorization for the issuance of stock providing for
or establishing a method or procedure for determining the maximum number of shares to be issued, a committee of the board of directors,
in accordance with that general authorization or any stock option plan or other plan or program adopted by the board of directors,
may authorize or fix the terms of stock subject to classification or reclassification and the terms on which any stock may be issued,
including all terms and conditions required or permitted to be established or authorized by the board of directors under the Maryland
General Corporation Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 3.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Action Without a Meeting.</B> Any action that may be taken by the executive committee or any such other committee at a
meeting may be taken without a meeting if a consent in writing which sets forth the action so taken is signed by each member of
the committee and filed with the minutes of proceedings of the committee.</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-indent: 1in"><B>Section 3.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Meetings By Telephone.</B> Meetings of any committee of the board of directors may be held by means of conference telephone
or similar communications equipment if all persons participating in the meeting can hear each other at the same time, and such
participation shall constitute presence in person at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
IV</B></FONT><B> OFFICERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Number.</B> The officers of the corporation shall be a president, a secretary and a treasurer, each of whom shall be elected
by the board of directors.&nbsp;&nbsp;The board of directors may elect one or more vice presidents (the number thereof to be determined
by the board of directors) and such other officers and assistant officers as may be deemed necessary. The board of directors may
delegate the election of any such vice presidents, other officers or assistant officers to the corporation&rsquo;s president.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Election and Term of Office.</B> The officers of the corporation shall be elected annually at the first meeting of the board
of directors held after each annual meeting of the stockholders. A person may hold more than one office but may not serve concurrently
as both president and vice president of the corporation. Each officer shall hold office until his or her successor shall have been
duly elected, or until his or her death, or until he or she shall resign or shall have been removed in the manner hereinafter provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Removal.</B> The board of directors may remove any officer at any time. The election of an officer shall not of itself create
contract rights, and the resignation or removal of an officer shall not affect the contract rights, if any, of the corporation
or the officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vacancies.</B> A vacancy in any office because of death, resignation, removal, or otherwise may be filled by the board of
directors for the unexpired portion of the term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>President.</B> The president shall be the chief executive officer of the corporation and, subject to the control of the
board of directors, shall in general supervise and control all the business and affairs of the corporation. He or she shall preside
at all meetings of the stockholders and, in the absence of the chairman or vice chairman, at all meetings of the board of directors.
He or she may sign, with the secretary or any other proper officer of the corporation thereunto authorized by the board of directors,
certificates for shares of stock of the corporation and any deeds, mortgages, bonds, contracts, or other instruments which the
board of directors has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated
by the board of directors, or by these bylaws to some other officer or agent of the corporation, or shall be required by law to
be otherwise signed or executed; and in general he or she shall perform all duties incident to the office of president and such
other duties as may be prescribed by the board of directors from time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vice Presidents.</B> In the absence of the president, or in the event of his or her death, inability, or refusal to act,
the vice president (or, in the event there be more than one vice president, the vice presidents in the order designated at the
time of their election, or, in the absence of any designation, then in the order of their election) shall perform the duties of
the president and, when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any
vice president may sign, with the secretary or an assistant secretary, certificates for shares of stock of the corporation; and
shall perform such other duties as from time to time may be assigned to him or her by the president or by the board of directors.</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-indent: 1in"><B>Section 4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Secretary.</B> The secretary shall (a)&nbsp;keep the minutes of the stockholders' and of the board of directors' meetings
in one or more books provided for that purpose; (b)&nbsp;see that all notices are duly given in accordance with the provisions
of these bylaws or as required by law; (c)&nbsp;be custodian of the corporate records and responsible for the authentication of
such records; (d)&nbsp;keep or cause to be kept a register of the post office address of each stockholder which shall be furnished
to the secretary by such stockholder; (e)&nbsp;sign, with the president or a vice president, certificates for shares of stock of
the corporation, the issuance of which shall have been authorized by the board of directors; (f)&nbsp;have general charge of the
stock transfer books of the corporation; and (g)&nbsp;in general perform all duties incident to the office of secretary and such
other duties as from time to time may be assigned to him or her by the president or by the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Treasurer.</B> If required by the board of directors, the treasurer shall give a bond for the faithful discharge of his
or her duties in such sum and with such surety or sureties as the board of directors shall determine. He or she shall (a)&nbsp;have
charge and custody of and be responsible for all funds and securities of the corporation, receive and give receipts for moneys
due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such
banks, trust companies, or other depositaries as shall be selected in accordance with the provisions of ARTICLE V of these bylaws;
and (b)&nbsp;in general perform all the duties incident to the office of treasurer and such other duties as from time to time may
be assigned to him or her by the president or by the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Assistant Secretaries and Assistant Treasurers.</B> The assistant secretaries, when authorized by the board of directors,
may sign, with the president or a vice president, certificates for shares of stock of the corporation, the issuance of which shall
have been authorized by the board of directors. The assistant treasurers shall, respectively, if required by the board of directors,
give bonds for the faithful discharge of their duties in such sums and with such sureties as the board of directors shall determine.
The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary
or the treasurer, respectively, or by the president or the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Salaries.</B> The salaries of the officers shall be fixed from time to time by the board of directors and no officer shall
be prevented from receiving such salary by reason of the fact that he or she is also a director of the corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
V </B></FONT><B>CONTRACTS, LOANS, CHECKS, AND DEPOSITS</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: 1in"><B>Section 5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Contracts.</B> The board of directors may authorize any officer or officers, agent or agents, to enter into any contract
or execute and deliver any instrument in the name of and on behalf of the corporation; and such authority may be general or confined
to specific instances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Loans.</B> No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in
its name unless authorized by a resolution of the board of directors. Such authority may be general or confined to specific instances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Checks, Drafts, Etc.</B> All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness
issued in the name of the corporation shall be signed by such officer or officers, agent or agents, of the corporation and in such
manner as shall from time to time be determined by resolution of the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Deposits.</B> All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of
the corporation in such banks, trust companies, or other depositaries as selected by the officer or officers authorized by the
board of directors to make such selection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
VI</B></FONT><B> CERTIFICATES FOR SHARES AND THEIR TRANSFER</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Certificates for Shares.</B> The shares of the corporation's stock may be certificated or uncertificated, as provided under
the Maryland Corporations and Associations Code. All uncertificated shares shall be evidenced by a book entry system administered
by the corporation's transfer agent pursuant to procedures, terms, and conditions as the corporation and the transfer agent shall
adopt from time to time. The board of directors shall designate the class or classes of the corporation's securities that may be
represented by uncertificated shares. Upon the issuance or transfer of uncertificated shares, the corporation shall cause the stockholder
to be sent a written statement containing the information that is required for certificated shares under Maryland law relating
to the share's class, restrictions on alienability and other designations. Certificated shares shall be signed manually by the
president or a vice president and by the secretary or an assistant secretary and may be sealed with the corporate seal or a facsimile
thereof. The signatures of such officers on a certificate may be facsimiles if the certificate is countersigned by a transfer agent,
or registered by a registrar, other than the corporation itself or an employee of the corporation. All certificates for shares
of stock shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented
thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation.
All certificates surrendered to the corporation for transfer shall be canceled and no new certificates for shares or uncertificated
shares shall be issued until the former certificate for a like number of shares shall have been surrendered and canceled, except
that in case of a lost, stolen, destroyed, or mutilated certificate a new certificate may be issued therefor on such terms and
indemnity to the corporation as the board of directors may prescribe.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Section 6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Transfer of Shares.</B> Transfer of shares of stock of the corporation shall be made only on the stock transfer books of
the corporation by the holder of record thereof or by his or her legal representative, who shall furnish proper evidence of authority
to transfer, or by his or her attorney thereunto authorized by power of attorney duly executed and filed with the secretary of
the corporation, and on surrender for the cancellation of the certificate, if any, for such shares. The person in whose name shares
of stock stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.</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; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>ARTICLE
VII</B></FONT><B> AMENDMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The bylaws may be amended or repealed, or
new bylaws adopted, at any annual or special meeting of the stockholders by the affirmative vote of a majority of all shares of
any class of stock entitled to vote at such meeting. The board of directors shall also have the authority to amend or repeal the
bylaws, or adopt new bylaws, by the affirmative vote of a majority of the total number of directors then authorized, including
any vacancies, and subject to the power of the stockholders to change or repeal such bylaws.</P>

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

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<DESCRIPTION>EXHIBIT 4.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
brief description of the securities of Barrett Business Services, Inc. (the &ldquo;company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo;
and &ldquo;our&rdquo;), registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange
Act&quot;). As of June 26, 2020, our common stock is the only class of our securities registered under Section 12 of the Exchange
Act. This description of the terms of our common stock does not purport to be complete and is subject to and qualified in its entirety
by reference to the applicable provisions of Maryland General Corporation Law (the &quot;MGCL&quot;), and the full text of our
charter and bylaws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter provides
that we may issue up to 20,500,000 shares of common stock, par value $0.01 per share. Under Maryland law, stockholders generally
are not personally liable for corporate debts or obligations solely because of their status as stockholders. Our common stock is
listed on the Global Select Market of The Nasdaq Stock Market under the symbol &quot;BBSI.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights of any other class or series of stock, holders of shares of our common stock are entitled to receive dividends on such stock
if, as and when authorized by our board of directors out of assets legally available therefor and declared by us and to share ratably
in the assets of our company legally available for distribution to our stockholders in the event of our liquidation, dissolution
or winding up after payment of or adequate provision for all debts and liabilities of our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each outstanding share
of our common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election
of directors and, except as provided with respect to any other class or series of stock, the holders of such shares of common stock
will possess the exclusive voting power. There is no cumulative voting in the election of our board of directors, which means that
the holders of a majority of the outstanding shares of our common stock are entitled to elect all of the directors then standing
for election and the holders of the remaining shares will not be able to elect any directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of
our common stock have no preference, conversion, exchange, sinking fund or redemption rights, and have no preemptive rights to
subscribe for any of our securities. In addition, under the MGCL, our stockholders generally have no appraisal rights. Shares of
our common stock have equal dividend, liquidation and other rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the MGCL, a Maryland
corporation generally may not dissolve, amend its charter, merge, convert, sell all or substantially all of its assets, or engage
in a statutory share exchange unless such action is advised by its board of directors and approved by the affirmative vote of holders
of at least two-thirds of the votes entitled to be cast on the matter, unless a lesser percentage (but not less than a majority
of all of the votes entitled to be cast on the matter) is set forth in the corporation&rsquo;s charter. Our charter provides that
the foregoing items may be approved by a majority of all the votes entitled to be cast on the matter.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Stock</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; text-indent: 0.5in">Our charter provides
that we may issue up to 500,000 shares of preferred stock, par value $0.01 per share. As of June 26, 2020, we have no outstanding
shares of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter authorizes
our board of directors, without any vote or action of our stockholders, to classify, and reclassify from time to time, any unissued
shares of preferred stock into other classes or series of stock. Prior to issuance of shares of each class or series, our board
of directors is required by the MGCL to establish the number of shares in each class or series and to set the preferences, conversion,
or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms and
conditions of redemption for each such class or series. The issuance of shares of preferred stock could adversely affect the voting
power, dividend rights and other rights of holders of our common stock. Our board of directors could establish a series of preferred
stock that could, depending on the terms of the series, delay, defer, or prevent a transaction or a change in control of us that
might involve a premium price for our common stock or otherwise be in the best interest of the holders thereof. The specific terms
of a particular class or series of preferred stock will be described in a prospectus, prospectus supplement or other offering materials
relating to the sale or issuance of shares of that class or series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Provisions of Maryland Law and
of Our Charter and Bylaws </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; text-indent: 0.5in">The following summary
of certain provisions of the MGCL and of our charter and bylaws does not purport to be complete and is subject to and qualified
in its entirety by reference to Maryland law and our charter and bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Board of Directors; Election of Directors;
Quorum</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter provides
that the number of directors shall be set pursuant to our bylaws. Our bylaws provide that a majority of our entire board shall
fix the number of directors; provided that the number of directors may not be decreased to fewer than three, nor increased to more
than nine; and provided further that, if there are fewer than three stockholders, the number of directors may be fixed at fewer
than three but not fewer than the number of stockholders. Any and all vacancies on our board of directors may be filled by the
affirmative vote of a majority of the remaining directors, even if fewer than a quorum, except that a vacancy resulting from an
increase in the size of the board of directors must be filled by a majority vote of the entire board of directors, and any individual
elected to fill such vacancy will serve until the next annual meeting of stockholders and until a successor is duly elected and
qualifies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our bylaws,
each of our directors will be elected by our stockholders to serve until the next annual meeting of stockholders and until
his or her successor is duly elected and qualifies. Our bylaws provide that in uncontested elections, a director will be
elected by the affirmative vote of a majority of the total votes cast for and votes cast against each director nominee. In
contested elections, directors will be elected by a plurality of the shares represented at the meeting and entitled to vote
on the election of directors. An election will be considered to be contested if the number of nominees exceeds the number of
directors to be elected. Under our bylaws, if in an uncontested election an incumbent director does not receive the
affirmative vote of a majority of the total votes cast for and votes cast against such director, the director is required to
submit his or her resignation to the board of directors. In that event, pursuant to our bylaws, the Nominating and Governance
Committee (the &quot;Nominating Committee&quot;) of the board of directors would recommend to the board of directors whether
to accept or reject the resignation. Under our bylaws, the board of directors would then consider and act on the Nominating
Committee's recommendation, publicly disclosing its decision and the reasons supporting it within 90 days following the date
of receipt of the resignation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws provide
that the presence in person or by proxy of stockholders entitled to cast a majority of all the votes entitled to be cast at a stockholders
meeting constitutes a quorum.</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"><I>Removal of Directors</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the MGCL, a director
may be removed, with or without cause, only by the affirmative vote of a majority of the votes entitled to be cast generally in
the election of directors.</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"><I>Business Combinations</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the
business combination provisions of the MGCL. Under the MGCL, business combinations between a Maryland corporation and an interested
stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the
interested stockholder becomes an interested stockholder. These business combinations include, among other things, a merger, consolidation,
statutory share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity
securities.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any person who beneficially owns ten percent or more of the voting power of the corporation&rsquo;s
outstanding voting stock; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an affiliate or associate of the corporation who, at any time within the two-year period prior
to the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding voting stock
of the corporation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A person is not an
interested stockholder under the statute if the board of directors approved in advance the transaction by which such person otherwise
would have become an interested stockholder. However, in approving a transaction, the board of directors may make its approval
subject to compliance, at or after the time of approval, with any terms and conditions determined by the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the five-year
prohibition, the completion of any business combination between the Maryland corporation and an interested stockholder generally
requires that the transaction be recommended by the board of directors of the corporation and approved by the affirmative vote
of at least:</P>

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


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<P STYLE="margin-top: 0; margin-bottom: 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">two-thirds of the votes entitled to be cast by holders of voting stock of the corporation, other
than shares (1)&nbsp;held by the interested stockholder with whom or with whose affiliate the business combination is to be effected
or (2)&nbsp;held by an affiliate or associate of the interested stockholder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These super-majority
voting requirements do not apply if the corporation&rsquo;s common stockholders receive a minimum price, as defined in the MGCL,
for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for
its shares.</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"><I>Control Share Acquisitions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the
provisions of the MGCL's control share acquisition statute. The control share acquisition statute provides that a holder of control
shares of a Maryland corporation acquired in a control share acquisition has no voting rights with respect to such shares, except
to the extent approved by at least two-thirds of the votes entitled to be cast by stockholders entitled to vote generally in the
election of directors, but excluding the acquiring person, officers of the corporation, and employees who are also directors of
the corporation. Control shares are voting shares of stock that, if aggregated with all other shares of stock owned by the acquiring
person or in respect of which the acquiring person is able to exercise or direct the exercise of voting power (except solely by
virtue of a revocable proxy), would entitle the acquiring person to exercise voting power in electing directors within one of the
following ranges of voting power:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">one-tenth or more but less than one-third;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">one-third or more but less than a majority; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a majority or more of all voting power.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Control shares do not
include shares that the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval
or shares acquired directly from the corporation. A control share acquisition means the direct or indirect acquisition of issued
and outstanding control shares, subject to certain exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A person who has made
or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting
of stockholders to be held within 50 days of demand to consider the voting rights of the holder of the shares acquired or proposed
to be acquired. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including
an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may present the question
at any stockholders meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If voting rights
are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the
statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting
rights have previously been approved. The right of our company to redeem control shares is subject to certain conditions and
limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date
of the last control share acquisition by the acquiring person or, if a stockholders meeting is held to consider voting rights
for the control shares, as of the date of the meeting. If voting rights for the holder of the control shares are approved at
a stockholders meeting and the acquiring person becomes entitled to vote a majority of the shares entitled to vote, all other
stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights
may not be less than the highest price per share paid by the acquiring person in the control share acquisition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The control share acquisition
statute does not apply (1)&nbsp;to shares acquired in a merger, consolidation or statutory share exchange if the corporation is
a party to the transaction, or (2)&nbsp;to acquisitions approved or exempted by the charter or bylaws of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amendment of our Charter and Bylaws</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, our charter
may be amended if an amendment is declared advisable by our board of directors and approved by the affirmative vote of stockholders
entitled to cast a majority of the votes entitled to be cast on the matter. <FONT STYLE="background-color: white">Our bylaws may
be amended by our stockholders </FONT>at any annual or special meeting of stockholders by the affirmative vote of a majority of
all shares of any class of stock entitled to vote at such meeting. Our bylaws may also be amended by our board of directors by
the affirmative vote of a majority of the total number of directors then authorized, including vacancies, and subject to the power
of the stockholders to change or repeal such bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Advance Notice of Director Nominations
and New Business</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws provide
that nominations of individuals for election to our board of directors and proposals of other business to be considered at any
annual meeting of our stockholders (or in the case of election of directors, at a special meeting of stockholders held in lieu
of an annual meeting)&nbsp;may be made (1)&nbsp;pursuant to our proxy materials with respect to such meeting, (2)&nbsp;by or at
the direction of our board of directors, (3) by any stockholder or group of stockholders that has complied with the proxy access
requirements set forth in our bylaws and described under &ldquo;Proxy Access&rdquo; below, or (4)&nbsp;by any stockholder that
was a stockholder at the time of notice required by our bylaws, is entitled to vote at the meeting in the election of the individuals
so nominated or on such other proposed business, and has complied with the advance notice requirements of, and provided the information
and certifications required by, our bylaws. The foregoing clauses&nbsp;(3) and (4) are the exclusive means for a stockholder to
make nominations or propose business (other than matters included in our proxy materials pursuant to Rule&nbsp;14a-8 under the
Exchange Act) at an annual meeting of stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws
provide that a stockholder or group of up to 20 stockholders that has maintained continuous qualifying ownership of 3% of
more of our outstanding common stock for at least the previous three years is permitted to nominate and include up to a
specified number of proxy access nominees in the company&rsquo;s proxy materials for its annual meeting of stockholders,
provided that such stockholder or group of stockholders satisfies the applicable proxy access requirements of, and provides
the information and representations required by, our bylaws. Proxy access nominees are also required to submit certain
information, and are subject to certain exclusions and disqualifications, as set forth in our bylaws.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The maximum number
of proxy access nominees that we are required to include in our proxy materials is the greater of (a) two and (b) 20% of the directors
in office at the time of nomination (rounded down to the nearest whole number). Any eligible stockholder that submits more than
one proxy access nominee is required to provide a ranking of its proposed proxy access nominees. If the number of proxy access
nominees exceeds the proxy access nominee limit, the highest ranking qualified individual from the list proposed by each eligible
stockholder, beginning with the eligible stockholder with the largest qualifying ownership and proceeding through the list of eligible
stockholders in descending order of qualifying ownership, will be selected for inclusion in the company&rsquo;s proxy materials
until the proxy access nominee limit is reached.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Requests to include
proxy access nominees in the company&rsquo;s proxy materials must be receive no earlier than 120 days and no later than 90 days
before the anniversary of the date that the company first mailed its proxy materials for the preceding year&rsquo;s annual meeting
of stockholders, subject to adjustment in the event the annual meeting is held more than 30 days before or after the anniversary
of the date of the prior year&rsquo;s annual meeting.</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"><I>Special Meetings of Stockholders</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our president or board
of directors may call special meetings of our stockholders. Additionally, our bylaws provide that a special meeting of our stockholders
must also be called by our secretary upon the written request of the stockholders entitled to cast not less than 25% of all the
votes entitled to be cast on such matter at the meeting. Our secretary will inform the requesting stockholders of the reasonably
estimated cost of preparing and mailing the notice of meeting, and the requesting stockholders must pay such estimated cost before
our secretary is required to prepare and mail the notice of the special meeting. A special meeting need not be called by our secretary
to consider any matter that is substantially the same as a matter voted on at any special meeting of our stockholders held during
the preceding 12 months unless requested by stockholders entitled to cast a majority of all votes entitled to be cast at the meeting.</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"><I>Subtitle 8</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subtitle 8 of Title
3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three
independent directors, to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors,
and notwithstanding any contrary provision in such charter or bylaws, to any or all of five provisions of Subtitle 8, which provide
for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a classified board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a requirement that removal of a director be approved by the affirmative vote of two-thirds of all the votes entitled
to be cast by stockholders generally in the election of directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a requirement that the number of directors be fixed only by vote of the directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a requirement that a vacancy on the board be filled only by the remaining directors and for the
remainder of the full term of the class of directors in which the vacancy occurred; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a requirement that a written request by stockholders for the calling of a special meeting of stockholders
be submitted by stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through provisions
in our charter and bylaws unrelated to Subtitle 8, we already vest in our board of directors the exclusive power, subject to the
limitations described above, to fix the number of directors, by vote of a majority of the entire board of directors. In the future,
our board of directors may elect, without stockholder approval, to be subject to any of the other provisions of Subtitle 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Limitation
of Liability and Indemnification of Directors and Officers</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Maryland
law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to
the corporation and its stockholders for money damages except for liability resulting from (1)&nbsp;actual receipt of an improper
benefit or profit in money, property or services or (2)&nbsp;active and deliberate dishonesty which is established by a final judgment
and which is material to the cause of action. Our charter contains such a provision eliminating directors&rsquo; and officers&rsquo;
liability to the maximum extent permitted by Maryland law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
charter obligates us, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or
any individual who, while a director or officer of our company and at our request, serves or has served another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, trustee, employee or agent, from
and against any claim or liability to which that individual may become subject or which that individual may incur by reason of
his or her service in such capacity. Our charter also permits us to indemnify any employee or agent of the company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
MGCL requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or
officer who has been successful in the defense of any proceeding to which he or she is made or threatened to be made a party
by reason of his or her service in that capacity. The MGCL permits a corporation to indemnify its present and former
directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually
incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of
their service in those or other capacities unless it is established that (1)&nbsp;the act or omission of the director or
officer was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active
and deliberate dishonesty, (2)&nbsp;the director or officer actually received an improper personal benefit in money, property
or services, or (3)&nbsp;in the case of any criminal proceeding, the director or officer had reasonable cause to believe that
the act or omission was unlawful. However, under the MGCL, a Maryland corporation may not indemnify for an adverse judgment
in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was
improperly received, unless in either case a court orders indemnification, and then only for expenses.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt
of (1)&nbsp;a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard
of conduct necessary for indemnification by the corporation and (2)&nbsp;a written undertaking by him or her or on his or her behalf
to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
have entered into indemnification agreements with each of our directors who is not also an employee. These agreements require us
to indemnify these individuals to the fullest extent permitted under Maryland law against liabilities that may arise by reason
of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors
or executive officers, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy and is therefore unenforceable.</FONT></P>

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