<SEC-DOCUMENT>0000919574-19-002599.txt : 20190326
<SEC-HEADER>0000919574-19-002599.hdr.sgml : 20190326
<ACCEPTANCE-DATETIME>20190325182746
ACCESSION NUMBER:		0000919574-19-002599
CONFORMED SUBMISSION TYPE:	8-A12B/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190326
DATE AS OF CHANGE:		20190325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Ship Lease, Inc.
		CENTRAL INDEX KEY:			0001430725
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-A12B/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34153
		FILM NUMBER:		19703681

	BUSINESS ADDRESS:	
		STREET 1:		TRUST COMPANY COMPLEX
		STREET 2:		AJELTAKE ROAD, AJELTAKE ISLAND
		CITY:			MAJURO
		STATE:			1T
		ZIP:			MH96960
		BUSINESS PHONE:		44 (0) 20 7869 8006

	MAIL ADDRESS:	
		STREET 1:		C/O GLOBAL SHIP LEASE SERVICES LTD.
		STREET 2:		PORTLAND HOUSE, STAG PLACE
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1E 5RS

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSL Holdings, Inc.
		DATE OF NAME CHANGE:	20080326
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B/A
<SEQUENCE>1
<FILENAME>d8211773_8a-12ba.htm
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C. 20549</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM 8-A</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment No 1.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;"><br>
        </font>PURSUANT TO SECTION 12(b) OR (g) OF THE<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> </font><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z8f390a132f464341856f7530bd8f6358">

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          <td colspan="2" style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Global Ship Lease, Inc.</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Exact Name of Registrant as Specified in Its Charter)</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> </font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Republic of the Marshall Islands</font></div>
          </td>
          <td style="width: 50%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(State of Incorporation or Organization)</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(IRS Employer Identification No.)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">c/o Portland House</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Stag Place</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">London SW1E 5RS</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">United Kingdom</font></div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Address of Principal Executive Offices)</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
              </font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Zip Code)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities to be registered pursuant to Section 12(b) of the Act:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zb9b4115e678240dd928d689ca9fe3563">

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          <td style="width: 48.23%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Title of Each Class<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>to be so Registered</font></div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 48.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Name of Each Exchange on Which<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Each Class is to be Registered</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.23%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Class A Common Stock, $0.01 par value per share</font></div>
          </td>
          <td style="width: 3.56%; vertical-align: top;">&#160;</td>
          <td style="width: 48.22%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The New York Stock Exchange</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this form relates to the registration of a class of securities pursuant to Section 12(b) of the Exchange Act and is effective upon filing
        pursuant to General Instruction A.(c), please check the following box. <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this form relates to the registration of a class of securities pursuant to Section 12(g) of the Exchange Act and is effective upon filing
        pursuant to General Instruction A.(d), please check the following box. <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities Act registration statement file number to which this form relates: (if applicable)</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities to be registered pursuant to Section 12(g) of the Act:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z26d8477f0bfe4836846adb49ab461812">

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          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">None</font></div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Title of Class)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
    </div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Explanatory Note</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Amendment No. 1 (this "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;"><u>Amendment</u></font>") to Form 8-A amends the information set forth in Item 1 of the Registration Statement on Form 8-A, filed with the Securities and Exchange Commission (the "<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;"><u>Commission</u></font>") on August 12, 2008 (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Form 8-A</u></font>") by Global Ship Lease, Inc. (the "<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>Company</u></font>").</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No new securities are being registered pursuant to this Amendment, which is being filed solely to
        update the description of the Company's Class A common stock, par value $0.01 per share (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Common Stock</u></font>"), included in the Form 8-A to reflect a reverse
        stock split of the Company's Common Stock at a ratio of one-for-eight.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 1.</font><font style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description of Registrants Securities to be Registered.</font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A reverse stock split (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;"><u>Reverse Stock Split</u></font>") of the Company's Common Stock became effective on March 25, 2019 (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Effective Date</u></font>").&#160; Pursuant to the
        Reverse Stock Split, every eight shares of Common Stock issued on the Effective Date was combined into one share of Common Stock, without any change to the par value per share.&#160; After the Reverse Stock Split, the Company's Common Stock will have
        the same proportional voting rights and will be identical in all other respects to the Common Stock prior to the effectiveness of the Reverse Stock Split.</font>&#160; The number of authorized common shares and preferred shares will remain unchanged.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The foregoing summary of the Reverse Stock Split is not complete and is qualified in its entirety by
        reference to the full text of the Articles of Amendment to the Amended and Restated Articles of Incorporation of the Company, which was filed with the Commission on March 25, 2019 as Exhibit 3.3 to the Company's Report of Foreign Private Issuer on
        Form 6-K and is incorporated herein by reference.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 2.</font><font style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibits.</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following exhibits are filed as part of this registration statement:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zcf7f49c661334e24b939c9197c0f966e">

        <tr>
          <td style="width: 3.74%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 94.28%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: 2px solid #000000;">
            <div>
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No.</font></div>
              <div>&#160;</div>
            </div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.28%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: 2px solid #000000;">
            <div>
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit</font></div>
              <div>&#160;</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
          <td colspan="2" style="width: 96.26%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.1</font></div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.28%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amended and Restated Articles of Incorporation of Global Ship Lease, Inc. (formerly GSL Holdings, Inc.)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
          <td colspan="2" style="width: 96.26%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.2</font></div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.28%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Second Amended and Restated Bylaws of Global Ship Lease, Inc. <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                  serif;">(incorporated herein by reference to Exhibit 1 to the Company's Report of Foreign Private Issuer on Form 6-K, filed with the Commission on November 27, 2018)</font></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
          <td colspan="2" style="width: 96.26%; vertical-align: middle; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.3</font></div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 94.28%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Articles of Amendment to the Amended and Restated Articles of Incorporation of the Company, as amended (incorporated herein by reference
                to Exhibit 3.3 to the Company's Report of Foreign Private Issuer on Form 6-K, filed with the Commission on March 25, 2019)</font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.74%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1</font></div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 94.28%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form of Common Share Certificate of the Company (incorporated herein by reference to Exhibit 4.1 to the Company's Report of Foreign
                Private Issuer on Form 6-K, filed with the Commission on March 25, 2019)</font></div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 24pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has
        duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z2f5cc358fa88436380b6759336cc2f63">

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          <td style="width: 48.19%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:&#160;March 25, 2019</font></div>
          </td>
          <td colspan="2" style="width: 46.03%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">GLOBAL SHIP LEASE, INC.</font></div>
          </td>
          <td style="width: 5.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.19%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 46.03%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.19%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 46.03%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.19%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.15%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 36.88%; vertical-align: bottom; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Ian J. Webber</font></div>
            </div>
          </td>
          <td style="width: 5.78%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.19%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.15%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:</font></div>
          </td>
          <td style="width: 36.88%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ian J. Webber</font></div>
          </td>
          <td style="width: 5.78%; vertical-align: top;">&#160;</td>
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    <div style="text-align: right; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">Exhibit 3.1</div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMENDED AND RESTATED<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>ARTICLES OF INCORPORATION</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OF</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSL HOLDINGS, INC.</font></div>
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    <div style="text-align: center; margin-right: 7.2pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">REPUBLIC OF THE MARSHALL ISLANDS</font></div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">REGISTRAR OF CORPORATIONS</font></div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">DUPLICATE COPY</font></div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The original of this Document was filed in<font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
        </font>accordance with Section 5 of the<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
        </font>Business Corporations Act on</font></div>
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            <div style="text-align: justify; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NON RESIDENT</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">August 14, 2008</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Alissa J. Bello</font></div>
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            <div style="text-align: justify; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28891</font></div>
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    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF, I have executed these Amended and Restated Articles of Incorporation on this <font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;"><u>14</u></font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>th</u></sup> day of August, 2008.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSL HOLDINGS, INC.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Michael Gross</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:</font>&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Michael Gross</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Director</font></div>
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    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[Amended and Restated Articles of Incorporation]</font></div>
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    <div style="margin: 0px 0px 6pt; text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMENDED AND RESTATED ARTICLES OF INCORPORATION</font></div>
    <div style="margin: 0px 0px 6pt; text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OF</font></div>
    <div style="margin: 0px 0px 6pt; text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GSL HOLDINGS INC.</font></div>
    <div style="margin: 0px 0px 18pt; text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNDER SECTION 93 OF THE BUSINESS CORPORATIONS ACT</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I, Michael Gross, a director of GSL Holdings Inc., for the purpose of amending and restating the
        Articles of Incorporation of said corporation hereby certify:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font>&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The name tithe
        corporation is GSL Holdings Inc.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font>&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Articles
        of Incorporation were filed with the Registrar of Corporations as of the 14th day of March, 2008.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font>&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Amended
        and Restated Articles of Incorporation, as amended heretofore, are hereby amended and restated in their entirety as follows:</font></div>
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    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE I<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>NAME, PURPOSE, POWERS, DURATION AND INCORPORATOR</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.1 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Name. </font>The name of the corporation shall be Global Ship Lease, Inc. (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Corporation</u></font>&#8221;).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>1.2




        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Purpose. </font>The purpose of the Corporation is to engage in<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">&#160;</font>any lawful act or activity<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>for which corporations may now or hereafter be organized under the Marshall Islands Business
        Corporations Act (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>BCA</u></font>&#8221;).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Powers. </font>The Corporation shall have every power which a corporation now or hereafter<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>organized under the BCA, may have,
        including the power to engage in any lawful act or activity relating to the business of maritime transportation, including owning subsidiaries which charter or re-charter containerships to others and any other lawful act or activity customarily
        conducted in conjunction therewith.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.4<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
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    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE II<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>REGISTERED ADDRESS AND REGISTERED AGENT</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registered address of the Corporation in the Republic of the Marshall Islands is Trust Company
        Complex, Ajeltake Road, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands MH96960. The name of the Corporation&#8217;s registered agent at such address is The Trust Company of the Marshall Islands, Inc. The Board of Directors of the Corporation
        (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Board of Directors</u></font>&#8221;) may establish branches, offices or agencies in any place in the world and may appoint legal representatives anywhere in the world.</font></div>
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    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE III<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>AUTHORIZED SHARES</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 3.1 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Authorized Shares. </font>The aggregate number of shares of registered stock that the Corporation shall have authority to issue is two hundred fifty million (250,000,000), consisting of common shares and preferred shares.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Number




          of Common Shares. </font>The Corporation is authorized to issue two hundred forty nine million (249,000,000) registered common shares, each with a par value of one United States cent</font></div>
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    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(US$0.01), consisting of two hundred fourteen million (214,000,000) Class A common shares, each with a par value of one
        United States cent (US$0.01) (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Class A Common Shares</u></font>&#8221;), twenty million (20,000,000) Class B common shares, each with a par value of one United States
        cent (US$0.01) (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Class B Common Shares</u></font>&#8221;), and fifteen million (15,000,000) Class C common shares, each with a par value of one United States cent
        (US$0.01) (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Class C Common Shares</u></font>,&#8221; together with the Class A Common Shares and the Class B Common Shares, the &#8220;<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>Common Shares</u></font>&#8221;).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Number




          of Preferred Shares. </font>The Corporation is authorized to issue one million (1,000,000) registered preferred shares, each with a par value of one United States cent (US$0.01) (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>Preferred Shares</u></font>&#8221;).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In these Amended and Restated Articles of Incorporation, unless specifically stated otherwise herein,
        the term &#8220;shares&#8221; means the Common Shares and the Preferred Shares, and the term &#8220;shareholders&#8221; means the holders of the Common Shares and the Preferred Shares.</font></div>
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    <div style="text-align: center; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE IV<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>CLASSES AND CHARACTERISTICS OF THE SHARES</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.1 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Preferred Shares</font>.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) The Preferred Shares may be issued from time to time in one or more series. The Board of Directors
        is hereby vested with authority, with respect to any series of Preferred Shares, to fix by resolution or resolutions the designations and the powers, preferences and relative, participating, optional or other rights and qualifications, limitations
        or to thereon, including, without limitation, (1) the designation of the series; (2) the number of shares in the series, which the Board of Directors may, except where otherwise provided in the Preferred Shares designation, increase or decrease,
        but not below<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>the number of shares then outstanding (3) whether dividends, if any, will be cumulative or noncumulative and the dividend rate of
        the series; (4) the dates at which dividends, if any, will be payable; (5) the redemption rights and price or prices, if any, for shares of the series; (6)the terms and amounts of any sinking fund provided for the purchase or redemption of shares
        of the series; (7) the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation; (8) whether the shares of the series will be convertible into
        shares of any other class or series, or any other security, of the Corporation or any other corporation, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate
        adjustments, the date or dates as of which the shares will be convertible and all other terms and conditions upon which the conversion may be made; (9) conditions or restrictions on the issuance of shares of the same series or of any other class or
        series of the Preferred Shares; and (10) the voting rights, if any, of the holders of the series. In case the number of shares of any series shall be decreased, the shares constituting such decrease shall resume the status of undesignated Preferred
        Shares.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) Except as otherwise required<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">&#160;</font>by law, holders of any series<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>of Preferred Shares shall be entitled only to such voting rights, if any, as
        shall expressly be granted thereto by these Amended and Restated Articles of Incorporation or by resolution of the Board of Directors adopted pursuant to authority hereinbefore granted relating to the issuance of such series and filed in accordance
        with Section 5 of the BCA (together a statement prepared pursuant to Section 35(5) of the BCA setting forth a copy of the said resolution).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.2 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Common Shares. </font>There are three (3) classes of Common Shares: the Class A Common Shares, the Class B Common Shares and the Class C Common Shares.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">
          Voting of Common Shares. </font>Except as otherwise provided by law or otherwise provided herein, each of the Class A Common Shares, Class B Common Shares and Class C Common Shares shall have one vote and shall vote as a single class;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> provided, </font>that any proposed amendment of these Amended and Restated Articles of Incorporation, including any amendment of these Amended and Restated Articles of Incorporation</font></div>
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    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(or any successor articles of incorporation) made pursuant to the terms of any merger, consolidation or
        similar transaction (excluding any statement setting forth a copy of a resolution of the Board of Directors relating to the issuance of any<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>series




        of Preferred Shares executed, acknowledged, and filed in accordance with Section 5 of the BCA), that would increase or decrease the aggregate number of authorized Class A Common Shares, increase or decrease the par value of the Class A Common
        Shares, or alter or change the powers, preferences or rights of the Class A Common Shares so as to affect them adversely, shall require the approval of not less than a majority of the votes entitled to be cast by the holders of the Class A Common
        Shares then outstanding, voting separately as a class;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> provided, </font>that<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>any proposed amendment of these Amended and Restated Articles of Incorporation, including any
        amendment of these Amended and Restated Articles of Incorporation (or any successor articles of incorporation) made pursuant to the terms of any merger, consolidation or similar transaction (excluding any statement setting forth a copy of a
        resolution of the Board of Directors relating the issuance of any series of Preferred Shares<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>executed, acknowledged, and filed in accordance
        with Section 5 of the BCA), that would increase or decrease the aggregate number of authorized Class B Common Shares, increase or decrease the par value of the Class B Common Shares, or alter or change the powers, preferences or rights of the Class
        B Common Shares so as to affect them adversely, shall require the approval of not less than a majority of the votes entitled to be cast by the holders of the Class B Common Shares then outstanding, voting separately as a class; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> provided</font>, that any proposed amendment of these Amended and Restated Articles of Incorporation, including any amendment of these Amended and Restated Articles of Incorporation (or any successor articles of
        incorporation) made pursuant to the terms of any merger, consolidation or similar transaction (excluding any statement setting forth a copy of a resolution of the Board of Directors relating to the issuance of any series of Preferred Shares
        executed, acknowledged, and filed in accordance with Section 5 of the BCA), that would increase or decrease the aggregate number of authorized Class C Common Shares, increase or decrease the par value of the Class C Common Shares, or alter or
        change the powers, preferences or rights of the Class C Common Shares so as to affect them adversely, shall require the approval of not less than a majority of the votes entitled to be cast by the holders of the Class C Common Shares then
        outstanding, voting separately as a class.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any action to be taken upon a vote of the holders of the Common Shares or any class thereof must be taken at an annual or
        special meeting of shareholders, provided, however, any vote may be taken without a meeting if a consent in writing, setting forth the action to be taken, is signed by all the shareholders entitled to vote with respect to the subject matter
        thereof.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Payment of Dividends to Holders of Common Shares or Any Class Thereof.</font></font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">
          Definitions. </font>For the purpose of this Section 4.3, the following definitions stall be used.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Adjusted Operating Surplus. </font> &#8220;Adjusted Operating Surplus&#8221; means, with respect to any period, Operating Surplus generated with respect to such period (1) less any net<font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">&#160;</font>reduction in cash reserves for Operating Expenditures of Maintenance Capital Expenditures with respect to such period to the extent such redaction does not relate to an Operating Expenditure
        or Maintenance Capital Expenditure made with respect to such period, (2) plus any net increase in cash reserves for Operating Expenditures or Maintenance Capital Expenditures with respect to such period. Adjusted Operating Surplus does not include
        the portion of Operating Surplus included in clause (A) of the definition of Operating Surplus herein.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Base Dividend. </font>&#8220;Base Dividend&#8221; means US$0.23 per Class A Common Share or Class B Common Share per calendar quarter, subject to my adjustments as set forth in subsection (f) below. Class C Common Shares shall not be
        entitled to receive dividends.</font></div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Capital Expenditures. </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;Capital Expenditures&#8221; includes every
          expenditure that is capital in nature, including<font style="font-style: normal;"> </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: normal;">expansion</font><font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;"> capital expenditures, replacement capital expenditures and Maintenance Capital Expenditures.</font></font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Change of Control. </font>&#8220;Cheap of Control&#8221; means the occurrence of any of the following:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) the sale, lease, transfer, conveyance or other disposition
        (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Corporation&#8217;s assets, properties or business;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B) the adoption by the Board of Directors of a plan of
        liquidation or dissolution of the Corporation;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C) the consummation of any transaction, or a series of related
        transactions (including, without limitation, any merger or consolidation) the result of which is that any &#8220;person&#8221; (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934), becomes the beneficial owner, directly or
        indirectly, of more than a majority of the Corporation&#8217;s Voting Shares (as defined in ARTICLE VI(a)(viii)), measured by voting power rather than number of shares;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(D) if, at any time, the Corporation becomes insolvent, admits
        in writing its inability to pay its debts as they become due, commits an act of bankruptcy, is adjusted or declared bankrupt or makes an assignment for the benefit of creditors, a proposal or similar action under the bankruptcy, insolvency or other
        similar laws of the Marshall Islands or any applicable jurisdiction or commences or consents to proceedings relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(E) a change in directors after which a majority of the members
        of the Board of Directors are not Continuing Directors;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(F) the consolidation of the Corporation with, or merger or
        consolidation of the Corporation with or into, any &#8220;person,&#8221; or the consolidation of any &#8220;person&#8221; with, or the merger or consolidation of any &#8220;person&#8221; with or into, the Corporation, in any such event pursuant to a transaction in which any of the
        outstanding Common Shares are converted into or exchanged for cash, securities or other property or receive a payment of cash<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, </font>securities or
        other property, other than any such transaction where the Corporation&#8217;s voting stock outstanding immediately prior to such transaction is converted into or exchanged for voting stock of the surviving or transferee &#8220;person&#8221; constituting a majority
        of the outstanding shares of such voting stock of such surviving or transferee &#8220;person&#8221; immediately after giving effect to such issuance.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(v) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Closing Price. </font>&#8220;Closing Price&#8221; for any day means the last sale price on such day, regular way, or in case no such sale takes place on such day, the average of the closing bid and asked prices on such day, regular way,
        as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal National Securities Exchange am which the Class A Common Shares are listed or, if the Class A Common Shares are not listed on
        any National Securities Exchange, the last quoted price on such day or, if not so quoted, the average of the high bid and low asked prices on such day in the over-the-counter market then in use, or, if on any such day the Class A Common Shares me
        not quoted by any such organization, the average of the closing bid and asked prices on such day as furnished by a professional market maker making a market in the Class A Common Shares selected by the Board of Directors, or if on any such day no
        market maker is making a market in the Class A Common Shares, the fair value of the Class A Common Shares on such day as determined by the Board of Directors.</font></div>
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    </div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vi)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Class A Common Share Arrearages. </font>&#8220;Class A Common Share Arrearages&#8221; means the amount by which the Base Dividend in any<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>quarter




        during the Subordination Period exceeds the dividend from Operating Surplus actually paid per share of Class A Common Shares issued and outstanding in such quarter, on or after the Post-Merger Trading Date, cumulative for that (quarter and all
        prior quarters during the Subordination period, and reduced by any dividends from Operating Surplus on the Class A Common Shares paid to reduce the Class A Common Share Arrearages pursuant to Section 4.3(d)(ii); <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">provided </font>that the unpaid Class A Common Share Arrearages will not accrue interest and <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">provided further </font>that no Class A Common Share Arrearages will accrue after the distribution of any proceeds from any voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation.
        The Class B Common Shares will not accrue any arrearages during the Subordination Period.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vii)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Continuing Directors</font>. &#8220;Continuing Directors&#8221; means, as of any date of determination, any member of the Board of Directors who (1) was a member of the Board of Directors immediately after the completion of the Manager;
        or (2) was nominated for election or elected to the Board of Directors with the approval of a majority of the directors then in office who were either directors immediately after the completion of the Manager or whose nomination or election was
        previously so approved.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(viii) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Contracted Fleet </font>&#8220;Contracted Fleet&#8221; means the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">CMA</font>, <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">CGM Jamaica, </font>the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">CMA CGM Smabhar, </font>the <font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">CMA CGM America, </font>the 10,960 TEU (Newbuilding), and the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">CMA CGM Berlioz.</font></font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ix) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Current Market Price. </font>&#8220;Current Market Price&#8221; means the average of the daily Closing Prices per Class A Common Share<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>for




        the five (5) consecutive Trading Days immediately prior to such date.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(x)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Interim Capital Transactions. </font>&#8220;Interim Capital Transactions&#8221; means the fallowing transactions if they occur prior to the liquidation of the Corporation (1)&#160;borrowings; (2)&#160;sales of equity and debt securities of the
        Corporation; (3)&#160;capital contributions; (4)&#160;corporate reorganizations or restructurings; (5)&#160;the termination of interest rate swap agreements; (6)&#160;sales or other dispositions &amp;vessels; and (7)&#160;sales or other dispositions of other assets other
        than in the normal course of business.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xi)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Liquidating Dividends. </font>&#8220;Liquidating Dividends&#8221; are dividends or any other distributions to the Class A Common Shares and the Clam B Common Shares that are paid from any amount in excess of Operating Surplus.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xii)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Maintenance Capital Expenditures</font>.&#8221; Maintenance<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>Capital Expenditures&#8221; means any cash capital expenditures incurred
        after the completion of the Merger to maintain vessels and other assets, replacement of equipment on the vessels, repairs and similar expenditures, but excluding capital expenditures related to drydocking and capital expenditures for or related to
        the acquisition of additional vessels, and including capital expenditures for replacement of a vessel as a result of damage or loss prior to normal retirement, net of any insurance proceeds, warranty payments or similar property not treated as cash
        receipts for purposes of calculating Operating Surplus.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xiii) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Merger. </font>&#8220;Merger&#8221; means the date of the merger of the former corporation named Global Ship Lease, Inc. with and into the Corporation.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xiv)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> National Securities Exchange. </font>&#8220;National Securities Exchange&#8221; means an exchange registered with the United States Securities and Exchange Commission under Section 6(a) of the United States Securities Exchange Act of
        1934, as amended, supplemented or restated from time to time, and any successor to such statute.</font></div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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    </div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xv)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Operating Expenditures. </font>&#8220;Operating Expenditures&#8221; are all cash expenditures, after the completion of the Merger, including but not limited to, operating expenses, interest payments and taxes, but excluding:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) the repayment of borrowings;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B) the repurchase of debt and equity securities;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C) interest rate swap termination costs;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(D) expenses and taxes related to Interim Capital Transactions;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(E) Capital Expenditures;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(F) expenses, costs and liabilities related to the Merger; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(G) payment of dividends.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xvi) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Operating Surplus. </font>For any period &#8220;Operating Surplus&#8221; is:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) $20 million (which may be increased to $30 million as
        described below); Plus</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B) all of the Corporation&#8217;s cash receipts since closing of the
        Merger, excluding cash receipts from Interim Capital Transactions; plus</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C) interest (after giving effect to interest rate wrap
        agreements) paid on debt incurred and cash dividends paid on equity securities issued by the Corporation, in each case<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, </font>to finance all or any
        portion of the construction, replacement or improvement of a capital asset such as vessels (other than the Corporation&#8217;s Contracted Fleet) during the period from such financing until the earlier to occur of the date the capital asset is put into
        service or the date that it is abandoned or disposed of; plus</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(D)<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;">&#160;</font>interest (after giving effect to interest rate swap agreements) paid on debt incurred and cash dividends paid on equity securities issued by the Corporation, in each case, to pay the construction period interest on debt
        incurred, or to pay construction period dividends on equity issued, to finance the construction projects described in (C) above; less</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(E) Operating Expenditures; less</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(F) Maintenance Capital Expenditures; less</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(G) a reserve for the estimated cost of future drydockings; less</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(H) the amount of cash reserves established by the Board of
        Directors for future (1)&#160;Operating Expenditures and (2)&#160;Maintenance Capital Expenditures.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The $20 million amount in (A) above may<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;">&#160;</font>be increased by the Board of Directors to $30 million only if the Board of Directors determines that such increase is necessary<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">&#160;</font>to allow it to pay all or part of the Base Dividend on the Class A Common Shares. This $20 million amount cannot be increased in any period in which a dividend on the Class B Common Shares is paid or is otherwise
        payable from Operating Surplus.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For purposes of calculating Operating Surplus, any dividends that are paid on the Preferred Shares will
        be treated as if they were interest payments and not dividends.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding the foregoing, the construction or application of this definition of Operating Surplus
        as outlined above may be adjusted in the case of any<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>particular transaction or matter or type<font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">&#160;</font>of transaction or matter if the Board of Directors, with the concurrence of the Corporation&#8217;s audit committee, is of the opinion that such an adjustment is necessary or appropriate to further
        the overall purpose and intent of the definition of Operating Surplus, so long as such adjustment will<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>not adversely affect the holders of Class
        B Common Shams.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xvii)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;"> Subordination Period. </font>&#8220;Subordination Period&#8221; means the period from the completion of the first sale by the Corporation of the Class A Common Shares after the consummation of the Merger (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Post-Merger Trading Date</u></font>&#8221;) and ending on the first to occur of the following</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) the fast day of any quart ending after June 30, 2011 in
        respect of which (x)&#160;the quarterly dividends paid by the Corporation from Operating Surplus on all of the Class A Common Shares and the Class B Common Shares at least equaled the<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">&#160;</font>Base Dividend for the immediately preceding four-quarter period (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Four-Quarter Period</u></font>&#8221;) and (y)&#160;the Adjusted
        Operating Surplus generated in the aggregate by the Corporation. during the Four-Quarter Period at least equaled the product of the aggregate Base Dividend during the Four-Quarter Period multiplied by 1.25 and further multiplied by the weighted
        average number of outstanding Class A Common Shares and Class B Common Shares during the Four-Quarter Period; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;">&#160;</font>the occurrence of a Change of Control, in which case the Subordination Period will be deemed to end immediately preceding such occurrence.</font></div>
    <div style="text-align: left; text-indent: 28.8pt; margin-right: 3.6pt; margin-left: 32.4pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xviii)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;"> Trading Day. </font>&#8220;Trading Day&#8221; means a day on which the principal National Securities Exchange on which the Class A Common Shares are listed is open for the transaction of business or, if the Class
        A Common Shares are not listed on any National Securities Exchange, a day on which banking institutions in New York City in the United States generally are open.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Payment of Dividends on Common Shares. </font>During the Subordination Period only, all dividends paid to shareholders will be treated as either a dividend from Operating Surplus or a Liquidating Dividend. The Board of
        Directors will treat all dividends as dividends from Operating Surplus until the sum of all dividends paid since the consummation of the Merger equals the amount of Operating Surplus as of the most recent date of determination. The Board of
        Directors will treat dividends paid from any amount in excess of Operating Surplus as Liquidating Dividends. Notwithstanding the foregoing or anything to the contrary herein, the starting dividend that will be paid shortly after consummation of the
        Merger will not be treated as being paid from Operating Surplus and will not be treated as a Liquidating Dividend.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Authority to Pay Dividends. </font>The Board of Directors, in its sole discretion, may determine whether to declare and pay dividends to the shareholders at any time. Subject to the rights of any outstanding Preferred Share;
        any dividends that are declared and paid by the Board of Directors with respect to the Common Shares must be declared and paid in accordance with the provisions of this Section 4.3. Dividends shall be paid in cash unless the Board of Directors has
        authorized a distribution hi kind. The Bond of Directors shall determine the fair market value of any dividend to be paid in kind. Any dividends to be paid in kind (other than in the nature of a stock split) shall then be declared and paid in
        accordance with the provisions of this Section 4.3 as if the fair market value were cash.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Dividends from Operating Surplus During Subordination Period. </font>Subject to the rights<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>of any outstanding Preferred
        Shares, dividends from Operating Surplus, if any, for any quarter during the Subordination Period will be declared and paid in the following manner:</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;"> First</font>, 100% of dividends to all of the Class A Common Shares, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">pro rata</font>, until each outstanding
        Class A Common Share has been paid an amount equal to the Base Dividend for that quarter;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;"> Second</font>; 100% of dividends in excess of those paid pursuant to clause (i) above to all of the Class A Common Shares, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">pro rata</font>, until<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>each outstanding Class A Common Share has been paid an amount equal to any Class A Common Share
        Arrearages accrued and unpaid for any prior quarters during the Subordination Period;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;"> Third</font>, 100% of dividends in excess of those paid pursuant to clauses (i) and (ii) above to all of the Class B Common Shares,<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;"> pro rata</font>, until each outstanding Class B Common Share has been paid an amount equal to the Base Dividend for that quartet;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fourth</font>, 100% of dividends to all outstanding Class A Common Shares and Class B Common
        Shares, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">pro rata</font>, as if they were a single class; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 25.2pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(v) <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Notwithstanding the above</font>, the Class B Common Shares shall not be entitled to receive any dividends with respect to the second and third quarters of 2008.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Liquidating Dividends</font>. Subject to the rights of any outstanding Preferred Shares, Liquidating Dividends shall be paid, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">pro




          rata</font>, to the Class A Common Shares and the Class B Common Shares. No Liquidating Dividends shall be paid to the Class C Common Shares.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Adjustment of Base Dividend</font>. The Base Dividend is subject to downward adjustment in the case of payment of Liquidating Dividends. The Base Dividend will be reduced in the same proportion that the Liquidating Dividend
        had to the fair market value of the Class A Common Shares prior to the payment of the dividend. If the Class A Common Shares are publicly traded on a National Securities Exchange or market, the fair market value will be the Current Market Price
        before the ex-dividend date. If the shares are not publicly traded, the fair market value will be determined by the Board of Directors. In addition, the Corporation may make a <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">pro rata</font> distribution of shares or may effect a subdivision or combination of shares and any<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>amounts
        calculated on a per share basis (including, without limitation, the Base Dividend and any Class A Common Share Arrearages) or stated as a number of shares shall be adjusted proportionately and appropriately as determined by the Board of Directors.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.4 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Rights of Class B Common Stares After the Subordination Period and Conversion of Class B Common Shares to Clam A Common Shares</font>. After the end of the Subordination Period the rights and privileges of the Class B
        Common Shares shall be the same as those of the Class A Common Shares. The outstanding Class B Common Shares shall convert to Class A Common Shares on a one-for-one basis on the first day of the calendar quarter at least thirty (30) days after the
        end of the Subordination Period.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.5 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Rights of Class C Common Shares and Conversion of Class C Common Shares to Class A Common Shares</font>. The outstanding Class C Common Shares shall convert to Class A Common Shares on a one-for-one basis on January 1,
        2009 or upon a Change of Control, whichever is earlier.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.6 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Preemptive Rights. </font>No holder of Common Shares of the Corporation of any class shall have, solely by reason thereof, any preferential or preemptive rights to subscribe for, purchase or receive any unissued
        shares of the Corporation of any class, now or hereafter authorized or any options or warrants for such shares, or any<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>rights to subscribe to or
        purchase such shares, or any securities convertible into or exchangeable for such shares, which may at any time be issued, sold or offered for sale by the Corporation.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-right: 3.6pt; margin-left: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE V<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>BOARD OF DIRECTORS</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Powers</font>. The management of all the affairs, property and business of the Corporation shall be vested in the Board of Directors, who shall have and may exercise all powers except such as are exclusively conferred upon
        the shareholders by law or by these Amended and Restated Articles of Incorporation.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Number and Class. </font>The number of persons constituting the Board of Directors shall not be less than one (1) or more than twelve (12), as fixed from
        time to time by the vote of the holders of a majority of the outstanding Common Shares (subject to any rights of the holders of Preferred Shares) or by majority vote of the entire Board of Directors. The Board of Directors shall be divided into
        three (3) classes (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Term I</u></font>,&#8221; &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Term II</u></font>,&#8221; &#8220;<font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;"><u>Term III</u></font>,&#8221; respectively), as nearly equal in number as the then total number of directors constituting the entire Board of Directors permits, with the term of office of one or
        another of the three (3) terms expiring each year. The initial term of office of the Term I directors shall expire at the 2009 annual meeting of shareholders, the initial term of office of the Term II directors shall expire at the 2010 annual
        meeting of shareholders, and the initial term of office of the Term III directors shall expire at the 2011 animal meeting of shareholders. Commencing with the 2009 annual meeting of shareholders, the directors elected at an annual meeting of
        shareholders to succeed those whose terms then expire shall be identified as being directors of the same term as the directors whom they succeed, and each of them shall hold office until the third succeeding annual meeting of shareholders and until
        such director&#8217;s successor is elected and has qualified, unless such director is removed, resigns or dies prior to the annual meeting of shareholders in which such director&#8217;s term of office expires.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Election</font>. Except as provided in paragraph (e) of this Article, each director shall be elected by the vote of the majority of the votes cast with
        respect to the director at any meeting for the election of directors at which a quorum is present, provided that if as of a date that is fourteen (14) days in advance of the date the corporation files its definitive proxy statement (regardless of
        whether or not thereafter revised or supplemented) with the Securities and Exchange Commission the number of nominees exceeds the number of directors to be elected, the directors shall be elected by the vote of a plurality of the shares represented
        in person or by proxy at any such meeting and entitled to vote on the election of directors. For purposes of this Section, a majority of the votes cast means that the number of shares voted &#8220;for&#8221; a director must exceed the number of votes cast
        against that director. Cumulative voting, as defined in Section 71(2) of the BCA, shall not be used to elect directors. Elections of directors need not be by written ballot unless the bylaws of the Corporation shall so provide. Quorum for voting
        for a director shall be a majority of the aggregate Common Shares.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Removal</font>. Notwithstanding any other provisions of these Amended and Restated Articles of Incorporation or the bylaws of the Corporation, any or all
        of the directors of the Corporation may be removed at any time, but only for cause and only by the affirmative vote of the holders of a majority of the outstanding Class A Common Shares, Class B Common Shares and Class C Common Shares entitled to
        vote generally in the election of directors (voting together for this purpose as one class) cast at a meeting of the shareholders called for that purpose (subject to any rights tithe holders of Preferred Shares).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vacancies</font>. Except as otherwise provided in these Amended and Restated Articles of Incorporation, any vacancies in the Board of Directors for any
        reason, and any newly created directorships resulting from any increase in the number of directors, may be filled by the vote of not less than a majority of the remaining members; of the Board of Directors then in office, although less than a
        quorum, and any directors so chosen shall hold office until the next election of the term for which such directors shall have been chosen and until their successors shall be elected and qualified. No decrease in the number of directors shall
        shorten the term of any incumbent director.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Outstanding Preferred</font>. Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more class or series of Preferred Shares shall have the right, voting as a class, to
        elect one or more directors of the Corporation, the provisions of paragraphs (b), (c), (d) and (e) shall not apply with respect to the director or directors elected by such holders of Preferred Shares.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Power of the Board of Directors Regarding Bylaws</font>. The Board of Directors has the authority to adopt, amend and repeal the bylaws of the Corporation without a vote of the shareholders. The shareholders shall also have
        the authority to amend the bylaws of the Corporation by a vote of the holders of not less than a majority of the outstanding Class A Common Shares, Class B Common Shares and Class C Common Shares, voting as a single class.</font></div>
    <div style="margin: 0px 3.6pt 0px 0px; text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE VI<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>BUSINESS COMBINATIONS WITH INTERESTED SIIABRMOLDERS</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Definitions</font>. For the purpose of this ARTICLE VI only, the following terms shall have the meanings as described herein:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 10.8pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Affiliate</font>. &#8220;Affiliate&#8221; means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another person.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Associate</font>. &#8220;Associate,&#8221; when used to indicate a relationship with any person, means: (1)&#160;any corporation, partnership, unincorporated association or other entity of which such person is a director, officer or partner
        or is, directly or indirectly, the owner of 20% or more of any class of Voting Shares (as defined below); (2)&#160;any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a
        similar fiduciary capacity; and (3)&#160;any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Business Combination</font>. &#8220;Business Combination,&#8221; when used in reference to the Corporation and any Interested Shareholder (as defined below) of the Corporation, means:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) any merger or consolidation of the Corporation or any direct or indirect
        majority-owned subsidiary of the Corporation with (1)&#160;the Interested Shareholder or any of its Affiliates; or (2)&#160;with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the
        Interested Shareholder;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;">&#160;</font>any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or series of transactions), except proportionately as a shareholder of the Corporation, to or with the Interested Shareholder,
        whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market
        value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares of the Corporation;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>any




        transaction that results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any shares of the Corporation, or any share of such subsidiary, to the Interested Shareholder,
        except (1)&#160;pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares of the Corporation, or shares of any such subsidiary, which securities were outstanding prior to the time that
        the Interested Shareholder became such; (2)&#160;pursuant to a merger with a direct or indirect wholly-owned subsidiary of the Corporation solely for purposes of forming a holding company; (3)&#160;pursuant to a dividend or distribution paid or made, or the
        exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares of the Corporation, or shares of any such subsidiary, which security is distributed, <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">pro rata</font> to all holders of a class series of shares subsequent to the time the Interested Shareholder became such; (4)&#160;pursuant to an exchange offer by the Corporation to purchase shares made on
        the same terms to all holders of said shares; or (5) any issuance or transfer of shares by the Corporation; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that in no case under items (3)-(5) of this</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: left; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">subparagraph (C), shall there be an increase in the Interested Shareholder&#8217;s proportionate share of any
        class or series of shares of the Corporation;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(D) any transaction involving the Corporation or any direct or indirect
        majority-owned subsidiary of the Corporation that has the effect, directly or indirectly, of increasing the proportionate share of any class or series of shares, or securities convertible into any class or series of shares, or shares of any such
        subsidiary, or securities convertible into such shares of the Corporation, which is owned by the Interested Shareholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption dray
        shares not caused, directly or indirectly, by the Interested Shareholder; or</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(E)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>any




        receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder of the Corporation), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted
        in subparagraphs (A)-(D) of this subsection(a)) provided by or through the Corporation or any direct or indirect majority-owned subsidiary.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"> Control</font>. &#8220;Control,&#8221; including the terms &#8220;controlled by&#8221; and &#8220;under common control with,&#8221; means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
        person, whether through the ownership of Voting Shares, by contract or otherwise. A person who is the owner of 20% or more of the outstanding Voting Shares of any corporation, partnership, unincorporated association or other entity shall be
        presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds Voting Shares, in good faith and
        not for the purpose of circumventing this provision, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 7.2pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(v)<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interested Shareholder</font>. &#8220;Interested Shareholder&#8221; means any person (other than the Corporation and
        any direct or indirect majority-owned subsidiary of the Corporation), that (1)&#160;is the owner of 15% or more of the outstanding Voting Shares of the Corporation; or (2)&#160;is an affiliate or associate of the Corporation and was the owner of 15% or more
        of the outstanding Voting Shares of the Corporation at any time within the three (3)-year period immediately prior to the date on which it is sought to be determined whether such person is an Interested Shareholder; or (3)&#160;the affiliates and
        associates of any person listed in clauses (1) and (2) above; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>however</u></font>,
        that the term &#8220;Interested Shareholder&#8221; shall not include any Person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Corporation; <font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif;"><u>provided</u></font>, that such Penton shall be an Interested Shareholder if thereafter such Person acquires additional Voting Shares of the Corporation, except as a result of further action by the Corporation
        not caused, directly or indirectly, by such person. For the purpose of determining whether a Person is an Interested Shareholder, the Voting Shares of the Corporation deemed to be outstanding shall include Voting Shares deemed to be owned by the
        Person through application of subsection (a)(viii) below, but shall not include any other unissued shares which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or
        otherwise.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vi)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Owner. &#8220;</font>Owner,&#8221; including the terms &#8220;own&#8221; and &#8220;owned,&#8221; when used with respect to any
        shares, means a parson that individually or with or through any of its affiliates or associates:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) beneficially owns such shares, directly or indirectly;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>has




        (1)&#160;the right to acquire such shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or
        options, or otherwise <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that a person shall not
        be deemed the owner of</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: left; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shares tendered pursuant to a tender or exchange offer made by such person or any of such person&#8217;s
        affiliates or associates until such tendered shares is accepted for purchase or exchange; or (2)&#160;the right to vote such shares pursuant to any agreement, arrangement or understanding <font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>provided</u></font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that a person shall not be deemed the owner of any shares because of such person&#8217;s right to vote such
        shares if the agreement, arrangement or understanding to vote such shares arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to ten (10) or more persons; or</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C) has any agreement, arrangement or understanding for the purpose of acquiring,
        holding, voting (except voting pursuant to a revocable proxy or consent as described in item (2) of subparagraph (B) of this paragraph (vi)), or disposing of such shares with any other person that beneficially owns, or whose affiliates or
        associates beneficially own, directly or indirectly, such shares.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 10.8pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vii) <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Person. </font>Person means any individual, corporation, partnership, unincorporated association or other entity.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 10.8pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(viii)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;"> Voting Shares</font>. &#8220;Voting Shares&#8221; means, with respect to any corporation, shares of any class or series entitled to vote generally in the election of directors and, with respect to any entity that
        is not a corporation, any equity interest entitled to vote generally it the election of the governing body of such entity.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) The Corporation shall not engage in any Business Combination with any
        Interested Shareholder for a period of three (3) years following the date of the transaction in which the person became an Interested Shareholder, unless:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 10.8pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) prior to such date, the Board of Directors approved either
        the Business Combination or the transaction which resulted in the shareholder becoming an Interested Shareholder;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii) upon consummation of the transaction that resulted in the
        shareholder becoming an Interested Shareholder, the Interested Shareholder owned at least 85% of the Voting Shares of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares
        outstanding those shares owned (1)&#160;by persons who are directors and offices; and (2)&#160;employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a
        tender or exchange offer; or</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii) at or subsequent to such time, the Business Combination is
        approved by the Board of Directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding Voting Shares that are not owned by the Interested
        Shareholder.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent:
        0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The restrictions contained in this Article VI shall not apply if:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) a shareholder becomes an Interested Shareholder
        inadvertently and (1)&#160;as soon as practicable divests itself of ownership of sufficient shares so that the shareholder ceases to be an Interested Shareholder and (2)&#160;would not, at any time within the three (3)-year period immediately prior to a
        Business Combination between the Corporation and such shareholder, have been an Interested Shareholder but for the inadvertent acquisition of ownership; or</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii) the Business Combination is proposed prior to the
        consummation or abandonment of, and subsequent to the earlier of the public announcement or the notice required hereunder of, a proposed transaction, which (A)&#160;constitutes one of the transactions described in the following sentence; (B)&#160;is with or
        by a person who either was not an Interested Shareholder during the previous three (3) years or who became an Interested Shareholder with the approval of the Board of Directors and (C)&#160;is approved or not opposed by a majority of the members of the
        Board of Directors then in office (but not less than one (1)) who were directors prior to any person</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: left; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">becoming an Interested Shareholder during the previous three (3) years or were
        recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A) a merger or consolidation of the Corporation (except for a
        merger in respect of which, pursuant to the BCA, no vote of the shareholders of the Corporation is required);</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 7.2pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;">&#160;</font>a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series transactions), whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or
        indirect majority-owned subsidiary of the Corporation (other than to any direct or indirect wholly-owned subsidiary or to the Corporation) having an aggregate market value equal to 50% or more of either that aggregate market value of all of the
        assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares of the Corporation; or</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 14.4pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C)<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;">&#160;</font>a proposed tender or exchange offer for 50% or more of the outstanding Voting Shares of the Corporation.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 7.2pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Corporation shall give not less than twenty (20) days notice to all Interested
        Shareholders prior to the consummation of any of the transactions described in clause (A) or (B) of the second sentence of this Article VI(c)(ii).</font></div>
    <div style="margin: 0px 7.2pt 0px 0px; text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE VII<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>LIMITATION ON DIRECTOR LIABILITY AND INDEMNIFICATION</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 7.2pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.1 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Limitation of Director Liability</font>. To the fullest extent permitted by the BCA as the same exists or may hereafter be amended, a director of the Corporation shall not be personally liable to the Corporation or its
        shareholders for monetary damages for breach of fiduciary duty as a director.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.2 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Indemnification</font>. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
        administrative or investigative, including in an action by or in the right of the Corporation, by reason of the fact he or she is or was a director or officer of the Corporation or is or was serving at the request of the Corporation, a director or
        officer of another corporation, partnership, joint venture, trust or other enterprise (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Indemnitee</u></font>&#8221;), against expenses (including attorneys&#8217; fees),
        judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding unless a final and unappealable determination by a court of competent jurisdiction has been made that
        he did not act in good faith or in a manner he or she did not reasonably believe to be in or not opposed to the best interest of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or
        her conduct was unlawful.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The termination of any action, suit or proceeding by judgment, order, settlement,
        conviction or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of
        the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The purpose of this provision is to fully indemnity the Indemnitee to the fullest
        extent permitted by Section 60 of the BCA or any successor statute.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Expenses Payable in Advance</font>. The right to be indemnified shall include, without limitation, the right of an Indemnitee to be paid expenses in advance of the final disposition of any</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">proceeding upon receipt of an undertaking to repay such amount if it shall ultimately be determined that he or she is not
        entitled to be indemnified hereunder.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The purpose of this provision is to advance funds to the fullest extent permitted
        by Section 60 of the BCA of any successor statute.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 25.2pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.4 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Expenses of Enforcement</font>. An Indemnitee shall also be paid reasonable costs, expenses and attorneys&#8217; fees (including expenses) in connection with the enforcement of rights to the indemnification granted hereunder</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 25.2pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.5 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Non-exclusivity of Rights</font>. The rights of indemnification shall not be exclusive of<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">-</sup>any other rights to which an Indemnitee may be entitled and shall not be limited by the provisions of Section 60 of
        the BCA or any successor statute.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.6 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Insurance</font>. The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director of officer of the Corporation or serving in such capacity in another
        corporation at the request of the Corporation against any liability asserted against such person and incurred by such person in such capacity whether or not the Corporation would have the power to indemnify such person against such liability by law
        or under the provisions of these Amended and Restated Articles of Incorporation.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.7 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Other Action</font>. The Board of Directors may take such action as it deems necessary or desirable to carry out the provisions set forth in this ARTICLE VII, including adopting procedures for determining and enforcing
        the rights guaranteed hereunder, and the Board of Directors is expressly empowered to adopt, approve and amend from time to time such bylaws, resolutions or contracts implementing such provisions or such further indemnification arrangement as may
        be permitted by law.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.8 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Amendment or Repeal of ARITCLE VII</font>. Neither the amendment or repeal of this ARTICLE VII, nor the adoption of any provision of these Amended and Restated Articles of Incorporation inconsistent with this Article
        VII, shall eliminate or reduce any right to indemnification afforded by this ARTICLE VII to any person with respect to their status or any activities in their official capacities prior to such amendment, repeal or adoption.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.9 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Amendment of BCA</font>. If the BCA is amended after the date of the filing of these Amended and Restated Articles of Incorporation to authorize corporate action further eliminating or limiting the personal liability
        of directors or permitting indemnification to a fuller extent, then the liability of a director of the Corporation shall be eliminated or limited, and indemnification shall be extended, in each case to the fullest extent permitted by the BCA, as so
        amended item time to time. No repeal or modification of this Section 7.9 by the shareholders shall adversely affect any right or protection of a director of the Corporation existing by virtue of this Section 7.9 at the time of such repeal or
        modification.</font></div>
    <div style="margin: 0px 3.6pt 0px 0px; text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: center; margin-right: 3.6pt; margin-left: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> ARTICLE VIII<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>AMENDMENTS</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as otherwise provided by law, any provision herein requiring a vote of
        shareholders may only be amended by such a vote. Further, except as otherwise provided by law, Articles V, VI, VII and VIII may only be amended by affirmative vote of the holders of at least a majority of the outstanding Class A Common Shares,
        Class B Common Shares and Class C Common Shares, voting as a single class.</font></div>
    <div style="margin: 0px 3.6pt 0px 0px; text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: center; margin-right: 3.6pt; margin-left: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE IX<br>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>MISCELLANEOUS</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-right: 3.6pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.1 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Adoption</font>. These Amended and Restated Articles of incorporation were duly adopted in accordance with Section 93 of the BCA.</font></div>
    <div style="margin-bottom: 12pt;"><br>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.2 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Authorization</font>. These Amended and Restated Articles of Incorporation were authorized by action tithe shareholder of the Corporation.</font></div>
    <div><br>
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    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The remainder of this
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