<SEC-DOCUMENT>0001558370-15-001706.txt : 20150826
<SEC-HEADER>0001558370-15-001706.hdr.sgml : 20150826
<ACCEPTANCE-DATETIME>20150826172556
ACCESSION NUMBER:		0001558370-15-001706
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150826
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150826
DATE AS OF CHANGE:		20150826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AxoGen, Inc.
		CENTRAL INDEX KEY:			0000805928
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				411301878
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36046
		FILM NUMBER:		151076692

	BUSINESS ADDRESS:	
		STREET 1:		13859 PROGRESS BLVD.
		STREET 2:		SUITE 100
		CITY:			ALACHUA
		STATE:			FL
		ZIP:			32615
		BUSINESS PHONE:		(386) 462-6817

	MAIL ADDRESS:	
		STREET 1:		13859 PROGRESS BLVD.
		STREET 2:		SUITE 100
		CITY:			ALACHUA
		STATE:			FL
		ZIP:			32615

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LECTEC CORP /MN/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>axgn-20150826x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			axgen_Current_Folio_8K
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:13.5pt;">SECURITIES AND EXCHANGE COMMISSION </font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:18pt;">Form 8-K</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">Current Report </font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">Date of Report (Date of earliest event reported):&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">August 26, 2015</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:18pt;">AXOGEN, INC. </font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">(</font><font style="display: inline;font-family:Times New Roman;color:#000000;">Exact name of registrant as specified in its charter)</font>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;">001-36046</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;">(State or other jurisdiction of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;">incorporation)</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;">(IRS Employer</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;color:#000000;">Identification No.)</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">13631 Progress Boulevard, Suite 400,</font></p>
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">Alachua, Florida</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">32615</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;">(Address of Principal Executive Offices)</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;">(Zip Co</font><font style="display: inline;font-family:Times New Roman;color:#000000;">d</font><font style="display: inline;font-family:Times New Roman;color:#000000;">e)</font></p>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">Registrant&#x2019;s telephone number, including area code</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:7.5pt;">&nbsp;</font>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;">(386) 462-6800</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;">(Former name or former address if changed since last report,)</font></p>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:7.5pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">&#x206C;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font><br /><font style="display: inline;font-family:Times New Roman;color:#000000;"></font><br /><font style="display: inline;font-family:Times New Roman;color:#000000;">&#x206C;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font><br /><font style="display: inline;font-family:Times New Roman;color:#000000;"></font><br /><font style="display: inline;font-family:Times New Roman;color:#000000;">&#x206C;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font><br /><font style="display: inline;font-family:Times New Roman;color:#000000;"></font><br /><font style="display: inline;font-family:Times New Roman;color:#000000;">&#x206C;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:7.5pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:11pt;">Item 1.01.&nbsp;&nbsp;Entry into a Material Definitive Agreement.</font>
		</p>
		<p style="margin:9pt 0pt 5pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;font-size:11pt;">On </font><font style="display: inline;color:#000000;font-size:11pt;">August 26, 2015</font><font style="display: inline;color:#000000;font-size:11pt;">, AxoGen, Inc.</font><font style="display: inline;color:#000000;font-size:11pt;">, a Minnesota corporation</font><font style="display: inline;color:#000000;font-size:11pt;"> (the &#x201C;Company&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;">,</font><font style="display: inline;color:#000000;font-size:11pt;"> entered into a </font><font style="display: inline;color:#000000;font-size:11pt;">Securities</font><font style="display: inline;color:#000000;font-size:11pt;"> Purchase Agreement (the &#x201C;</font><font style="display: inline;color:#000000;font-size:11pt;">Purchase Agreement</font><font style="display: inline;color:#000000;font-size:11pt;">&#x201D;) with</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">Essex Woodlands Fund IX, L.P.</font><font style="display: inline;color:#000000;font-size:11pt;"> (&#x201C;ESSEX&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">for the purchase </font><font style="display: inline;color:#000000;font-size:11pt;">of </font><font style="display: inline;color:#000000;font-size:11pt;">4,861,111 </font><font style="display: inline;color:#000000;font-size:11pt;">shares </font><font style="display: inline;color:#000000;font-size:11pt;">of our common </font><font style="display: inline;color:#000000;font-size:11pt;">stock</font><font style="display: inline;color:#000000;font-size:11pt;">, par value $0.01 per share</font><font style="display: inline;color:#000000;font-size:11pt;"> (the &#x201C;Share</font><font style="display: inline;color:#000000;font-size:11pt;">s</font><font style="display: inline;color:#000000;font-size:11pt;">&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;">, at a public offering price of $3.60 per share</font><font style="display: inline;color:#000000;font-size:11pt;">.&nbsp; </font><font style="display: inline;color:#000000;font-size:11pt;">The expenses directly related to </font><font style="display: inline;color:#000000;font-size:11pt;">this purchase</font><font style="display: inline;color:#000000;font-size:11pt;"> are estimated to be $</font><font style="display: inline;color:#000000;font-size:11pt;">40</font><font style="display: inline;color:#000000;font-size:11pt;">0,000 and will be paid by </font><font style="display: inline;color:#000000;font-size:11pt;">the Company</font><font style="display: inline;color:#000000;font-size:11pt;">.&nbsp;&nbsp;Expenses of the offering include our legal and accounting fees, printing expenses, transfer agent fees and miscellaneous fees and costs related to the offering.</font><font style="display: inline;color:#000000;font-size:11pt;"> &nbsp;Proceeds from the offering will be used for sales and marketing and general working capital purposes.&nbsp;&nbsp;The Company has provided certain</font><font style="display: inline;color:#000000;font-size:11pt;"> customary indemnification rights to ESSEX, as well as</font><font style="display: inline;color:#000000;font-size:11pt;"> demand and &#x201C;piggy-back&#x201D; registration rights in connection with the sale of the Shares. </font><font style="display: inline;color:#000000;font-size:11pt;">The Company has also agreed to reimburse ESSEX for certain fees and expenses in connection with the sale of the Shares</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:5pt 0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;font-size:11pt;">In addition, u</font><font style="display: inline;color:#000000;font-size:11pt;">nder the </font><font style="display: inline;color:#000000;font-size:11pt;">Purchase Agreement</font><font style="display: inline;color:#000000;font-size:11pt;">,</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">until such time as ESSEX </font><font style="display: inline;color:#000000;font-size:11pt;">beneficially </font><font style="display: inline;color:#000000;font-size:11pt;">owns less than </font><font style="display: inline;">at least thirty three percent (33%) of the Shares</font><font style="display: inline;color:#000000;font-size:11pt;"> (the &#x201C;</font><font style="display: inline;color:#000000;font-size:11pt;">33</font><font style="display: inline;color:#000000;font-size:11pt;">% Term&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;"> initially purchased by ESSEX pursuant to the Purchase Agreement at the closing</font><font style="display: inline;color:#000000;font-size:11pt;">, &nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> is entitled to designate</font><font style="display: inline;color:#000000;font-size:11pt;"> an individual</font><font style="display: inline;color:#000000;font-size:11pt;"> for nomination</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">to </font><font style="display: inline;color:#000000;font-size:11pt;">serve on the Board of Directors of the Company (the &#x201C;Board&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;">.&nbsp;&nbsp;For the</font><font style="display: inline;color:#000000;font-size:11pt;"> Company&#x2019;s 2016 Annual Meeting of Shareholders (the</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">&#x201C;</font><font style="display: inline;color:#000000;font-size:11pt;">201</font><font style="display: inline;color:#000000;font-size:11pt;">6</font><font style="display: inline;color:#000000;font-size:11pt;"> Annual Meeting</font><font style="display: inline;color:#000000;font-size:11pt;">&#x201D;),</font><font style="display: inline;color:#000000;font-size:11pt;"> and each annual meeting thereafter during the </font><font style="display: inline;color:#000000;font-size:11pt;">33</font><font style="display: inline;color:#000000;font-size:11pt;">% Term</font><font style="display: inline;color:#000000;font-size:11pt;">, the Board shall nominate and recommend the </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> designee as a director nominee to serve on the Board until the next annual meeting and shall include such nomination in the Company&#x2019;s proxy statement for the 201</font><font style="display: inline;color:#000000;font-size:11pt;">6</font><font style="display: inline;color:#000000;font-size:11pt;"> Annual Meeting and each annual meeting thereafter, provided that the election of the </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> designee is subject to shareholder approval.&nbsp;&nbsp;Should at any time there become a vacancy on the Board as a result of (i) the resignation, death or removal of the </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> designee or (ii) such </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> designee failing to obtain the requisite approval of the Company&#x2019;s shareholders at any annual or special meeting of the Company&#x2019;s shareholders and where no other individual is elected to such vacancy, </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> shall have the right to designate an individual to fill such vacancy, and the Company shall take such actions necessary to appoint, such individual to the Board.&nbsp;&nbsp;The Company was required to have taken all actions necessary at or prior to the </font><font style="display: inline;color:#000000;font-size:11pt;">closing of the sale of the Shares</font><font style="display: inline;color:#000000;font-size:11pt;"> to ensure there is a vacancy on the Board as of </font><font style="display: inline;color:#000000;font-size:11pt;">such closing</font><font style="display: inline;color:#000000;font-size:11pt;"> to permit the appointment of the </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> designee to the Board.</font><font style="display: inline;color:#000000;font-size:11pt;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">The initial ESSEX designee will be Guido Neels</font><font style="display: inline;color:#000000;font-size:11pt;"> who will be appointed to the Board by the Company to serve until the 2016 Annual Meeting</font><font style="display: inline;color:#000000;font-size:11pt;"> and</font><font style="display: inline;color:#000000;font-size:11pt;">,</font><font style="display: inline;color:#000000;font-size:11pt;"> in the event he is no longer able to serve</font><font style="display: inline;color:#000000;font-size:11pt;">,</font><font style="display: inline;color:#000000;font-size:11pt;"> future ESSEX designees must be </font><font style="display: inline;">approved by the Company, such approval not to be unreasonably withheld</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:11pt;">Item 5.02.&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Directors; Compensatory Arrangements of Certain Officers.</font>
		</p>
		<p style="margin:9pt 0pt 5pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;font-size:11pt;">As required by the Purchase Agreement, on August 26, 2015, upon the closing of the purchase of the Shares by ESSEX, the Board approved an increase of the size of the Board from seven directors to eight directors </font><font style="display: inline;color:#000000;font-size:11pt;">(See Item 5.03 below).&nbsp; </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX has exercised its Board designation right and nominated Guido Neels, an Operating Partner of ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;">, to fill such vacancy on the Board</font><font style="display: inline;color:#000000;font-size:11pt;">.&nbsp;&nbsp;On August 2</font><font style="display: inline;color:#000000;font-size:11pt;">6</font><font style="display: inline;color:#000000;font-size:11pt;">, 2015, upon the closing of the purchase of the Shares, the Board </font><font style="display: inline;color:#000000;font-size:11pt;">elected</font><font style="display: inline;color:#000000;font-size:11pt;"> Mr. Neels </font><font style="display: inline;color:#000000;font-size:11pt;">to fill such vacancy and </font><font style="display: inline;color:#000000;font-size:11pt;">serve</font><font style="display: inline;color:#000000;font-size:11pt;"> on the Board</font><font style="display: inline;color:#000000;font-size:11pt;"> until the 2016 Annual Meeting.&nbsp; </font>
		</p>
		<p style="margin:5pt 0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;font-size:11pt;">Mr. </font><font style="display: inline;color:#000000;font-size:11pt;">Neels</font><font style="display: inline;color:#000000;font-size:11pt;">, age </font><font style="display: inline;color:#000000;font-size:11pt;">67</font><font style="display: inline;color:#000000;font-size:11pt;">, &nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">has been an operating partner</font><font style="display: inline;color:#000000;font-size:11pt;"> of </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">since February 2013</font><font style="display: inline;color:#000000;font-size:11pt;">.</font><font style="display: inline;color:#000000;font-size:11pt;"> &nbsp;Mr. Neels joined </font><font style="display: inline;color:#000000;font-size:11pt;">ESSEX</font><font style="display: inline;color:#000000;font-size:11pt;"> as a Partner in August 2006, was promoted to Managing Director in 2008 and served in that position until </font><font style="display: inline;color:#000000;font-size:11pt;">being </font><font style="display: inline;color:#000000;font-size:11pt;">appointed to Operating Partner.&nbsp;&nbsp;From May 2004 until retiring in November 2005, Mr. Neels served as Chief Operating Officer of Guidant Corporation</font><font style="display: inline;color:#000000;font-size:11pt;"> (&#x201C;Guidant&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;">, a world leader in the development of cardiovascular medical products, where he was r</font><font style="display: inline;color:#000000;font-size:11pt;">esponsible for the global operations of Guidant&#x2019;s four operating units </font><font style="display: inline;color:#000000;font-size:11pt;">&#x2013; &nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">Cardiac Rhythm Management, Vascular Intervention, Cardiac Surgery, and Endovascular Solutions. </font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">From December 2002 to May 2004, </font><font style="display: inline;color:#000000;font-size:11pt;">Mr. Neels</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">was Group Chairman, Office of the President at Guidan</font><font style="display: inline;color:#000000;font-size:11pt;">t, responsible for worldwide sales operations, corporate communications, corporate marketing, investor relations and government relations. </font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">From January 2000 to December 2002, </font><font style="display: inline;color:#000000;font-size:11pt;">Mr. Neels</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">was President of Guidant for Europe, Middle East, </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt"><font style="display: inline;color:#000000;font-size:11pt;">Africa and Canada.</font><font style="display: inline;color:#000000;font-size:11pt;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">Mr. Neels</font><font style="display: inline;color:#000000;font-size:11pt;"> previously served as Vice President of Global Marketing for Vascular Intervention and as Managing Director for German and Central European operations. </font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">From 1982 to 1994, until Guidant was spun off as an independent public company from Eli Lilly and Co.</font><font style="display: inline;color:#000000;font-size:11pt;"> (&#x201C;Eli Lilly&#x201D;)</font><font style="display: inline;color:#000000;font-size:11pt;">, Mr. Neels held general management, sales and marketing positions at </font><font style="display: inline;color:#000000;font-size:11pt;">Eli </font><font style="display: inline;color:#000000;font-size:11pt;">Lilly in the </font><font style="display: inline;color:#000000;font-size:11pt;">United States</font><font style="display: inline;color:#000000;font-size:11pt;"> and Europe. </font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">From 1972 to 1980, he held positions in information technology, finance and manufacturing at Raychem Corporation in Belgium and the </font><font style="display: inline;color:#000000;font-size:11pt;">United States</font><font style="display: inline;color:#000000;font-size:11pt;">.</font>
		</p>
		<p style="margin:0pt 0pt 14.25pt;text-indent:36pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Mr. Neels currently serves as the Chairman of the Board of Directors for Oraya Therapeutics and serves on the Board of Directors for Entellus Medical, Endologix and Bioventus.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">In addition to the</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">se</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Essex Woodlands </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">portfolio company boards on which he serves, Mr. Neels also serves on the Board of Directors for Arsenal Medical, 480 Medical </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">(</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">which was spun out of Arsenal Medical</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">)</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">, EndGenitor Technologies, and Christel House International</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"> (a not-for-profit organization)</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">. &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 14.25pt;text-indent:36pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Mr. Neels holds a Business Engineering degree from the University of Leuven in Belgium and a Master of Business Administration degree from Stanford University.</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:11pt;">Item 5.03.&nbsp;&nbsp;Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 14.25pt;text-indent:36pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">On August 26, 2015, the Board adopted Amended and Restated Bylaws of the Company (the &#x201C;Bylaws&#x201D;), replacing the former Amended and Restated Bylaws of the Company in their entirety. The Bylaws became effective immediately upon their adoption by the Board. </font>
		</p>
		<p style="margin:0pt 0pt 14.25pt;text-indent:36pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">The Bylaws are substantially the same as the prior bylaws</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"> except the Board amended Section 3.2 to increase the number of directors serving on the Board from seven members to eight members.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 14.25pt;text-indent:36pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">The above description of the Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Bylaws, which is filed as Exhibit 3.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">1</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"> to this Current Report and in</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">corporated herein by reference.</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:11pt;">Item 8.01.&nbsp;&nbsp;Other Events.</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 14.25pt;text-indent:36pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">On August 26, 2015, the Company issued a press release announcing that it has entered into the Purchase Agreement with ESSEX and appointed Mr. Neels as a director. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. </font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:11pt;">Item 9.01. Financial Statements and Exhibits&nbsp; </font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:14pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">(d)</font></font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;;font-size: 11pt;font-family:Arial;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Exhibits</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:13.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:86.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="width:13.88%;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;text-decoration:underline;">Exhibit No.</font></p>
				</td>
				<td valign="top" style="width:86.12%;border-bottom:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Description</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">3.1</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Amended and Restated Bylaws</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">5.1</font></p>
				</td>
				<td valign="top" style="width:86.12%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Opinion of </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">DLA Piper LLP (US)</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"> regarding the sale of common stock to </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Essex Woodlands Fund IX, L.P.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">, dated </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">August 26</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">, 201</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">5</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">.</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">23.1</font></p>
				</td>
				<td valign="top" style="width:86.12%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Consent of DLA Piper LLP (US) (included in Exhibit 5.1).</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">99.1</font></p>
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				<td valign="top" style="width:86.12%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">AxoGen, Inc. press release, dated August 26, 2015.</font></p>
				</td>
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		</table></div>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;;font-size: 11pt"><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"></font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt -18pt 0pt 0pt;text-align:center;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:11pt;">SIGNATURE</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;color:#000000;font-family:Arial;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
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					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:05.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="width:34.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:59.74%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.50%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:34.76%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;">AXOGEN, INC.</font></p>
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			</tr>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:59.74%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.50%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						&nbsp;</p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:34.76%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						&nbsp;</p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:59.74%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;">Date: August 26, 2015</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.50%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;">By:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:34.76%;border-bottom:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;">/s/ Gregory G. Freitag</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.50%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						&nbsp;</p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:34.76%;border-top:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;">Gregory G. Freitag</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.50%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						&nbsp;</p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:34.76%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;">Chief Financial Officer, General Counsel &amp; Senior VP of Business</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Arial;font-size: 10pt">
						&nbsp;</p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:34.76%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;font-size:11pt;"> Development</font></p>
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		</table></div>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:center;font-family:Arial;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:center;font-family:Arial;;font-size: 11pt"><font style="display: inline;font-family:Times New Roman;font-size:11pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:11pt;">EXHIBIT INDEX</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:12.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:87.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			<tr>
				<td valign="top" style="width:12.96%;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;text-decoration:underline;">Exhibit No.</font></p>
				</td>
				<td valign="top" style="width:87.04%;border-bottom:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Description</font></p>
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			<tr>
				<td valign="top" style="width:12.96%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">3.1</font></p>
				</td>
				<td valign="top" style="width:87.04%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Amended and Restated Bylaws</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:12.96%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">5.1</font></p>
				</td>
				<td valign="top" style="width:87.04%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Opinion of </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">DLA Piper LLP (US)</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;"> regarding the sale of common stock to </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Essex Woodlands Fund IX, L.P.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">, dated </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">August 26</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">, 201</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">5</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">.</font></p>
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			<tr>
				<td valign="top" style="width:12.96%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">23.1</font></p>
				</td>
				<td valign="top" style="width:87.04%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">Consent of DLA Piper LLP (US) (included in Exhibit 5.1).</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:12.96%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">99.1</font></p>
				</td>
				<td valign="top" style="width:87.04%;height:5.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;color:#000000;font-family:Arial;font-size: 11pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:11pt;">AxoGen, Inc. press release, dated August 26, 2015.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>axgn-20150826ex31117e6d8.htm
<DESCRIPTION>EX-3.1
<TEXT>
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			axgen_Ex3_1
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		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">Exhibit 3.1</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
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					<p style="margin:0pt 0pt 28pt;text-align:center;font-weight:bold;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 28pt;text-align:center;font-weight:bold;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 16pt">
						<font style="display: inline;font-size:16pt;">AXOGEN, INC.</font></p>
					<p style="margin:0pt 0pt 28pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 16pt">
						<font style="display: inline;font-size:16pt;">amended and restated bylaws</font></p>
					<p style="margin:0pt 0pt 28pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 16pt">
						<font style="display: inline;font-size:16pt;">August 26, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:63pt;margin-right:63pt;">
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Table of Contents</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:11.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 12pt">
						<font style="display: inline;">2</font></p>
				</td>
				<td valign="top" style="width:80.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Page</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 1. Offices, Corporate Seal</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Registered Office</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Other Offices</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1.3</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Corporate Seal</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 2. Meetings of Shareholders</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Place and Time of Meetings</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Regular Meetings</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.3</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Advance Notice of Other Business</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.4</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Advance Notice of Director Nominations</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.5</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Special Meetings</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.6</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Quorum; Adjourned Meetings</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.7</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Voting</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.8</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Closing of Books</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.9</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Notice of Meeting</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.10</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Waiver of Notice</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2.11</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Written Action</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 3. Directors</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">General Powers</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Number, Qualification and Terms of Office</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.3</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Board of Director Meetings</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.4</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Calling Meetings; Notice</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.5</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Waiver of Notice</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.6</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Quorum</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.7</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Absent Directors</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.8</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Conference Communications</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.9</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Vacancies; Newly Created Directorships</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.10</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Removal</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.11</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Committees</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.12</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Written Action</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3.13</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Compensation</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 4. Officers</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Number</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Election, Term of Office and Qualifications</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.3</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Removal and Vacancies</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.4</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Chairman of the Board of Directors</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.5</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">President</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.6</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Vice Presidents</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.7</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Secretary</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.8</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Treasurer</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">4.9</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Compensation</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp;
				</td>
			</tr></table>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">ii</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 5. Shares and Their Transfer</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">5.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Certificated and Uncertificated Shares</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">5.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Issuance of Shares</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">5.3</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Transfer of Shares</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">5.4</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Loss of Certificates</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 6. Dividends; Record Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">6.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Dividends</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">6.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Record Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 7. Books and Records; Fiscal Year</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">7.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Share Register</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">7.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Other Books and Records</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">7.3</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Fiscal Year</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 8. Loans, Guarantees, Suretyship</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">8.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Loans, Guarantees, Suretyship</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 9. Indemnification of Certain Persons</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">9.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Indemnification of Certain Persons</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 10. Amendments</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">10.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Amendments</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:92.64%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Article 11. Securities of Other Corporations</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">11.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Voting Securities Held by the Corporation</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:11.98%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 21.6pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">11.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:80.66%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Purchase and Sale of Securities</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:07.36%;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:63pt;margin-right:63pt;">
		<p style="margin:0pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 14pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">iii</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:center;font-weight:bold;font-family:Times New Roman;;font-size: 14pt"><font style="display: inline;">amended and restated BYLAWS OF</font><br /><font style="display: inline;">AXOGEN, INC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Adopted by the Board of Directors</font><font style="display: inline;"> on </font><font style="display: inline;">August 26, 2015</font><font style="display: inline;">.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 1.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030549"></a><font style="display: inline;color:#000000;">Offices, Corporate Seal</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 1.1</font>
			<a name="_Toc297030550"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Registered Office</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The registered office of the corporation in the State of Minnesota shall be that set forth in the corporation&#x2019;s Articles of Incorporation or in the most recent amendment of the corporation&#x2019;s Articles of Incorporation or resolution of the directors filed with the Secretary of State of Minnesota changing the registered office.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 1.2</font>
			<a name="_Toc297030551"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Other Offices</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The corporation may have such other offices, within or without the State of Minnesota, as the Board of Directors shall, from time to time, determine.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 1.3</font>
			<a name="_Toc297030552"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Corporate Seal</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The corporation shall have no seal.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 2.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030553"></a><font style="display: inline;color:#000000;">Meetings of Shareholders</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.1</font>
			<a name="_Toc297030554"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Place and Time of Meetings</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Except as provided otherwise by Minnesota Statutes Chapter&nbsp;302A, meetings of the shareholders may be held at any place, within or without the State of Minnesota, as may from time to time be designated by the Board of Directors and, in the absence of such designation, shall be held at the registered office of the corporation in the State of Minnesota. The Board of Directors shall designate the time of day for each meeting and, in the absence of such designation, every meeting of shareholders shall be held at ten o&#x2019;clock a.m.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.2</font>
			<a name="_Toc297030555"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Regular Meetings</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp; </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">A regular meeting of the shareholders shall be held on such date as the Board of Directors shall by resolution establish.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;color:#000000;">At a regular meeting the shareholders, voting as provided in the corporation&#x2019;s Articles of Incorporation and these Bylaws, shall designate the number of directors to constitute the Board of Directors (subject to the authority of the Board of Directors thereafter to increase or decrease the number of directors as permitted by law), shall elect qualified successors for directors who serve for an indefinite term or whose terms have expired or are due to expire within six (6) months after the date of the meeting and shall transact such other business as may properly come before them.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.3</font>
			<a name="_Toc297030556"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Advance Notice of Other Business</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Only business that has been properly brought before a regular meeting of the shareholders may be conducted.&nbsp;&nbsp;To be properly brought before a regular meeting, business must be:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors;</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;color:#000000;">otherwise properly brought before the regular meeting by or at the direction of the Board of Directors; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;color:#000000;">a proper matter for shareholder action under the Minnesota Business Corporation Act that has been properly brought before the meeting by a shareholder: (i) who is a shareholder of record on the date of the giving of the notice provided for in this Section 2.3 and on the record date for the determination of shareholders entitled to vote at such annual meeting; and (ii) who complies with the notice procedures set forth in this Section 2.3.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">For such business to be considered properly brought before the meeting by a shareholder such shareholder must, in addition to any other applicable requirements, have given timely notice in proper form of such shareholder&#x2019;s intent to bring such business before such meeting.&nbsp;&nbsp;To be timely, such shareholder&#x2019;s notice must:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">in the case of a proposal submitted for inclusion in the corporation&#x2019;s proxy statement and form of proxy pursuant to </font><a name="OLE_LINK1"></a><font style="display: inline;color:#000000;">Rule 14a&#x2013;8</font><font style="display: inline;color:#000000;"> under the Securities Exchange Act of 1934, as amended (the &#x201C;</font><font style="display: inline;font-style:italic;color:#000000;">Exchange Act</font><font style="display: inline;color:#000000;">&#x201D;), meet the deadline for proposals submitted under such rule; or </font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">in the case of all other matters, be delivered to or mailed and received by the secretary of the corporation at the corporation&#x2019;s principal executive offices not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior to the anniversary date of the immediately preceding regular meeting; </font><font style="display: inline;font-style:italic;color:#000000;">provided, however</font><font style="display: inline;color:#000000;">, that in the event that no regular meeting was held in the previous year or the regular meeting is called for a date that is not within thirty (30) days before or after such anniversary date, notice by the stockholder to be timely must be so received not later than the close of business on the 10th day following the day on which such notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever occurs first.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">To be in proper form, a shareholder&#x2019;s notice shall be in writing and shall set forth:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">the name and record address of the shareholder who intends to propose the business, the class or series and number of shares of capital stock of the corporation which are owned beneficially or of record by such shareholder or any Associated Person (as defined below) of such shareholder and any other direct or indirect positions, agreements or understandings to which such shareholder or any Associated Person of such shareholder is a party (including hedged positions, short positions, options, derivatives, convertible securities and any other stock appreciation or voting interests) which provide the opportunity to profit or share in any profit derived from any increase or decrease in the value of the shares of the corporation;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">a representation that the shareholder is a holder of record of stock of the corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to introduce the business specified in the notice; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">(c)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">a complete description of the business desired to be brought before the regular meeting and the reasons for conducting such business at the regular meeting; </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">2</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;color:#000000;">any material interest of the shareholder or any Associated Person of such shareholder in such business including any agreements the shareholder </font><a name="OLE_LINK3"></a><a name="OLE_LINK4"></a><font style="display: inline;color:#000000;">or any Associated Person of such shareholder </font><font style="display: inline;color:#000000;">may have with others in connection with such business; and </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;color:#000000;">any other information that is required to be provided by the shareholder pursuant to Regulation 14A under the Exchange Act. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">If any of the foregoing information changes in any material respect from the date the notice is received through the date of the meeting, the shareholder shall promptly supplement such information to reflect such change by notice in writing and delivered to or mailed and received by the secretary of the corporation at the corporation&#x2019;s principal executive offices.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">For purposes of this Section 2.3 and Section 2.4, &#x201C;</font><font style="display: inline;font-style:italic;color:#000000;">Associated Person</font><font style="display: inline;color:#000000;">&#x201D; of any shareholder or proposed nominee shall mean: (i) any member of the immediate family of such shareholder or proposed nominee sharing the same household with such shareholder or proposed nominee; (ii) any person controlling, controlled by or under common control with, such shareholder or proposed nominee; (iii) any person acting in concert or as part of a group (within the meaning of the Exchange Act and the regulations promulgated thereunder) with such shareholder or proposed nominee; or (iv) any beneficial owner of shares of stock of the corporation owned of record or beneficially by such shareholder or proposed nominee.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">In order to include information with respect to a shareholder proposal in the corporation&#x2019;s proxy statement and form of proxy for a shareholder&#x2019;s meeting, shareholders must provide notice as required by, and otherwise comply with the requirements of, the Exchange Act and the regulations promulgated thereunder in addition to the requirements of this Section 2.3.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">No business shall be conducted at the regular meeting of the shareholder except business brought before the regular meeting in accordance with the procedures set forth in this Section 2.3.&nbsp;&nbsp;&nbsp;The chairperson of the regular meeting may refuse to acknowledge the proposal of any business not made in compliance with the foregoing procedures.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.4</font>
			<a name="_Toc297030557"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Advance Notice of Director Nominations</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors.&nbsp;&nbsp;To be properly brought before a regular meeting of the shareholders, or any special meeting of the shareholders called for the purpose of electing directors, nominations for the election of a director must be: (i) specified in the notice of meeting (or any supplement thereto); (ii) made by or at the direction of the Board of Directors (or any duly authorized committee thereof); or (iii) made by any shareholder of the corporation (a) who is a shareholder of record on the date of the giving of the notice provided for in this Section 2.4 and on the record date for the determination of shareholders entitled to vote at such meeting and (b) who complies with the notice procedures set forth in this Section 2.4. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">In addition to any other applicable requirements, for a nomination to be made by a shareholder, such shareholder must have given timely notice thereof in proper written form to the secretary of the corporation.&nbsp;&nbsp;To be timely, a shareholder&#x2019;s notice to the secretary must be delivered to or mailed and received at the corporation&#x2019;s principal executive offices, in the case of a regular </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">3</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">meeting, in accordance with the provisions set forth in Section 2.3, and, in the case of a special meeting of the shareholders called for the purpose of electing directors, not later than the close of business on the 10th day following the day on which notice of the date of the special meeting was mailed or public disclosure of the date of the special meeting was made, whichever occurs first. </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">To be in proper form, a shareholder&#x2019;s notice shall be in writing and shall set forth: </font>
		</p>
		<p style="margin:0pt 0pt 12pt 4.5pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:54.5pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"><font style="display: inline;color:#000000;">(a)</font></font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">as to each person whom the shareholder proposes to nominate for election as a director: (i) the name, age, business address and residence address of the person; (ii) the principal occupation or employment of the person; (iii) the class or series and number of shares of capital stock of the corporation which are owned beneficially or of record by the person or any Associated Person of the person; (iv) any other direct or indirect positions, agreements or understandings to which such person or any Associated Person of such person is a party (including hedged positions, short positions, options, derivatives, convertible securities and any other stock appreciation or voting interests) which provide the opportunity to profit or share in any profit derived from any increase or decrease in the value of the shares of the corporation; (v) a description of all arrangements, understandings or material relationships between the shareholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the shareholder; (vi) any other information relating to such person that is required to be disclosed in solicitations of proxies for elections of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including, without limitation, such person&#x2019;s written consent to being named in the proxy statement, if any, as a nominee and to serving as a director if elected and a completed questionnaire concerning such person&#x2019;s business experience, beneficial ownership, relationships and transactions with the corporation, independence and other matters typically contained in the corporation&#x2019;s questionnaire for directors and officers); and </font>
		</p>
		<p style="margin:0pt 0pt 12pt 4.5pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:54.5pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"><font style="display: inline;color:#000000;">(b)</font></font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">as to such shareholder giving notice, the information required to be provided pursuant to Section 2.3. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">If any of the foregoing information changes in any material respect from the date the notice is received through the date of the meeting, the shareholder shall promptly supplement such information to reflect such change by notice in writing and delivered to or mailed and received by the secretary of the corporation at the corporation&#x2019;s principal executive offices.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">No person shall be eligible for election as a director of the corporation unless nominated in accordance with the procedures set forth in this Section 2.4.&nbsp;&nbsp;If the chairperson of the meeting properly determines that a nomination was not made in accordance with the foregoing procedures, the chairperson shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.5</font>
			<a name="_Toc297030558"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Special Meetings</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Special meetings of the shareholders may be held at any time and for any purpose and may be called by the President, Treasurer, any two (2) or more directors or by one (1) or more shareholders holding ten percent (10%) or more of the shares entitled to vote on the matters to be presented at the meeting.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">4</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.6</font>
			<a name="_Toc297030559"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Quorum; Adjourned Meetings</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The holders of a majority of the shares entitled to vote shall constitute a quorum for the transaction of business at any regular or special meeting.&nbsp;&nbsp;In case a quorum shall not be present at a meeting, those present may adjourn the meeting to such day as they shall, by majority vote, agree upon, and a notice of such adjournment and the date and time at which such meeting shall be reconvened shall be mailed to each shareholder entitled to vote at least five (5) days before such reconvened meeting.&nbsp;&nbsp;If a quorum is present, a meeting may be adjourned from time to time without notice other than announcement at the meeting.&nbsp;&nbsp;At adjourned meetings at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally noticed.&nbsp;&nbsp;If a quorum is present, the shareholders may continue to transact business until adjournment notwithstanding the withdrawal of enough shareholders to leave less than a quorum.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.7</font>
			<a name="_Toc297030560"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Voting</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;At each meeting of the shareholders every shareholder having the right to vote shall be entitled to vote either in person or by proxy.&nbsp;&nbsp;Each shareholder, unless the corporation&#x2019;s Articles of Incorporation or statute provide otherwise, shall have one (1) vote for each share having voting power registered in such shareholder&#x2019;s name on the books of the corporation.&nbsp;&nbsp;Jointly owned shares may be voted by any joint owner unless the corporation receives written notice from any one of them denying the authority of that person to vote those shares.&nbsp;&nbsp;Upon the demand of any shareholder, the vote upon any question before the meeting shall be by ballot.&nbsp;&nbsp;All questions shall be decided by a majority vote of the number of shares entitled to vote and represented at the meeting at the time of the vote except if otherwise required by statute, the corporation&#x2019;s Articles of Incorporation or these Bylaws.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.8</font>
			<a name="_Toc297030561"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Closing of Books</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Board of Directors may fix a time, not exceeding sixty (60) days preceding the date of any meeting of shareholders, as a record date for the determination of the shareholders entitled to notice of, and to vote at, such meeting, notwithstanding any transfer of shares on the books of the corporation after any record date so fixed.&nbsp;&nbsp;The Board of Directors may close the books of the corporation against the transfer of shares during the whole or any part of such period.&nbsp;&nbsp;If the Board of Directors fails to fix a record date for determination of the shareholders entitled to notice of, and to vote at, any meeting of shareholders, the record date shall be the twentieth (20th) day preceding the date of such meeting.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 2.9</font>
			<a name="_Toc297030562"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Notice of Meeting</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;There shall be mailed to each shareholder, shown by the books of the corporation to be a holder of record of voting shares, at his address as shown by the books of the corporation, a notice setting out the time and place of each regular meeting and each special meeting, except where the meeting is an adjourned meeting and the date, time and place of the meeting were announced at the time of adjournment, which notice shall be mailed to all shareholders of record, whether entitled to vote or not, at least fourteen (14) days prior thereto.&nbsp;&nbsp;Every notice of any special meeting called pursuant to Section 2.5 hereof shall state the purpose or purposes for which the meeting has been called, and the business transacted at all special meetings shall be confined to the purpose stated in the notice.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 2.10</font>
			<a name="_Toc297030563"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Waiver of Notice</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Notice of any regular or special meeting may be waived by any shareholder either before, at or after such meeting orally or in writing signed by such shareholder or a representative entitled to vote the shares of such shareholder.&nbsp;&nbsp;A shareholder, by his attendance at </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">5</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">any meeting of shareholders, shall be deemed to have waived notice of such meeting, except where the shareholder objects at the beginning of the meeting to the transaction of business because the time may not lawfully be considered at that meeting and does not participate in the consideration of the item at that meeting.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 2.11</font>
			<a name="_Toc297030564"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Written Action</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Any action which might be taken at a meeting of the shareholders may be taken without a meeting if done in writing and signed by all of the shareholders entitled to vote on that action.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 3.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030565"></a><font style="display: inline;color:#000000;">Directors</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.1</font>
			<a name="_Toc297030566"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">General Powers</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The business and affairs of the corporation shall be managed by or under the authority of the Board of Directors, except as otherwise permitted by statute.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.2</font>
			<a name="_Toc297030567"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Number, Qualification and Terms of Office</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The number of directors shall be </font><font style="display: inline;color:#000000;">eight</font><font style="display: inline;color:#000000;">, which number of directors may be increased or decreased from time to time by resolution of the shareholders (subject to the authority of the Board of Directors to increase or decrease the number of directors as permitted by law).&nbsp;&nbsp;Directors need not be shareholders or residents of the State of Minnesota.&nbsp;&nbsp;Each of the directors shall hold office until the regular meeting of shareholders next held after such director&#x2019;s election and until such director&#x2019;s successor shall have been elected and shall qualify, or until the earlier death, resignation, removal or disqualification of such director; </font><font style="display: inline;font-style:italic;color:#000000;">provided, however</font><font style="display: inline;color:#000000;">, that no director shall be elected to a term in excess of five (5) years.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.3</font>
			<a name="_Toc297030568"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Board of Director Meetings</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Meetings of the Board of Directors may be held from time to time at such time and place within or without the State of Minnesota as may be designated in the notice of such meeting.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.4</font>
			<a name="_Toc297030569"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Calling Meetings; Notice</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Meetings of the Board of Directors may be called by the Chairman of the Board of Directors by giving at least twenty&#x2013;four (24) hours&#x2019; notice, or by any other director by giving at least five (5) days&#x2019; notice, of the date, time and place thereof to each director by mail, telephone, telegram or in person.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.5</font>
			<a name="_Toc297030570"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Waiver of Notice</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Notice of any meeting of the Board of Directors may be waived by any director either before, at or after such meeting orally or in a writing signed by such director.&nbsp;&nbsp;A director, by his attendance at any meeting of the Board of Directors, shall be deemed to have waived notice of such meeting, except where the director objects at the beginning of the meeting to the transaction of business because the meeting is not lawfully called or convened and does not participate thereafter in the meeting.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.6</font>
			<a name="_Toc297030571"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Quorum</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;A majority of the directors holding office immediately prior to a meeting of the Board of Directors shall constitute a quorum for the transaction of business at such meeting.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.7</font>
			<a name="_Toc297030572"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Absent Directors</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;A director may give advance written consent or opposition to a proposal to be acted on at a meeting of the Board of Directors.&nbsp;&nbsp;If such director is not present at the meeting, consent or opposition to a proposal does not constitute presence for purposes of </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">6</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">determining the existence of a quorum, but consent or opposition shall be counted as a vote in favor of or against the proposal and shall be entered in the minutes or other record of action at the meeting, if the proposal acted on at the meeting is substantially the same or has substantially the same effect as the proposal to which the director has consented or objected. </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.8</font>
			<a name="_Toc297030573"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Conference Communications</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Any or all directors may participate in any meeting of the Board of Directors, or of any duly constituted committee thereof, by any means of communication through which the directors may simultaneously hear each other during such meeting.&nbsp;&nbsp;For the purposes of establishing a quorum and taking any action at the meeting, such directors participating pursuant to this Section 3.8 shall be deemed present in person at the meeting and the place of the meeting shall be the place of origination of the conference telephone conversation or other comparable communication technique.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 3.9</font>
			<a name="_Toc297030574"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Vacancies; Newly Created Directorships</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Vacancies in the Board of Directors of this corporation occurring by reason of death, resignation, removal or disqualification shall be filled for the unexpired term by a majority of the remaining directors although less than a quorum.&nbsp;&nbsp;Newly created directorships resulting from an increase in the authorized number of directors by action of the Board of Directors as permitted by Section 3.2 may be filled by a majority vote of the directors serving at the time of such increase.&nbsp;&nbsp;Each director elected pursuant to this Section 3.9 shall be a director until such director&#x2019;s successor is elected by the shareholders at their next regular or special meeting.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 3.10</font>
			<a name="_Toc297030575"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Removal</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Any or all of the directors may be removed from office at any time, with or without cause, by the affirmative vote of the shareholders holding a majority of the shares entitled to vote at an election of directors except, as otherwise provided by Minnesota Statutes Section 302A.223, as amended, when the shareholders have the right to cumulate their votes.&nbsp;&nbsp;A director named by the Board of Directors to fill a vacancy may be removed from office at any time, with or without cause, by the affirmative vote of the remaining directors if the shareholders have not elected directors in the interim between the time of the appointment to fill such vacancy and the time of the removal.&nbsp;&nbsp;In the event that the entire Board of Directors or any one or more directors be so removed, new directors shall be elected at the same meeting.&nbsp;&nbsp;In addition to the foregoing, any director may be removed at any time by the affirmative vote of a majority of the remaining directors if (a) such director is convicted of a felony or (b) if the remaining directors determine that the director to be removed is engaged in an activity that is competitive with any business of the Company.&nbsp;&nbsp;A director may be determined to be engaged in an activity if he or she is an employee, director, partner, consultant, owner, representative, agent or shareholder (other than a shareholder beneficially owning less than one percent (1%) of the outstanding stock) of a company, partnership, sole proprietorship or other organization.&nbsp;&nbsp;An activity may be deemed to be competitive with the Company if the product or service created by the activity is the same as or an alternative to any of the products or services of the Company.&nbsp;&nbsp;The Board of Directors shall determine whether a director is engaged in a competitive activity utilizing the guidelines described in the previous two sentences as well as any other guidelines it determines to be relevant.&nbsp;&nbsp;The Board of Director&#x2019;s decision shall not be overturned by any court unless the decision is shown to be clearly erroneous.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">7</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 3.11</font>
			<a name="_Toc297030576"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Committees</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;A resolution approved by the affirmative vote of a majority of the Board of Directors may establish committees having the authority of the Board of Directors in the management of the business of the corporation to the extent provided in the resolution.&nbsp;&nbsp;A committee shall consist of one (1) or more persons, who need not be directors, appointed by the affirmative vote of a majority of the directors present.&nbsp;&nbsp;Committees are subject to the direction and control of, and vacancies in the membership thereof shall be filled by, the Board of Directors, except as provided by Minnesota Statutes Section 302A.243.&nbsp;&nbsp;A majority of the members of the committee present at a meeting is a quorum for the transaction of business, unless a larger or small proportion or number is provided in a resolution approved by the affirmative vote of a majority of the directors present.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 3.12</font>
			<a name="_Toc297030577"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Written Action</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Any action which might be taken at a meeting of the Board of Directors, or any duly constituted committee thereof, may be taken without a meeting if done in writing and signed by all of the directors or committee members, unless the corporation&#x2019;s Articles of Incorporation provide otherwise and the action need not be approved by the shareholders.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 3.13</font>
			<a name="_Toc297030578"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Compensation</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Directors who are not salaried officers of this corporation shall receive such fixed sum per meeting attended or such fixed annual sum as shall be determined, from time to time, by resolution of the Board of Directors.&nbsp;&nbsp;The Board of Directors may, by resolution, provide that all directors shall receive their expenses, if any, of attendance at meetings of the Board of Directors or any committee thereof.&nbsp;&nbsp;Nothing herein contained shall be construed to preclude any director from serving this corporation in any other capacity and receiving proper compensation therefor.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 4.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030579"></a><font style="display: inline;color:#000000;">Officers</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.1</font>
			<a name="_Toc297030580"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Number</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The officers of the corporation shall consist of a Chairman of the Board of Directors (if one is elected by the Board of Directors), the President, one or more Vice Presidents (if desired by the Board of Directors), a Treasurer, a Secretary (if one is elected by the Board of Directors) and such other officers and agents as may, from time to time, be elected by the Board of Directors.&nbsp;&nbsp;Any number of offices may be held by the same person.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.2</font>
			<a name="_Toc297030581"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Election, Term of Office and Qualifications</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Board of Directors shall elect or appoint, by resolution approved by the affirmative vote of a majority of the directors present, from within or without their number, the President, Treasurer and such other officers as may be deemed advisable, each of whom shall have the powers, rights, duties, responsibilities and terms in office provided for in these Bylaws or a resolution of the Board of Directors not inconsistent therewith.&nbsp;&nbsp;The President and all other officers who may be directors shall continue to hold office until the election and qualification of their successors, notwithstanding an earlier termination of their directorship.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.3</font>
			<a name="_Toc297030582"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Removal and Vacancies</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Any officer may be removed from his office by the Board of Directors at any time, with or without cause. Such removal, however, shall be without prejudice to the contract rights of the person so removed.&nbsp;&nbsp;If there be a vacancy among the officers of the corporation by reason of death, resignation or otherwise, such vacancy shall be filled for the unexpired term by the Board of Directors.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">8</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.4</font>
			<a name="_Toc297030583"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Chairman of the Board of Directors</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Chairman of the Board of Directors, if one is elected, shall preside at all meetings of the shareholders and directors and shall have such other duties as may be prescribed, from time to time, by the Board of Directors.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.5</font>
			<a name="_Toc297030584"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">President</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The President shall be the chief executive officer and shall have general active management of the business of the corporation.&nbsp;&nbsp;In the absence of the Chairman of the Board of Directors, he shall preside at all meetings of the shareholders and directors.&nbsp;&nbsp;He shall see that all orders and resolutions of the Board of Directors are carried into effect.&nbsp;&nbsp;He shall execute and deliver, in the name of the corporation, any deeds, mortgages, bonds, contracts or other instruments pertaining to the business of the corporation unless the authority to execute and deliver is required by law to be exercised by another person or is expressly delegated by the corporation&#x2019;s Articles of Incorporation, these Bylaws or by the Board of Directors to some other officer or agent of the corporation.&nbsp;&nbsp;He shall maintain records of and, whenever necessary, certify all proceedings of the Board of Directors and the shareholders, and in general, shall perform all duties usually incident to the office of the President.&nbsp;&nbsp;He shall have such other duties as may, from time to time, be prescribed by the Board of Directors.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.6</font>
			<a name="_Toc297030585"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Vice Presidents</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Each Vice President, if one or more are elected, shall have such powers and shall perform such duties as prescribed by the Board of Directors or by the President.&nbsp;&nbsp;In the event of the absence or disability of the President, the Vice President(s) shall succeed to his power and duties in the order designed by the Board of Directors.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.7</font>
			<a name="_Toc297030586"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Secretary</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Secretary, if one is elected, shall be secretary of and shall attend all meetings of the shareholders and Board of Directors and shall record all proceedings of such meetings in the minute book of the corporation.&nbsp;&nbsp;He shall give proper notice of meetings of shareholders and directors.&nbsp;&nbsp;He shall perform such other duties as may, from time to time, be prescribed by the Board of Directors or by the President.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.8</font>
			<a name="_Toc297030587"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Treasurer</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Treasurer shall be the chief financial officer and shall keep accurate financial records for the corporation.&nbsp;&nbsp;He shall deposit all moneys, drafts and checks in the name of, and to the credit of, the corporation in such banks and depositaries as the Board of Directors shall, from time to time, designate.&nbsp;&nbsp;He shall have the power to endorse, for deposit, all notes, checks and drafts received by the corporation.&nbsp;&nbsp;He shall disburse the funds of the corporation, as ordered by the Board of Directors, making proper vouchers therefor.&nbsp;&nbsp;He shall render to the President and the directors, whenever requested, an account of all of his transactions as Treasurer and of the financial condition of the corporation, and shall perform such other duties as may, from time to time, be prescribed by the Board of Directors or by the President.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 4.9</font>
			<a name="_Toc297030588"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Compensation</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The officers of this corporation shall receive such compensation for their services as may be determined, from time to time, by resolution of the Board of Directors.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 5.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030589"></a><font style="display: inline;color:#000000;">Shares and Their Transfer</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 5.1</font>
			<a name="_Toc297030590"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Certificated and Uncertificated Shares</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Shares of the corporation&#x2019;s stock may be certificated or uncertificated, as provided under Minnesota law.&nbsp;&nbsp;Shares of stock represented by </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">9</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">certificates shall be in such form as shall be prescribed by the Board of Directors. Share certificates shall include the number of shares of the corporation owned by the shareholder, shall be numbered in the order in which they shall be issued and shall be signed, in the name of the corporation, by the President and by the Secretary or an Assistant Secretary or by such officers as the Board of Directors may designate.&nbsp;&nbsp;If the certificate is signed by a transfer agent or registrar, such signatures of the corporate officers may be by facsimile if authorized by the Board of Directors.&nbsp;&nbsp;Every certificate surrendered to the corporation for exchange or transfer shall be canceled, and no new certificate or certificates shall be issued in exchange for any existing certificate until such existing certificate shall have been so canceled, except in cases provided for in Section 5.4.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 5.2</font>
			<a name="_Toc297030591"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Issuance of Shares</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Board of Directors is authorized to cause to be issued shares of the corporation up to the full amount authorized by the corporation&#x2019;s Articles of Incorporation in such amounts as may be determined by the Board of Directors and as may be permitted by law.&nbsp;&nbsp;No shares shall be allotted except in consideration of cash or other property, tangible or intangible, received or to be received by the corporation under a written agreement, of services rendered or to be rendered to the corporation under a written agreement, or of an amount transferred from surplus to state capital upon a share dividend.&nbsp;&nbsp;At the time of such allotment of shares, the Board of Directors making such allotments shall state, by resolution, their determination of the fair value to the corporation in monetary terms of any consideration other than cash for which shares are allotted.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 5.3</font>
			<a name="_Toc297030592"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Transfer of Shares</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Transfer of shares on the books of the corporation may be authorized only by the registered holder of such shares, or the shareholder&#x2019;s legal representative, or the shareholder&#x2019;s duly authorized attorney&#x2013;in&#x2013;fact, and, in the case of certificated shares, upon surrender of the certificate or the certificates for such shares.&nbsp;&nbsp;The corporation may treat as the absolute owner of shares of the corporation, the person or persons in whose name shares are registered on the books of the corporation.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 5.4</font>
			<a name="_Toc297030593"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Loss of Certificates</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Except as otherwise provided by Minnesota Statutes Section 302A.419, any shareholder claiming a certificate for shares to be lost, stolen or destroyed shall make an affidavit of that fact in such form as the Board of Directors shall require and shall, if the Board of Directors so requires, give the corporation a bond of indemnity in form, in an amount, and with one or more sureties satisfactory to the Board of Directors, to indemnify the corporation against any claim which may be made against it on account of the reissue of such certificate, whereupon a new certificate may be issued in the same tenor and for the same number of shares as the one alleged to have been lost, stolen or destroyed.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 6.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030594"></a><font style="display: inline;color:#000000;">Dividends; Record Date</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 6.1</font>
			<a name="_Toc297030595"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Dividends</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Subject to the provisions of the corporation&#x2019;s Articles of Incorporation, of these Bylaws and of law, the Board of Directors may declare dividends whenever, and in such amounts as, in its opinion, are deemed advisable.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 6.2</font>
			<a name="_Toc297030596"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Record Date</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Subject to any provisions of the corporation&#x2019;s Articles of Incorporation, the Board of Directors may fix a date not exceeding one hundred twenty (120) days </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">10</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">preceding the date fixed for the payment of any dividend as the record date for the determination of the shareholders entitled to receive payment of the dividend and, in such case, only shareholders of record on the date so fixed shall be entitled to receive payment of such dividend notwithstanding any transfer of shares on the books of the corporation after the record date. The Board of Directors may close the books of the corporation against the transfer of shares during the whole or any part of such period.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 7.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030597"></a><font style="display: inline;color:#000000;">Books and Records; Fiscal Year</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 7.1</font>
			<a name="_Toc297030598"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Share Register</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;color:#000000;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Board of Directors of the corporation shall cause to be kept at its principal executive office, or at another place or places within the United States determined by the Board of Directors</font><font style="display: inline;color:#000000;">:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">a share register not more than one year old, containing the names and addresses of the shareholders and the number and classes of shares held by each shareholder; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;color:#000000;">a record of the dates on which certificates or transaction statements representing shares were issued.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 7.2</font>
			<a name="_Toc297030599"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Other Books and Records</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Board of Directors shall cause to be kept at its principal executive office, or, if its principal executive office is not in the State of Minnesota, shall make available at its registered office within ten (10) days after receipt by an officer of the corporation of a written demand for them made by a shareholder or other person authorized by Minnesota Statutes section 302A.461, originals or copies of:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">records of all proceedings of shareholders for the last three (3) years;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;color:#000000;">records of all proceedings of the Board of Directors for the last three (3) years;&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;color:#000000;">its Articles of Incorporation and all amendments currently in effect;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;color:#000000;">its Bylaws and all amendments currently in effect;&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;color:#000000;">financial statements required by Minnesota Statutes Section 302A.463 and the financial statements for the most recent interim period prepared in the course of the operation of the corporation for distribution to the shareholders or to a governmental agency as a matter of public records;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 7pt 0pt 0pt;"> (f)</font>
			<font style="display: inline;color:#000000;">reports made to shareholders generally within the last three (3) years;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (g)</font>
			<font style="display: inline;color:#000000;">a statement of the names and usual business addresses of its directors and principal officers;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (h)</font>
			<font style="display: inline;color:#000000;">any shareholder voting or control agreements of which the corporation is aware; and</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">11</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 8pt 0pt 0pt;"> (i)</font>
			<font style="display: inline;color:#000000;">such other records and books of account as shall be necessary and appropriate to the conduct of the corporate business.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 7.3</font>
			<a name="_Toc297030600"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Fiscal Year</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The fiscal year of the corporation shall be determined by the Board of Directors.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 8.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030601"></a><font style="display: inline;color:#000000;">Loans, Guarantees, Suretyship</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 8.1</font>
			<a name="_Toc297030602"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Loans, Guarantees, Suretyship</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:42.85pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The corporation may lend money to, guarantee an obligation of, become a surety for or otherwise financially assist a person if the transaction, or a class of transactions to which the transaction belongs, is approved by the affirmative vote of a majority of the directors present, and:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">is in the usual and regular course of business of the corporation;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;color:#000000;">is with, or for the benefit of, a related corporation, an organization in which the corporation has a financial interest, an organization with which the corporation has a business relationship or an organization to which the corporation has the power to make donations;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;color:#000000;">is with, or for the benefit of, an officer or other employee of the corporation or a subsidiary, including an officer or employee who is a director of the corporation or a subsidiary, and may reasonably be expected, in the judgment of the Board of Directors, to benefit the corporation; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:normal;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:12pt;;;padding:0pt 5pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;color:#000000;">has been approved by (i) the holders of two-thirds of the voting power of the shares entitled to vote which are owned by persons other than the interested person or persons, or (ii) the unanimous affirmative vote of the holders of all outstanding shares, whether or not entitled to vote.</font></p></td></tr></table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The loan, guarantee, surety contract or other financial assistance may be with or without interest, and may be unsecured, or may be secured in the manner as a majority of the directors approve, including, without limitation, a pledge of or other security interest in shares of the corporation. Nothing in this section shall be deemed to deny, limit or restrict the power of guaranty or warranty of the corporation at common law or under a statute of the State of Minnesota.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 9.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030603"></a><font style="display: inline;color:#000000;">Indemnification of Certain Persons</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;;padding:0pt 4pt 0pt 0pt;"> 9.1</font>
			<a name="_Toc297030604"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Indemnification of Certain Persons</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;The corporation shall indemnify such persons, for such expenses and liabilities, in such manner, under such circumstances and to such extent as permitted by Minnesota Statutes Section 302A.521 as now enacted or hereafter amended.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 10.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030605"></a><font style="display: inline;color:#000000;">Amendments</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 10.1</font>
			<a name="_Toc297030606"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Amendments</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;These Bylaws may be amended or altered by a vote of the majority of the whole Board of Directors at any meeting, </font><font style="display: inline;font-style:italic;color:#000000;">provided</font><font style="display: inline;color:#000000;"> that notice of such proposed amendment shall have been given in the notice given to the directors of such meeting. Such authority in the Board of Directors is subject to the power of the shareholders to change or repeal such Bylaws by a majority </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">12</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">vote of the shareholders present or represented at any regular or special meeting of shareholders called for such purpose, and the Board of Directors shall not make or alter any Bylaws fixing a quorum for meetings of shareholders, prescribing procedures for removing directors or filling vacancies in the Board of Directors or fixing the number of directors or their classifications, qualifications or terms of office, except that the Board of Directors may adopt or amend any Bylaw to increase their number.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" style="width: 59.00pt; display: inline;">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;text-transform:none;text-decoration:none;text-align:center;font-weight:bold;font-family:Times New Roman;font-size:12pt;display: inline;padding:0pt 1pt 0pt 0pt;">Article 11.  </font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;width:100%">
			<a name="_Toc297030607"></a><font style="display: inline;color:#000000;">Securities of Other Corporations</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 11.1</font>
			<a name="_Toc297030608"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Voting Securities Held by the Corporation</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Unless otherwise ordered by the Board of Directors, the President shall have full power and authority on behalf of the corporation: (a) to attend any meeting of security holders of other corporations in which the corporation may hold securities and to vote such securities on behalf of this corporation; (b) to execute any proxy for such meeting on behalf of the corporation; or (c) to execute a written action in lieu of a meeting of such other corporation on behalf of this corporation.&nbsp;&nbsp;At such meeting, the president shall possess and may exercise any and all rights and power incident to the ownership of such securities that the corporation possesses.&nbsp;&nbsp;The Board of Directors may, from time to time, grant such power and authority to one or more other persons and may remove such power and authority from the President or from any such other person or persons.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-decoration:underline;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Times New Roman;font-size:12pt;;"> 11.2</font>
			<a name="_Toc297030609"></a><font style="display: inline;font-weight:bold;text-decoration:none;color:#000000;">Purchase and Sale of Securities</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">.&nbsp;&nbsp;Unless otherwise ordered by the Board of Directors, the President shall have full power and authority on behalf of the corporation to purchase, sell, transfer or encumber any and all securities of any other corporation owned by the corporation, and may execute and deliver such documents as may be necessary to effectuate such purchase, sale, transfer or encumbrance. The Board of Directors may, from time to time, confer like powers upon any other person or persons.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">13</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font>

		</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>axgn-20150826ex510bf807a.htm
<DESCRIPTION>EX-5.1
<TEXT>
<!--HTML document created with Merrill Bridge  5.13.77.0-->
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			axgen_Ex5_1
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		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Arial;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;text-decoration:underline;">Exhibit 5.1 </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">August 26</font><font style="display: inline;font-family:Times New Roman;">, 2015</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">Axogen, Inc.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">13631 Progress Boulevard, Suite 400,</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">Alachua, Florida</font>
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		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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					<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;">RE:</font></p>
				</td>
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;width: 90.00%;border-bottom:1pt solid #000000 ;line-height:100%;font-family:Arial;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;">Axogen, Inc.</font><font style="display: inline;font-family:Times New Roman;"> Registration Statement on Form S-3 (Registration No. 333-195588)</font></p>
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		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">Ladies and Gentlemen: </font>
		</p>
		<p style="margin:4.5pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">We have acted as counsel to </font><font style="display: inline;font-family:Times New Roman;">Axogen, Inc.</font><font style="display: inline;font-family:Times New Roman;">, a </font><font style="display: inline;font-family:Times New Roman;">Minnesota</font><font style="display: inline;font-family:Times New Roman;"> corporation (the &#x201C;Company&#x201D;), in connection with the offering by the Company of 4,861,111 shares of Common Stock, par value $0.01 per share (the &#x201C;Common Stock&#x201D;), of the Company (the "Shares"), pursuant to the referenced Registration Statement (the "Registration Statement") and the Prospectus Supplement dated </font><font style="display: inline;font-family:Times New Roman;">August 26</font><font style="display: inline;font-family:Times New Roman;">, 2015 (the "Prospectus Supplement"), each filed under the Securities Act of 1933, as amended (the "Act"), with the Securities and Exchange Commission (the "SEC"). </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">In connection with this opinion letter, we have examined the Registration Statement, the Prospectus Supplement and originals, or copies certified or otherwise identified to our satisfaction, of the </font><font style="display: inline;font-family:Times New Roman;">Amended and Restated </font><font style="display: inline;font-family:Times New Roman;">Articles of Incorporation, as amended, of the Company as filed with the State </font><font style="display: inline;font-family:Times New Roman;">of Minnesota</font><font style="display: inline;font-family:Times New Roman;">, the Amended and Restated Bylaws of the Company</font><font style="display: inline;font-family:Times New Roman;">, as amended,</font><font style="display: inline;font-family:Times New Roman;"> and the minutes of meetings of the Board of Directors of the Company, as provided to us by the Company and such other documents, records and other instruments as we have deemed appropriate for purposes of the opinion set forth herein. </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity with the originals of all documents submitted to us as certified, facsimile or photostatic copies and the authenticity of the originals of all documents submitted to us as copies. </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">Based upon the foregoing, we are of the opinion that the Shares have been duly authorized by the Company and are validly issued, fully paid and nonassessable. </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">The opinion expressed herein is limited to the </font><font style="display: inline;font-family:Times New Roman;">Minnesota Business</font><font style="display: inline;font-family:Times New Roman;"> Corporation Act. </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">We hereby consent to the use of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to us under the caption &#x201C;Legal Matters&#x201D; in the Prospectus Supplement. </font><font style="display: inline;font-family:Times New Roman;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;">In giving such consent, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the SEC thereunder. </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;">Very truly yours, </font>
		</p>
		<p style="margin:9pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;">/s/ DLA Piper LLP (US) </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>axgn-20150826ex99172f522.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--HTML document created with Merrill Bridge  5.13.77.0-->
<!--Created on: 8/26/2015 4:21:36 PM-->
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			<a name="_GoBack"></a><font style="display: inline;font-size:12pt;">EXHIBIT 99.1</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;"><img src="axgn-20150826ex99172f522g001.jpg" style="width: 2.104167in; height: 0.6756945in" alt="Picture 2"></font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Calibri;font-size: 14pt">
			<font style="display: inline;font-weight:bold;font-size:14pt;">Essex Woodlands </font><font style="display: inline;font-weight:bold;font-size:14pt;">Fund IX </font><font style="display: inline;font-weight:bold;font-size:14pt;">Acquires </font><font style="display: inline;font-weight:bold;font-size:14pt;">Significant </font><font style="display: inline;font-weight:bold;font-size:14pt;">Position in AxoGen, Inc. </font>
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		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Investment of $17.5 Million </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Builds </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Company </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Balance Sheet</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">; Provides Resources to </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Drive </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Growth and</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;"> Pursue Expansion </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Opportunities</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Guido J. Neels, </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Leading </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">International Healthcare </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Executive, </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;">Joins</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:12pt;"> Board of Directors</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;">ALACHUA, FL &#x2013; </font><font style="display: inline;font-family:Calibri;font-weight:bold;">August</font><font style="display: inline;font-family:Calibri;font-weight:bold;">&nbsp;</font><font style="display: inline;font-family:Calibri;font-weight:bold;">2</font><font style="display: inline;font-family:Calibri;font-weight:bold;">6</font><font style="display: inline;font-family:Calibri;font-weight:bold;">, 201</font><font style="display: inline;font-family:Calibri;font-weight:bold;">5</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;font-weight:bold;">&#x2013;</font><font style="display: inline;font-family:Calibri;"> AxoGen, Inc. (NASDAQ: AXGN), </font><font style="display: inline;font-family:Calibri;">a leader in developing and marketing innovative surgical solutions for peripheral nerve injuries</font><font style="display: inline;font-family:Calibri;">,</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">has sold </font><font style="display: inline;font-family:Calibri;">4,861,111</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">registered </font><font style="display: inline;font-family:Calibri;">shares of its common stock </font><font style="display: inline;font-family:Calibri;">to Essex Woodlands, a leading </font><font style="display: inline;font-family:Calibri;">investment </font><font style="display: inline;font-family:Calibri;">firm focused on growth</font><font style="display: inline;font-family:Calibri;">-</font><font style="display: inline;font-family:Calibri;">oriented companies in the healthcare sector.&nbsp;&nbsp;The </font><font style="display: inline;font-family:Calibri;">sale</font><font style="display: inline;font-family:Calibri;"> was completed a</font><font style="display: inline;font-family:Calibri;">t a price of $3.60 per share,</font><font style="display: inline;font-family:Calibri;"> generated net proceeds of approximately $17.</font><font style="display: inline;font-family:Calibri;">1</font><font style="display: inline;font-family:Calibri;"> million to AxoGen</font><font style="display: inline;font-family:Calibri;"> and represented 16% of the Company&#x2019;s shares post transaction</font><font style="display: inline;font-family:Calibri;">.&nbsp;&nbsp;The Company</font><font style="display: inline;font-family:Calibri;"> plans to use the resources to </font><font style="display: inline;font-family:Calibri;">drive</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">its</font><font style="display: inline;font-family:Calibri;"> current market growth strategies</font><font style="display: inline;font-family:Calibri;">,</font><font style="display: inline;font-family:Calibri;"> accelerate enter</font><font style="display: inline;font-family:Calibri;">ing</font><font style="display: inline;font-family:Calibri;"> into new</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">nerve repair </font><font style="display: inline;font-family:Calibri;">markets</font><font style="display: inline;font-family:Calibri;"> and </font><font style="display: inline;font-family:Calibri;">develop and launch </font><font style="display: inline;font-family:Calibri;">additional </font><font style="display: inline;font-family:Calibri;">nerve repair </font><font style="display: inline;font-family:Calibri;">products</font><font style="display: inline;font-family:Calibri;">.</font><font style="display: inline;font-family:Calibri;"> &nbsp;This funding also provides addition</font><font style="display: inline;font-family:Calibri;">al</font><font style="display: inline;font-family:Calibri;"> working capital t</font><font style="display: inline;font-family:Calibri;">o</font><font style="display: inline;font-family:Calibri;"> strengthen the Company&#x2019;s </font><font style="display: inline;font-family:Calibri;">b</font><font style="display: inline;font-family:Calibri;">alance </font><font style="display: inline;font-family:Calibri;">s</font><font style="display: inline;font-family:Calibri;">heet.</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">&nbsp;</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Calibri;">&#x201C;</font><font style="display: inline;font-family:Calibri;">Our partnership with Essex Woodlands puts AxoGen in an excellent position </font><font style="display: inline;font-family:Calibri;">to </font><font style="display: inline;font-family:Calibri;">build on </font><font style="display: inline;font-family:Calibri;">the momentum we are generating in the nerve repair market</font><font style="display: inline;font-family:Calibri;"> as well as capitalize on our numerous opportunities</font><font style="display: inline;font-family:Calibri;">,&#x201D; said Karen Zaderej, President and Chief Executive Officer of AxoGen.&nbsp;&nbsp;&#x201C;</font><font style="display: inline;font-family:Calibri;">Essex Woodlands is</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">a premier, long-term focused healthcare investor </font><font style="display: inline;font-family:Calibri;">and through their </font><font style="display: inline;font-family:Calibri;">investment</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">in AxoGen we now have the resources in place to execute our current business plan as well as fund </font><font style="display: inline;font-family:Calibri;">e</font><font style="display: inline;font-family:Calibri;">xpansion</font><font style="display: inline;font-family:Calibri;">.&nbsp;&nbsp;Based on our current operations, we believe the investment provides AxoGen with the resources to achieve positive operating cash flow</font><font style="display: inline;font-family:Calibri;">. &nbsp;</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">In addition, w</font><font style="display: inline;font-family:Calibri;">e gain access to the experience and relationships of </font><font style="display: inline;font-family:Calibri;">the Essex Woodlands organization</font><font style="display: inline;font-family:Calibri;"> as we</font><font style="display: inline;font-family:Calibri;"> welcome Guido Neels to the AxoGen </font><font style="display: inline;font-family:Calibri;">B</font><font style="display: inline;font-family:Calibri;">oard of Directors</font><font style="display: inline;font-family:Calibri;">.&nbsp;&nbsp;We </font><font style="display: inline;font-family:Calibri;">believe he </font><font style="display: inline;font-family:Calibri;">will </font><font style="display: inline;font-family:Calibri;">be an outstanding advisor to AxoGen as we execute our global growth plans.</font><font style="display: inline;font-family:Calibri;">&#x201D; &nbsp;</font>
		</p>
		<p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Calibri;">Mr.</font><font style="display: inline;font-family:Calibri;"> Neels, an Operating Partner with Essex Woodlands based in Palo Alto,</font><font style="display: inline;font-family:Calibri;"> CA</font><font style="display: inline;font-family:Calibri;">,</font><font style="display: inline;font-family:Calibri;"> will join AxoGen&#x2019;s Board of Directors as its eighth member.</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;"> Mr. Neels brings to the AxoGen Board more than </font><font style="display: inline;font-family:Calibri;">40</font><font style="display: inline;font-family:Calibri;"> years of</font><font style="display: inline;font-family:Calibri;"> experience</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">developing international healthcare businesses.&nbsp;&nbsp;Prior to joining Essex Woodlands, he served as Chief Operating Officer of Guidant Corporation.&nbsp;&nbsp;Currently, Mr. Neels serves as the Chairman of the Board of Directors for Oraya Therapeutics as well as </font><font style="display: inline;font-family:Calibri;">serving </font><font style="display: inline;font-family:Calibri;">on the Board of Directors for Entellus Medical</font><font style="display: inline;font-family:Calibri;">, Inc</font><font style="display: inline;font-family:Calibri;">.</font><font style="display: inline;font-family:Calibri;">, Endologix</font><font style="display: inline;font-family:Calibri;">, Inc</font><font style="display: inline;font-family:Calibri;">.</font><font style="display: inline;font-family:Calibri;"> and Bioventus</font><font style="display: inline;font-family:Calibri;"> LL</font><font style="display: inline;font-family:Calibri;">C</font><font style="display: inline;font-family:Calibri;">.&nbsp; </font><font style="display: inline;font-family:Calibri;">Mr. Neels holds a Business Engineering degree from the University of Leuven in Belgium and a Master of Business Administration degree from Stanford University</font><font style="display: inline;font-family:Calibri;">. &nbsp;</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Calibri;">&#x201C;We are very glad to be a </font><font style="display: inline;font-family:Calibri;">shareholder </font><font style="display: inline;font-family:Calibri;">of AxoGen and we look forward to </font><font style="display: inline;font-family:Calibri;">suppor</font><font style="display: inline;font-family:Calibri;">t</font><font style="display: inline;font-family:Calibri;">ing</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">Karen and the </font><font style="display: inline;font-family:Calibri;">management </font><font style="display: inline;font-family:Calibri;">team to continue AxoGen&#x2019;s </font><font style="display: inline;font-family:Calibri;">momentum</font><font style="display: inline;font-family:Calibri;"> as the leader of innovative surgical solutions </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-family:Calibri;">for peripheral nerve injuries</font><font style="display: inline;font-family:Calibri;">,</font><font style="display: inline;font-family:Calibri;">&#x201D; said Mr. Neels. &#x201C;</font><font style="display: inline;font-family:Calibri;">We expect a very successful growth trajectory for the company</font><font style="display: inline;font-family:Calibri;">.</font><font style="display: inline;font-family:Calibri;">&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;">About AxoGen, Inc. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">AxoGen (NASDAQ: AXGN) is a leading medical technology company dedicated to peripheral nerve repair. AxoGen&#x2019;s portfolio of regenerative medicine products is available in the United States, Canada and several other countries and includes Avance</font><font style="display: inline;font-size:12pt;font-size:6pt;top:-4.8pt;position:relative;line-height:115%">&#xAE;</font><font style="display: inline;font-size:12pt;">&nbsp;Nerve Graft, an off-the-shelf&nbsp;&nbsp;processed human nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site, AxoGuard</font><font style="display: inline;font-size:12pt;font-size:6pt;top:-4.8pt;position:relative;line-height:115%">&#xAE;</font><font style="display: inline;font-size:12pt;">&nbsp;Nerve Connector, a porcine submucosa extracellular matrix (&#x201C;ECM&#x201D;) coaptation aid for tensionless repair of severed nerves, and AxoGuard</font><font style="display: inline;font-size:12pt;font-size:6pt;top:-4.8pt;position:relative;line-height:115%">&#xAE;</font><font style="display: inline;font-size:12pt;">&nbsp;Nerve Protector, a porcine submucosa ECM product used to wrap and protect injured peripheral nerves and reinforce the nerve reconstruction while preventing soft tissue attachments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">Avance</font><font style="display: inline;font-size:12pt;font-size:6pt;top:-4.8pt;position:relative;line-height:115%">&#xAE;</font><font style="display: inline;font-size:12pt;">&nbsp;Nerve Graft is processed in the United States by AxoGen. AxoGuard</font><font style="display: inline;font-size:12pt;font-size:6pt;top:-4.8pt;position:relative;line-height:115%">&#xAE;</font><font style="display: inline;font-size:12pt;">&nbsp;Nerve Connector and AxoGuard</font><font style="display: inline;font-size:12pt;font-size:6pt;top:-4.8pt;position:relative;line-height:115%">&#xAE;</font><font style="display: inline;font-size:12pt;">&nbsp;Nerve Protector are manufactured in the United States by Cook Biotech Incorporated, and are distributed worldwide exclusively by AxoGen. AxoGen maintains its corporate offices in Alachua, Florida and is the parent of its wholly owned operating subsidiary, AxoGen Corporation.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">For more information about AxoGen or to sign up for our news alerts, please visit </font><font style="display: inline;font-size:12pt;">www.AxoGenInc.com</font><font style="display: inline;font-size:12pt;">.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-size:12pt;">About Essex Woodlan</font><font style="display: inline;font-weight:bold;font-size:12pt;">d</font>
		</p>
		<p style="margin:0pt;color:#90979C;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 7.5pt;line-height:100%;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">With $2.5 billion under management, Essex Woodlands is one of the largest and oldest growth equity firms pursuing investments in pharmaceuticals, medical devices, healthcare services and healthcare information technology. Since its founding in 1985, Essex Woodlands has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing and/or management of over 150 healthcare companies, ranging across sectors, stages and geography. The team is comprised of 22 senior investment professionals with offices in Palo Alto, Houston, New York, London and Shanghai. For more information, please see www.ewhv.com.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">Cautionary Statements Concerning Forward-Looking Statements</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">This Press Release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "projects", "forecasts", "continue", "may", "should", "will" variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements regarding our growth, our </font><font style="display: inline;">2015</font><font style="display: inline;"> revenue estimate, product development, product potential, financial performance, sales </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;;font-size: 11pt"><font style="display: inline;">growth, product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this release should be evaluated together with the many uncertainties that affect AxoGen's business and its market, particularly those discussed in the risk factors and cautionary statements in AxoGen's filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made, and, except as required by law, AxoGen assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events or otherwise.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;line-height:100%;margin-bottom:0pt;margin-left:0pt;">
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
						<font style="display: inline;font-weight:bold;font-size:12pt;">Contact:</font></p>
				</td>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:00.00%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
						<font style="display: inline;font-size:12pt;">EVC Group</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
						<font style="display: inline;font-size:12pt;">Michael Polyviou/Doug Sherk &#x2013; Investor Relations</font></p>
				</td>
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				<td valign="top" style="border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:00.00%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
						<font style="display: inline;font-size:12pt;">212.850.6020/415.652.9100</font></p>
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				<td valign="top" style="border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:00.00%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 12pt">
						<font style="display: inline;font-size:12pt;">mpolyviou@evcgroup.com</font><font style="display: inline;font-size:12pt;">; &nbsp;</font><font style="display: inline;font-size:12pt;">dsherk@evcgroup.com</font><font style="display: inline;font-size:12pt;">&nbsp;</font></p>
				</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
