<SEC-DOCUMENT>0001387131-21-004893.txt : 20210426
<SEC-HEADER>0001387131-21-004893.hdr.sgml : 20210426
<ACCEPTANCE-DATETIME>20210423211520
ACCESSION NUMBER:		0001387131-21-004893
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210419
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210426
DATE AS OF CHANGE:		20210423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Byrna Technologies Inc.
		CENTRAL INDEX KEY:			0001354866
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				711050654
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-132456
		FILM NUMBER:		21851192

	BUSINESS ADDRESS:	
		STREET 1:		10 BURTT ROAD
		STREET 2:		SUITE 115
		CITY:			ANDOVER
		STATE:			MA
		ZIP:			01810
		BUSINESS PHONE:		978-868-5011

	MAIL ADDRESS:	
		STREET 1:		10 BURTT ROAD
		STREET 2:		SUITE 115
		CITY:			ANDOVER
		STATE:			MA
		ZIP:			01810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Security Devices International Inc.
		DATE OF NAME CHANGE:	20060301
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>byrn-8k_041921.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="page_21"></A><A NAME="page_20"></A><A NAME="page_19"></A><A NAME="page_18"></A><A NAME="page_17"></A><A NAME="page_16"></A><A NAME="page_15"></A><A NAME="page_14"></A><A NAME="page_13"></A><A NAME="page_12"></A><A NAME="page_11"></A><A NAME="page_10"></A><A NAME="page_9"></A><A NAME="page_8"></A><A NAME="page_6"></A><A NAME="page_7"></A><A NAME="page_5"></A><A NAME="page_4"></A><A NAME="page_3"></A><A NAME="page_2"></A><A NAME="page_1"></A>UNITED
STATES</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<B>April 19, 2021</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; border-bottom: black 1pt solid; padding-left: 0; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>333-132456</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; border-bottom: black 1pt solid; padding-left: 0; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>71-1050654</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100 Burtt Road, Suite 115 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Andover, MA 01810</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address and Zip Code of principal executive
offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(978) 868-5011</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744; Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744; Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744; Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744; Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company&nbsp;&#9744;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act: None</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.03</B></FONT></TD>
    <TD STYLE="width: 90%; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On April 19, 2021, the Board of Directors
of Byrna Technologies Inc. (the &ldquo;Company&rdquo;) approved and adopted an amendment to Section 7.07 of the Company&rsquo;s
By-Laws to provide that, unless the Company consents in writing to the selection of an alternative forum, the federal district
courts of the United States of America shall be the exclusive forum for any action asserting a cause of action rising under the
Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The foregoing summary is qualified in
its entirety by reference to the By-Laws, a copy of which is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K
and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 7.01</B></FONT></TD>
    <TD STYLE="width: 90%; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulation FD Disclosure.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On April 23, 2021, the Company issued
a press release announcing a reverse stock split of its common stock. A copy of the press release is furnished as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 10%; text-align: left"><B>Item 9.01</B></TD><TD STYLE="font-size: 10pt; text-align: justify; width: 90%"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
<BR>
No.</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex3-1.htm">3.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws of Byrna Technologies Inc., as amended and restated effective April 19, 2021. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">99.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated April 23, 2021. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 92.35pt; text-indent: -94.15pt">&nbsp;</P>








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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 90.3pt; text-align: center; color: #231F20">SIGNATURES</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #231F20">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-indent: 22.5pt; color: #231F20">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>BYRNA TECHNOLOGIES INC</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></B></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: April 23, 2021</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Bryan Ganz</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: Bryan Ganz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Chief Executive Officer</P></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-indent: 22.5pt">&nbsp;</P>



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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<DESCRIPTION>BY-LAWS
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt 0 0in; font-size: 10pt; text-align: left"><A HREF="byrn-8k_041921.htm">Byrna Technologies Inc. 8-K</A></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: right"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center"><B>BY-LAWS OF BYRNA TECHNOLOGIES, INC.<BR>
(as amended and restated effective April 19, 2021)</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center"><B>ARTICLE I<BR>
OFFICES</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
1.01&nbsp;Registered Office.</B>&nbsp;The registered office of Byrna Technologies, Inc. (the &ldquo;<B>Corporation</B>&rdquo;)
will be fixed in the Certificate of Incorporation of the Corporation (the &ldquo;<B>Certificate of Incorporation</B>&rdquo;).</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
1.02&nbsp;Other Offices.</B>&nbsp;The Corporation may have other offices, both within and without the State of Delaware, as the
board of directors of the Corporation (the &ldquo;<B>Board of Directors</B>&rdquo;) from time to time shall determine or the business
of the Corporation may require.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center"><B>ARTICLE II<BR>
MEETINGS OF THE STOCKHOLDERS</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.01&nbsp;Place of Meetings.</B>&nbsp;All meetings of the stockholders shall be held at such place, if any, either within or without
the State of Delaware, or by means of remote communication, as shall be designated from time to time by resolution of the Board
of Directors and stated in the notice of meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.02&nbsp;Annual Meeting.</B>&nbsp;The annual meeting of the stockholders for the election of directors and for the transaction
of such other business as may properly come before the meeting in accordance with these by-laws shall be held at such date, time,
and place, if any, as shall be determined by the Board of Directors and stated in the notice of the meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.03&nbsp;Special Meetings.</B></P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B>Purpose.</B>&nbsp;Special
meetings of stockholders for any purpose or purposes shall be called only:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) by the Board of Directors
or the Chair of the Board (as defined in Section 3.17); or</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) by the Secretary (as defined
in Section 4.01), following receipt of one or more written demands to call a special meeting of the stockholders in accordance
with, and subject to, this Section 2.03 from stockholders of record who own, in the aggregate, at least 25% of the voting power
of the outstanding shares of the Corporation then entitled to vote on the matter or matters to be brought before the proposed special
meeting.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B>Notice.</B>&nbsp;A
request to the Secretary shall be delivered to him or her at the Corporation's principal executive offices and signed by each stockholder,
or a duly authorized agent of such stockholder, requesting the special meeting and shall set forth:</P>


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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_2"></A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a brief description of each matter of business desired to be brought before the special meeting;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) the reasons for conducting
such business at the special meeting;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(iii) the text of any proposal
or business to be considered at the special meeting (including the text of any resolutions proposed to be considered and in the
event that such business includes a proposal to amend these by-laws, the language of the proposed amendment); and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(iv) the information required
in Section 2.12(b) of these by-laws (for stockholder nomination demands) or Section 2.12(c) of these by-laws (for all other stockholder
proposal demands), as applicable.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B>Business.</B>&nbsp;Business
transacted at a special meeting requested by stockholders shall be limited to the matters described in the special meeting request;&nbsp;<I>provided,
however,</I>&nbsp;that nothing herein shall prohibit the Board of Directors from submitting matters to the stockholders at any
special meeting requested by stockholders.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<B>Time
and Date</B>. A special meeting requested by stockholders shall be held at such date and time as may be fixed by the Board of Directors;&nbsp;<I>provided,
however,</I>&nbsp;that the date of any such special meeting shall be not more than 90 days after the request to call the special
meeting is received by the Secretary. Notwithstanding the foregoing, a special meeting requested by stockholders shall not be held
if:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) the Board of Directors has
called or calls for an annual or special meeting of the stockholders to be held within 90 days after the Secretary receives the
request for the special meeting and the Board of Directors determines in good faith that the business of such meeting includes
(among any other matters properly brought before the meeting) the business specified in the request;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) the stated business to be
brought before the special meeting is not a proper subject for stockholder action under applicable law;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(iii) an identical or substantially
similar item (a &ldquo;<B>Similar Item&rdquo;</B>) was presented at any meeting of stockholders held within 90 days prior to the
receipt by the Secretary of the request for the special meeting (and, for purposes of this Section 2.03(d)(iii), the election of
directors shall be deemed a Similar Item with respect to all items of business involving the election or removal of directors);
or</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(iv) the special meeting request
was made in a manner that involved a violation of Regulation 14A under the Securities Exchange Act of 1934, as amended and the
rules and regulations promulgated thereunder (the &ldquo;<B>Exchange Act</B>&rdquo;).</P>


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<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<B>Revocation.</B>&nbsp;A
stockholder may revoke a request for a special meeting at any time by written revocation delivered to the Secretary, and if, following
such revocation, there are unrevoked requests from stockholders holding in the aggregate less <A NAME="page_3"></A>than
the requisite number of shares entitling the stockholders to request the calling of a special meeting, the Board of Directors,
in its discretion, may cancel the special meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.04 Adjournments.</B>&nbsp;Any meeting of the stockholders, annual or special, may be adjourned from time to time to reconvene
at the same or some other place, if any, and notice need not be given of any such adjourned meeting if the time, place, if any,
thereof and the means of remote communication, if any, are announced at the meeting at which the adjournment is taken. At the adjourned
meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment
is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the
meeting. If after the adjournment a new record date is fixed for stockholders entitled to vote at the adjourned meeting, the Board
of Directors shall fix a new record date for notice of the adjourned meeting and shall give notice of the adjourned meeting to
each stockholder of record entitled to vote at the adjourned meeting as of the record date fixed for notice of the adjourned meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.05&nbsp;Notice of Meetings.</B>&nbsp;Notice of the place (if any), date, hour, the record date for determining the stockholders
entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to notice of the meeting),
and means of remote communication, if any, of every meeting of stockholders shall be given by the Corporation not less than ten
days nor more than 60 days before the meeting (unless a different time is specified by law) to every stockholder entitled to vote
at the meeting as of the record date for determining the stockholders entitled to notice of the meeting. Notices of special meetings
shall also specify the purpose or purposes for which the meeting has been called. Except as otherwise provided herein or permitted
by applicable law, notice to stockholders shall be in writing and delivered personally or mailed to the stockholders at their address
appearing on the books of the Corporation. Without limiting the manner by which notice otherwise may be given effectively to stockholders,
notice of meetings may be given to stockholders by means of electronic transmission in accordance with applicable law. Notice of
any meeting need not be given to any stockholder who shall, either before or after the meeting, submit a waiver of notice or who
shall attend such meeting, except when the stockholder attends for the express purpose of objecting, at the beginning of the meeting,
to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder so waiving notice of
the meeting shall be bound by the proceedings of the meeting in all respects as if due notice thereof had been given.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.06&nbsp;List of Stockholders.</B>&nbsp;The Corporation shall prepare a complete list of the stockholders entitled to vote at
any meeting of stockholders (<I>provided, however,</I>&nbsp;if the record date for determining the stockholders entitled to vote
is less than ten days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth
day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares
of capital stock of the Corporation registered in the name of each</P>


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<P STYLE="margin: 0; font-size: 10pt; text-align: left">stockholder at least ten days before any meeting
of the stockholders. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for
a period of at least ten days before the meeting: (a) on a reasonably accessible electronic network, provided that the information
required to gain access to such list was provided with the notice of the meeting; or (b) during ordinary business hours, at the
principal place of business of the Corporation. If the meeting is to be held at a place, the list shall also be produced and kept
at the time and place of the meeting the whole time thereof and may be inspected by any stockholder who is present. If the meeting
is held solely by means of remote communication, the list shall also be open for inspection by any stockholder during the whole
time of the meeting as provided by applicable law. Except as provided by applicable law, the stock ledger of the Corporation shall
be the only evidence as to who are the stockholders entitled to examine the stock ledger and the list of stockholders or to vote
in person or by proxy at any meeting of stockholders.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_4"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.07&nbsp;Quorum.</B>&nbsp;Unless otherwise required by law, the Certificate of Incorporation or these by-laws, at each meeting
of the stockholders, at least one third (1/3) of the voting power of the shares of the Corporation entitled to vote at the meeting,
present in person or represented by proxy, shall constitute a quorum. If, however, such quorum shall not be present or represented
at any meeting of the stockholders, the chair of the meeting or the stockholders entitled to vote thereat, present in person or
represented by proxy, shall have power, by the affirmative vote of a majority in voting power thereof, to adjourn the meeting from
time to time, in the manner provided in Section 2.04, until a quorum shall be present or represented. A quorum, once established,
shall not be broken by the subsequent withdrawal of enough votes to leave less than a quorum. At any such adjourned meeting at
which there is a quorum, any business may be transacted that might have been transacted at the meeting originally called.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.08&nbsp;Organization</B>. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting
of the stockholders as it shall deem appropriate. At every meeting of the stockholders, the Chair of the Board, or in his or her
absence or inability to act, the Chief Executive Officer (as defined in Section 4.01), or, in his or her absence or inability to
act, the officer or director whom the Board of Directors shall appoint, shall act as chair of, and preside at, the meeting. The
Secretary or, in his or her absence or inability to act, the person whom the chair of the meeting shall appoint secretary of the
meeting, shall act as secretary of the meeting and keep the minutes thereof. Except to the extent inconsistent with such rules
and regulations as adopted by the Board of Directors, the chair of any meeting of the stockholders shall have the right and authority
to prescribe such rules, regulations, and procedures and to do all such acts as, in the judgment of such chair, are appropriate
for the proper conduct of the meeting. Such rules, regulations, or procedures, whether adopted by the Board of Directors or prescribed
by the chair of the meeting, may include, without limitation, the following:</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(a) the establishment of an agenda
or order of business for the meeting;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(b) the determination of when
the polls shall open and close for any given matter to be voted on at the meeting;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(c) rules and procedures for maintaining
order at the meeting and the safety of those present;</P>


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<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(d) limitations on attendance
at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies,
or such other persons as the chair of the meeting shall determine;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left"><A NAME="page_5"></A>(e) restrictions
on entry to the meeting after the time fixed for the commencement thereof; and</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(f) limitations on the time allotted
to questions or comments by participants.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.09&nbsp;Voting; Proxies.</B></P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(a)&nbsp;<B>General.&nbsp;</B>Unless
otherwise required by law or provided in the Certificate of Incorporation, each stockholder shall be entitled to one vote, in person
or by proxy, for each share of capital stock held by such stockholder.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(b)&nbsp;<B>Election of Directors.&nbsp;</B>Unless
otherwise required by the Certificate of Incorporation, the election of directors shall be by written ballot. If authorized by
the Board of Directors, such requirement of a written ballot shall be satisfied by a ballot submitted by electronic transmission,
provided that any such electronic transmission must be either set forth or be submitted with information from which it can be determined
that the electronic transmission was authorized. Unless otherwise required by law, the Certificate of Incorporation, or these by-laws,
the election of directors shall be decided by a majority of the votes cast at a meeting of the stockholders by the holders of stock
entitled to vote in the election;&nbsp;<I>provided, however,</I>&nbsp;that, if the Secretary determines that the number of nominees
for director exceeds the number of directors to be elected, directors shall be elected by a plurality of the votes of the shares
represented in person or by proxy at any meeting of stockholders held to elect directors and entitled to vote on such election
of directors. For purposes of this Section 2.09(b), a majority of the votes cast means that the number of shares voted &ldquo;for&rdquo;
a nominee must exceed the votes cast &ldquo;against&rdquo; such nominee&rsquo;s election. If a nominee for director who is not
an incumbent director does not receive a majority of the votes cast, the nominee shall not be elected. The Corporate Governance
Committee has established procedures under which a director standing for reelection in an uncontested election must tender a resignation
conditioned on the incumbent director's failure to receive a majority of the votes cast. If an incumbent director who is standing
for re-election does not receive a majority of the votes cast, the Corporate Governance Committee will make a recommendation to
the Board of Directors on whether to accept or reject the resignation, or whether other action should be taken. The Board of Directors
will act on the committee&rsquo;s recommendation and publicly disclose its decision and the rationale behind it within 90 days
from the date of the certification of the election results. The director who fails to receive a majority vote will not participate
in the committee&rsquo;s recommendation or the Board of Directors' decision.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(c)&nbsp;<B>Other Matters.</B>&nbsp;Unless otherwise required
by law, the Certificate of Incorporation, or these by-laws, any matter, other than the election of directors, brought before any
meeting of stockholders shall be decided by the affirmative vote of the majority of shares present in person or represented by
proxy at the meeting and entitled to vote on the matter.</P>



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<P STYLE="margin: 0 0 0 45.1pt; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(d)&nbsp;<B>Proxies.</B>&nbsp;Each
stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by
proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.
Such authorization must be in writing and executed by the stockholder or his or her authorized officer, director, employee, or
agent. To the extent permitted by law, a stockholder may authorize another person or persons to act for him or her as proxy by
transmitting or authorizing the transmission of an electronic transmission to the person who will be the holder of the proxy or
to a proxy solicitation firm, proxy support service organization, or like agent duly authorized by the person who will be the holder
of the proxy to receive such transmission, provided that the electronic transmission either sets forth or is submitted with information
from which it can be determined that the electronic transmission was authorized by the stockholder. A copy, facsimile transmission,
or other reliable reproduction of a writing or transmission authorized by this Section 2.09(d) may be substituted for or used in
lieu of the original writing or electronic transmission for any and all purposes for which the original writing or transmission
could be used, provided that such copy, facsimile transmission, or other reproduction shall be a complete reproduction of the entire
original writing or transmission. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as,
it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy that is not
irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or a new
proxy bearing a later date.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_6"></A><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 2.10&nbsp;Inspectors at Meetings of Stockholders.</B>&nbsp;In advance of any meeting of the stockholders, the Board of
Directors shall, appoint one or more inspectors, who may be employees of the Corporation, to act at the meeting or any adjournment
thereof and make a written report thereof. The Board of Directors may designate one or more persons as alternate inspectors to
replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting, the person presiding at the meeting
shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties,
shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of
his or her ability. The inspector or inspectors may appoint or retain other persons or entities to assist the inspector or inspectors
in the performance of their duties. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders,
the inspector or inspectors may consider such information as is permitted by applicable law. No person who is a candidate for office
at an election may serve as an inspector at such election. When executing the duties of inspector, the inspector or inspectors
shall: (a) ascertain the number of shares outstanding and the voting power of each; (b) determine the shares represented at the
meeting and the validity of proxies and ballots; (c) count all votes and ballots; (d) determine and retain for a reasonable period
a record of the disposition of any challenges made to any determination by the inspectors; and (e) certify their determination
of the number of shares represented at the meeting and their count of all votes and ballots.</P>


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<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left"><A NAME="page_7"></A> <B>Section 2.11&nbsp;Fixing
the Record Date.</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or
any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which
the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor
less than ten days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding
the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which
the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall
apply to any adjournment of the meeting;&nbsp;<I>provided, however,</I>&nbsp;that the Board of Directors may fix a new record date
for the determination of stockholders entitled to notice of or to vote at the adjourned meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or
allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion, or exchange of
stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not
precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days
prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at
the close of business on the day on which the Board of Directors adopts the resolution relating thereto.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left"><B>Section 2.12&nbsp;Advance Notice of
Stockholder Nominations and Proposals.</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<B>Annual Meetings.</B>&nbsp;At a meeting of the stockholders, only such nominations of persons for the election of directors
and such other business shall be conducted as shall have been properly brought before the meeting. Except for nominations that
are included in the Corporation's annual meeting proxy statement pursuant to Section 2.13, to be properly brought before an annual
meeting, nominations or such other business must be:</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(i) specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the Board of Directors or any committee thereof;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(ii) otherwise properly brought
before the meeting by or at the direction of the Board of Directors or any committee thereof; or</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(iii) otherwise properly brought
before an annual meeting by a stockholder who is a stockholder of record of the Corporation at the time such notice of meeting
is delivered, who is entitled to vote at the meeting, and who complies with the notice procedures set forth in this Section 2.12.</P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left">In addition, any proposal of business (other than the
nomination of persons for election to the Board of Directors) must be a proper matter for stockholder action. For business
(including, but not limited to, director nominations) to be properly brought before an annual meeting by a stockholder
pursuant to Section 2.12(a)(iii), the stockholder or stockholders of record intending to propose the business (the
&ldquo;<B>Proposing Stockholder</B>&rdquo;) must have given timely notice thereof pursuant to this Section 2.12(a), in
writing to the Secretary even if such matter is already the subject of any notice to the stockholders or Public Disclosure
from the Board of Directors. To be timely, a Proposing Stockholder's notice for an annual meeting must be delivered to or
mailed and received at the principal executive offices of the Corporation: (x) not later than the close of business on the
90th day, nor earlier than the close of business on the 120th day, in advance of the anniversary of the previous year's
annual meeting if such meeting is to be held on a day which is not more than 30 days in advance of the anniversary of the
previous year's annual meeting or not later than 60 days after the anniversary of the previous year's annual meeting; and (y)
with respect to any other annual meeting of stockholders, including in the event that no annual meeting was held in the
previous year, not earlier than the close of business on the 120th day prior to the annual meeting and not later than the
close of business on the later of: (1) the 90th day prior to the annual meeting and (2) the close of business on the tenth
day following the first date of Public Disclosure of the date of such meeting. In no event shall the Public Disclosure of an
adjournment or postponement of an annual meeting commence a new notice time period (or extend any notice time period). For
the purposes of this Section 2.12 and Section 2.13, &ldquo;<B>Public Disclosure</B>&rdquo; shall mean a disclosure made in a
press release reported by the Dow Jones News Services, The Associated Press, or a comparable national news service or in a
document filed by the Corporation with the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) pursuant to Section
13, 14, or 15(d) of the Exchange Act.</P>



<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_8"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stockholder
Nominations.</B>&nbsp;For the nomination of any person or persons for election to the Board of Directors pursuant to Section 2.12(a)(iii)
or Section 2.12(d), a Proposing Stockholder's notice to the Secretary shall set forth or include:</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(i) the name, age, business address,
and residence address of each nominee proposed in such notice;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(ii) the principal occupation
or employment of each such nominee;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(iii) the class and number of
shares of capital stock of the Corporation which are owned of record and beneficially by each such nominee (if any);</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(iv) such other information concerning
each such nominee as would be required to be disclosed in a proxy statement soliciting proxies for the election of such nominee
as a director in an election contest (even if an election contest is not involved) or that is otherwise required to be disclosed,
under Section 14(a) of the Exchange Act;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(v) a written questionnaire with
respect to the background and qualification of such proposed nominee (which questionnaire shall be provided by the Secretary upon
written request) and a written statement and agreement executed by each such nominee acknowledging that such person:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(A) consents to being named in
the Company's proxy statement as a nominee and to serving as a director if elected,</P>


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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_9"></A> (B) intends
to serve as a director for the full term for which such person is standing for election, and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(C) makes the following representations:
(1) that the director nominee has read and agrees to adhere to the Corporation's policies or guidelines applicable to directors,
including with regard to securities trading, (2) that the director nominee is not and will not become a party to any agreement,
arrangement, or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person,
if elected as a director of the Corporation, will act or vote on any issue or question (a &ldquo;<B>Voting Commitment</B>&rdquo;)
that has not been disclosed to the Corporation or any Voting Commitment that could limit or interfere with such person's ability
to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law, and (3) that
the director nominee is not and will not become a party to any agreement, arrangement, or understanding with any person or entity
other than the Corporation with respect to any direct or indirect compensation, reimbursement, or indemnification (&ldquo;<B>Compensation
Arrangement</B>&rdquo;) that has not been disclosed to the Corporation in connection with such person's nomination for director
or service as a director; and</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(vi) as to the Proposing Stockholder:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(A) the name and address of the
Proposing Stockholder as they appear on the Corporation's books and of the beneficial owner, if any, on whose behalf the nomination
is being made,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(B) the class and number of shares
of the Corporation which are owned by the Proposing Stockholder (beneficially and of record) and owned by the beneficial owner,
if any, on whose behalf the nomination is being made, as of the date of the Proposing Stockholder's notice, and a representation
that the Proposing Stockholder will notify the Corporation in writing of the class and number of such shares owned of record and
beneficially as of the record date for the meeting within five business days after the record date for such meeting,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(C) a description of any agreement,
arrangement, or understanding with respect to such nomination between or among the Proposing Stockholder or the beneficial owner,
if any, on whose behalf the nomination is being made and any of their affiliates or associates, and any others (including their
names) acting in concert with any of the foregoing, and a representation that the Proposing Stockholder will notify the Corporation
in writing of any such agreement, arrangement, or understanding in effect as of the record date for the meeting within five business
days after the record date for such meeting,</P>

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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_10"></A>(D) a description of any agreement,
arrangement, or understanding (including any derivative or short positions, profit interests, options, hedging transactions, and
borrowed or loaned shares) that has been entered into as of the date of the Proposing Stockholder's notice by, or on behalf of,
the Proposing Stockholder or the beneficial owner, if any, on whose behalf the nomination is being made and any of their affiliates
or associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase
or decrease the voting power of such person or any of their affiliates or associates with respect to shares of stock of the Corporation,
and a representation that the Proposing Stockholder will notify the Corporation in writing of any such agreement, arrangement,
or understanding in effect as of the record date for the meeting within five business days after the record date for such meeting,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(E) a representation that the
Proposing Stockholder is a holder of record of shares of the Corporation entitled to vote at the meeting and intends to appear
in person or by proxy at the meeting to nominate the person or persons specified in the notice, and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(F) a representation whether
the Proposing Stockholder intends to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the
Corporation's outstanding capital stock required to approve the nomination and/or otherwise to solicit proxies from stockholders
in support of the nomination. The Corporation may require any proposed nominee to furnish such other information as it may reasonably
require to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could
be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(c)&nbsp;<B>Other Stockholder
Proposals.</B>&nbsp;For all business other than director nominations, a Proposing Stockholder's notice to the Secretary shall set
forth as to each matter the Proposing Stockholder proposes to bring before the annual meeting:</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(i) a brief description of the
business desired to be brought before the annual meeting;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(ii) the reasons for conducting
such business at the annual meeting;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(iii) the text of any proposal
or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal
to amend these by-laws, the language of the proposed amendment);</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(iv) any substantial interest
(within the meaning of Item 5 of Schedule 14A under the Exchange Act) in such business of such stockholder and the beneficial owner
(within the meaning of Section 13(d) of the Exchange Act), if any, on whose behalf the business is being proposed;</P>


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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_11"></A> (v) any
other information relating to such stockholder and beneficial owner, if any, on whose behalf the proposal is being made, required
to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the proposal
and pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(vi) a description of all agreements,
arrangements, or understandings between or among such stockholder, the beneficial owner, if any, on whose behalf the proposal is
being made, any of their affiliates or associates, and any other person or persons (including their names) in connection with the
proposal of such business and any material interest of such stockholder, beneficial owner, or any of their affiliates or associates,
in such business, including any anticipated benefit therefrom to such stockholder, beneficial owner, or their affiliates or associates;
and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(vii) the information required
by Section 2.12(b)(vi) above.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(d)&nbsp;<B>Special Meetings of
Stockholders.</B>&nbsp;Only such business shall be conducted at a special meeting of stockholders as shall have been brought before
the meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the Board of Directors may
be made at a special meeting of stockholders called by the Board of Directors at which directors are to be elected pursuant to
the Corporation's notice of meeting:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) by or at the direction of
the Board of Directors or any committee thereof; or</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) provided that the Board
of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who is a stockholder
of record at the time the notice provided for in this Section 2.12(d) is delivered to the Secretary, who is entitled to vote at
the meeting, and upon such election and who complies with the notice procedures set forth in this Section 2.12.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left">In the event the Corporation calls a special meeting of stockholders
for the purpose of electing one or more directors to the Board of Directors, any such stockholder entitled to vote in such election
of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation&rsquo;s
notice of meeting, if such stockholder delivers a stockholder's notice that complies with the requirements of Section 2.12(b)
to the Secretary at its principal executive offices not earlier than the close of business on the 120th day prior to such special
meeting and not later than the close of business on the later of: (x) the 90th day prior to such special meeting; or (y) the tenth
(10th) day following the date of the first Public Disclosure of the date of the special meeting and of the nominees proposed by
the Board of Directors to be elected at such meeting. In no event shall the Public Disclosure of an adjournment or postponement
of a special meeting commence a new time period (or extend any notice time period).</P>



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<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left"><A NAME="page_12"></A>(e)&nbsp;<B>Effect
of Noncompliance.</B>&nbsp;Only such persons who are nominated in accordance with the procedures set forth in this Section 2.12
or Section 2.13 shall be eligible to be elected at any meeting of stockholders of the Corporation to serve as directors and only
such other business shall be conducted at a meeting as shall be brought before the meeting in accordance with the procedures set
forth in this Section 2.12 or Section 2.13, as applicable. If any proposed nomination was not made or proposed in compliance with
this Section 2.12 or Section 2.13, as applicable, or other business was not made or proposed in compliance with this Section 2.12,
then except as otherwise required by law, the chair of the meeting shall have the power and duty to declare that such nomination
shall be disregarded or that such proposed other business shall not be transacted. Notwithstanding anything in these by-laws to
the contrary, unless otherwise required by law, if a Proposing Stockholder intending to propose business or make nominations at
an annual meeting or propose a nomination at a special meeting pursuant to this Section 2.12 does not provide the information required
under this Section 2.12 to the Corporation, including the updated information required by Section 2.12(B)(vi)(B), Section 2.12(b)(vi)(C),
and Section 2.12(b)(vi)(D) within five business days after the record date for such meeting or the Proposing Stockholder (or a
qualified representative of the Proposing Stockholder) does not appear at the meeting to present the proposed business or nominations,
such business or nominations shall not be considered, notwithstanding that proxies in respect of such business or nominations may
have been received by the Corporation.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(f)&nbsp;<B>Rule 14a-8.&nbsp;</B>This
Section 2.12 and Section 2.13 shall not apply to a proposal proposed to be made by a stockholder if the stockholder has notified
the Corporation of the stockholder's intention to present the proposal at an annual or special meeting only pursuant to and in
compliance with Rule 14a-8 under the Exchange Act and such proposal has been included in a proxy statement that has been prepared
by the Corporation to solicit proxies for such meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.13&nbsp;Proxy Access.</B></P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(a)&nbsp;<B>Inclusion of Proxy
Access Stockholder Nominee in Proxy Statement.</B>&nbsp;Subject to the provisions of this Section 2.13, the Corporation shall include
in its proxy statement (including its form of proxy and ballot) for an annual meeting of stockholders the name of any stockholder
nominee for election to the Board of Directors submitted pursuant to this Section 2.13 (each a &ldquo;<B>Proxy Access Stockholder
Nominee</B>&rdquo;) provided:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) timely written notice of
such Proxy Access Stockholder Nominee satisfying this Section 2.13 (&ldquo;<B>Proxy Access Notice</B>&rdquo;) is delivered to the
Corporation by or on behalf of a stockholder or stockholders that, at the time the Proxy Access Notice is delivered, satisfy the
ownership and other requirements of this Section 2.13 (such stockholder or stockholders, and any person on whose behalf they are
acting, the &ldquo;<B>Eligible Stockholder</B>&rdquo;);</P>


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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_13"></A> (ii) the
Eligible Stockholder expressly elects in writing at the time of providing the Proxy Access Notice to have its Proxy Access Stockholder
Nominee included in the Corporation's proxy statement pursuant to this Section 2.13; and<BR>
<BR>
(iii) the Eligible Stockholder and the Proxy Access Stockholder Nominee otherwise satisfy the requirements of this Section 2.13.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(b)&nbsp;<B>Timely Notice.</B>&nbsp;To
be timely, the Proxy Access Notice must be delivered to the Secretary at the principal executive offices of the Corporation, not
later than 120 days nor more than 150 days prior to the first anniversary of the date (as stated in the Corporation's proxy materials)
that the Corporation's definitive proxy statement was first sent to stockholders in connection with the preceding year's annual
meeting of stockholders/of the preceding year's annual meeting;&nbsp;<I>provided, however</I>, that in the event that the date
of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the anniversary of the preceding year's
annual meeting, or if no annual meeting was held in the preceding year, the Proxy Access Notice must be so delivered not earlier
than the close of business on the 150th day prior to such annual meeting and not later than the close of business on the later
of: (i) the 120th day prior to such annual meeting; or (ii) the tenth day following the day on which Public Disclosure of the date
of such annual meeting is first made by the Corporation. In no event shall the public announcement of an adjournment or postponement
of an annual meeting commence a new time period (or extend any time period) for the giving of the Proxy Access Notice.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(c)&nbsp;<B>Information to be
Included in Proxy Statement.</B>&nbsp;In addition to including the name of the Proxy Access Stockholder Nominee in the Corporation's
proxy statement for the annual meeting, the Corporation shall also include (collectively, the &ldquo;<B>Required Information</B>&rdquo;):</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) the information concerning
the Proxy Access Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the Corporation's proxy statement
pursuant to the Exchange Act, and the rules and regulations promulgated thereunder; and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) if the Eligible Stockholder
so elects, a written statement of the Eligible Stockholder (or in the case of a group, a written statement of the group), not to
exceed 500 words, in support of its Proxy Access Stockholder Nominee, which must be provided at the same time as the Proxy Access
Notice for inclusion in the Corporation's proxy statement for the annual meeting (a &ldquo;<B>Statement</B>&rdquo;).</P>

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<P STYLE="margin: 0 0 0 45.1pt; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Section 2.13, the Corporation may omit from its proxy materials any information or
Statement that it, in good faith, believes is untrue in any material respect (or omits a material fact necessary in order to make
the statements made, in light of the circumstances under which they are made, not misleading) or would violate any applicable
law, rule, regulation, or listing standard. Additionally, nothing in this Section 2.13 shall limit the Corporation's ability to
solicit against and include in its proxy statement its own statements relating to any Proxy Access Stockholder Nominee.</P>



<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left"><A NAME="page_14"></A>(d)&nbsp;<B>Proxy
Access Stockholder Nominee Limits.</B>&nbsp;The number of Proxy Access Stockholder Nominees (including Proxy Access Stockholder
Nominees that were submitted by an Eligible Stockholder for inclusion in the Corporation's proxy statement pursuant to this Section
2.13 but either are subsequently withdrawn or that the Board of Directors decides to nominate (a &ldquo;<B>Board Nominee</B>&rdquo;))
appearing in the Corporation's proxy statement with respect to a meeting of stockholders shall not exceed the greater of: (x) two;
or (y) 20/25% of the number of directors in office as of the last day on which notice of a nomination may be delivered pursuant
to this Section 2.13 (the &ldquo;<B>Final Proxy Access Nomination Date</B>&rdquo;) or, if such amount is not a whole number, the
closest whole number below 20/25% (the &ldquo;<B>Permitted Number</B>&rdquo;);&nbsp;<I>provided, however</I>, that:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) in the event that one or
more vacancies for any reason occurs on the Board of Directors at any time after the Final Proxy Access Nomination Date and before
the date of the applicable annual meeting of stockholders and the Board of Directors resolves to reduce the size of the Board of
Directors in connection therewith, the Permitted Number shall be calculated based on the number of directors in office as so reduced;
and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) any Proxy Access Stockholder
Nominee who is included in the Corporation's proxy statement for a particular meeting of stockholders but either: (A) withdraws
from or becomes ineligible or unavailable for election at the meeting, or (B) does not receive a number of votes cast in favor
of his or her election at least equal to 25% of the shares present in person or represented by proxy at the annual meeting and
entitled to vote on the Proxy Access Stockholder Nominee's election, shall be ineligible to be included in the Corporation's proxy
statement as a Proxy Access Stockholder Nominee pursuant to this Section 2.13 for the next two annual meetings of stockholders
following the meeting for which the Proxy Access Stockholder Nominee has been nominated for election.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">In the event that the number of
Proxy Access Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 2.13 exceeds the Permitted Number,
each Eligible Stockholder shall select one Proxy Access Stockholder Nominee for inclusion in the Corporation's proxy statement
until the Permitted Number is reached, going in order of the amount (from greatest to least) of voting power of the Corporation's
capital stock entitled to vote on the election of directors as disclosed in the Proxy Access Notice. If the Permitted Number is
not reached after each Eligible Stockholder has selected one Proxy Access Stockholder Nominee, this selection process shall continue
as many times as necessary, following the same order each time, until the Permitted Number is reached.</P>


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<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(e)&nbsp;<B>Eligibility of Nominating
Stockholder; Stockholder Groups.</B>&nbsp;An Eligible Stockholder must have owned (as defined below) continuously for at least
three years a number of shares that represents 3% or more of the outstanding shares of the Corporation entitled to vote in the
election of directors (the &ldquo;<B>Required Shares</B>&rdquo;) as of both the date the Proxy Access Notice is delivered to or
received by the Corporation in accordance with this Section 2.13 and the record date for determining stockholders entitled to vote
at the meeting and must intend to continue to own the Required Shares for at least one year following the date of the annual meeting/deliver
a statement regarding the Eligible Stockholder's intent with respect to continued ownership of the Required Shares for at least
one year following the annual meeting. For purposes of satisfying the ownership requirement under this Section 2.13, the voting
power represented by the shares of the Corporation's capital stock owned by one or more stockholders, or by the person or persons
who own shares of the Corporation's capital stock and on whose behalf any stockholder is acting, may be aggregated, provided that:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_15"></A>&nbsp;(i)
the number of stockholders and other persons whose ownership of shares is aggregated for such purpose shall not exceed 20; and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) each stockholder or other
person whose shares are aggregated shall have held such shares continuously for at least three years.</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">&nbsp;Whenever an Eligible Stockholder
consists of a group of stockholders and/or other persons, any and all requirements and obligations for an Eligible Stockholder
set forth in this Section 2.13 must be satisfied by and as to each such stockholder or other person, except that shares may be
aggregated to meet the Required Shares as provided in this Section 2.13(e) . With respect to any one particular annual meeting,
no stockholder or other person may be a member of more than one group of persons constituting an Eligible Stockholder under this
Section 2.13.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(f)&nbsp;<B>Funds.</B>&nbsp;A
group of two or more funds shall be treated as one stockholder or person for this Section 2.13 provided that the other terms and
conditions in this Section 2.13 are met (including Section 2.13(h)(v)(A)) and the funds are:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) under common management and
investment control;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) under common management
and funded primarily by the same employer (or by a group of related employers that are under common control); or (iii) a &ldquo;group
of investment companies,&rdquo; as such term is defined in Section 12(d)(1)(G)(ii) of the Investment Company Act of 1940, as amended.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(g)&nbsp;<B>Ownership.</B>&nbsp;For
purposes of this Section 2.13, an Eligible Stockholder shall be deemed to &ldquo;<B>own</B>&rdquo; only those outstanding shares
of the Corporation's capital stock as to which the person possesses both:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) the full voting and investment
rights pertaining to the shares; and</P>


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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) the full economic interest
in (including the opportunity for profit and risk of loss on) such shares; provided that the number of shares calculated in accordance
with clauses (i) and (ii) shall not include any shares:</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(A) sold by such person or any
of its affiliates in any transaction that has not been settled or closed,</P>

<P STYLE="margin: 0pt 0 12pt 125.75pt; font-size: 10pt; text-align: left"><A NAME="page_16"></A>(B) borrowed
by such person or any of its affiliates for any purposes or purchased by such person or any of its affiliates pursuant to an agreement
to resell, or</P>

<P STYLE="margin: 0pt 0 12pt 125.75pt; font-size: 10pt; text-align: left">(C) subject to any option, warrant,
forward contract, swap, contract of sale, other derivative, or similar agreement entered into by such person or any of its affiliates,
whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of outstanding
shares of the Corporation's capital stock, in any such case which instrument or agreement has, or is intended to have, the purpose
or effect of: (1) reducing in any manner, to any extent or at any time in the future, such person's or affiliates' full right to
vote or direct the voting of any such shares; and/or (2) hedging, offsetting, or altering to any degree gain or loss arising from
the full economic ownership of such shares by such person or affiliate.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Eligible Stockholder &ldquo;<B>owns</B>&rdquo; shares held in the name of a nominee or other intermediary so long as the Eligible
Stockholder retains the right to instruct how the shares are voted with respect to the election of directors and possesses the
full economic interest in the shares. An Eligible Stockholder's ownership of shares shall be deemed to continue during any period
in which the Eligible Stockholder has delegated any voting power by means of a proxy, power of attorney, or other instrument or
arrangement that is revocable at any time by the person. An Eligible Stockholder's ownership of shares shall be deemed to continue
during any period in which the Eligible Stockholder has loaned such shares, provided that the Eligible Stockholder has the power
to recall such loaned shares on five business days' notice and recalls such loaned shares not more than three/five business days
after being notified that any of its Proxy Access Stockholder Nominees will be included in the Corporation's proxy statement. The
terms &ldquo;<B>owned</B>,&rdquo; &ldquo;<B>owning</B>,&rdquo; and other variations of the word &ldquo;<B>own</B>&rdquo; shall
have correlative meanings. For purposes of this Section 2.13, the term &ldquo;<B>affiliate</B>&rdquo; shall have the meaning ascribed
thereto in the regulations promulgated under the Exchange Act.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<B>Nomination
Notice and Other Eligible Stockholder Deliverables.</B>&nbsp;An Eligible Stockholder must provide with its Proxy Access Notice
the following information in writing to the Secretary:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) one or more written statements
from the record holder of the shares (and from each intermediary through which the shares are or have been held during</P>


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<P STYLE="margin: 0 0 0 90.25pt; font-size: 10pt; text-align: left">the requisite three-year holding period)
verifying that, as of the date the Proxy Access Notice is delivered to or received by the Corporation, the Eligible Stockholder
owns, and has owned continuously for the preceding three years, the Required Shares, and the Eligible Stockholder's agreement to
provide:</P>

<P STYLE="margin: 0 0 0 90.25pt; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(A) within five business days
after the record date for the meeting, written statements from the record holder and intermediaries verifying the Eligible Stockholder's
continuous ownership of the Required Shares through the record date, and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(B) immediate notice if the Eligible
Stockholder ceases to own any of the Required Shares prior to the date of the applicable annual meeting of stockholders;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(ii) the Eligible Stockholder's
representation and agreement that the Eligible Stockholder (including each member of any group of stockholders that together is
an Eligible Stockholder under this Section 2.13):</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(A) intends to continue to satisfy
the eligibility requirements described in this Section 2.13 through the date of the annual meeting, including a statement that
the Eligible Stockholder intends to continue to own the Required Shares for at least one year following the date of the annual
meeting/regarding the Eligible Stockholder's intent with respect to continued ownership of the Required Shares for at least one
year following the annual meeting,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(B) acquired the Required Shares
in the ordinary course of business and not with the intent to change or influence control of the Corporation, and does not presently
have such intent,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(C) has not nominated and will
not nominate for election to the Board of Directors at the meeting any person other than the Proxy Access Stockholder Nominee(s)
being nominated pursuant to this Section 2.13,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(D) has not engaged and will
not engage in, and has not and will not be, a &ldquo;participant&rdquo; in another person's &ldquo;solicitation&rdquo; within the
meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the meeting other
than its Proxy Access Stockholder Nominee(s) or a Board Nominee,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(E) will not distribute to any
stockholder any form of proxy for the meeting other than the form distributed by the Corporation,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(F) has provided and will provide facts, statements,
and other information in all communications with the Corporation and its stockholders that are or will be true and correct in
all material respects and do not and will not omit to state a material fact necessary in order to make the statements made, in
light of the circumstances under which they were made, not misleading,</P>



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<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(G) agrees to assume all liability
stemming from any legal or regulatory violation arising out of the Eligible Stockholder's communications with the Corporation's
stockholders or out of the information that the Eligible Stockholder provides to the Corporation,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(H) agrees to indemnify and hold
harmless the Corporation and each of its directors, officers, and employees individually against any liability, loss, or damages
in connection with any threatened or pending action, suit, or proceeding, whether legal, administrative, or investigative, against
the Corporation or any of its directors, officers, or employees arising out of any nomination submitted by the Eligible Stockholder
pursuant to this Section 2.13,</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_18"></A>(I) will
file with the SEC any solicitation or other communication with the Corporation's stockholders relating to the meeting at which
the Proxy Access Stockholder Nominee will be nominated, regardless of whether any such filing is required under Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder or whether any exemption from filing is available for such solicitation
or other communication under Section 14 of the Exchange Act and the rules and regulations promulgated thereunder, and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(J) will comply with all other
applicable laws, rules, regulations, and listing standards with respect to any solicitation in connection with the meeting;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(iii) the written consent of each
Proxy Access Stockholder Nominee to be named in the Corporation's proxy statement, and form of proxy and ballot and, as a nominee
and, if elected, to serve as a director;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(iv) a copy of the Schedule 14N
(or any successor form) that has been filed with the SEC as required by Rule 14a-18 under the Exchange Act;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(v) in the case of a nomination
by a group of stockholders that together is an Eligible Stockholder:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(A) documentation satisfactory
to the Corporation demonstrating that a group of funds qualifies pursuant to the criteria set forth in Section 2.13(f) to be treated
as one stockholder or person for purposes of this Section 2.13, and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(B) the designation by all group
members of one group member that is authorized to act on behalf of all members of the nominating stockholder group with respect
to the nomination and matters related thereto, including withdrawal of the nomination; and (vi) if desired, a Statement.</P>


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<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(i)&nbsp;<B>Stockholder Nominee
Agreement.</B>&nbsp;Each Proxy Access Stockholder Nominee must:</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(i) provide within five business
days of the Corporation's request an executed agreement, in a form deemed satisfactory to the Corporation, providing the following
representations:</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left"><A NAME="page_19"></A>(A) the
Proxy Access Stockholder Nominee has read and agrees to adhere to the Corporation's policies or guidelines applicable to directors,
including with regard to securities trading,</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(B) the Proxy Access Stockholder
Nominee is not and will not become a party to: (1) any Voting Commitment; or (2) any Voting Commitment that could limit or interfere
with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable
law, and</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(C) the Proxy Access Stockholder
Nominee is not and will not become a party to any Compensation Arrangement in connection with such person's nomination for director
or service as a director;</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(ii) complete, sign, and submit
all questionnaires required of the Corporation's Board of Directors within five business days of receipt of each such questionnaire
from the Corporation; and</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(iii) provide within five business
days of the Corporation's request such additional information as the Corporation determines may be necessary to permit the Board
of Directors to determine whether such Proxy Access Stockholder Nominee meets the requirements of this Section 2.13 or the Corporation's
requirements with regard to director qualifications and policies and guidelines applicable to directors, including whether:</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(A) such Proxy Access Stockholder
Nominee is independent under the independence requirements, including the committee independence requirements, set forth in the
listing standards of the stock exchange on which shares of the Corporation's capital stock are listed, any applicable rules of
the SEC, and any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of
the directors (the &ldquo;<B>Independence Standards</B>&rdquo;),</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(B) such Proxy Access Stockholder
Nominee has any direct or indirect relationship with the Corporation that has not been deemed categorically immaterial pursuant
to the Corporation's Corporate Governance guidelines, and</P>


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<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(C) such Proxy Access Stockholder
Nominee is not and has not been subject to: (1) any event specified in Item 401(f) of Regulation S-K under the Securities Act of
1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), or (2) any order of the type specified in Rule 506(d) of Regulation
D under the Securities Act.</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<B>Eligible
Stockholder/Proxy Access Stockholder Nominee Undertaking.</B>&nbsp;In the event that any information or communications provided
by the Eligible Stockholder or Proxy Access Stockholder Nominee to the Corporation or its stockholders ceases to be true and correct
in any respect or omits a fact necessary to make the statements made, in light of the circumstances under which they were made,
not misleading, each Eligible Stockholder or Proxy Access Stockholder Nominee, as the case may be, shall promptly notify the Secretary
of any such inaccuracy or omission in such previously provided information and of the information that is required to make such
information or communication true and correct. Notwithstanding the foregoing, the provision of any such notification pursuant to
the preceding sentence shall not be deemed to cure any defect or limit the Corporation's right to omit a Proxy Access Stockholder
Nominee from its proxy materials as provided in this Section 2.13.</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left"><A NAME="page_20"></A>(k)&nbsp;<B>Exceptions
Permitting Exclusion of Proxy Access Stockholder Nominee.</B>&nbsp;The Corporation shall not be required to include pursuant to
this Section 2.13 a Proxy Access Stockholder Nominee in its proxy statement (or, if the proxy statement has already been filed,
to allow the nomination of a Proxy Access Stockholder Nominee, notwithstanding that proxies in respect of such vote may have been
received by the Corporation):</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(i) if the Eligible Stockholder
who has nominated such Proxy Access Stockholder Nominee has nominated for election to the Board of Directors at the meeting any
person other than pursuant to this Section 2.13, or has or is engaged in, or has been or is a &ldquo;participant&rdquo; in another
person's, &ldquo;solicitation&rdquo; within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any
individual as a director at the meeting other than its Proxy Access Stockholder Nominee(s) or a Board Nominee;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(ii) if the Corporation has received
a notice (whether or not subsequently withdrawn) that a stockholder intends to nominate any candidate for election to the Board
of Directors pursuant to the advance notice requirements in Section 2.12 of these by-laws;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(iii) who is not independent
under the Independence Standards;</P>

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<P STYLE="margin: 0 0 0 135.4pt; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(iv) whose election as a member of the Board of
Directors would violate or cause the Corporation to be in violation of these by-laws, the Corporation's CERTIFICATE OF
INCORPORATION, policies or guidelines applicable to directors, or other document setting forth qualifications for directors,
the listing standards of the stock exchange on which shares of the Corporation's capital stock is listed, or any applicable
state or federal law, rule, or regulation;</P>



<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(v) if the Proxy Access Stockholder
Nominee is or becomes a party to any Voting Commitment;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(vi) if the Proxy Access Stockholder
Nominee is or becomes a party to any Compensation Arrangement;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(vii) who is or has been, within
the past three years, an officer or director of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left"><A NAME="page_21"></A>(viii)
who is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted
in such a criminal proceeding within the past ten years;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(ix) who is subject to any order
of the type specified in Rule 506(d) of Regulation D under the Securities Act; or</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(x) if such Proxy Access Stockholder
Nominee or the applicable Eligible Stockholder shall have provided information to the Corporation in respect of such nomination
that was untrue in any material respect or omitted to state a material fact necessary in order to make the statement made, in light
of the circumstances under which they were made, not misleading or shall have breached its or their agreements, representations,
undertakings, or obligations pursuant to this Section 2.13.</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(l)&nbsp;<B>Invalidity.</B>&nbsp;Notwithstanding
anything to the contrary set forth herein, the Board of Directors or the person presiding at the meeting shall be entitled to declare
a nomination by an Eligible Stockholder to be invalid, and such nomination shall be disregarded notwithstanding that proxies in
respect of such vote may have been received by the Corporation; and the Corporation shall not be required to include in its proxy
statement any successor or replacement nominee proposed by the applicable Eligible Stockholder or any other Eligible Stockholder
if:</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(i) the Proxy Access Stockholder
Nominee and/or the applicable Eligible Stockholder shall have breached its or their agreements, representations, undertakings,
or obligations pursuant to this Section 2.13, as determined by the Board of Directors or the person presiding at the meeting; or</P>


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<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(ii) the Eligible Stockholder
(or a qualified representative thereof) does not appear at the meeting to present any nomination pursuant to this Section 2.13.</P>

<P STYLE="margin: 0pt 0 12pt 90.25pt; font-size: 10pt; text-align: left">(m)&nbsp;<B>Interpretation.</B>&nbsp;The
Board of Directors (and any other person or body authorized by the Board of Directors) shall have the power and authority to interpret
this Section 2.13 and to make any and all determinations necessary or advisable to apply this Section 2.13 to any persons, facts,
or circumstances, including the power to determine whether:</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(i) a person or group of persons
qualifies as an Eligible Stockholder;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(ii) outstanding shares of the
Corporation's capital stock are &ldquo;owned&rdquo; for purposes of meeting the ownership requirements of this Section 2.13;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(iii) a notice complies with
the requirements of this Section 2.13;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(iv) a person satisfies the qualifications
and requirements to be a Proxy Access Stockholder Nominee;</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left"><A NAME="page_22"></A>(v) inclusion
of the Required Information in the Corporation's proxy statement is consistent with all applicable laws, rules, regulations, and
listing standards; and (vi) any and all requirements of this Section 2.13 have been satisfied.</P>

<P STYLE="margin: 0pt 0 12pt 135.4pt; font-size: 10pt; text-align: left">(vii) Any such interpretation
or determination adopted in good faith by the Board of Directors (or any other person or body authorized by the Board of Directors)
shall be conclusive and binding on all persons, including the Corporation and all record or beneficial owners of stock of the Corporation.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: center"><B>ARTICLE III</B><BR>
<B>BOARD OF DIRECTORS</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.01&nbsp;General Powers.</B>&nbsp;The business and affairs of the Corporation shall be managed by or under the direction of the
Board of Directors. The Board of Directors may adopt such rules and procedures, not inconsistent with the Certificate of Incorporation,
these by-laws, or applicable law, as it may deem proper for the conduct of its meetings and the management of the Corporation.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.02&nbsp;Number; Term of Office.</B>&nbsp;The Board of Directors shall consist of not less than three and not more than nine directors
as fixed from time to time by resolution of a majority of the total number of directors that the Corporation would have if there
were no vacancies. Each director shall hold office until a successor is duly elected and qualified or until the director's earlier
death, resignation, disqualification, or removal.</P>


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<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.03&nbsp;Newly Created Directorships and Vacancies.</B>&nbsp;Any newly created directorships resulting from an increase in the
authorized number of directors and any vacancies occurring in the Board of Directors, may be filled by the affirmative votes of
a majority of the remaining members of the Board of Directors, although less than a quorum, or by a sole remaining director. A
director so elected shall be elected to hold office until the earlier of the expiration of the term of office of the director whom
he or she has replaced, a successor is duly elected and qualified, or the earlier of such director's death, resignation, or removal.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.04&nbsp;Resignation.</B>&nbsp;Any director may resign at any time by notice given in writing or by electronic transmission to
the Corporation. Such resignation shall take effect at the date of receipt of such notice by the Corporation or at such later effective
date or upon the happening of an event or events as is therein specified. A resignation that is conditioned on a director failing
to receive a specified vote for reelection as a director may provide that it is irrevocable.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.05&nbsp;Removal.</B>&nbsp;Except as prohibited by applicable law or the Certificate of Incorporation, the stockholders holding
a majority of the shares then entitled to vote at an election of directors may remove any director from office with or without
cause.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_23"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.06&nbsp;Fees and Expenses.</B>&nbsp;Directors shall receive such fees for their services on the Board of Directors and any committee
thereof and such reimbursement of their expenses as may be fixed or determined by the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.07&nbsp;Regular Meetings.</B>&nbsp;Regular meetings of the Board of Directors may be held without notice at such times and at
such places as may be determined from time to time by the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.08&nbsp;Special Meetings.</B>&nbsp;Special meetings of the Board of Directors may be held at such times and at such places as
may be determined by the Chair of the Board or the Chief Executive Officer on at least 24 hours' notice to each director given
by one of the means specified in Section 3.11 hereof other than by mail or on at least three days' notice if given by mail. Special
meetings shall be called by the Chair of the Board or the Secretary in like manner and on like notice on the written request of
any two or more directors. The notice need not state the purposes of the special meeting and, unless indicated in the notice thereof,
any and all business may be transacted at a special meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.09&nbsp;Telephone Meetings.</B>&nbsp;Board of Directors or Board of Directors committee meetings may be held by means of telephone
conference or other communications equipment by means of which all persons participating in the meeting can hear each other and
be heard. Participation by a director in a meeting pursuant to this Section 3.09 shall constitute presence in person at such meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.10&nbsp;Adjourned Meetings.</B>&nbsp;A majority of the directors present at any meeting of the Board of Directors, including
an adjourned meeting, whether or not a quorum is present, may adjourn and reconvene such meeting to another time and place. At
least 24 hours' notice of any adjourned meeting of the Board of Directors shall be given to each director whether or not present
at the time of the adjournment, if such notice shall be given by one of the means specified in Section 3.11 hereof other than
by mail, or at least three days' notice if by mail. Any business may be transacted at an adjourned meeting that might have been
transacted at the meeting as originally called.</P>



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<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.11&nbsp;Notices.</B>&nbsp;Subject to Section 3.08, Section 3.10, and Section 3.12 hereof, whenever notice is required to be given
to any director by applicable law, the Certificate of Incorporation, or these by-laws, such notice shall be deemed given effectively
if given in person or by telephone, mail addressed to such director at such director's address as it appears on the records of
the Corporation, facsimile, e-mail, or by other means of electronic transmission.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.12&nbsp;Waiver of Notice.</B>&nbsp;Whenever notice to directors is required by applicable law, the Certificate of Incorporation,
or these by-laws, a waiver thereof, in writing signed by, or by electronic transmission by, the director entitled to the notice,
whether before or after such notice is required, shall be deemed equivalent to notice. Attendance by a director at a meeting shall
constitute a waiver of notice of such meeting except when the director attends a meeting for the express purpose of objecting,
at the beginning of the meeting, to the transaction of any business on the ground that the meeting was not lawfully called or convened.
Neither the business to be transacted at, nor the purpose of, any regular or special Board of Directors or committee meeting need
be specified in any waiver of notice.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_24"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.13&nbsp;Organization.</B>&nbsp;At each regular or special meeting of the Board of Directors, the Chair of the Board or, in his
or her absence, another director selected by the Board of Directors shall preside. The Secretary shall act as secretary at each
meeting of the Board of Directors. If the Secretary is absent from any meeting of the Board of Directors, an assistant secretary
of the Corporation shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Secretary
and all assistant secretaries of the Corporation, the person presiding at the meeting may appoint any person to act as secretary
of the meeting.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.14&nbsp;Quorum of Directors.</B>&nbsp;Except as otherwise provided by these by-laws, the Certificate of Incorporation, or required
by applicable law, the presence of a majority of the total number of directors on the Board of Directors shall be necessary and
sufficient to constitute a quorum for the transaction of business at any meeting of the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.15&nbsp;Action by Majority Vote.</B>&nbsp;Except as otherwise provided by these by-laws, the Certificate of Incorporation, or
required by applicable law, the vote of a majority of the directors present at a meeting at which a quorum is present shall be
the act of the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.16&nbsp;Action Without Meeting.</B>&nbsp;Unless otherwise restricted by the Certificate of Incorporation or these by-laws, any
action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without
a meeting if all directors or members of such committee, as the case may be, consent thereto in writing or by electronic transmission,
and the writings or electronic transmissions are filed with the minutes of proceedings of the Board of Directors or committee in
accordance with applicable law.</P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.17&nbsp;Chair of the Board.</B>&nbsp;The Board of Directors shall annually elect one of its members to be its chair (the &ldquo;<B>Chair
of the Board</B>&rdquo;) and shall fill any vacancy in the position of Chair of the Board at such time and in such manner as the
Board of Directors shall determine. Except as otherwise provided in these by-laws, the Chair of the Board shall preside at all
meetings of the Board of Directors and of stockholders. The Chair of the Board shall perform such other duties and services as
shall be assigned to or required of the Chair of the Board by the Board of Directors.</P>



<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.18&nbsp;Committees of the Board of Directors.</B>&nbsp;The Board of Directors may designate one or more committees, each committee
to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate
members of any committee, who may replace any absent or disqualified member at any meeting of the committee. If a member of a committee
shall be absent from any meeting, or disqualified from voting thereat, the remaining member or members present at the meeting and
not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member
of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to
the extent permitted by applicable law, shall have and may exercise all the powers and authority of the Board of Directors in the
management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers
that may require it to the extent so authorized by the Board of Directors. Unless the Board of Directors provides otherwise, at
all meetings of such committee, a majority of the then authorized members of the committee shall constitute a quorum for the transaction
of business, and the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall
be the act of the committee. Each committee shall keep regular minutes of its meetings. Unless the Board of Directors provides
otherwise, each committee designated by the Board of Directors may make, alter and repeal rules and procedures for the conduct
of its business. In the absence of such rules and procedures each committee shall conduct its business in the same manner as the
Board of Directors conducts its business pursuant to this ARTICLE III.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center"><A NAME="page_25"></A><B>ARTICLE IV<BR>
OFFICERS</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.01&nbsp;Positions and Election.</B>&nbsp;The officers of the Corporation shall be chosen by the Board of Directors and shall
include a chief executive officer (the &ldquo;<B>Chief Executive Officer&rdquo;</B>), a president (the &ldquo;<B>President</B>&rdquo;),
a chief financial officer (the &ldquo;<B>Chief Financial Officer</B>&rdquo;), a treasurer (the &ldquo;<B>Treasurer</B>&rdquo;),
and a secretary (the &ldquo;<B>Secretary</B>&rdquo;). The Board of Directors, in its discretion, may also elect one or more vice
presidents, assistant treasurers, assistant secretaries, and other officers in accordance with these by-laws. Any two or more offices
may be held by the same person.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.02&nbsp;Term.</B>&nbsp;Each officer of the Corporation shall hold office until such officer's successor is elected and qualified
or until such officer's earlier death, resignation, or removal. Any officer elected or appointed by the Board of Directors may
be removed by the Board of Directors at any time with or without cause by the majority vote of the members of the Board of Directors
then in office. The removal of an officer shall be without prejudice to his or her contract rights, if any. The election or appointment
of an officer shall not of itself create contract rights. Any officer of the Corporation may resign at any time by giving written
notice of his or</P>


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<P STYLE="margin: 0; font-size: 10pt; text-align: left">her resignation to the President or the Secretary.
Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be
specified therein, immediately upon its receipt. Unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective. Should any vacancy occur among the officers, the position shall be filled for the unexpired
portion of the term by appointment made by the Board of Directors.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.03&nbsp;Chief Executive Officer.</B>&nbsp;The Chief Executive Officer shall, subject to the provisions of these by-laws and the
control of the Board of Directors, have general supervision, direction, and control over the business of the Corporation and over
its officers. The Chief Executive Officer shall perform all duties incident to the office of the Chief Executive Officer, and any
other duties as may be from time to time assigned to the Chief Executive Officer by the Board of Directors, in each case subject
to the control of the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.04&nbsp;President.</B>&nbsp;The President shall report and be responsible to the Chief Executive Officer. The President shall
have such powers and perform such duties as from time to time may be assigned or delegated to the President by the Board of Directors
or the Chief Executive Officer or that are incident to the office of president.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.05&nbsp;Vice Presidents.</B>&nbsp;Each vice president of the Corporation shall have such powers and perform such duties as may
be assigned to him or her from time to time by the Board of Directors, the Chief Executive Officer, or the President, or that are
incident to the office of vice president.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_26"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.06&nbsp;Secretary.</B>&nbsp;The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders
and record all votes and the minutes of all proceedings in a book to be kept for that purpose, and shall perform like duties for
committees of the Board of Directors when required. He or she shall give, or cause to be given, notice of all meetings of the stockholders
and meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors, the
Chair of the Board, or the Chief Executive Officer. The Secretary shall keep in safe custody the seal of the Corporation and have
authority to affix the seal to all documents requiring it and attest to the same.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.07&nbsp;Chief Financial Officer.</B>&nbsp;The Chief Financial Officer shall be the principal financial officer of the Corporation
and shall have such powers and perform such duties as may be assigned by the Board of Directors, the Chair of the Board, or the
Chief Executive Officer.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.08&nbsp;Treasurer.</B>&nbsp;The treasurer of the Corporation shall have the custody of the Corporation's funds and securities,
except as otherwise provided by the Board of Directors, and shall keep full and accurate accounts of receipts and disbursements
in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of
the Corporation in such depositories as may be designated by the Board of Directors. The treasurer shall disburse the funds of
the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to
the Chief Executive Officer and the President and the directors, at the regular meetings of the Board of Directors, or whenever
they may require it, an account of all his or her transactions as treasurer and of the financial condition of the Corporation.</P>



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<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.09&nbsp;Other Officers.</B>&nbsp;Such other officers as the Board of Directors may choose shall perform such duties and have
such powers as from time to time may be assigned to them by the Board of Directors. The Board of Directors may delegate to any
other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.10&nbsp;Duties of Officers May Be Delegated.</B>&nbsp;In case any officer is absent, or for any other reason that the Board of
Directors may deem sufficient, the Chief Executive Officer or the President or the Board of Directors may delegate for the time
being the powers or duties of such officer to any other officer or to any director.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center; text-indent: 0"><B>ARTICLE
V<BR>
INDEMNIFICATION</B></P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left"><B>Section 5.01&nbsp;Indemnification.</B></P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Corporation shall indemnify and hold harmless to the fullest extent permitted by law, as such may be amended from time to time,
any person who was or is made or is threatened to be made a party in any action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (a &ldquo;<B>Proceeding</B>&rdquo;) other than a Proceeding by or in the right of the Corporation,
by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director, officer,
employee, or agent of the Corporation or, while a director, officer, employee, or agent of the Corporation, is or was serving at
the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust,
enterprise, or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered
and expenses (including attorneys&rsquo; fees) reasonably incurred by such person. Notwithstanding the preceding sentence, except
for claims for indemnification (following the final disposition of such Proceeding), the Corporation shall be required to indemnify
a person in connection with a Proceeding (or part thereof) commenced by such person only if the commencement of such Proceeding
(or part thereof) by the person was authorized in the specific case by the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
The Corporation shall indemnify and hold harmless to the fullest extent permitted by law, as such may be amended from time to time,
any person who was or is made or is threatened to be made a party in any Proceeding brought by or in the right of the Corporation,
by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director, officer,
employee, or agent of the Corporation or, while a director, officer, employee, or agent of the Corporation, is or was serving at
the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust,
enterprise, or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered
and expenses (including attorneys&rsquo; fees) reasonably incurred by such</P>


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<P STYLE="margin: 0 0 0 45.1pt; font-size: 10pt; text-align: left">person;&nbsp;<I>provided</I>,&nbsp;<I>however</I>,
if applicable law so provides, no indemnification shall be made in respect of any claim, issue or matter in such Proceeding as
to which such person shall have been finally adjudged to be liable to the Corporation unless and to the extent that the Court of
Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine that such indemnification may
be made.</P>

<P STYLE="margin: 0 0 0 45.1pt; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
If any person covered by Section 5.01(a) or Section 5.01(b) is not wholly successful in such Proceeding but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Corporation shall indemnify
such person against all expenses (including attorneys&rsquo; fees) reasonably incurred by him or her or on his or her behalf in
connection with each successfully resolved claim, issue or matter. For purposes of this Section 5.01(c) and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to
be a successful result as to such claim, issue or matter.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
5.02&nbsp;Advancement of Expenses.&nbsp;</B>The Corporation shall pay the expenses (including attorneys&rsquo; fees) incurred by
a director, officer, employee, or agent of the Corporation in defending any Proceeding in advance of its final disposition, upon
receipt of an undertaking by or on behalf of such person to repay all amounts advanced if it shall ultimately be determined by
final judicial decision from which there is no further right to appeal that such person is not entitled to be indemnified for such
expenses under this Section 5.02 or otherwise. Payment of such expenses incurred by such person, may be made by the Corporation,
subject to such terms and conditions as the general counsel of the Corporation in his or her discretion deems appropriate.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
5.03&nbsp;Non-Exclusivity of Rights.&nbsp;</B>The rights conferred on any person by this ARTICLE V will not be exclusive of any
other right which such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these
by-laws, agreement, vote of stockholders or disinterested directors, or otherwise, both as to action in his or her official capacity
and as to action in another capacity while holding office. The Corporation is specifically authorized to enter into individual
contracts with any or all of its directors, officers, employees, or agents respecting indemnification and advances, to the fullest
extent not prohibited by the DGCL.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
5.04&nbsp;Other Indemnification.&nbsp;</B>The Corporation's obligation, if any, to indemnify any person who was or is serving at
its request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, enterprise, or
nonprofit entity shall be reduced by any amount such person may collect as indemnification from such other corporation, partnership,
joint venture, trust, enterprise, or nonprofit entity.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
5.05&nbsp;Insurance.&nbsp;</B>The Corporation may purchase and maintain insurance on behalf of any person who is or was a director,
officer, employee, or agent of the Corporation, or is or was serving at the request of Corporation as a director, officer, employee,
or agent of another corporation, partnership, joint venture, trust, enterprise, or nonprofit entity against any liability asserted
against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not
the Corporation would have the power to indemnify him or her against such liability under the provisions of the DGCL.</P>



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<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
5.06&nbsp;Repeal, Amendment, or Modification.</B>&nbsp;Any amendment, repeal, or modification of this ARTICLE V shall not adversely
affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal
or modification.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center"><B>ARTICLE VI<BR>
STOCK CERTIFICATES AND THEIR TRANSFER</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
6.01&nbsp;Certificates Representing Shares.</B>&nbsp;The shares of stock of the Corporation shall be represented by certificates;
provided that the Board of Directors may provide by resolution or resolutions that some or all of any class or series shall be
uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock. If shares are represented
by certificates, such certificates shall be in the form, other than bearer form, approved by the Board of Directors. The certificates
representing shares of stock shall be signed by, or in the name of, the Corporation by any two authorized officers of the Corporation.
Any or all such signatures may be facsimiles. Although any officer, transfer agent, or registrar whose manual or facsimile signature
is affixed to such a certificate ceases to be such officer, transfer agent, or registrar before such certificate has been issued,
it may nevertheless be issued by the Corporation with the same effect as if such officer, transfer agent, or registrar were still
such at the date of its issue.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_29"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
6.02&nbsp;Transfers of Stock.</B>&nbsp;Stock of the Corporation shall be transferable in the manner prescribed by law and in these
by-laws. Transfers of stock shall be made on the books administered by or on behalf of the Corporation only by the direction of
the registered holder thereof or such person's attorney, lawfully constituted in writing, and, in the case of certificated shares,
upon the surrender to the Company or its transfer agent or other designated agent of the certificate thereof, which shall be cancelled
before a new certificate or uncertificated shares shall be issued.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
6.03&nbsp;Transfer Agents and Registrars.</B>&nbsp;The Board of Directors may appoint, or authorize any officer or officers to
appoint, one or more transfer agents and one or more registrars.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
6.04&nbsp;Lost, Stolen, or Destroyed Certificates.</B>&nbsp;The Board of Directors or the Secretary may direct a new certificate
or uncertificated shares to be issued in place of any certificate theretofore issued by the Corporation alleged to have been lost,
stolen, or destroyed upon the making of an affidavit of that fact by the owner of the allegedly lost, stolen, or destroyed certificate.
When authorizing such issue of a new certificate or uncertificated shares, the Board of Directors or the Secretary may, in its
discretion and as a condition precedent to the issuance thereof, require the owner of the lost, stolen, or destroyed certificate,
or the owner's legal representative to give the Corporation a bond sufficient to indemnify it against any claim that may be made
against the Corporation with respect to the certificate alleged to have been lost, stolen, or destroyed or the issuance of such
new certificate or uncertificated shares.</P>


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<P STYLE="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; text-align: center"><B>ARTICLE
VII<BR>
GENERAL PROVISIONS</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.01&nbsp;Seal.</B>&nbsp;The seal of the Corporation shall be in such form as shall be approved by the Board of Directors. The
seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise, as may be prescribed
by law or custom or by the Board of Directors.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.02&nbsp;Fiscal Year.</B>&nbsp;The fiscal year of the Corporation shall December 1 and end on November 30 of each year.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.03&nbsp;Checks, Notes, Drafts, Etc.</B>&nbsp;All checks, notes, drafts, or other orders for the payment of money of the Corporation
shall be signed, endorsed, or accepted in the name of the Corporation by such officer, officers, person, or persons as from time
to time may be designated by the Board of Directors or by an officer or officers authorized by the Board of Directors to make such
designation.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.04&nbsp;Conflict with Applicable Law or Certificate of Incorporation.</B>&nbsp;These by-laws are adopted subject to any applicable
law and the Certificate of Incorporation. Whenever these by-laws may conflict with any applicable law or the Certificate of Incorporation,
such conflict shall be resolved in favor of such law or the Certificate of Incorporation.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.05&nbsp;Books and Records.</B>&nbsp;Any records administered by or on behalf of the Corporation in the regular course of its
business, including its stock ledger, books of account, and minute books, may be maintained on any information storage device,
method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases); provided
that the records so kept can be converted into clearly legible paper form within a reasonable time, and, with respect to the stock
ledger, the records so kept comply with Section 224 of the DGCL. The Corporation shall so convert any records so kept upon the
request of any person entitled to inspect such records pursuant to applicable law.</P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left; text-indent: 0.25in"><A NAME="page_30"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.06&nbsp;Forum for Adjudication of Disputes.&nbsp;</B>Unless the Corporation consents in writing to the selection of an alternative
forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district
court for the District of Delaware) shall be the sole and exclusive forum for:</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(a) any derivative action or proceeding
brought on behalf of the Corporation;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(b) any action asserting a claim
for breach of a fiduciary duty owed by any director, officer, employee, or agent of the Corporation to the Corporation or the Corporation's
stockholders;</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(c) any action asserting a claim
arising pursuant to any provision of the Delaware General Corporation Law, the Certificate of Incorporation, or these by-laws;
or</P>

<P STYLE="margin: 0pt 0 12pt 45.1pt; font-size: 10pt; text-align: left">(d) any action asserting a claim
governed by the internal affairs doctrine;</P>


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<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp; in each case,
subject to said court having personal jurisdiction over the indispensable parties named as defendants therein. If any action the
subject matter of which is within the scope of this Section 7.06 is filed in a court other than a court located within the State
of Delaware (a &ldquo;<B>Foreign Action</B>&rdquo;) in the name of any stockholder, such stockholder shall be deemed to have consented
to: (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action
brought in any such court to enforce this Section 7.06 (an &ldquo;<B>Enforcement Action</B>&rdquo;); and (ii) having service of
process made upon such stockholder in any such Enforcement Action by service upon such stockholder&rsquo;s counsel in the Foreign
Action as agent for such stockholder. Any person or entity purchasing or otherwise acquiring any interest in shares of capital
stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 7.06.</P>

<P STYLE="margin: 0; font-size: 10pt; background-color: white; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.07&#9;Forum for Adjudication of Specific Claims. </B>Notwithstanding the provisions in Section 7.06 of these By-Laws, unless
the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States
of America shall be the exclusive forum for the resolution of any complaint against the Corporation asserting a cause of action
arising under the Securities Act of 1933. Any person or entity purchasing or otherwise acquiring any interest in any security of
the Corporation shall be deemed to have notice of and consented to the provisions of this Section 7.07.</P>

<P STYLE="margin: 0pt 0 0in; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 12pt; font-size: 10pt; text-align: center"><B>ARTICLE VIII<BR>
AMENDMENTS</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
by-laws may be adopted, amended, or repealed by the stockholders entitled to vote;&nbsp;<I>provided, however,</I>&nbsp;that the
Corporation may, in its Certificate of Incorporation, confer the power to adopt, amend, or repeal these by-laws upon the Board
of Directors; and,&nbsp;<I>provided</I>&nbsp;<I>further</I>, that any proposal by a stockholder to amend these by-laws will be
subject to the provisions of ARTICLE II of these by-laws except as otherwise required by law. The fact that such power has been
so conferred upon the Board of Directors will not divest the stockholders of the power, nor limit their power to adopt, amend,
or repeal by-laws.</P>

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt 0 0in; font-size: 10pt; text-align: left"><A HREF="byrn-8k_041921.htm">Byrna Technologies Inc. 8-K</A></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="byrn-001.jpg" ALT="" STYLE="height: 75px; width: 150px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>Byrna Technologies Inc. Announces Reverse
Stock Split</B></P>

<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>ANDOVER, MA (APRIL 23, 2021) </B>&#8212;
<FONT STYLE="background-color: #FEFEFE">Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) (&#8220;Byrna&#8221; or &#8220;the Company&#8221;)
today announces that the Company's Board of Directors has determined to complete a reverse stock split (also referred to as a consolidation)
of the Company&#8217;s issued shares of common stock on the basis of one (1) post-consolidation common share for every ten (10)
pre-consolidation shares of common stock (the &#8220;consolidation&#8221; or the &#8220;reverse stock split&#8221;).</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE">The
Board of Directors determined the reverse stock split is necessary in order for the Company to meet certain requirements for listing
on a national exchange.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&#8220;This reverse split is an important step
in our growth,&#8221; stated CEO Bryan Ganz. &#8220;Listing our shares on a national exchange will provide Byrna with greater exposure
and visibility to the market, and provide investors with greater liquidity and ultimately, we believe, greater shareholder value.&#8221;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE">Effective
April 27, 2021, with a record date April 28, 2021, the Company expects to begin trading the shares on the Canadian Securities Exchange
and the OTCQB on a post-consolidation basis under its existing name and ticker symbol. The new CUSIP and ISIN for the Shares are
12448X 201 and US12448X2018, respectively.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE">The
Company currently has 205,629,938 shares of common stock issued and outstanding shares of common stock and on completion of the
reverse stock split there are expected to be 20,562,993 issued and outstanding shares of common stock (assuming there are no issuances
of shares upon the exercise of convertible securities). The Company will pay stockholders entitled to fractional shares fair value
in cash in lieu of issuing fractional shares. The Company will not change its name or ticker symbol in connection with the reverse
stock split. </FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE">Stockholder
approval of the reverse stock split was obtained at the Company's annual and special meeting held on November 19, 2020. </FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE">A letter of transmittal
will be mailed to registered stockholders providing instructions to surrender the certificates evidencing the
pre-consolidation shares held in exchange for replacement certificates or Direct Registration Advice representing the number
of post-consolidation shares to which they are entitled as a result of the reverse stock split. Until surrendered, each
certificate </FONT>representing pre-consolidation shares will be deemed for all purposes to represent the number of whole
post-consolidation shares to which the holder thereof is entitled because of the reverse stock split. Stockholders who hold
their pre-consolidation shares in brokerage accounts or in &#8220;street name&#8221; are not required to take any action to
surrender or exchange the pre-consolidation shares so held.</P>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE"></FONT></P>


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<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE"><B>About
Byrna Technologies Inc. </B></FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="background-color: #FEFEFE">Byrna
is a technology company, specializing in the development, manufacture, and sale of innovative non-lethal solutions. For more information
on the Company, please visit the corporate website here or the Company's investor relations site
here. The Company is the manufacturer of the Byrna<SUP>&reg;</SUP> HD personal security device,
a state of the art handheld CO<SUB>2</SUB> powered launcher designed to provide a non-lethal alternative to a firearm for the consumer,
private security, and law enforcement markets. To purchase Byrna<SUP>&reg;</SUP> products visit the Company's e-commerce
store.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Forward Looking Information</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">This news release contains &quot;forward-looking
statements&quot; within the meaning of the U.S. and Canadian securities laws. All statements contained in this news release, other
than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified
by the use of words such as &quot;plans&quot;, &quot;expects&quot;, &#8220;projects&#8221;, &quot;intends&quot;, &quot;anticipates&quot;
and &quot;believes&#8221; and statements that certain actions, events or results &quot;may&quot;, &quot;could&quot;, &quot;would&quot;,
&quot;should&quot;, &quot;might,&quot; &quot;occur&quot; or &quot;be achieved&quot; or &quot;will be taken.&#8221; Forward-looking
statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in
this news release include but are not limited to the terms of the reverse stock split, the date the shares will begin trading on
the Canadian Securities Exchange and OTCQB on a post-consolidation basis, the record date of the reverse stock split, regulatory
approvals in connection with the reverse stock split, the listing of the shares on a national exchange, and the effect of such
listing on the market for the Company&#8217;s securities, liquidity, future shareholder value, and the mechanics of replacement
of stockholder certificates. Forward-looking statements are based on, among other things, opinions, assumptions, estimates and
analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially
different from those expressed or implied.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Any number of risk factors could affect anticipated events and
outcomes and cause them to differ materially from those expressed or implied by the forward-looking statements in this news
release, including, but not limited to, completion of administrative or regulatory steps and approvals in the time frame
anticipated or at all, some of which are out of the Company&#8217;s control, future financial results or business-related
matters or civil, political or market events which could affect the timing or completion of an uplist, other events that
could negatively affect the Company&#8217;s business, financial results, or the market in its securities or the stock market
generally, and therefore impact the market for the Company&#8217;s stock or future shareholder liquidity and value.&nbsp;The
order in which these factors appear should not be construed to indicate their relative importance or priority. We caution
that all risks cannot be anticipated and any list of risks may not be exhaustive, accordingly, any forward-looking statements
contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and
other relevant factors, including those risk factors in Part I, Item 1A in our most recent&nbsp;Form&nbsp;10-K and subsequent
filings with the Securities and Exchange Commission (&#8220;SEC&#8221;), and should not place undue reliance on
forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as
required by applicable law.</P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%">
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Contact:</B></P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify">Byrna Technologies, Inc.</P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify">Lisa Wager, Chief Legal Officer</P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify">978-665-2721&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt; width: 50%">
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Investor Relations Counsel:</B></P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify">The Equity Group Inc.</P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify">Fred Buonocore, CFA&nbsp;&nbsp;212-836-9607</P>
        <P STYLE="margin: 0; font-size: 10pt; text-align: justify">Mike Gaudreau&nbsp;&nbsp; 212-836-9620</P></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
