<SEC-DOCUMENT>0001683168-17-001644.txt : 20170622
<SEC-HEADER>0001683168-17-001644.hdr.sgml : 20170622
<ACCEPTANCE-DATETIME>20170622161717
ACCESSION NUMBER:		0001683168-17-001644
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170616
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170622
DATE AS OF CHANGE:		20170622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIFEWAY FOODS INC
		CENTRAL INDEX KEY:			0000814586
		STANDARD INDUSTRIAL CLASSIFICATION:	DAIRY PRODUCTS [2020]
		IRS NUMBER:				363442829
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17363
		FILM NUMBER:		17925266

	BUSINESS ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053
		BUSINESS PHONE:		847-967-1010

	MAIL ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>lifeway_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&nbsp;&nbsp;
June 16, 2017</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ILLINOIS</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">000-17363</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">36-3442829</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer Identification No.)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6431 Oakton St. Morton Grove, IL</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">60053</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Zip code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (847)&nbsp;967-1010</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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



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

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

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

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

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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 16, 2017, the Company&rsquo;s Board of Directors voted to
expand the Board to nine members and appointed Mariano Lozano to fill one of the two newly created Board positions. The other remains
vacant.</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">Mr. Lozano served as a director of the Company from March 2015 until
June 2017. He is an Argentine citizen and was appointed Chief Operating Officer of Danone&rsquo;s Dairy World Business Unit (outside
of North America) effective April 12, 2017. He previously served as President and CEO of the Dannon Company, Inc., from January
2014 through April 2017. From March 2009 to December 2013, Mr. Lozano was General Manager of DANONE Brazil. Mr. Lozano holds an
Industrial Engineer Diploma from the University of Buenos Aires, Argentina and brings deep industry experience. Mr. Lozano currently
holds no other directorships in any other reporting company.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.03 Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s Amended and Restated Bylaws were approved
and adopted by the Company&rsquo;s board of directors on June 16, 2017, to be effective immediately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Company&rsquo;s Amended and Restated Bylaws is
attached 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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.07</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 16, 2017, at the annual meeting of the stockholders
of the Company (the &ldquo;Annual Meeting&rdquo;), the Company submitted two matters to a vote of securities holders. Proxies for
the Annual Meeting were solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended. The persons
named as proxies on the proxy card voted in the manner indicated on the submitted proxy card and there was no solicitation of proxies
in opposition to management&rsquo;s nominees as listed in the proxy statement. All of management&rsquo;s nominees were elected
to the Board. Details of the voting are provided below:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To elect the persons named below to the Company&rsquo;s Board
of Directors to one-year terms expiring at the next Annual Meeting of stockholders (or until successors are elected or directors
resign or are removed).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center"><U>Votes For</U></TD>
    <TD STYLE="width: 22%; text-align: center"><U>Votes Withheld</U></TD>
    <TD STYLE="width: 26%; text-align: center"><U>Broker Non-Votes</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>Ludmila Smolyansky</TD>
    <TD STYLE="text-align: center">10,483,922</TD>
    <TD STYLE="text-align: center">319,855</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Julie Smolyansky</TD>
    <TD STYLE="text-align: center">10,558,790</TD>
    <TD STYLE="text-align: center">244,987</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>Edward Smolyansky</TD>
    <TD STYLE="text-align: center">10,488,142</TD>
    <TD STYLE="text-align: center">315,635</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Pol Sikar</TD>
    <TD STYLE="text-align: center">9,663,275</TD>
    <TD STYLE="text-align: center">1,140,502</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>Renzo Bernardi</TD>
    <TD STYLE="text-align: center">10,576,806</TD>
    <TD STYLE="text-align: center">226,971</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Paul Lee</TD>
    <TD STYLE="text-align: center">9,304,555</TD>
    <TD STYLE="text-align: center">1,499,222</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>Jason Scher</TD>
    <TD STYLE="text-align: center">9,304,555</TD>
    <TD STYLE="text-align: center">1,499,222</TD>
    <TD STYLE="text-align: center">1,043,008</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proposal 2:</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: center"><U>Votes For</U></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><U>Votes Against</U></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><U>Abstentions</U></TD>
    <TD STYLE="vertical-align: top; width: 18%; text-align: center"><U>Broker Non- Votes</U></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: bottom">To ratify the appointment of Mayer Hoffman McCann P.C. as our independent auditors for the fiscal year ending December 31, 2017</TD>
    <TD STYLE="vertical-align: top; text-align: center">11,685,647</TD>
    <TD STYLE="vertical-align: top; text-align: center">145,427</TD>
    <TD STYLE="vertical-align: top; text-align: center">15,711</TD>
    <TD STYLE="vertical-align: top; text-align: center">0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">3.1</TD>
    <TD STYLE="width: 94%; text-align: justify">Amended and Restated Bylaws.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:&nbsp;&nbsp;&nbsp;&nbsp; June 22, 2017</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>LIFEWAY FOODS, INC.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Douglas A. Hass</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Douglas A. Hass</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: General Counsel and Assistant Corporate Secretary</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 4.15pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No.</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><B>Description of Exhibit</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>3.01</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Amended and Restated Bylaws.</TD></TR>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>lifeway_ex0301.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 3.1</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These by-laws are hereby amended and restated as of this 24th
day of April 2017, by the Board of Directors of Lifeway Foods, Inc. (the &ldquo;<U>Board</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, Lifeway Foods, Inc. has heretofore been formed
as a corporation under the Illinois Business Corporation Act of 1983 (805 ILCS &sect; 5/1.01, et seq.), as amended, pursuant to
the Articles of Incorporation filed in the office of the Illinois Secretary of State on May 19, 1986, and thereafter amended;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, the Board desires to amend and restate the by-laws
of the corporation in their entirety; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, the Board has the authority to amend the by-laws
pursuant to Section 12.1 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOW THEREFORE</B>, the Board, hereby amends and restates
the by-laws in their entirety as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>I.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>OFFICES.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
1.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>The corporation shall continuously maintain in the State of Illinois a registered office and a registered agent
whose business office is identical with such registered office, and may have other offices within or without the state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
1.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>BOOKS AND RECORDS.</B> Any records maintained by 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 or method;
provided that the records so kept can be converted into clearly legible paper form within a reasonable time. The corporation shall
so convert any records so kept on the reasonable request of any person entitled to inspect such records pursuant to applicable
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>II.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>SHAREHOLDERS.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>ANNUAL MEETING.</B> An annual meeting of the shareholders shall be held on the first Monday in June of each
year or at such time as the board of directors may designate for the purpose of electing directors and for the transaction of such
other business as may come before the meeting. If the day fixed for the annual meeting shall be a legal holiday, such meeting shall
be held on the next succeeding business day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.1.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Failure to hold the annual meeting at the designated time does not result in the winding up or dissolution of
the corporation. If the board of directors fails to call the annual meeting, any shareholder may make demand in writing to any
officer of the corporation that an annual meeting be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>SPECIAL MEETINGS.</B> Special meetings of the shareholders may be called either by the president, by the board
of directors or by the holders of not less than one-fifth of all the outstanding shares of the corporation entitled to vote, for
the purpose or purposes stated in the call of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>PLACE OF MEETING.</B> The board of directors may designate any place, as the place of meeting for any annual
meeting or for any special meeting called by the board of directors. If no designation is made, or if a special meeting be otherwise
called, the place of meeting shall be at Lifeway Foods, Inc., 6431 West Oakton St., Morton Grove, Illinois 60053. The board of
directors may, in its discretion, determine that shareholder meetings may be held solely by means of remote communication. If authorized
by the board of directors, and subject to any guidelines and procedures adopted by the board of directors, shareholders not physically
present at a meeting of shareholders may participate in a meeting of shareholders by means of remote communication; and, may be
considered present in person and may vote at a meeting of shareholders held at a designated place or held solely by means of remote
communication, subject to the conditions imposed by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>NOTICE OF MEETINGS.</B> Written notice stating the place, date, and hour of the meeting and, in the case of
a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than 10 nor more than 60
days before the date of the meeting, or in the case of a merger, consolidation, share exchange, dissolution or sale, lease or exchange
of assets not less than 20 nor more than 60 days before date of the meeting, either personally or by mail, by or at the direction
of the president, or the secretary, or the officer or persons calling the meeting, to each shareholder of record entitled to vote
at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his or her address as it appears on the records of the corporation, with postage thereon prepaid. When a meeting
is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof are announced
at the meeting at which the adjournment is taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>FIXING OF RECORD DATE.</B> For the purpose of determining the shareholders entitled to notice of or to vote
at any meeting of shareholders, or shareholders entitled to receive payment of any dividend, or in order to make a determination
of shareholders for any other proper purpose, the board of directors of the corporation may fix in advance a date as the record
date to any such determination of shareholders, such date in any case to be not more than 60 days and for a meeting of shareholders,
less than 10 days, or in the case of a merger, consolidation, share exchange, dissolution or sale, lease or exchange of assets,
less than 20 days before the date of such meeting. If no record date is fixed for the determination of shareholders entitled to
notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the date on which
notice of the meeting is mailed or the date on which the resolution of the board of directors declaring such dividend is adopted,
as the case may be, shall be the record date for such determination of shareholders. A determination of shareholders. A determination
of shareholders shall apply to any adjournment of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>VOTING LISTS.</B> The officer or agent having charge of the transfer book for shares of the corporation shall
make, within 20 days after the record date for a meeting of shareholders or 10 days before such meeting, whichever is earlier,
a complete list of the shareholders entitled to vote at such meeting, arranged in alphabetical order, with the address of and the
number of shares held by each, which list, for a period of 10 days prior to such meeting, shall be kept on file at the registered
office of the corporation and shall be subject to inspection by any shareholder, and to copying at the shareholder's expense, at
any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall
be subject to the inspection of any shareholder during the whole time of the meeting. The original share ledger or transfer book,
or a duplicate thereof kept in this State, shall be prima facie evidence as to who are the shareholders entitled to examine such
list or share ledger or transfer book or to vote at any meeting of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.6.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>If any shareholders are participating in the meeting by means of remote communication, the list must be open
to examination by the shareholders for the duration of the meeting on a reasonably accessible electronic network, and the information
required to access the list must be provided to shareholders with the notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>QUORUM.</B> The holders of a majority of the outstanding shares of the corporation entitled to vote on a matter,
represented in person or by proxy, shall constitute a quorum for consideration of such matter at any meeting of shareholders, but
in no event shall a quorum consist of less than one-third of the outstanding shares entitled so to vote; provided that if less
than a majority of the outstanding shares are represented at said meeting, a majority of the shares so represented may adjourn
the meeting at any time without further notice. If a quorum is present, the affirmative vote of the majority of the shares represented
at the meeting shall be the act of the shareholders, unless the vote of a greater number or voting by classes is required by the
Business Corporation Act, the articles of incorporation or these by-laws. At any adjourned meeting at which a quorum shall be present,
any business may be transacted which might have been transacted at the original meeting. Withdrawal of shareholders from any meeting
shall not cause failure of a duly constituted quorum at that meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>PROXIES.</B> Each shareholder may appoint a proxy to vote or otherwise act for him or her by signing an appointment
form and delivering it to the person so appointed, but no such proxy shall be valid after 11 months from the date of its execution,
unless otherwise provided in the proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>VOTING OF SHARES.</B> Each outstanding share, regardless of class, shall be entitled to one vote in each matter
submitted to vote at a meeting of shareholders, and in all elections for directors every shareholder shall have the right to vote
the number of shares owned by such shareholder for as many persons as there are directors to be elected and for whose election
the shareholder has a right to vote. Each shareholder may vote either in person or by proxy as provided in Section 2.8 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>VOTING
OF SHARES BY CERTAIN HOLDERS.</B> Shares held by the corporation in a fiduciary capacity may be voted and shall be counted in determining
the total number of outstanding shares entitled to vote at any given time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.10.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Shares registered in the name of another corporation, domestic or foreign, may be voted by any officer, agent,
proxy or other legal representative authorized to vote such shares under the law of incorporation of such corporation. Shares registered
in the name of a deceased person, a minor ward or a person under legal disability, may be voted by his or her administrator, executor
or court appointed guardian, either in person or by proxy without a transfer of such shares into the name of such administrator,
executor or court appointed guardian. Shares registered in the name of a trustee may be voted by him or her, either in person or
by proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.10.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Shares registered in the name of a receiver may be voted by such receiver, and shares held by or under the control
of a receiver may be voted by such receiver without the transfer thereof into his or her name if authority to do so is contained
an appropriate order of the court by which such receiver was appointed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.10.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred
into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.10.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Any number of shareholders may create a voting trust for the purpose of conferring upon a trustee or trustees
the right to vote or otherwise represent their shares, for a period not to exceed 10 years, by entering into a written voting trust
agreement specifying the terms and conditions of the voting trust, and by transferring their shares to such trustee or trustees
for the purpose of the agreement. Any such trust agreement shall not become effective until a counterpart of the agreement is deposited
with the corporation at its registered office. The counterpart of the voting trust agreement so deposited with the corporation
shall be subject to the same right of examination by a shareholder of the corporation, in person or by agent or attorney, as are
the books and records of the corporation, and shall be subject to examination by any holder of a beneficial to rest in the voting
trust, either in person or by agent or attorney, at any reasonable time for any proper purpose. Shares of its own stock belonging
to this corporation shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total
number of outstanding shares at any given time, but shares of its own stock held by it in a fiduciary capacity may be voted and
shall be counted in determining the total number of outstanding shares at any given time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>CUMULATIVE
VOTING.</B> In all elections for directors there shall be no right of cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>INSPECTORS.</B>
At any meeting of shareholders, presiding officer may, or upon the request of any shareholder, shall appoint one or more persons
as inspectors for such meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.12.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Such inspectors shall ascertain and report the number of shares represented at the meeting, based upon their
determination of the validity and effect of proxies; count all votes and report the results; and do such other acts as are proper
to conduct the election and voting with impartiality and fairness to all the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.12.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Each report of an inspector shall be in writing and signed by him or her or by a majority of them if there be
more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report
of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results
of the voting shall be prima facie evidence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>INFORMAL
ACTION BY SHAREHOLDERS.</B> Any action required to be taken at a meeting of the shareholders, or any other action which may be
taken at a meeting of the shareholders, taken without a meeting and without a vote, if a consent in writing, setting forth the
action so taken shall be signed (a) if 5 days prior notice of the proposed action is given in writing to all of the shareholders
entitled to vote with respect to the subject matter hereof, by the holders of outstanding shares having not less than the minimum
number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon
were present and voting or (b) by all of the shareholders entitled to vote with respect to the subject matter thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.13.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent
shall be given in writing to those shareholders who have not consented in writing. In the event that the action which is consented
to is such as would have required the filing of a certificate under any section of the Business Corporation Act if such action
had been voted on by the shareholders at a meeting thereof, the certificate filed under such section shall state, in lieu of any
statement required by such section concerning any vote of shareholders, that written consent has been given in accordance with
the provisions of Section 7.10 of the Business Corporation Act and that written notice has been given as provided in such Section
7.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.14.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>VOTING
BY BALLOT.</B> Voting on any question or in any election may be by voice unless the presiding officer shall order or any shareholder
shall demand that voting be by ballot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
2.15.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Abstentions
and Broker Non-Votes</FONT>.</B> Outstanding shares represented in person or by proxy (including Broker Non-Votes and shares that
abstain with respect to one or more proposals presented for shareholder approval) will be counted for purposes of determining whether
a quorum is present at a meeting. Except as otherwise provided by law, Abstentions and Broker Non-Votes will be treated as shares
that are present and entitled to vote for purposes of determining the number of shares that are present and entitled to vote with
respect to any particular proposal, but will not be counted as a vote cast on such proposal. Abstentions and Broker Non-Votes,
therefore, will have no effect on proposals which require a plurality or majority of votes cast for approval, but will have the
same effect as a vote &ldquo;against&rdquo; proposals requiring any percentage of the outstanding voting securities for approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>III.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>DIRECTORS.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>GENERAL POWERS.</B> The business of the corporation shall be managed by or under the direction of its board
of directors. A majority of the board of directors may establish reasonable compensation for their services and the services of
other officers, irrespective of any personal interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>NUMBER, TENURE AND QUALIFICATIONS.</B> The number of directors of the corporation shall not be less than three
(3). The number of directors may be set by the board of directors by resolution from
time to time. Each director shall hold office until the next annual meeting of shareholders; or until his successor shall have
been elected and qualified. Directors need not be residents of Illinois or shareholders of the corporation. The number of directors
may be increased or decreased from time to time by the amendment of this section. No decrease shall have the effect of shortening
the term of any incumbent director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>REGULAR MEETINGS.</B> A regular meeting of the board of directors shall be held without other notice than
this by-law, immediately after the annual meeting of shareholders. The board of directors may provide, by resolution, the time
and place for holding of additional regular meetings without other notice than such resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>SPECIAL MEETINGS.</B> Special meetings of the board of directors may be called by or at the request of the
president or any two directors. The person or persons authorized to call special meetings of the board of directors may fix any
as the place for holding any special meeting of the board of directors called by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>NOTICE.</B> Notice of any special meeting shall be given at least 10 days previous thereto by written notice
to each director at his business address. If mailed, such notice shall be deemed to be delivered when deposited in the United States
mail so addressed, with postage thereon prepaid. If notice is given by facsimile transmission, such notice shall be deemed to be
delivered upon the day the facsimile transmission is sent. If notice is given by electronic mail transmission, such notice shall
be deemed to be delivered upon the day the electronic mail transmission is sent. The attendance of a director at any meeting shall
constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to
the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at,
nor the purpose of, any regular or special meeting of the board of directors need be specified in the notice or waiver of notice
of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>QUORUM.</B> A majority of the number of directors fixed by these by- laws shall constitute a quorum for transaction
of business at any meeting of the board of directors, provided that if less than a majority of such number of directors are present
at said meeting, a majority of the directors present may adjourn the meeting at any time without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>MANNER OF ACTING.</B> The act of the majority of the directors present at a meeting at which a quorum is present
shall be the act of the board of directors, unless the act of a greater number is required by statute, these by-laws, or the articles
of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>VACANCIES.</B>
Any vacancy or new office on the board of directors may be filled by election at the next annual or special meeting
of shareholders. A majority of the board of directors may fill any vacancy or new office prior to such annual or special
meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>RESIGNATION AND REMOVAL OF DIRECTORS.</B> A director may resign at any time upon written notice to the board
of directors. A director may be removed with or without cause, by a majority of shareholders if the notice of the meeting names
the director or directors to be removed at said meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>INFORMAL
ACTION BY DIRECTORS.</B> The authority of the board of directors may be exercised without a meeting if a consent in writing, setting
forth the action taken, is signed by all of the directors entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></B></FONT><B>COMPENSATION.</B>
The board of directors, by the affirmative vote of a majority of directors then in office, and irrespective of any personal interest
of any of its members shall have authority to establish reasonable compensation of all directors for services to the corporation
as directors, officers or otherwise notwithstanding any director conflict of interest. By resolution of the board of directors,
the directors may be paid their expenses, if any, of attendance at each meeting of the board. No such payment previously mentioned
in this section shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></B></FONT><B>PRESUMPTION
OF ASSENT.</B> A director of the corporation who is present at a meeting of the board of directors at which action on any corporate
matter is taken shall be conclusively presumed to have assented to the action taken unless his or her dissent shall be entered
in the minutes of the meeting or unless he or she sha1l file his or her written dissent to such action with the person acting as
the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered or certified mail to the
secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director
who voted in favor of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B>COMMITTEES.</B>
A majority of the board of directors may create one or more committees of two or more members to exercise appropriate authority
of the board of directors. A majority of such committee shall constitute a quorum for transaction of business. A committee may
transact business without a meeting by unanimous written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
3.13.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>AUDIT COMMITTEE.</B> For so long as the corporation is subject to the Qualitative Listing Requirements for
Nasdaq National Market and Nasdaq SmallCap Market Issuers, as provided in Section 4350 of the National Association of Securities
Dealers (&quot;NASD&quot;) Manual, as amended from time to time, the corporation shall maintain an Audit Committee of at least
two (2) members, comprised solely of independent directors. No member of the Audit Committee, other than in his or her capacity
as a member of the Audit Committee, the board of directors or any other committee of the board of directors, shall (i) accept
any consulting, advisory, or other compensatory fee from the corporation or (ii) be an affiliated person of the corporation or
any subsidiary thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>IV.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>OFFICERS.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>NUMBER.</B> The officers of the corporation shall be a president, one or more vice-presidents, a treasurer,
a secretary, and such other officers as may be elected or appointed by the board of directors. Any two or more offices may be held
by the same person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>ELECTION AND TERM OF OFFICE.</B> The officers of the corporation shall be elected annually by the board of
directors at the first meeting of the board of directors held after each annual meeting of shareholders. If the election of officers
shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Vacancies may be filled
or new offices created and filled at any meeting of the board of directors. Each officer shall hold office until his successor
shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in
the manner hereinafter provided. Election of an officer shall not of itself create contract rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>REMOVAL.</B> Any officer elected or appointed by the board of directors may be removed by the board of directors
whenever in its judgment the best interest of the corporation would be served thereby, but such removal shall be without prejudice
to the contract rights, if any, of the person so removed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>PRESIDENT.</B> The president shall be the principal executive officer of the corporation. Subject to the direction
and control of the board of directors, he/she shall be in charge of the business of the corporation; he shall see that the resolutions
and directions of the board of directors are carried into effect except in those instances in which that responsibility is specifically
assigned to some other person by the board of directors; and, in general, he/she shall discharge all duties incident to the office
of president and such other duties as may be prescribed by the board of directors from time to time. He shall preside at all meetings
of the shareholders and of the board of directors. Except in those instances in which the authority to execute is expressly delegated
to another officer or agent of the corporation or a different mode of execution is expressly prescribed by the board of directors
or these by-laws, he may execute for the corporation certificates for its shares, and any contracts, deeds, mortgages, bonds, or
other instruments which the board of directors has authorized to be executed, and he may accomplish such execution either under
or without the seal of the corporation and either individually or with the secretary, any assistant secretary, or any other officer
thereunto authorized by the board of directors, according to the requirements of the form of the instrument. He or she may vote
all securities which the corporation is entitled to vote except as and to the extent such authority shall be vested in a different
officer or agent of the corporation by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>THE VICE-PRESIDENTS.</B> The vice-president (or in the event there be more than one vice-president, each of
the vice- presidents) shall assist the president in the discharge of his/her duties as the president may direct and shall perform
such other duties as from time to time may be assigned to him/her by the president or by the board of directors. In the absence
of the president or in the event of his/her inability or refusal to act, the vice-president (or in the event there be more than
one vice-president, the vice-presidents in the order designated by the board of directors, or by the president if the board of
directors has not made such a designation, or in the absence of any designation, then in the order of seniority of tenure as vice-president)
shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions
upon the president. Except in those instances in which the authority to execute is expressly delegated to another officer or agent
of the corporation or a different mode of execution is expressly prescribed by the board of directors or these by-laws, the vice-president
(or each of them if there are more than one) may execute for the corporation certificates for its shares and any contracts, deed,
mortgages, bonds or other instruments which the board of directors has authorized to be executed, and he/she may accomplish such
execution either under or without the seal of the corporation and either individually or with the secretary, any assistant secretary,
or any other officer thereunto authorized by the board of directors, according to the requirements of the form of the instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>THE TREASURER.</B> The treasurer shall be the principal accounting and financial officer of the corporation.
He shall: (a) have charge of and be responsible for the maintenance of adequate books of account for the corporation; (b) have
charge and custody of all funds and securities of the corporation, and be responsible therefor and for the receipt and disbursement
thereof; and (c) perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned
to him by the president or by the board of directors. If required by the board of directors, the treasurer shall give a bond for
the faithful discharge of his duties in such sum and with such surety or sureties as the board of directors may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>THE SECRETARY.</B> The secretary shall: (a) record the minutes of the shareholders' and of the board of directors'
meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions
of these by-laws or as required by law; (c) be custodian of the corporate records and of the seal of the corporation; (d) keep
a register of the post-office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign
with the president, or a vice-president, or any other officer thereunto authorized by the board of directors, certificates for
shares of the corporation, the issue of which shall have been authorized by the board of directors, and any contracts, deeds, mortgages,
bonds, or other instruments which the board of directors has authorized to be executed, according to the requirements of the form
of the instrument, except when a different mode of execution is expressly prescribed by the board of directors or these by laws;
(f) have general charge of the stock transfer books of the corporation; (g) have authority to certify the by- laws, resolutions
of the shareholders and board of directors and committees thereof, and other documents of the corporation as true and correct copies
thereof, and (h) perform all duties incident to the office of secretary and such other duties as from time to time may be assigned
to him/her by the president or by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>ASSISTANT TREASURERS AND ASSISTANT SECRETARIES. </B>The assistant treasurers and assistant secretaries shall
perform such duties as shall be assigned to them by the treasurer or the secretary, respectively, or by the president or the board
of directors. The assistant secretaries may sign with the president, or a vice-president, or any other officer thereunto authorized
by the board of directors, certificates for shares of the corporation, the issue of which shall have been authorized by the board
of directors, and any contracts, deeds, mortgages, bonds, or other instruments which the board of directors has authorized to be
executed, according to the requirements of the form of the instrument, except when a different mode of execution is expressly prescribed
by the board of directors or these by-laws. The assistant treasurers shall respectively, if required by the board of directors,
give bonds for the faithful discharge of their duties in such sums and with such sureties as the board of directors shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
4.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>SALARIES.</B> The salaries of the officers shall be fixed from time to time by the board of directors and
no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>V.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>CONTRACTS, LOANS, CHECKS AND DEPOSITS.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
5.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>CONTRACTS.</B> The board of directors may authorize any officer or officers, agent or agents, to enter into
any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general
or confined to specific instances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
5.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>LOANS.</B> No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall
be issued in its name unless authorized by a resolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
5.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>CHECKS, DRAFTS, ETC.</B> All checks, drafts or other orders for the payment of money, notes or other evidences
of Indebtedness is issued in the name of the corporation, shall be signed by such officer or officers, agent or agents of the corporation
and in such manner as shall from time to time be determined by dissolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
5.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>DEPOSITS.</B> All funds of the corporation not otherwise employed shall be deposited from time to time to
the credit of the corporation in such banks, trust companies or other depositories as the board of directors may select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>VI.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>SHARES AND THEIR TRANSFER.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
6.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>SHARES REPRESENTED BY CERTIFICATES AND UNCERTIFICATED SHARES. </B>Shares either shall be represented by certificates
or shall be uncertificated shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
6.1.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>Certificates representing shares of the corporation shall be signed by the appropriate officers and may be sealed
with the seal or a facsimile of the seal of the corporation. If a certificate is countersigned by a transfer agent or registrar,
other than the corporation or its employee, any other signatures may be facsimile. Each certificate representing shares shall be
consecutively numbered or otherwise identified, and shall also state the name of the person to whom issued, the number and class
of shares (with designation of series, it any), the date of issue, and that the corporation is organized under Illinois law. If
the corporation is authorized to issue shares of more than one class or of series within a class, the certificate shall also contain
such information or statement as may be required by law. Unless prohibited by the articles of incorporation, the board of directors
may provide by resolution that some or all of any class or series of shares shall be uncertificated shares. Any such resolution
shall not apply to shares represented by a certificate until the certificate has been surrendered to the corporation. Within a
reasonable time after the issuance or transfer of uncertificated shares, the corporation shall send the registered owner thereof
a written notice of all information that would appear on a certificate. Except as otherwise expressly provided by law, the rights
and obligations of the holders of uncertificated shares shall be identical to those of the holders of certificates representing
shares of the same class and series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
6.1.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>The name and address of each shareholder, the number and class of shares held and the date on which the shares
were issued shall be entered on the books of the corporation. The person in whose name shares stand on the books of the corporation
shall be deemed the owner thereof for all purposes as regards the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
6.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>LOST CERTIFICATES.</B> If a certificate representing shares has allegedly been lost or destroyed the board
of directors may in its discretion, except as may be required by law, direct that a new certificate be issued upon such indemnification
and other reasonable requirements as it may impose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
6.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>TRANSFERS OF SHARES.</B> Transfer of shares of the corporation shall be recorded on the books of the corporation.
Transfer of shares represented by a certificate, except in the case of a lost or destroyed certificate, shall be made on surrender
for cancellation of the certificate for such shares. A certificate presented for transfer must be duly endorsed and accompanied
by proper guaranty of signature and other appropriate assurances the endorsement is effective. Transfer of an uncertificated share
shall be made on receipt by the corporation of an instruction from the registered owner or other appropriate person. The instruction
shall be in writing or a communication in such form as may be agreed upon in writing by the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>VII.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>FISCAL YEAR.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
7.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>The fiscal year of the corporation shall be fixed by resolution of the board of directors. In the absence of
such a resolution, the fiscal year of the corporation shall be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>VIII.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>DISTRIBUTIONS.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
8.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>The board of directors may authorize, and the corporation may make, distributions to its shareholders, subject
to any restrictions in its articles of incorporation or provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>IX.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>SEAL.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
9.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT>The corporate seal shall have inscribed thereon the name of the corporation and the words Corporate Seal, Illinois.
The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced, provided
that affixing of the corporate seal to an instrument shall not give the instrument additional force or effect, or change the construction
thereof, and the use of the corporate seal is not mandatory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>X.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>WAIVER OF NOTICE.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
10.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>Whenever
any notice is required to be given under the provisions of these by-laws or under the provisions of the articles of incorporation
or under the provisions of The Business Corporation Act of the State of Illinois, a waiver thereof in writing, signed by the person
or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of
such notice. Attendance at any meeting shall constitute waiver of notice thereof unless the person at the meeting objects to the
holding of the meeting because proper notice was not given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>XI.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>INDEMNIFICATION OF OFFICERS, DEBTORS, EMPLOYEES AND AGENTS.</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>The
corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the
right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination
of any action, Suit or proceeding by judgment or settlement, conviction or upon a plea of nolo contendere or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed
to be in or not opposed to the best interest of the corporation, and with respect to any criminal action or proceeding, had reasonable
cause to believe that his conduct was unlawful.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>The
corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the corporation to procure a judgment in its favor any reason of the fact that such
person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against
expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement
of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to
the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter
as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the
corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application
that despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the court shall deem proper.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>To
the extent that a director, officer, employee or agent of a corporation has been successful, on the merits or otherwise, in the
defense of any action, suit or proceeding referred to in sections 1 and 2, or in defense of any claim, or matter therein, such
person shall be indemnified against expenses actually and reasonably incurred by such person in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>Any
indemnification under sections 1 and 2 shall be made by the corporation only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in the circumstances because he or she has met the applicable
standard of conduct set forth in sections 1 and 2. Such determination shall be made (a) by the board of directors by a majority
vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (b) if such a quorum is not
obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion,
or (c) by the shareholders.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>Expenses
incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation in advance of the final disposition
of such action, suit or proceeding, as authorized by the board of directors in the specific case, upon receipt of an undertaking
by or on behalf of the director, officer, employee or agent to repay such amount, unless it shall ultimately be determined that
he or she is entitled to be indemnified by the corporation as authorized in this article.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>The
indemnification provided by this article shall not be deemed exclusive of any other rights to which those seeking indemnification
may be entitled under any by-law, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in
his or her official capacity and as to action in another capacity while holding such office, and shall continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators
of such a person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>The
corporation shall have power to 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 the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and
incurred by such person 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 such person against such liability under the provisions of these sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>If
the corporation has paid indemnity or has advanced expenses to a director, officer, employee or agent, the corporation shall report
the indemnification or advance in writing to the shareholders with or before the notice of the next shareholders' meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
11.9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>References
to &quot;the corporation&quot; shall include, in addition to the surviving corporation, any merging corporation, including any
corporation having merged with a merging corporation, absorbed in a merger which otherwise would have lawfully been entitled to
indemnify its directors, officers, and employees or agents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>Article</B></FONT> <FONT STYLE="text-transform: uppercase"><B>XII.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><U>AMENDMENTS.</U></B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Section
12.1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT>Unless
the power to make, alter, amend or repeal the by-laws is reserved to the shareholders by the articles of incorporation, the by-laws
of the corporation may be made, altered, amended or repealed by the shareholders or the board of directors, but no by-law adopted
by the shareholders may be altered, amended or repealed by the board of directors if the by-laws so provide. The by-laws may contain
any provisions for the regulation and management of the affairs of the corporation not inconsistent with the law or the articles
of incorporation.</P>

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