<SEC-DOCUMENT>0001437749-25-011051.txt : 20250404
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ACCESSION NUMBER:		0001437749-25-011051
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20250404
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250404
DATE AS OF CHANGE:		20250404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Perma-Pipe International Holdings, Inc.
		CENTRAL INDEX KEY:			0000914122
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		ORGANIZATION NAME:           	06 Technology
		EIN:				363922969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32530
		FILM NUMBER:		25815795

	BUSINESS ADDRESS:	
		STREET 1:		25025 I-45
		STREET 2:		SUITE 200
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		2815986222

	MAIL ADDRESS:	
		STREET 1:		25025 I-45
		STREET 2:		SUITE 200
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MFRI INC
		DATE OF NAME CHANGE:	19970402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDWESCO FILTER RESOURCES INC
		DATE OF NAME CHANGE:	19970402
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<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>UNITED STATES</b></div>

<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></div>

<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>WASHINGTON, D.C. 20549</b></div>

<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">_______________________</div>

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<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>CURRENT REPORT</b></div>

<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Pursuant to Section 13 or 15(d) of</b></div>

<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>the Securities Exchange Act of 1934</b></div>

<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">_______________________</div>

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<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(Exact name of registrant as specified in its charter)</div>

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<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><ix:nonNumeric contextRef="d20258K" name="dei:EntityAddressAddressLine1" id="ixv-63"><b>24900 Pitkin Road, Suite 309</b></ix:nonNumeric><b>, <ix:nonNumeric contextRef="d20258K" name="dei:EntityAddressCityOrTown" id="ixv-66"><b><b><b>Spring</b></b></b></ix:nonNumeric>, <ix:nonNumeric contextRef="d20258K" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="ixv-70"><b><b><b>Texas</b></b></b></ix:nonNumeric> <ix:nonNumeric contextRef="d20258K" name="dei:EntityAddressPostalZipCode" id="ixv-74"><b><b><b>77386</b></b></b></ix:nonNumeric></b></div>

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<div style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">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:</div>

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			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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			<td style="font-family: Times New Roman; font-size: 10pt;">
			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;display: none"><ix:nonNumeric contextRef="d20258K" name="dei:CurrentFiscalYearEndDate" id="ixv-374">--01-31</ix:nonNumeric></div>

<div style="margin: 0pt 7.2pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&#160;</div>

<div style="margin: 0pt 7.2pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

<div style="margin: 0pt 7.2pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&#160;</div>

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			<div style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><span style="text-decoration: underline;">Title of each class</span></div>
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			<div style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><span style="text-decoration: underline;">Trading Symbol(s)</span></div>
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			<div style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">The <ix:nonNumeric contextRef="d20258K" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-377">Nasdaq</ix:nonNumeric>&#160;Stock Market LLC</div>
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<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&#160;</div>

<div style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

<div style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">&#160;</div>

<div style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Emerging growth company <ix:nonNumeric contextRef="d20258K" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="ixv-378">&#9744;</ix:nonNumeric></div>

<div style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">&#160;</div>

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

<div style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</div>

<div class="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div class="PGNUM" style="width: 100%; text-align: center;">&#160;</div>

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<div class="PGHDR" style="width: 100%; text-align: left;">&#160;</div>
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<div style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</div>

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			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b>Item 1.01.</b></div>
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			<td style="font-family: Times New Roman; font-size: 10pt;"><b>Entry into a Material Definitive Agreement.</b></td>
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<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</div>

<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The information required by this Item is included in Item 5.02 below and is incorporated into this Item 1.01 by reference.</div>

<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</div>

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			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b>Item 5.02.</b></div>
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			<td style="font-family: Times New Roman; font-size: 10pt;"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></td>
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<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</div>

<div style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On March 31, 2025,&#160;Mr. David Mansfield, age 64, provided notice to the Board of Directors (the &#8220;Board&#8221;) of Perma-Pipe International Holdings, Inc. (the &#8220;Company&#8221;) of his retirement as the Company&#8217;s President and Chief Executive O<span style="background-color:#ffffff;">fficer o</span>n or before November 8, 2025. Concurrent with this announcement, the Company has appointed Saleh Sagr as President, with Mr. Mansfield remaining as the Chief Executive Officer and as a&#160;Board member through the date of his retirement to ensure a smooth transition.&#160;</div>

<div style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</div>

<div style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">On March 31, 2025,&#160;the Company appointed Saleh Sagr, age 55, as President. Effective immediately, Mr. Sagr will no longer serve as the Company&#8217;s Senior Vice President of the Middle East North Africa (&#8220;MENA&#8221;) region.</div>

<div style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</div>

<div style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Mr. Sagr has served as the Company&#8217;s Senior Vice President of the MENA region since June 2021, where he was responsible for overseeing operations in the U.A.E., Saudi Arabia, India, and Egypt. He joined the Company in May 2019 as Vice President of the MENA region. Prior to joining Perma-Pipe, Mr. Sagr served as General Manager for Global Anti Corrosion Techniques Co. Ltd, in Saudi Arabia, a Saudi pipeline company he co-founded in 2005. From 1995&#160;to 2005, Mr. Sagr held various positions for BrederoShaw, such as engineering, startups, and operations management.</div>

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<div style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">In connection with Mr. Sagr's&#160;appointment as President, the Company entered into an Executive Employment Agreement with Mr. Sagr, effective as of March 31, 2025&#160;(the &#8220;Employment Agreement&#8221;). Pursuant to the Employment Agreement, Mr. Sagr&#160;will receive an initial annual base salary of <span style="background-color:#ffffff;">$410,000&#160;</span>and a short-term annual incentive bonus opportunity with a target incentive equa<span style="background-color:#ffffff;">l to 75% of his base salary. In addition, Mr. Sagr will also be eligible to receive certain long-term incentives, including a cash performance award and restricted stock grants with a total target annual award equal to 100% o</span>f his base salary, with pro-rata vesting of such awards over a three-year period. The Employment Agreement is for an initial term of one year, with automatic one-year renewal provisions.</div>

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<div style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The Employment Agreement, which is filed as Exhibit 10.1 hereto, is incorporated herein by reference.&#160; The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.</div>

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			<div style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b>Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></div>
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<div style="margin: 0pt; text-indent: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">To facilitate the newly created President officer role, the Company adopted&#160;amended and restated By-laws (the "By-laws"), effective March 31, 2025. The amendments&#160;provide&#160;for the bifurcation of the role of President and&#160;Chief Executive Officer, in which&#160;the role of President will serve in the capacity of&#160;Chief Operating Officer.</div>

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<div style="margin: 0pt; text-indent: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">The foregoing description of the amendments to the By-laws is qualified in its entirety by reference to the full text of the Seventh&#160;Amended and Restated By-Laws of the Company, which is attached to this Current Report on Form 8-K as Exhibit 3.1.</div>

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<div style="margin: 0pt; text-indent: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">On April 4, 2025, the Company issued a press release announcing the retirement of Mr. Mansfield and the appointment of Mr. Sagr as President. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.&#160;</div>

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			<div style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Exhibits. The following exhibit is being furnished herewith:</div>
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			<td style="font-family: Times New Roman; font-size: 10pt;"><a href="ex_781665.htm" style="-sec-extract:exhibit;">Seventh Amended and Restated By-Laws of Perma-Pipe International Holdings, Inc.</a></td>
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			<td style="font-family: Times New Roman; font-size: 10pt;"><a href="ex_797452.htm" style="-sec-extract:exhibit;">Executive Employment Agreement by and between Perma-Pipe International Holdings, Inc. and Saleh Sagr, dated March 31, 2025</a></td>
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			<td style="font-family: Times New Roman; font-size: 10pt;"><a href="ex_797453.htm" style="-sec-extract:exhibit;">Press Release of Perma-Pipe International Holdings, Inc., dated April 4, 2025, regarding the retirement of David Mansfield as CEO and the appointment of Saleh Sagr as President</a></td>
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			<td style="width: 45pt; font-family: Times New Roman; font-size: 10pt;">(104)</td>
			<td style="font-family: Times New Roman; font-size: 10pt;"><span style="background-color:#ffffff;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td>
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<div style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SIGNATURES</b></div>

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<div style="margin: 0pt; text-align: justify; text-indent: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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.</div>

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			<div style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">PERMA-PIPE INTERNATIONAL HOLDINGS, INC.</div>
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			<div style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">Date: April&#160;4, 2025</div>
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			<div style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </span></div>
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			<div style="margin: 0px 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/ Matthew E. Lewicki</span></div>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex_794700.htm
<DESCRIPTION>EXHIBIT 3.1 SEVENTH AMENDED AND RESTATED BY-LAWS OF PERMA-PIPE INTERNATIONAL HOLDINGS, INC.
<TEXT>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><b>Exhibit 3.1</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b>SEVENTH&nbsp;AMENDED AND RESTATED BY-LAWS OF</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b>PERMA-PIPE INTERNATIONAL HOLDINGS, INC. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b><u>ARTICLE I</u></b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b>OFFICES</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. REGISTERED OFFICE. The registered office shall be established and maintained at the office of the Prentice&#8209;Hall Corporation Systems, Inc., in the City of Dover, in the County of Kent, in the State of Delaware, and said corporation shall be the registered agent of this corporation in charge thereof.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 2. OTHER OFFICES. The corporation may have other offices, either within or without the State of Delaware, at such place or places as the Board of Directors may from time to time appoint or the business of the corporation may require.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 111pt; text-indent: -110pt; text-align: center;"><b><u>ARTICLE II </u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 111pt; text-indent: -110pt; text-align: center;"><b><u>MEETINGS OF STOCKHOLDERS</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. BUSINESS. No business may be transacted at an annual meeting or special meeting of stockholders, other than business that is either (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized committee thereof), (b) otherwise properly brought before the meeting by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (c) otherwise properly brought before the meeting by any stockholder of record on the date of the giving of the notice provided for in Section 9 of this Article II and on the record date for the determination of stockholders entitled to vote at such meeting.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 2. ANNUAL MEETINGS. Annual meetings of stockholders for the election of directors and for such other business as may be stated in the notice of the meeting, shall be held at such place, either within or without the State of Delaware, and at such time and date as the Board of Directors, by resolution, shall determine and as set forth in the notice of the meeting. If the date of the annual meeting shall fall upon a legal holiday, the meeting shall be held on the next succeeding business day. At each annual meeting, the stockholders entitled to vote shall elect a Board of Directors and they may transact such other corporate business as shall be stated in the notice of the meeting.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 3. OTHER MEETINGS. Meetings of stockholders for any purpose other than the election of directors may be held at such time and place, within or without the State of Delaware, as shall be stated in the notice of the meeting.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 4. VOTING. Each stockholder entitled to vote in accordance with the terms of the Certificate of Incorporation and in accordance with the provisions of these By&#8209;Laws shall be entitled to one vote, in person or by proxy, for each share of stock entitled to vote held by such stockholder, but no proxy shall be voted after three years from its date unless such proxy provides&nbsp;for a longer period. Upon the demand of any stockholder, the vote for directors and the vote upon any question before the meeting, shall be by ballot. All elections for directors and all other questions shall be determined by majority vote except as otherwise provided by these By-Laws, the Certificate of Incorporation or the laws of the State of Delaware. A complete list of the stockholders entitled to vote at the ensuing election, arranged in alphabetical order, with the address of each, and the number of shares held by each, shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 5. QUORUM. Except as otherwise required by law, by the Certificate of Incorporation or by these By&#8209;Laws, the presence, in person or by proxy, of stockholders holding a majority of the stock of the corporation entitled to vote shall constitute a quorum at all meetings of the stockholders. At any adjourned meeting at which the requisite amount of stock entitled to vote shall be represented, any business may be transacted which might have been transacted at the meeting as originally noticed&#894; but only those stockholders entitled to vote at the meeting as originally noticed shall be entitled to vote at any adjournment or adjournments thereof.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 6. SPECIAL MEETINGS. Special meetings of the stockholders may be held whenever and wherever called for by the Chairperson of the Board of Directors, the President/Chief Executive Officer or the majority of the Board of Directors, or by the written demand of the stockholders of record of no fewer than one&#8209;tenth of all the shares of Common Stock entitled to vote at the meeting. The business which may be conducted at any such special meeting will be confined to the purposes stated in the notice thereof, including the election and/or removal of directors.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 7. NOTICE OF MEETINGS. Written notice, stating the place, date and time of the meeting, and the general nature of the business to be considered, shall be given to each stockholder entitled to vote thereat at his or her address as it appears on the records of the corporation, not less than ten nor more than sixty days before the date of the meeting. No business other than that stated in the notice shall be transacted at any meeting without the unanimous consent of all the stockholders entitled to vote thereat.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 8. ACTION WITHOUT MEETING. Unless otherwise provided by the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock 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 voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 9. NOMINATIONS AND STOCKHOLDER BUSINESS.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
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			<td style="vertical-align: top; width: 1680px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Stockholder Proposals Relating to Nominations for and Election of Directors.</p>
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			<td style="width: 39px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<td style="vertical-align: top; width: 1678px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Nominations by a stockholder of candidates for election to the Board of Directors by stockholders at any annual or special meeting of stockholders or upon written consent without a meeting may be made only if the stockholder making the nomination or the stockholders executing the consent comply with the procedures set forth in this Section 9(a), and any candidate proposed by a stockholder not nominated in accordance with such provisions shall not be considered or acted upon at such meeting of stockholders. If the provisions of this Section 9 differ from any other provisions of these By-laws, the provisions of this Section 9 shall govern and control.</p>
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			<td style="width: 39px;">&nbsp;</td>
			<td style="vertical-align: top; width: 31px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<td style="vertical-align: top; width: 1677px;">A proposal by a stockholder for the nomination of a candidate for election by stockholders as a director at any annual or special meeting of stockholders at which directors are to be elected or upon written consent without a meeting may be made only by notice in writing, delivered in person or by first class United States mail postage prepaid or by reputable overnight delivery service, to the Board of Directors of the corporation to the attention of the Secretary of the corporation at the principal office of the corporation, within the time limits specified herein.</td>
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			<td style="width:28pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the case of an annual meeting of stockholders, any such written proposal of nomination must be received by the Board of Directors not less than 90 calendar days nor more than 120 calendar days before the first anniversary of the date on which the corporation held its annual meeting in the immediately preceding year&#894;&nbsp;provided, however, that in the case of an annual meeting of stockholders that is called for a date that is not within 30 calendar days before or after the first anniversary date of the annual meeting of stockholders in the immediately preceding year, any such written proposal of nomination must be received by the Board of Directors not later than five business days after the date the corporation shall have mailed notice to its stockholders that an annual meeting of stockholders will be held or shall have issued a press release, filed a periodic report with the Securities and Exchange Commission or otherwise publicly disseminated notice that an annual meeting of stockholders will be held.</p>
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			<td style="width:28pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 35px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the case of a special meeting of stockholders, any such written proposal of nomination must be received by the Board of Directors not later than five business days after the earlier of the date that the corporation shall have mailed notice to its stockholders that a special meeting of stockholders will be held or shall have issued a press release, filed a periodic report with the Securities and Exchange Commission or otherwise publicly disseminated notice that a special meeting of stockholders will be held.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the case of stockholder action by written consent with respect to the election by stockholders of a person or persons as director, the stockholder seeking to have the stockholders elect such person or persons by written consent shall, by written notice to the Board of Directors, set forth the information prescribed in clause (vi) of this Section (a) and request the Board of Directors to fix a record date for determining stockholders entitled to consent to corporate action in writing without a meeting. The Board of Directors shall promptly, but in no event later than the tenth day after the date on which such notice is received, adopt a resolution fixing such record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than ten days after the date&nbsp;upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date is fixed by the Board of Directors within such time period, such record date shall be determined in accordance with the provisions of Section 213(b) of the Delaware General Corporation Law, or any successor provision.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vi.</p>
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			<td style="vertical-align: top; width: 1672px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A written proposal of nomination provided pursuant to this Section (a) shall set forth as to each person whom the stockholder proposes to nominate for election as a director and as to the stockholders giving the proposal (the &#8220;Nominating Stockholder&#8221;) and each Stockholder Associated Person, if any (which, for purposes of these By-laws, shall mean (i) any person acting in concert, directly or indirectly, with such stockholder and (ii) any person controlling, controlled by, or under common control with such stockholder or any Stockholder Associated Person): (A) all information relating to such person that would be required to be disclosed in a proxy statement or otherwise in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the rules and regulations promulgated thereunder, (B) the name and address of such person (C) the class or series and number of shares of capital stock of the corporation which are owned beneficially or of record by such person, (D) the nominee holder for, and number of, shares beneficially owned but not owned of record by such person, (E) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including, but not limited to, any derivative, swap or short positions, profit interests, options or borrowed or loaned shares) has been made, the intent or effect of which is to mitigate loss to or manage risk or benefit of share price changes for, or to increase or decrease the voting power of, such person with respect to any share of stock of the corporation (F) to the extent known by the stockholder making such proposal, the name and address of any other stockholder supporting the nominee for elections as a director on the date of such stockholder&#8217;s proposal, (G) a description of all arrangements or understandings between or among such persons pursuant to which the nomination(s) are to be made by the stockholder and any relationship between or among the stockholder making the proposal and any Stockholder Associated Person, on the one hand, and each proposed nominee, on the other hand, (H) whether such person intends to solicit proxies in connection with the nomination(s), and (I) a representation that the stockholder intends to appear in person or by proxy at the meeting to nominate the person named in the proposal. The proposal must be accompanied by the written consent of each person so proposed to serve as a director if nominated and elected as a director. Each proposed nominee shall furnish such other information as may be reasonably required by the corporation to determine the eligibility of such proposed nominee to serve as an independent director (as defined in Rule 5605 of the NASDAQ Stock Market Rules, any NASDAQ interpretations thereof, and any successor rules) of the corporation or that could be material to a reasonable stockholder&#8217;s understanding of the independence, or lack thereof, of such nominee, and shall represent in writing that he or she does not, and will not, have any undisclosed voting commitments or other arrangements with respect to his or her actions as a director of the corporation.</p>
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			<td style="width: 37px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vii.</p>
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			<td style="vertical-align: top; width: 1672px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If a written proposal of nomination submitted to the Board of Directors fails, in the reasonable judgment of the Board of Directors or a nominating committee established by it, to contain the information specified in clause (vi) of this Section (a) or is otherwise deficient, the Board of Directors shall, as promptly as is practicable under the circumstances, provide written&nbsp;notice to the stockholder(s) making such nomination of such failure or deficiency in the written proposal of nomination and such nominating stockholder shall have five business days from receipt of such notice to submit a revised written proposal of nomination that corrects such failure or deficiency in all material respects.&nbsp;notice to the stockholder(s) making such nomination of such failure or deficiency in the written proposal of nomination and such nominating stockholder shall have five business days from receipt of such notice to submit a revised written proposal of nomination that corrects such failure or deficiency in all material respects.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
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			<td style="vertical-align: top; width: 1670px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Stockholder Proposals Relating to Matters Other Than Nominations for and Elections of Directors.</p>
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			<td style="width: 41px;">&nbsp;</td>
			<td style="vertical-align: top; width: 34px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<td style="vertical-align: top; width: 1672px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">stockholder of the corporation may bring a matter (other than a nomination of a candidate for election as a director, which is covered by Section (a)) (a "Stockholder Matter") before a meeting of stockholders or for action by written consent without a meeting only if such Stockholder Matter is a proper matter for stockholder action and such stockholder shall have provided notice in writing, delivered in person or by first class United States mail postage prepaid or by reputable overnight delivery service, to the Board of Directors of the corporation to the attention of the Secretary of the corporation at the principal office of the corporation, within the time limits specified in this Section (b)&#894;&nbsp;provided, however, that a proposal submitted by a stockholder for inclusion in the corporation's proxy statement for an annual meeting that is appropriate for inclusion therein and otherwise complies with the provisions of Rule 14a&#8209;8 under the Exchange Act (including timeliness) shall be deemed to have also been submitted on a timely basis pursuant to this Section (b).</p>
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			<td style="width:31pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 35px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<td style="vertical-align: top; width: 1671px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the case of an annual meeting of stockholders, any such written notice of a proposal of a Stockholder Matter must be received by the Board of Directors not less than 90 calendar days nor more than 120 calendar days before the first anniversary of the date on which the corporation held its annual meeting of stockholders in the immediately preceding year&#894;&nbsp;provided, however, that in the case of an annual meeting of stockholders that is called for a date which is not within 30 calendar days before or after the first anniversary date of the annual meeting of stockholders in the immediately preceding year, any such written notice of a proposal of a Stockholder Matter must be received by the Board of Directors not later than five business days after the date the corporation shall have mailed notice to its stockholders that an annual meeting of stockholders will be held, issued a press release, filed a periodic report with the Securities and Exchange Commission or otherwise publicly disseminated notice that an annual meeting of stockholders will be held.</p>
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			<td style="width: 40px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
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			<td style="vertical-align: top; width: 1671px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the case of a special meeting of stockholders called upon the written demand of stockholders of the corporation pursuant to Article II, Section 6 of these By-laws, any such written notice of a proposal of a Stockholder Matter must be received by the Board of Directors not later than five business days after the earlier of the date the corporation shall have mailed notice to its stockholders that a special meeting of stockholders will be held, issued a press release, filed a periodic report with the Securities and Exchange Commission or otherwise publicly disseminated notice that a special meeting of stockholders will be held.</p>
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			<td style="width: 40px;">&nbsp;</td>
			<td style="vertical-align: top; width: 36px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align: top; width: 1671px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the case of stockholder action by written consent, the stockholder seeking to have the stockholders authorize or take corporate action by written consent shall, by written notice to the Board of Directors, set forth the written proposal and request the Board of Directors to fix a record date for determining stockholders entitled to consent to corporate action in writing without a meeting. The Board of Directors shall promptly, but in no event later than the tenth day after the date on which such notice is received, adopt a resolution fixing such record date, which record date</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Such written notice of a proposal of a Stockholder Matter shall set forth as to each Stockholder Matter a brief description of the Stockholder Matter and the reasons for consideration thereof at such meeting, as well as all information relating to such Stockholder Matter that would be required to be disclosed in a proxy statement or otherwise in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Exchange Act, and the rules and regulations promulgated thereunder, and, as to any stockholder giving the proposal and each Stockholder Associated Person, if any: (A) the name and address of such person (B) the class or series and number of shares of capital stock of the corporation which are owned beneficially or of record by such person, (C) the nominee holder for, and number of, shares beneficially owned but not owned of record by such person, (D) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including, but not limited to, any derivative, swap or short positions, profit interests, options or borrowed or loaned shares) has been made, the intent or effect of which is to mitigate loss to or manage risk or benefit of share price changes for, or to increase or decrease the voting power of, such person with respect to any share of stock of the corporation (E) to the extent known by the stockholder making such proposal, the name and address of any other stockholder supporting such proposal on the date of such stockholder&#8217;s proposal, (F) a description of all arrangements or understandings between or among such persons,&nbsp;(G) whether such person intends to solicit proxies in connection with such Stockholder Matter, and (H) a representation that the stockholder intends to appear in person or by proxy at the meeting to bring such Stockholder Matter before the meeting.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vi.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If a written notice of a proposal of a Stockholder Matter submitted to the Board of Directors fails, in the reasonable judgment of the Board of Directors, to contain the information specified in clause (v) hereof or is otherwise deficient, the Board of Directors shall, as promptly as is practicable under the circumstances, provide written notice to the stockholder who submitted the written notice of presentation of a Stockholder Matter of such failure or deficiency in the written notice of presentation of a Stockholder Matter and such stockholder shall have five business days from receipt of such notice to submit a revised written notice of presentation of a matter that corrects such failure or deficiency in all material respects.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vii.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Only Stockholder Matters submitted in accordance with the foregoing provisions of this Section (b) shall be eligible for presentation at such meeting of stockholders or for action by written consent without a meeting, and any Stockholder Matter not submitted to the Board of Directors in accordance with such provisions shall not be considered or acted upon at such meeting of stockholders or by written consent without a meeting.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Stockholders of Record. A person who is not a stockholder of record shall not have any right to nominate a director or bring a matter before the stockholders at any meeting of stockholders or by written consent.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. NUMBER OF DIRECTORS. The number of directors which shall constitute the whole board of directors of the corporation shall be such number as may be determined by the board of directors from time to time, but in no event shall such number be less than three nor more than twenty&#8209;five&#894; provided, however, that the number of directors constituting the whole board shall not be decreased by the board of directors below the number then in office unless such decrease shall become effective at any annual meeting of stockholders. Vacancies created by an increase in the number of directors may be filled as provided in Section 4 of this Article III. Additional directors so chosen shall hold office until the next annual meeting of the stockholders and until their respective successors are elected and qualified or until their earlier resignation or removal.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 2. PROCEDURE FOR ELECTION OF DIRECTORS; REQUIRED VOTE. &nbsp;Each director nominee shall be elected to the Board of Directors by the vote of the majority of the votes cast with respect to that director nominee&#8217;s election at any meeting for the election of directors at which a quorum is present, provided that the director nominees shall be elected by a plurality of the votes cast if, as of a date that is five (5) business days in advance of the date the corporation files its definitive proxy statement (regardless of whether or not thereafter revised or supplemented) with the Securities and Exchange Commission, the number of nominees for whom notice has been given (including those proposed nominees identified in any notices delivered pursuant to Section 9 of Article II and not withdrawn by such date, determined ineligible or determined by the Board of Directors (or a committee thereof) to not create a bona fide election contest) exceeds the number of directors to be elected. For purposes of this Section 2, a majority of the votes cast means that the number of shares voted &#8220;for&#8221; a director nominee must exceed the number of votes cast &#8220;against&#8221; that director nominee.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">If an incumbent director is not elected by a majority of votes cast (unless, pursuant to the immediately preceding paragraph, the director election standard is a plurality), the incumbent director shall promptly tender his or her resignation to the Board of Directors for consideration. The Nominating and Corporate Governance Committee will make a recommendation to the Board of Directors on whether to accept or reject the director&#8217;s resignation, or whether other action should be taken. The Board of Directors will act on the Nominating and Corporate Governance Committee&#8217;s recommendation and publicly disclose its decision within thirty (30) days from the date of the certification of the election results. An incumbent director who tenders his or her resignation for consideration will not participate in the Nominating and Corporate Governance Committee&#8217;s or the Board of Directors&#8217; recommendation or decision, or any deliberations related thereto.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">If a director&#8217;s resignation is accepted by the Board of Directors pursuant to this Section 2, or if a nominee for director is not elected and the nominee is not an incumbent director, then the Board of Directors may fill the resulting vacancy pursuant to the provisions of Article III, Section 4 or may decrease the size of the Board of Directors pursuant to Article III, Section 1. If a director&#8217;s resignation is not accepted by the Board of Directors pursuant to this Section 2, such director will continue to serve until the next annual meeting and until such director&#8217;s successor shall have been duly elected and qualified, or his or her earlier resignation or removal.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 3. RESIGNATIONS. Any director, member of a committee or other officer may resign at any time. Such resignation shall be made in writing, and shall take effect at the time specified therein, and if no time be specified, at the time of its receipt by the Chairperson of the Board of Directors, President or Secretary. The acceptance of a resignation shall not be necessary to make it effective.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 4. VACANCIES. If the office of any director, member of a committee or other officer becomes vacant, the remaining directors in office, though less than a quorum by a majority vote, shall have the exclusive power to appoint any qualified person to fill such vacancy, who shall hold office for the unexpired term and until his or her successor shall be duly chosen.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 5. REMOVAL. Any director or directors may be removed either for or without cause at any time by the affirmative vote of the holders of a majority of all the shares of stock outstanding and entitled to vote, at a special meeting of the stockholders called for the purpose and the vacancies thus created may be filled, at the meeting held for the purpose of removal, by the affirmative vote of a majority in interest of the stockholders entitled to vote.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 6. POWERS. The Board of Directors shall exercise all of the powers of the corporation except such as are by law, or by the Certificate of Incorporation of the corporation or by these By&#8209;Laws conferred upon or reserved to the stockholders.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 7. COMMITTEES. The Board of Directors may, by resolution or resolutions passed by a majority of the whole board, designate one or more committees, each committee to consist of two or more of the directors of the corporation. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, or in these By&#8209;Laws, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it&#894; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation's property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the By&#8209;Laws of the corporation&#894; and, unless the resolution, these By&#8209;Laws, or the Certificate of Incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 8. MEETINGS. The newly elected directors may hold their first meeting for the purpose of organization and the transaction of business, if a quorum be present, immediately after the annual meeting of the stockholders&#894; or the time and place of such meeting may be fixed by consent in writing of all the directors.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Regular meetings of the directors may be held without notice at such places and times as shall be determined from time to time by resolution of the directors.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Special meetings of the board may be called by the President or by the Secretary on the written request of any two directors on at least two day's notice to each director and shall be held at such place or places as may be determined by the directors, or as shall be stated in the call of the meeting.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Unless otherwise restricted by the Certificate of Incorporation or these By&#8209;Laws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">In the absence of the Chairperson of the Board of Directors and the President, the Lead Director designated by the Board of Directors shall preside at all meetings of directors and stockholders of the corporation.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 9. QUORUM. A majority of the directors shall constitute a quorum for the transaction of business. If at any meeting of the board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 10. COMPENSATION. Directors shall not receive any stated salary for their services as directors or as members of committees, but by resolution of the board a fixed fee, or hourly rate and expenses of attendance may be allowed for attendance at each meeting or engagement or activity on behalf of this corporation. Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent or otherwise, and receiving compensation therefor.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 11. ACTION WITHOUT MEETING. Any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting, if prior to such action a written consent thereto is signed by all members of the board, or of such committee as the case may be, and such written consent is filed with the minutes of proceedings of the board or committee.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>ARTICLE IV OFFICERS</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. OFFICERS. The officers of the corporation shall include a Chairperson of the Board of Directors, a Chief Executive Officer, President, a Treasurer, and a Secretary, all of whom shall be elected by the Board of Directors and who shall hold office until their successors are elected and qualified. In addition, the Board of Directors may elect one or more Vice&#8209;Presidents and such Assistant Secretaries and Assistant Treasurers as they may deem proper. None of the officers (other than the Chairperson of the Board of Directors) of the corporation need be directors. The officers shall be elected at the first meeting of the Board of Directors after each annual meeting. Any number of offices may be held by the same person.&nbsp; The Board of Directors may determine to leave any office vacant.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 2. REMOVAL OF OFFICERS. Any officer may be removed, either with or without cause, by the vote of a majority of the directors then in office at any meeting of the Board of Directors, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 3. OTHER OFFICERS AND AGENTS. The Board of Directors may elect such other officers and agents as it may deem advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors, the Chief Executive Officer or the President.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 4. CHAIRPERSON OF THE BOARD OF DIRECTORS. The Chairperson of the Board of Directors shall be a member of the Board of Directors, shall preside at all meetings of directors and stockholders of the corporation and may call meetings of the Board of Directors. The Chairperson of the Board of Directors shall also have and perform such other duties as may be assigned to him or her by the Board of Directors.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 5. CHIEF EXECUTIVE OFFICER. The Chief Executive Officer shall have general supervision and direction of the business and affairs of the corporation, shall be responsible for corporate policy and strategy, and shall report directly to the Board of Directors.&nbsp; In the absence of the Chairperson of the Board of Directors, the Chief Executive Officer shall preside at meetings of directors and stockholders of the corporation. The Chief Executive Officer shall also perform such other duties as may be assigned to him or her by the Board of Directors. Except as the Board of Directors shall authorize the execution thereof in some other manner, the Chief Executive Officer shall be authorized to execute bonds, mortgages and other contracts on behalf of the corporation, to cause the corporation's seal to be affixed to any instrument requiring such seal, and when so affixed such seal shall be attested by the signatures of the Secretary or the Treasurer or an Assistant Secretary or an Assistant Treasurer.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 6.&nbsp; PRESIDENT. The President shall be the chief operating officer of the corporation and shall have the general powers and duties of supervision, direction and management of the corporation, subject to the control and direction of the Board of Directors and the Chief Executive Officer.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 7. VICE&#8209;PRESIDENT. Each Vice&#8209;President, if any, shall have such powers and shall perform such duties as shall be assigned to such person by the Board of Directors, the Chief Executive Officer or the President.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 8. TREASURER. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the corporation. Such person shall deposit all moneys and other valuables in the name and to the credit of the corporation in such depositories as may be designated by the Board of Directors, the Chief Executive Officer or the President. The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors, the Chairperson of the Board of Directors, the Chief Executive Officer or the President, taking proper vouchers for such disbursements. Such person shall render to the Chairperson of the Board of Directors, the Chief Executive Officer or the President and Board of Directors at the regular meetings of the Board of Directors, or whenever they may request it, an account of all the transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, the Treasurer shall give the corporation a bond for the faithful discharge of his or her duties in such amount and with such surety as the board shall prescribe.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 9. SECRETARY. The Secretary shall give, or cause to be given, notice of all meetings of stockholders and directors, and all other notices required by law or by these By&#8209;Laws, and in case of such person&#8217;s absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the Chairperson of the Board of Directors, the Chief Executive Officer or the President, or by the directors, or stockholders, upon whose requisition the meeting is called as provided in these By&#8209;Laws. The Secretary shall record all the proceedings of the meetings of the corporation and of the directors in a book to be kept for that purpose, and shall perform such other duties as may be assigned by the Board of Directors, the Chairperson of the Board of Directors, the Chief Executive Officer or the President. The Secretary shall have the custody of the seal of the corporation and shall affix the same to all instruments requiring it, when authorized by the directors or the Chairperson of the Board of Directors, the Chief Executive Officer or the President, and attest the same.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 10. ASSISTANT TREASURERS AND ASSISTANT SECRETARIES. Assistant Treasurers and Assistant Secretaries, if any, shall be elected and shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the Board of Directors, the Chief Executive Officer or the President.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>ARTICLE V MISCELLANEOUS</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. CERTIFICATES. Any or all of the corporation&#8217;s classes or series of shares of capital stock may be represented by certificates or may be issued without certificates, as determined by the Board of Directors. Every holder of stock represented by certificates, and every holder of uncertificated shares of a class or series of stock at least some of which is represented by certificates, shall be entitled to have a certificate signed by, or in the name of the corporation by, the Chairperson of the Board of Directors or the President or Vice President, and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the corporation representing the number of shares registered in certificate form. Any or all of the signatures on any such certificate may be a facsimile.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 2. LOST CERTIFICATES. A new certificate of stock may be issued in the place of any certificate theretofore issued by the corporation, alleged to have been lost or destroyed, and the directors may, in their discretion, require the owner of the lost or destroyed certificate, or his or her legal representatives, to give the corporation a bond, in such sum as they may direct, not exceeding double the value of the stock, to indemnify the corporation against any claim that may be made against it on account of the alleged loss of any such certificate, or the issuance of any such new certificate.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 3. TRANSFER OF SHARES. The shares of stock of the corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized attorneys or legal representatives, and upon such transfer the old certificates, if such shares are represented by certificates, shall be surrendered to the corporation by the delivery thereof to the person in charge of the stock and transfer books and ledgers, or to such other person as the directors may designate, by whom they shall be cancelled, and new certificates shall thereupon be issued, unless such shares have become uncertificated. A record shall be made of each transfer and whenever a transfer shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 4. RECORD DATE. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting&#894; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 5. DIVIDENDS. Subject to the provisions of the Certificate of Incorporation, the Board of Directors may, out of funds legally available therefor at any regular or special meeting, declare dividends upon the capital stock of the corporation as and when they deem expedient. Before declaring any dividend there may be set apart out of any funds of the corporation available for dividends, such sum or sums as the directors from time to time in their discretion deem proper for working capital or as a reserve fund to meet contingencies or for equalizing dividends or for such other purposes as the directors shall deem conducive to the interests of the corporation.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 6. SEAL. The corporate seal shall be circular in form and shall contain the name of the corporation, the year of its creation and the words "CORPORATE SEAL DELAWARE". Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 7. FISCAL YEAR. The fiscal year of the corporation shall be determined by resolution of the Board of Directors.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 8. CHECKS. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation, and in such manner as shall be determined from time to time by resolution of the Board of Directors.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 9. NOTICE AND WAIVER OF NOTICE. Whenever any notice is required by these By&#8209;Laws to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his or her address as it appears on the records of the corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meetings except as otherwise provided by Statute. Whenever any notice whatever is required to be given under the provisions of any law, or under the provisions of the Certificate of Incorporation of the corporation or these By&#8209;Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>ARTICLE VI AMENDMENTS</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">These By&#8209;Laws may be altered or repealed and By&#8209;Laws may be made at any annual meeting of the stockholders or at any special meeting thereof if notice of the proposed alteration or repeal or By&#8209;Law or By&#8209;Laws to be made be contained in the notice of such special meeting, by the affirmative vote of a majority of the stock issued and outstanding and entitled to vote thereat, or by the affirmative vote of a majority of the Board of Directors then in office, at any regular meeting of the Board of Directors, or at any special meeting of the Board of Directors, if notice of the proposed alteration or repeal, or By-Law or By-Laws to be made, be contained in the notice of such special meeting.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>ARTICLE VII INDEMNIFICATION OF OFFICERS AND DIRECTORS</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. MANDATORY INDEMNIFICATION.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">To the extent a Director or Officer (see Section 15 of this Article VII for definitions of capitalized terms used in this Article VII) has been successful on the merits or otherwise in connection with any Action, including, without limitation, the settlement, dismissal, abandonment or withdrawal of any such Action where the Director or Officer does not pay, incur or assume any material Liabilities, he or she shall be indemnified by the corporation against all Liabilities incurred by or on behalf of him or her in connection therewith. The corporation shall pay or reimburse such Liabilities to the Director or Officer, or to such other person or entity as the Director or Officer may designate in writing to the corporation, within ten days after the receipt of the Director or Officer&#8217;s written request therefor, without regard to the provisions of Section 3. In the event the corporation refuses or fails to pay or reimburse such requested Liabilities, the Director or Officer may petition a court to order the corporation to make such payment pursuant to Section 4.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In all cases other than those set forth in Section la hereof and subject to the conditions and limitations set forth hereinafter in this Article VII, the corporation shall indemnify and hold harmless any Director or Officer who is or was a party, or is threatened to be made a party, to any Action by reason of his or her status as a Director or Officer, and/or as to acts performed in the course of such Director or Officer&#8217;s duties to the corporation and/or an Affiliate, against Liabilities incurred by or on behalf of a Director or Officer in connection with any Action, including, without limitation, in connection with the investigation, defense, settlement or appeal of any Action&#894;&nbsp;provided, that it is not affirmatively determined by the Authority, or by a court, pursuant to Section 3 that the Director or Officer engaged in misconduct which constitutes a Breach of Duty.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Notwithstanding any other provision contained in this Article VII to the contrary, the corporation shall not:</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">indemnify against Liabilities (or advance Expenses) to a Director or Officer with respect to any Action initiated or brought voluntarily by the Director or Officer and not by way of defense, except with respect to Actions:</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">brought to establish or enforce a right to indemnification against Liabilities (or an advance of Expenses) under Section 4, under the Statute or under any other applicable statute, law or provision&#894;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">B.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">brought to establish or enforce the liability exculpation provisions of Article VIII, Article Tenth of the Certificate of Incorporation, or Section 102(b)(7) of the Delaware General Corporation Law (or any successor provision)&#894;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">C.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">initiated or brought voluntarily by a Director or Officer to the extent such Director or Officer is successful on the merits or otherwise in connection with such an Action&#894;&nbsp;or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">D.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">as to which the Board determines it be appropriate.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">indemnify a Director or Officer against judgments, fines or penalties incurred in a Derivative Action if the Director or Officer is finally adjudged liable to the corporation by a court (unless the court before which such Derivative Action was brought determines that the Director or Officer is fairly and reasonably entitled to indemnity for any or all of such judgments, fines or penalties)&#894;&nbsp;or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">indemnify a Director or Officer under this Article VII for any amounts paid in settlement of any Action effected without the corporation&#8217;s written consent.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The corporation shall not settle any Action in any manner which would impose any Liabilities or other type of limitation on the Director or Officer without the Director or Officer&#8217;s written consent. Neither the corporation nor the Director or Officer shall unreasonably withhold their consent to any such proposed settlement.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 2. ADVANCE PAYMENT OF EXPENSES. The corporation shall from time to time, or at any time, pay to or reimburse a Director or Officer, or such other person or entity as the Director or Officer may designate in writing to the corporation, Expenses incurred by or on behalf of such Director or Officer in connection with any Action in advance of the final disposition or conclusion of any such Action within ten days after the receipt of the Director or Officer&#8217;s written request therefor&#894; provided, that the Director or Officer furnishes to the corporation an executed written certificate affirming his or her good faith belief that he or she has not engaged in misconduct which constitutes a Breach of Duty and agrees in writing to repay any advances made under this Section 2 if it is ultimately determined that he or she is not entitled to be indemnified by the corporation for such Expenses pursuant to this Article VII.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 3. DETERMINATION OF RIGHT TO INDEMNIFICATION.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Except as otherwise set forth in this Section 3 or in Section lc, any indemnification to be provided to a Director or Officer by the corporation under Section lb upon the final disposition or conclusion of any Action, unless otherwise ordered by a court, shall be paid or reimbursed by the corporation to the Director or Officer, or such other person or entity as the Director or Officer may designate in writing to the corporation, within sixty days after the receipt of the Director or Officer&#8217;s written request therefor. Such request shall include an accounting of all Liabilities for which indemnification is being sought. No further corporate authorization for such payment shall be required other than this Section 3a.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Notwithstanding the foregoing, the payment of such requested indemnifiable Liabilities pursuant to Section lb may be denied by the corporation if:</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a Disinterested Quorum, by a majority vote thereof, affirmatively determines that the Director or Officer has engaged in misconduct which constitutes a Breach of Duty&#894;&nbsp;or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a Disinterested Quorum cannot be obtained.</p>
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			<td style="width: 43px;">&nbsp;</td>
			<td style="vertical-align: top; width: 34px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align: top; width: 1670px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In either event of nonpayment pursuant to Section 3b, the Board shall immediately authorize and direct, by resolution, that an independent determination be made as to whether the&nbsp;Director or Officer has engaged in misconduct which constitutes a Breach of Duty and, therefore, whether indemnification of the Director or Officer is proper pursuant to this Article VII. If the Board does not authorize an Authority to determine the Director&#8217;s or Officer&#8217;s right to indemnification hereunder within such sixty-day period and/or if indemnification of the requested amount of Liabilities is paid by the corporation, then it shall be conclusively presumed for all purposes that a Disinterested Quorum has affirmatively determined that the Director or Officer did not engage in misconduct constituting a Breach of Duty and, if not so paid, indemnification by the corporation of the requested amount of Liabilities shall be paid to the Director or Officer immediately.</p>
			</td>
		</tr>

</table>

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<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

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<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 43px;">&nbsp;</td>
			<td style="vertical-align: top; width: 35px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align: top; width: 1669px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Such independent determination shall be made, at the option of the Director or Officer seeking indemnification, by (i) a panel of three arbitrators (selected as set forth below in Section 3f from the panels of arbitrators of the American Arbitration Association) in Chicago, Illinois in accordance with the Commercial Arbitration Rules then prevailing of the American Arbitration Association&#894;&nbsp;(ii) an independent legal counsel mutually selected by the Director or Officer seeking indemnification and a Disinterested Quorum (or by the Board if a Disinterested Quorum cannot be obtained) by a majority vote thereof&#894;&nbsp;or (iii) a court in accordance with Section 4.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 44px;">&nbsp;</td>
			<td style="vertical-align: top; width: 35px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align: top; width: 1668px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In any such determination there shall exist a rebuttable presumption that the Director or Officer has not engaged in misconduct which constitutes a Breach of Duty and is, therefore, entitled to indemnification hereunder. The burden of rebutting such presumption by clear and convincing evidence shall be on the corporation or on such other party challenging the payment of such indemnification.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:33pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 36px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
			</td>
			<td style="vertical-align: top; width: 1667px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If a panel of arbitrators is to be employed hereunder, one of such arbitrators shall be selected by a Disinterested Quorum (or by the Board if a Disinterested Quorum is not obtainable) by a majority vote thereof, the second by the Director or Officer seeking indemnification and the third by the two previously selected arbitrators.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 44px;">&nbsp;</td>
			<td style="vertical-align: top; width: 37px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">g.</p>
			</td>
			<td style="vertical-align: top; width: 1666px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">To the extent practicable, the Authority shall make its independent determination hereunder within sixty days of being selected and shall simultaneously submit a written opinion of its conclusions to both the corporation and the Director or Officer.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 45px;">&nbsp;</td>
			<td style="vertical-align: top; width: 37px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">h.</p>
			</td>
			<td style="vertical-align: top; width: 1665px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If the Authority determines that a Director or Officer is entitled to be indemnified for any Liabilities pursuant to this Article VII, the corporation shall pay such Liabilities to the Director or Officer, including interest on such amounts as provided in Section 6c, or to such other person or entity as the Director or Officer may designate in writing to the corporation, within ten days of receipt of such opinion.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:33pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 39px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align: top; width: 1664px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Expenses associated with the indemnification process set forth in this Section 3, including, without limitation, the Expenses of the Authority selected hereunder, shall be paid by the corporation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 4. COURT-ORDERED INDEMNIFICATION AND ADVANCE PAYMENT OF EXPENSES.</p>

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<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 47px;">&nbsp;</td>
			<td style="vertical-align: top; width: 42px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align: top; width: 1658px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A Director or Officer may, either before or within two years after a determination, if any, has been made by the Authority, petition the Delaware Court of Chancery or any other court of competent jurisdiction to independently determine whether or not he or she has engaged in misconduct which constitutes a Breach of Duty and is, therefore, entitled to indemnification under the provisions of this Article VII. Such court shall thereupon have the exclusive authority to make such determination unless and until such court dismisses or otherwise terminates such proceeding without having made such determination. A Director or Officer may petition a court under this Section 4 either to seek an initial determination as authorized by Section 3d or to seek review of a previous determination by the Authority.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 48px;">&nbsp;</td>
			<td style="vertical-align: top; width: 41px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align: top; width: 1658px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The court shall make its independent determination irrespective of any prior determination made by the Authority&#894;&nbsp;provided, however, that there shall exist a rebuttable presumption that the Director or Officer has not engaged in misconduct which constitutes a Breach of Duty and is, therefore, entitled to indemnification hereunder. The burden of rebutting such presumption by clear and convincing evidence shall be on the corporation or such other party challenging the payment of indemnification.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 48px;">&nbsp;</td>
			<td style="vertical-align: top; width: 42px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align: top; width: 1657px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the event the court affirmatively determines that a Director or Officer has engaged in misconduct which constitutes a Breach of Duty, it may nonetheless order indemnification to be paid by the corporation if it determines that the Director or Officer is otherwise fairly and reasonably entitled to such indemnification in view of all of the circumstances of such Action.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 49px;">&nbsp;</td>
			<td style="vertical-align: top; width: 42px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align: top; width: 1656px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the event the corporation does not (i) advance Expenses to the Director or Officer within ten days of such Director or Officer&#8217;s compliance with Section 2&#894;&nbsp;or (ii) indemnify a Director or Officer with respect to requested Liabilities under Section la within ten days of such Director or Officer&#8217;s written request therefor, the Director or Officer may petition the Delaware Court of Chancery or any other court of competent jurisdiction to order the corporation to pay such Expenses or Liabilities immediately. Such court, after giving any notice it considers necessary, shall order the corporation to immediately pay such Expenses or Liabilities if it determines that the Director or Officer has complied with the applicable provisions of Section 2 or 1a, as the case may be.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 50px;">&nbsp;</td>
			<td style="vertical-align: top; width: 42px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align: top; width: 1655px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If the court determines pursuant to this Section 4 that the Director or Officer is entitled to be indemnified for any Liabilities, or to the advance of Expenses, unless otherwise ordered by such court, the corporation shall pay such Liabilities or Expenses to the Director or Officer, including interest thereon as provided in Section 6c, or to such other person or entity as the Director or Officer may designate in writing to the corporation, within ten days of the rendering of such determination.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 51px;">&nbsp;</td>
			<td style="vertical-align: top; width: 42px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
			</td>
			<td style="vertical-align: top; width: 1654px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Director or Officer shall pay all Expenses incurred by such Director or Officer in connection with the judicial determination provided in this Section 4, unless it shall ultimately be determined by the court that he or she is entitled, in whole or in part, to be indemnified by, or to receive an advance from, the corporation as authorized by this Article VII. All Expenses incurred by a Director or Officer in connection with any subsequent appeal of the judicial&nbsp;determination provided for in this Section 4 shall be paid by the Director or Officer regardless of the disposition of such appeal.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 5. TERMINATION OF AN ACTION IS NONCONCLUSIVE. The adverse termination of any Action against a Director or Officer by judgment, order, settlement, conviction, or upon a plea of no contest or its equivalent, shall not, of itself, create a presumption that the Director or Officer has engaged in misconduct which constitutes a Breach of Duty.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 6. PARTIAL INDEMNIFICATION&#894; REASONABLENESS&#894; INTEREST.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 49px;">&nbsp;</td>
			<td style="vertical-align: top; width: 25px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If it is determined by the Authority, or by a court, that a Director or Officer is entitled to indemnification against Liabilities incurred as to some claims, issues or matters, but not as to other claims, issues or matters, involved in any Action, the Authority, or the court, shall authorize the proration and payment by the corporation of such Liabilities with respect to which indemnification is sought by the Director or Officer, among such claims, issues or matters as the Authority, or the court, shall deem appropriate in light of all of the circumstances of such Action.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If it is determined by the Authority, or by a court, that certain Expenses incurred by or on behalf of a Director or Officer are for whatever reason unreasonable in amount, the Authority, or the court, shall nonetheless authorize indemnification to be paid by the corporation to the Director or Officer for such Expenses as the Authority, or the court, shall deem reasonable in light of all of the circumstances of such Action.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:38pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Interest shall be paid by the corporation to a Director or Officer at a reasonable interest rate as determined by the Authority, or by a court, for amounts for which the corporation indemnifies or advances to the Director or Officer.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 7. INSURANCE&#894; SUBROGATION.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 48px;">&nbsp;</td>
			<td style="vertical-align: top; width: 25px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The corporation may purchase and maintain insurance on behalf of any person who is or was a Director or Officer of the corporation, and/or is or was serving as a Director or Officer of an Affiliate, against Liabilities asserted against him or her and/or incurred by or on behalf of him or her in any such capacity, or arising out of his or her status as such a Director or Officer, whether or not the corporation would have the power to indemnify him or her against such Liabilities under this Article VII or under the Statute. Except as expressly provided herein, the purchase and maintenance of such insurance shall not in any way limit or affect the rights and obligations of the corporation and/or any Director or Officer under this Article VII. Such insurance may, but need not, be for the benefit of all Director or Officers of the corporation and those serving as a Director or Officer of an Affiliate.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 49px;">&nbsp;</td>
			<td style="vertical-align: top; width: 23px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the event any Director or Officer shall receive payment from any insurance carrier and/or from the plaintiff in any Action against the Director or Officer in respect of indemnified amounts after payments on account of all or part of such indemnified amounts have been made by the corporation pursuant to this Article VII, the Director or Officer shall promptly reimburse the corporation for the amount of any such duplicate payment&#894;&nbsp;provided, however, that such&nbsp;portions, if any, of such insurance proceeds that are required to be reimbursed to the insurance carrier under the terms of its insurance policy, such as coinsurance, retention or deductible amounts, shall not be deemed to be duplicate payments to the Director or Officer hereunder.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In addition, upon payment of indemnified amounts under this Article VII, the corporation shall be subrogated to the Director&#8217;s or Officer&#8217;s rights against any insurance carrier in respect of such indemnified amounts and the Director or Officer shall execute and deliver any and all instruments and/or documents and perform any and all other acts or deeds which the corporation deems necessary or advisable to secure such rights. The Director or Officer shall do nothing to prejudice such rights of recovery or subrogation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 8. WITNESS LIABILITIES. The corporation shall advance or reimburse any and all Liabilities incurred by or on behalf of a Director or Officer in connection with his or her appearance as a witness in any Action at a time when he or she has not been formally named a defendant or respondent to such an Action, within ten days after the receipt of a Director or Officer&#8217;s written request therefor.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 9. CONTRIBUTION.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 49px;">&nbsp;</td>
			<td style="vertical-align: top; width: 30px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align: top; width: 1668px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Subject to the limitations of this Section 9, in the event the indemnification rights provided for in Section 1 of this Article VII are unavailable to any Director or Officer for any reason whatsoever, the corporation, in lieu of indemnifying the Directors or Officers, shall contribute to the amount incurred by or on behalf of the Director or Officer, whether for Liabilities and/or for reasonable Expenses in connection with any Action, in such proportion as is deemed fair and reasonable by the Authority, or by a court, in light of all of the circumstances of such Action in order to reflect:</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 139px;">&nbsp;</td>
			<td style="vertical-align: top; width: 49px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align: top; width: 1559px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the relative benefits received by the corporation and such Director or Officer as a result of the event(s) and/or transaction(s) giving cause to such Action&#894;&nbsp;and/or</p>
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		<tr>
			<td style="width: 140px;">&nbsp;</td>
			<td style="vertical-align: top; width: 49px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align: top; width: 1558px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the relative fault of the corporation (including its other Directors, Officers, employees and/or agents) and such Director or Officer in connection with such event(s) and/or transaction(s).</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 51px;">&nbsp;</td>
			<td style="vertical-align: top; width: 31px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align: top; width: 1665px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The relative fault of the corporation (including its other Directors, Officers, employees and/or agents), on the one hand, and of such Director or Officer, on the other hand, shall be determined by reference to, among other things, the parties&#8217;&nbsp;relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Liabilities and/or Expenses. The corporation agrees that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or any other method of allocation which does not take into account the foregoing equitable considerations.</p>
			</td>
		</tr>

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			<td style="width: 51px;">&nbsp;</td>
			<td style="vertical-align: top; width: 32px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align: top; width: 1664px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Directors or Officers shall not be entitled to contribution from the corporation under this Section 9 in the event it is affirmatively determined by the Authority, or by a court, that the Director or Officer engaged in misconduct which constitutes a Breach of Duty, unless a court otherwise determines.</p>
			</td>
		</tr>

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			<td style="width:39pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 32px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align: top; width: 1663px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The corporation&#8217;s payment of, and the Director&#8217;s or Officer&#8217;s right to, contribution under this Section 9 shall be made and determined in accordance with, pursuant to and in the same manner as, the provisions in Sections 3 and/or 4 hereof relating to the corporation&#8217;s payment of, and the Director&#8217;s or Officer&#8217;s right to, indemnification under this Article VII.</p>
			</td>
		</tr>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 10. INDEMNIFICATION OF EMPLOYEES. To the extent determined appropriate by the Board, the corporation may indemnify and hold harmless any person who is or was a party, or is threatened to be made a party to any Action by reason of his or her status as, or the fact that he or she is or was an employee or authorized agent or representative of the corporation and/or an Affiliate as to Liabilities incurred in connection with an Action arising out of acts performed in the course and within the scope of such employee&#8217;s, agent&#8217;s or representative&#8217;s duties to the corporation and/or an Affiliate, in accordance with and to the fullest extent permitted by the Statute.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 11. SEVERABILITY. If any provision of this Article VII shall be deemed invalid or inoperative, or if a court of competent jurisdiction determines that any of the provisions of this Article VII contravene public policy, this Article VII shall be construed so that the remaining provisions shall not be affected, but shall remain in full force and effect, and any such provisions which are invalid or inoperative or which contravene public policy shall be deemed, without further Action or deed by or on behalf of the corporation, to be modified, amended and/or limited, but only to the extent necessary to render the same valid and enforceable, and the corporation shall indemnify and hold harmless a Director or Officer against Liabilities incurred with respect to any Action to the fullest extent permitted by any applicable provision of this Article VII that shall not have been invalidated and to the fullest extent otherwise permitted by the Statute&#894; it being understood that the intention of the corporation is to provide the Director or Officers with the maximum protection against personal liability available under the Statute.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 12. NONEXCLUSIVITY OF ARTICLE VII. The right to indemnification against Liabilities and advancement of Expenses provided to a Director or Officer by this Article VII shall not be deemed exclusive of any other rights to indemnification against Liabilities and advancement of Expenses which any Director or Officer or other employee or agent of the corporation and/or of an Affiliate may be entitled under any Certificate of Incorporation and/or Bylaw provision, written agreement, resolution, vote of stockholders or disinterested Directors of the corporation or otherwise, including, without limitation, under the Statute, both as to acts in his or her official capacity as such Director or Officer or other employee or agent of the corporation and/or of an Affiliate or as to acts in any other capacity while holding such office or position, whether or not the corporation would have the power to indemnify against Liabilities or advance Expenses to the Director or Officer under this Article VII or under the Statute&#894; provided that it is not determined that the Director or Officer or other employee or agent has engaged in misconduct which constitutes a Breach of Duty.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 13. NOTICE TO THE CORPORATION&#894; DEFENSE OF ACTIONS.</p>

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		<tr>
			<td style="width: 50px;">&nbsp;</td>
			<td style="vertical-align: top; width: 30px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align: top; width: 1667px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A Director or Officer shall promptly notify the corporation in writing upon being served with or having actual knowledge of any citation, summons, complaint, indictment or any other similar document relating to any Action which may result in a claim of indemnification against&nbsp;Liabilities or advancement of Expenses hereunder, but the omission so to notify the corporation will not relieve the corporation from any liability or obligation which it may have to the Director or Officer under this Article VII or otherwise, unless and only to the extent the corporation shall have been irreparably prejudiced by such omission.</p>
			</td>
		</tr>

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			<td style="width: 50px;">&nbsp;</td>
			<td style="vertical-align: top; width: 30px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align: top; width: 1667px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">With respect to any such Action as to which a Director or Officer notifies the corporation of the commencement thereof:</p>
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			<td style="width: 86px;">&nbsp;</td>
			<td style="vertical-align: top; width: 33px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align: top; width: 1628px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The corporation shall be entitled to participate therein at its own expense&#894;&nbsp;and</p>
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		<tr>
			<td style="width: 87px;">&nbsp;</td>
			<td style="vertical-align: top; width: 33px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align: top; width: 1627px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Except as otherwise provided below, to the extent that it may wish, the corporation (or any other indemnifying party, including any insurance carrier, similarly notified by the corporation or the Director or Office) shall be entitled to assume the defense thereof, with counsel selected by the corporation (or such other indemnifying party) and reasonably satisfactory to the Director or Officer.</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 51px;">&nbsp;</td>
			<td style="vertical-align: top; width: 30px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align: top; width: 1666px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">After notice from the corporation (or such other indemnifying party) to the Director or Officer of its election to assume the defense of an Action, the corporation shall not be liable to the Director or Officer under this Article VII for any Expenses subsequently incurred by the Director or Officer in connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. The Director or Officer shall have the right to employ his or her own counsel in such Action but the Expenses of such counsel incurred after notice from the corporation (or such other indemnifying party) of its assumption of the defense thereof shall be at the expense of the Director or Officer unless (i) the employment of counsel by the Director or Officer has been authorized by the corporation (or such other indemnifying party)&#894;&nbsp;(ii) the Director or Officer shall have reasonably concluded that there may be a conflict of interest between the corporation (or such other indemnifying party) and the Director or Officer in the conduct of the defense of such Action&#894;&nbsp;or (iii) the corporation (or such other indemnifying party) shall not in fact have employed counsel to assume the defense of such Action, in each of which cases the Expenses of counsel shall be at the expense of the corporation. The corporation shall not be entitled to assume the defense of any Derivative Action or any Action as to which the Director or Officer shall have made the conclusion provided for in clause (ii) above.</p>
			</td>
		</tr>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 14. CONTINUITY OF RIGHTS AND OBLIGATIONS. The terms and provisions of this Article VII shall continue as to a Director or Officer subsequent to his or her Termination Date and such terms and provisions shall inure to the benefit of the heirs, estate, executors and administrators of such Director or Officer and the successors and assigns of the corporation, including, without limitation, any successor to the corporation by way of merger, consolidation and/or sale or disposition of all or substantially all of the assets or capital stock of the corporation. Except as provided herein, all rights and obligations of the corporation and the Directors and Officers hereunder shall continue in full force and effect despite the subsequent amendment or modification of the corporation&#8217;s Certificate of Incorporation and/or Bylaws, as they are in effect on the date hereof, and such rights and obligations shall not be affected by any such amendment or modification, any resolution of directors or&nbsp;stockholders of the corporation, or by any other corporate action which conflicts with or purports to amend, modify, limit or eliminate any of the rights or obligations of the corporation and/or of the Directors and Officers hereunder.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 15. CERTAIN DEFINITIONS. The following terms as used in this Article VII shall be defined as follows:</p>

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			<td style="width: 41px;">&nbsp;</td>
			<td style="vertical-align: top; width: 25px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Action(s)&#8221;&nbsp;shall include, without limitation, any threatened, pending or completed action, claim, litigation, suit or proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether predicated on foreign, Federal, state or local law, whether brought under and/or predicated upon the Securities Act of 1933, as amended, and/or the Securities Exchange Act of 1934, as amended, and/or their respective state counterparts and/or any rule or regulation promulgated thereunder, whether a Derivative Action and/or whether formal or informal.</p>
			</td>
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			<td style="width:31pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Affiliate&#8221;&nbsp;shall include, without limitation, any corporation, partnership, joint venture, employee benefit plan, trust, or other similar enterprise that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the corporation.</p>
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			<td style="width:32pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Authority&#8221;&nbsp;shall mean the panel of arbitrators or independent legal counsel selected under Section 3 of this Article VII.</p>
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		<tr>
			<td style="width: 42px;">&nbsp;</td>
			<td style="vertical-align: top; width: 24px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align: top; width: 1681px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Board&#8221;&nbsp;shall mean the entire then serving Board of Directors of the corporation.</p>
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		<tr>
			<td style="width:32pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Breach of Duty&#8221;&nbsp;shall mean the Director or Officer breached or failed to perform his or her duties to the corporation or an Affiliate, as the case may be, and the Director or Officer&#8217;s breach of or failure to perform those duties constituted:</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 94px;">&nbsp;</td>
			<td style="vertical-align: top; width: 43px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align: top; width: 1610px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a breach of his or her &#8220;duty of loyalty&#8221;&nbsp;(as further defined herein) to the corporation or its stockholders&#894;</p>
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		<tr>
			<td style="width: 94px;">&nbsp;</td>
			<td style="vertical-align: top; width: 44px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align: top; width: 1609px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">acts or omissions not in &#8220;good faith&#8221;&nbsp;(as further defined herein) or which involve intentional misconduct or a knowing violation of the law&#894;</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 94px;">&nbsp;</td>
			<td style="vertical-align: top; width: 44px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align: top; width: 1609px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a violation of Section 174 of the Delaware General Corporation Law&#894;&nbsp;or</p>
			</td>
		</tr>

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		<tr>
			<td style="width: 94px;">&nbsp;</td>
			<td style="vertical-align: top; width: 44px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align: top; width: 1609px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a transaction from which the Director or Officer derived a material improper direct personal financial profit (unless such profit is determined to be immaterial in light of all the circumstances).</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">In determining whether a Director or Officer has acted or omitted to act otherwise than in &#8220;good faith,&#8221; as such term is used herein, the Authority, or the court, shall determine solely whether such Director or Officer (i) in the case of conduct in his or her &#8220;official capacity&#8221; (as further defined herein) with the corporation, subjectively believed in the exercise of his or her business judgment, that his or her conduct was in the best interests of the corporation and (ii) in all other cases, subjectively believed that his or her conduct was at least not opposed to the best interests of the corporation. For this purpose, it shall not be deemed to be an act or omission to act&nbsp;that is not in good faith if any Director takes any action, or inaction, in his or her official capacity, that may be, or is, deemed to be in the best interests of his or her employer. Notwithstanding any other provision of this Article VII, a Director or Officer&#8217;s conduct with respect to an employee benefit plan or trust sponsored by or otherwise associated with the corporation and/or an Affiliate for a purpose he or she reasonably believes to be in the interests of the participants in and beneficiaries of such plan is conduct that does not constitute a breach or failure to perform his or her duties to the corporation or an Affiliate, as the case may be.</p>

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<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
			</td>
			<td style="vertical-align: top; width: 1683px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Certificate of Incorporation&#8221;&nbsp;shall mean the corporation&#8217;s Certificate of Incorporation, as amended and as may be further amended and/or restated from time to time.</p>
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			<td style="width: 42px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">g.</p>
			</td>
			<td style="vertical-align: top; width: 1682px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Derivative Action&#8221;&nbsp;shall mean any Action brought by or in the right of the corporation and/or an Affiliate.</p>
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			<td style="width: 42px;">&nbsp;</td>
			<td style="vertical-align: top; width: 23px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">h.</p>
			</td>
			<td style="vertical-align: top; width: 1682px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Director&#8221;&nbsp;shall mean any individual who is, was, or has agreed to become (i) a director of the corporation or (ii) a member of a committee of the Board.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align: top; width: 1681px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Disinterested Quorum&#8221;&nbsp;shall mean a quorum of the Board who are not parties in interest to the subject Action or any related Action.</p>
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			<td style="width: 43px;">&nbsp;</td>
			<td style="vertical-align: top; width: 24px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">j.</p>
			</td>
			<td style="vertical-align: top; width: 1680px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;duty of loyalty&#8221;&nbsp;shall mean a breach of fiduciary duty by a Director or Officer which constitutes a willful failure to deal fairly with the corporation or its stockholders in connection with a transaction in which the Director or Officer has a material undisclosed direct personal conflict of interest. For this purpose, it shall not be deemed a breach of any Director&#8217;s duty of loyalty by reason of such Director taking action, or inaction, as a Director that may be deemed to be in the best interests of his or her employer.</p>
			</td>
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			<td style="width: 43px;">&nbsp;</td>
			<td style="vertical-align: top; width: 23px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">k.</p>
			</td>
			<td style="vertical-align: top; width: 1681px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Expenses&#8221;&nbsp;shall include, without limitation, any and all reasonable expenses, fees, costs, charges, attorneys&#8217;&nbsp;fees and disbursements, other out-of-pocket costs, reasonable compensation for time spent by the Director or Officer in connection with the Action for which he or she is not otherwise compensated by the corporation, any Affiliate, any third party or other entity and any and all other reasonable direct and indirect costs of any type or nature whatsoever.</p>
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			<td style="width: 43px;">&nbsp;</td>
			<td style="vertical-align: top; width: 24px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">l.</p>
			</td>
			<td style="vertical-align: top; width: 1680px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Liabilities&#8221;&nbsp;shall include, without limitation, judgments, amounts incurred in settlement, fines, penalties and, with respect to any employee benefit plan, any excise tax or penalty incurred in connection therewith, all Expenses and any and all other liabilities of every type or nature whatsoever incurred in connection with the subject Action.</p>
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			<td style="width: 43px;">&nbsp;</td>
			<td style="vertical-align: top; width: 24px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">m.</p>
			</td>
			<td style="vertical-align: top; width: 1680px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Officer&#8221;&nbsp;shall mean any individual who is, was or has agreed to become an officer of the corporation and/or an Affiliate.</p>
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			<td style="width: 44px;">&nbsp;</td>
			<td style="vertical-align: top; width: 23px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">n.</p>
			</td>
			<td style="vertical-align: top; width: 1680px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;official capacity&#8221;&nbsp;shall mean the office of Director or Officer in the corporation, membership on any committee of the Board of Directors, any other offices in the corporation held by a Director or Officer and any other employment or agency relationship between the Director&nbsp;or Officer and the corporation and &#8220;official capacity,&#8221; as such term is used herein, shall not include service for any Affiliate or other foreign or domestic corporation or any partnership, joint venture, trust, employee benefit plan, or other enterprise.</p>
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			<td style="width:34pt;">&nbsp;</td>
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			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">o.</p>
			</td>
			<td style="vertical-align: top; width: 1677px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Statute&#8221;&nbsp;shall mean Delaware General Corporation Law Section 145 (or any successor provisions), as the same shall then be in effect, including any amendments thereto, but, in the case of such an amendment, only to the extent such amendment permits or requires the corporation to provide broader rights to indemnification than the statute permitted or required the corporation to provide prior to such amendment.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 46px;">&nbsp;</td>
			<td style="vertical-align: top; width: 25px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">p.</p>
			</td>
			<td style="vertical-align: top; width: 1676px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Termination Date&#8221;&nbsp;shall mean the date a Director or Officer ceases, for whatever reason, to serve in an official capacity with the Company and/or any Affiliate.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>ARTICLE VIII</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>DEFINED TERMS FOR INTERPRETING ARTICLE TENTH OF THE</u></b><b> </b><b><u>CORPORATION</u></b><u>&#8217;</u><b><u>S CERTIFICATE OF INCORPORATION</u></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">SECTION 1. DEFINITIONS. For purposes of interpreting Article Tenth of the corporation&#8217;s Certificate of Incorporation, the following terms used therein shall have the meanings set forth below:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
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			<td style="vertical-align: top; width: 1636px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The term &#8220;director&#8221;&nbsp;shall mean any individual who is, was, or has agreed to become (i) a director of the corporation and/or (ii) a member of any committee of the corporation&#8217;s board of directors.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align: top; width: 1635px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The term &#8220;duty of loyalty&#8221;&nbsp;shall mean a breach of fiduciary duty by the director which constitutes a willful failure to deal fairly with the corporation or its stockholders in connection with a transaction in which the director has a material undisclosed direct personal conflict of interest. For this purpose, it shall not be deemed a breach of a director&#8217;s duty of loyalty if such director takes any action, or inaction, in his or her official capacity that may be, or is, deemed to be in the best interests of his or her employer.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 52px;">&nbsp;</td>
			<td style="vertical-align: top; width: 61px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align: top; width: 1634px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In determining whether a director has acted or omitted to act otherwise than in &#8220;good faith,&#8221;&nbsp;the authority making such determination shall determine solely whether such director (i) in the case of conduct in his or her official capacity, subjectively believed in the exercise of his or her business judgment, that his or her conduct was in the best interests of the corporation and (ii) in all other cases, subjectively believed in the exercise of his or her business judgment, that his or her conduct was at least not opposed to the best interests of the corporation. For this purpose, it shall not be deemed to be an act or omission to act that is not in good faith if such director takes any action, or inaction, in his or her official capacity, that may be, or is, deemed to be in the best interests of his or her employer.</p>
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			<td style="width: 53px;">&nbsp;</td>
			<td style="vertical-align: top; width: 61px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align: top; width: 1633px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The term &#8220;improper financial benefit&#8221;&nbsp;shall mean a material improper direct personal financial profit.</p>
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			<td style="width: 53px;">&nbsp;</td>
			<td style="vertical-align: top; width: 62px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align: top; width: 1632px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The term &#8220;monetary damages&#8221;&nbsp;shall include, without limitation, judgments, amounts incurred in settlement, fines, penalties and, with respect to any employee benefit plan, any excise tax or penalty incurred in connection therewith, all expenses and any and all other liabilities of every type or nature whatsoever incurred in connection with the subject action.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 54px;">&nbsp;</td>
			<td style="vertical-align: top; width: 62px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
			</td>
			<td style="vertical-align: top; width: 1631px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The term &#8220;official capacity&#8221;&nbsp;shall mean the office of director, any other offices in the corporation held by the director and any other employment, representative or agency relationship between the director and the corporation, and the term &#8220;official capacity&#8221;&nbsp;shall not include service for any other foreign or domestic corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">g.</p>
			</td>
			<td style="vertical-align: top; width: 1630px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The term &#8220;transaction&#8221;&nbsp;shall mean a transaction directly entered into between a director and the corporation.</p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex_797452.htm
<DESCRIPTION>EXHIBIT 10.1 EXECUTIVE EMPLOYMENT AGREEMENT BY AND BETWEEN PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SALEH SAGR, DATED MARCH 31, 2025
<TEXT>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><b>Exhibit 10.1</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><b>Executed Version</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><u><b>Executive Employment Agreement</b></u></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">This Employment Agreement is entered into as of March 31, 2025, by and between Perma-Pipe International Holdings, Inc, (PPIH), a Delaware corporation ("PPIH" or "the Company"), and Saleh Nehad Sagr &nbsp;("Employee").</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">In consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, PPIH and Employee hereby agree as follows:</p>

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			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Position of Employment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">The Company will appoint the Employee to the position of President of PPIH, and, in that position, Employee will report to the Chief Executive Officer (CEO) of PPIH. PPIH retains the right to change Employee's title, duties, and reporting relationships as may be determined to be in the best interests of the Company; provided, however, that any such change in Employee's duties shall be reasonably consistent with Employee's training, experience, and qualifications. During the Assignment Employee is expected to conduct himself in a manner (in all forums) as to not undermine the Company&#8217;s reputation.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">The terms and conditions of the Employee's employment shall, to the extent not addressed or described in this Employment Agreement, be governed by the PPIH Policies and Procedures and existing practices. In the event of a conflict between this Employment Agreement and the PPIH Policies and Procedures or existing practices, the terms of this Employment Agreement shall govern.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Term of Employment.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Employee's employment under this agreement with PPIH shall begin on March 31, &nbsp;2025, the date of appointment to President of PPIH, shall be based in United Arab Emirates and shall continue for a period of 1 year (the &#8220;Initial Term&#8221;), and then automatically renew annually for successive one-year terms (each, a &#8220;Renewal Term&#8221;, together with the Initial Term, the &#8220;Term&#8221;) unless either party gives the other party written notice otherwise at least 90 days before the end of the Initial Term or a Renewal Period; or:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee's employment is terminated by either party in accordance with the terms of Section 7 of this Employment Agreement; or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Such term of employment is extended or shortened by a subsequent agreement duly executed by each of the parties to this Employment Agreement, in which case such employment shall be subject to the terms and conditions contained in the subsequent written agreement.</p>
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			<td style="width:37pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">3.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Compensation and Benefits.</p>
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			<td style="width:68pt;">&nbsp;</td>
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			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Base Salary. Employee shall be paid a base salary of no less than $34,166.67 monthly, which is $410,000 annually ("Base Salary"), subject to all applicable withholding and deductions (see subsection 5.E for more information on tax withholding), such Base Salary to be paid to Employee in the same manner and on the same payroll schedule in which all similarly-situated PPIH employees receive payment. Base Salary will be reviewed annually and adjusted by the CEO of PPIH based on performance and external benchmarking of market compensation for equivalent positions. Timing of any adjustments will be aligned to overall corporate annual salary review.</p>
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			<td style="width:67pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Incentive Compensation. Employee shall be eligible to participate in incentive compensation programs available to other similarly situated executives of PPIH as outlined below. Nothing in this Employment Agreement shall be deemed to require the payment of bonuses, awards, or incentive compensation to Employee.</p>
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			<td style="width:68pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Short Term Incentive (STI). Employee will be eligible to receive Short Term Incentive in the form of an annual cash bonus opportunity with a target incentive set at 75% of Base Salary. Performance measures applicable to STI will be based upon objectives approved by the CEO. Bonus payment award and timing will align with Corporate annual bonus payouts following completion of annual financial calendar.</p>
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			<td style="width:79pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Long Term Incentive (LTI). Employee will be eligible to receive Long Term Incentive in the form of Restricted Stock and Cash Payments with a target annual award of 100% of base salary. Under the Company&#8217;s current plan, Restricted Stock and Cash Awards would be granted that vests over a three (3) year period, with 1/3 vesting at the end of each anniversary of the grant. The actual award may be adjusted up or down based on compensation benchmarking and/or performance as &nbsp;&nbsp;determined in good faith by the Board. The Board reserves the right to amend the LTI program and terms as deemed necessary.</p>
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			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee Benefits. Employee shall be eligible to participate in all employee benefit plans, policies, programs, or perquisites made available by the Company to similarly situated employees. Notwithstanding anything herein to the contrary, the terms and conditions of Employee's participation in PPIH's employee benefit plans, policies, programs, or perquisites shall be governed by the terms of each such plan, policy, or program. Complete details of the plans including Health, Dental, , and Equity Incentives are available upon request.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Vacation. Employee will be entitled to 22 days of paid vacation annually.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Duties and Performance.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The Employee acknowledges and agrees that he is being offered a position of employment by PPIH with the understanding that the Employee possesses a unique set of skills, abilities, and experiences which will benefit the Company, and he agrees that his continued employment with the Company, whether during the term of this Employment Agreement or thereafter, is contingent upon his successful performance of his duties in his position as noted above, or in such other position to which he may be assigned.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 44pt;">a.&nbsp;&nbsp; General Duties.</p>

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			<td style="width: 98px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
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			<td style="vertical-align: top; width: 1627px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee shall render to the very best of Employee's ability, on behalf of the Company, services to and on behalf of the Company, and shall undertake diligently all duties assigned to him by the Company.</p>
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			<td style="width: 98px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee shall devote his full time, energy, and skill to the performance of the services in which the Company is engaged, at such time and place as the Company may direct. Employee shall not undertake, either as an owner, director, shareholder, employee or otherwise, the performance of services for compensation (actual or expected) for any other entity without the express written consent of the CEO of PPIH.</p>
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			<td style="width: 98px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">3.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee shall faithfully and industriously assume and perform with skill, care, diligence, and attention all responsibilities and duties connected with his employment on behalf of the Company.</p>
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			<td style="width: 98px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.</p>
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			<td style="vertical-align: top; width: 1625px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee shall have no authority to enter into any contracts binding upon the Company, or to deliberately create any obligations on the part of the &nbsp;Company, except as may be specifically authorized by the CEO, Board of Directors or as defined by the Delegation of Authority of PPIH.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 44pt;">b.&nbsp;&nbsp; Specific Duties.</p>

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			<td style="width:73pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Foster an organization with underlying values in safety, integrity, and ethics.</p>
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			<td style="width:73pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Develop and meet quarterly and annual operating targets.</p>
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			<td style="width:73pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">3.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Establish a high performance, results-driven culture that meets or exceeds commitments.</p>
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			<td style="width:73pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Create a high performance, collaborative, hands on leadership team.</p>
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			<td style="width:73pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">5.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ensure a process is in place which provides robust sales and marketing plans and forecasts.</p>
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			<td style="width:73pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">6.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ensure a system is in place which drives operational excellence and continuous improvement.</p>
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			<td style="width:73pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">7.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Prioritize the best growth and investment strategies to pursue.</p>
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			<td style="width:73pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">8.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Maintain and enhance a culture of urgency in development and execution of sales and business plans and strategies.</p>
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			<td style="width:73pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">9.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Provide visibility and strong communication skills to internal and external stakeholders. Identify and evaluate attractiveness of potential new markets (geographic and/or product) for growth globally.</p>
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			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 30px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">10.</p>
			</td>
			<td style="vertical-align: top; width: 1627px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Develop and execute a plan for geographic expansion globally.</p>
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			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 30px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">11.</p>
			</td>
			<td style="vertical-align: top; width: 1627px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Assist in the collection of outstanding receivables when needed.</p>
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			<td style="width:68pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">12.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Provide business development and client relationship leadership for and representation of the PPIH group globally.</p>
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			<td style="width:68pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attend and/or speak at major industry meetings, conferences, and presentations to clients.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">5.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Benefits Related to International Assignment.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Under the terms of this Employment Agreement, Employee will continue &nbsp;the international assignment located in United Arab Emirates (&#8220;Assignment&#8221;) . Allowances for costs will be provided to compensate for Employee&#8217;s and Employee&#8217;s eligible dependent&#8217;s expenses. If the employee is asked to relocate during their assignment, the costs to be borne by the Company include Assignment preparatory costs, relocation of household goods/personal effects, temporary living, home visits and repatriation costs. Amounts included below may constitute taxable income to Employee but generally will not be taken into account as compensation for purposes of other Company benefit plans.</p>

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			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Visa Assistance/Conduct: The Company will pay Employee&#8217;s visa application, assistance, and processing fees for any country they are asked to work in or reside. The Company will also coordinate a point of contact with a visa service provider that will work with Employee directly through this process. The Company will also assist with obtaining appropriate non-work visa and/or residence permits for Employee&#8217;s accompanying family members if requested. Once obtained, it will be Employee&#8217;s responsibility to ensure that Employee and Employee&#8217;s accompanying family members observe local laws and customs and comply with all tax and immigration requirements through the duration of the Assignment. The Company will pay for all costs associated with the Assignment in any future countries i.e., health care check-ups (including inoculations), passport issuance and legal employment agreements to ensure that Employee is able to work in the assigned country.</p>
			</td>
		</tr>

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			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 25px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align: top; width: 1633px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee Benefits:&nbsp;&nbsp;Employee shall be eligible to participate in all employee benefit plans, policies, programs, or perquisites available to similarly situated employees in United Arab Emirates. The terms and conditions of Employee's participation in such employee benefit plans, policies, programs, or perquisites shall be governed by the terms of each such plan, policy, or program. Complete details of the plans are available upon request.</p>
			</td>
		</tr>

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			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Automobile: The Company will provide Employee with a car. Make and model of vehicle to be consistent with local standards for Employee&#8217;s position and approved by the CEO.</p>
			</td>
		</tr>

</table>

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		<tr>
			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 26px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align: top; width: 1632px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Home Leave: Employee and Employee&#8217;s accompanying dependents (spouse and children) will be entitled to a home leave trip following completion of each 12 months on Assignment. Vacation Days will be used for this trip. The Company will cover the cost of one round trip business class ticket for each family member per year after 12 months of service. Employee will make an effort to book such tickets at least 30 days in advance and at a day and time that minimizes ticket cost.</p>
			</td>
		</tr>

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			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Medical Emergency or Death:&nbsp;&nbsp;Employee and family are eligible to return to home country for up to ten (10) calendar nights if someone in Employee&#8217;s immediate family is in critical condition or if a death occurs. Immediate family is defined as Employee&#8217;s spouse, father, mother, children, brother, sister, grandparents, grandchildren father-in-law, or mother-in-law. Employee must return to work the first day following the Emergency Leave.</p>
			</td>
		</tr>

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		<tr>
			<td style="width:69pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">MENA In-Country, VISA, Contracts or Agreements:&nbsp;&nbsp;This Employment Agreement supersedes any In-Country Employment Agreement. Service Gratuity payments required as a condition of residency will continue under this agreement.</p>
			</td>
		</tr>

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		<tr>
			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">g.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Repatriation costs: &nbsp;At the conclusion of the Assignment, the Company will provide transportation costs, costs of return of personal property and possessions (up to 1.1 times the outbound shipment), and temporary living expenses for up to 30 days if incurred at the home location. Living expenses to be reimbursed consistent with the Company&#8217;s domestic travel and entertainment policy.</p>
			</td>
		</tr>

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		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">6.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Code of Conduct and Compliance with Laws.</p>
			</td>
		</tr>

</table>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Employee agrees to be bound by the provisions of the PPIH Code of Conduct and Global Anti-corruption Policy and Procedure. Employee asserts he has no conflict of interests in any other business dealings with PPIH. In the event a potential conflict of interest arises, Employee will promptly notify CEO in writing.</p>

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			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">7.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Termination of Employment.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Employee's employment with the Company may be terminated, prior to the expiration of the term of this Employment Agreement, in accordance with any of the following provisions:</p>

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		<tr>
			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Termination by Employee. The Employee may terminate employment at any time during the course of this Employment Agreement by giving 90 days&#8217;&nbsp;notice in writing to the CEO of PPIH. During the notice period, Employee must fulfill all duties and responsibilities set forth above and use his best efforts to train and support his replacement, if any. Failure to comply with this requirement may result in Termination for Cause described below, but otherwise Employee's salary and benefits will remain unchanged during the notification period.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Termination by the Company Without Cause. PPIH may terminate Employee's employment at any time during the course of this Employment Agreement by giving ninety (90) days&#8217;&nbsp;notice in writing to the Employee. During the notice period, Employee must fulfill all of Employee's duties and responsibilities set forth above and use Employee's best efforts to train and support Employee's replacement, if any. Failure of Employee to comply with this requirement may result in Termination for Cause described below, but otherwise Employee's salary and benefits will remain unchanged during the notification period. Should PPIH terminate Employee&#8217;s employment without Cause, contingent on Employee signing a&nbsp;&nbsp;release of claims, Employee will receive, relocation to home country, (12) months of Severance plus pro rata STI at 100% of target for the year of termination, and will retain all rights to vested Restricted Stock, and any unvested Restricted Stock and RSUs and any other equity awards will be forfeited except that Restricted Stock and Cash Awards due to vest in the current year, which will vest pro rata for the number of months Employee was employed in that year.</p>
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		<tr>
			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Termination by Employee for Good Reason. Employee may terminate his employment with the Company for Good Reason (as defined below) by giving 90 days&#8217;&nbsp;notice in writing to the Company. During the notice period, Company shall have the right to cure any Good Reason as defined in this Agreement. If requested by the Company, Employee must fulfill all of Employee's duties and responsibilities set forth above during the 90-day notice period and use Employee's best efforts to train and support Employee's replacement, if any. Failure of Employee to comply with this requirement may result in Termination for Cause described below, but otherwise Employee's salary and benefits will remain unchanged during the notification period. Should Company fail to cure Employee&#8217;s stated Good Reason within 90 days and, as a result, termination for Good Reason occurs, contingent on Employee signing a release of claims, Employee will receive (12) months of Severance plus pro rata STI at 100% of target for the year of termination, and retain all rights to vested Restricted Stock ,any unvested Restricted Stock,&nbsp;&nbsp;and any RSUs &nbsp;Any other equity awards will be forfeited except that Restricted Stock and Cash Awards due to vest in the current year will vest pro rata for the number of months Employee was employed in that year.&nbsp;&nbsp;For the purposes of this Agreement, &#8220;Good Reason&#8221;&nbsp;is defined as material diminution in Employee's compensation or material negative changes by the Company affecting the Employee&#8217;s duties, responsibilities, reporting or authority as outlined in this Employment Agreement. Good Reason shall not exist at any time that the Employee could be terminated for Cause.</p>
			</td>
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</table>

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		<tr>
			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Termination by the Company for Cause. The Company may, at any time and without notice, terminate the Employee for "Cause". Termination for "Cause" shall include but not be limited to termination based upon any of the following grounds: (a) repeated failure to perform the duties of the Employee's position in a satisfactory manner; (b) fraud, misappropriation, embezzlement or acts of similar dishonesty; (c) conviction of or entrance of a plea of no contest for a felony involving moral turpitude; (d) illegal use of drugs or excessive use of alcohol in the workplace; (e) intentional and willful misconduct that may subject the Company to criminal or civil liability; (f) breach of the&nbsp;&nbsp;Employee's duty of loyalty, including the diversion or usurpation of corporate opportunities properly belonging to the Company; (g) willful disregard of Company policies and procedures; (h) breach of any of the material terms of the Employment Agreement; and (i) insubordination or deliberate refusal to follow the lawful instructions of the Board of Directors of PPIH. Termination for Cause will result in immediate termination, no Severance, and forfeiture of all unvested Restricted Stock, RSUs , Cash Awards and any other equity awards. Cause shall not exist under subsections (a), (f), or (h) unless the Employee fails to cure the alleged misconduct, breach or violation after being given thirty (30) days' written notice by the Company of the alleged misconduct, breach or violation that is asserted as the basis for Cause.</p>
			</td>
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</table>

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		<tr>
			<td style="width:68pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Termination by Death or Disability. The Employee's employment and rights to compensation under this Employment Agreement shall terminate if the Employee is unable to perform the duties of his position due to death, or disability lasting more than 90 days, taking into consideration the accommodation obligations under any local country requirements based on the applicable facts of any such disability, and the Employee's heirs, beneficiaries, successors, or assigns shall not be entitled to any of the compensation or benefits to which Employee is entitled under this Employment Agreement, except: (a) to the extent specifically provided in this Employment Agreement (b) to the extent required by law; or (c) to the extent that such benefit plans or policies under which Employee is covered provide a benefit to the Employee's heirs, beneficiaries, successors, or assigns.</p>
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</table>

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			<td style="width:69pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Change in Control (CIC). CIC is defined by a change in ownership or a sale of substantially all of the Company&#8217;s assets and a material diminution of Employee&#8217;s duties, responsibilities, reporting or authority within 12 months following such ownership change. In the event of a CIC, Employee may terminate his employment with Good Reason. In addition, all RSU vesting will be accelerated. For purposes of determining whether a CIC has occurred, Company shall mean only PPIH, Inc.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">g.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Severance. Severance means a payment equal to Employee&#8217;s Annual Base Salary plus continuation of group health and welfare benefits via local country requirements for&nbsp;&nbsp;the Severance period. Severance will be paid in equal installments for the length of the Severance period, beginning with the first payroll period on or after 30 days after Employee signs the release of claims referenced herein.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:67pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">h.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Release. Any post-termination Severance or benefits are subject to Employee signing a release of claims prior to receipt.</p>
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		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">8.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Confidentiality.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">To the fullest extent permitted by applicable law, the terms of the Confidentiality Agreement executed by the Employee are incorporated by reference into this Employment Agreement and are made a part hereto as if they appeared in this Employment Agreement itself. The terms of such Confidentiality Agreement, as incorporated herein, will extend for the duration of any Severance period.</p>

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			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">9.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Non-Solicitation/Non-Compete.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">To the fullest extent permitted by applicable law, the terms of the Non-Solicitation/Non-Compete Agreement executed by the Employee are incorporated by reference into this Employment Agreement and are made a part hereto as if they appeared in this Employment Agreement itself. The terms of such Non-Solicitation/Non-Compete Agreement, as incorporated herein, will extend for the duration of any Severance period.</p>

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			<td style="width:32pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">10.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Assignment of Inventions, Improvements and Developments.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">he Employee hereby assigns and agrees to assign to the Company the entire worldwide right, in all inventions, improvements and developments, patentable or unpatentable, which, during his employment by the Company he shall have made or conceived or hereafter may make or conceive, either solely or jointly with others (a) with the use of the Company&#8217;s time, equipment, materials, supplies, facilities, or trade secrets or confidential business information or (b) resulting from or suggested by his work for the Company or (c) contemplated business of the Company, including, but not limited to, pre-insulated and/or secondarily contained piping systems for district heating and cooling systems, oil and gas flow lines, chemical transportation and related products and materials. All such inventions, improvements and developments shall automatically and immediately be deemed to be the property of the Company as soon as made or conceived. This assignment includes all rights to claim for any patent application for such inventions, improvements, and developments the full benefits and priority rights under the Patent Cooperation Treaty, the Paris Convention, and any other international intellectual property agreement. This assignment includes all rights to sue for all infringements, including those which may have occurred before this assignment. It is understood that this Employment Agreement does not apply to an invention for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed entirely on the Employee&#8217;s own time, unless the invention (i) is related to the business of the Company, (ii) is related to the Company&#8217;s actual or demonstrably anticipated research or development, or (iii) results from any work performed by the Employee for the Company.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">11.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Employee agrees to disclose promptly to the Company all such inventions, improvements, and developments when made or conceived. Upon termination of his employment for any reason, Employee shall immediately give to the Company all written records of such inventions, improvements and developments and make all full disclosures thereof, whether or not they have been reduced to writing.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">12.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aid and Assistance.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">The Employee agrees, (a) to execute all documents necessary to protect inventions, improvement and developments assigned pursuant to Section 11, and to obtain, maintain, modify, or enforce any United States or foreign patent on such invention, improvements or developments; and (b) to cooperate with the Company in every reasonable way possible in obtaining evidence for use in any such proceedings to obtain, maintain, modify or enforce any such patent.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Indemnification and Insurance.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The Company will defend, indemnify and hold Employee, his heirs, executors and administrators harmless against and in respect of any and all damages, losses, obligations, liabilities, claims, deficiencies, costs and expenses (including, but not limited to, attorneys&#8217; fees and other costs and expenses incident to any suit, action, investigation, claim or proceeding) suffered, sustained, incurred or required to be paid by Employee by reason of or on account of Employee&#8217;s performance of work on behalf of the Company,&nbsp; except to the extent due to any act or omission by Employee that constitutes a breach of this Employment Agreement or is outside the scope of his authority under this Employment Agreement.&nbsp; In addition, the Company will maintain directors and officer&#8217;s liability insurance in place, with reasonable and customary limits, pursuant to which Employee shall be a named, additional, or covered insured.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">14.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Notices. All notices and other communications required or permitted by this Employment Agreement to be delivered by PPIH or Employee to the other party shall be delivered in writing to the address shown below, either personally, or by registered, certified or express mail, return receipt requested, postage prepaid, to the address for such party specified below or to such other address as the party may from time to time advise the other party, and shall be deemed given and received as of actual personal delivery, or upon the date or actual receipt shown on any return receipt if registered, certified or express mail is used, as the case may be.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">PPIH, Inc.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">25025 Interstate 45, Suite 200</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">The Woodlands, Texas 77380</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Attention: CEO</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Saleh Nehad Sagr</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Edinburgh, Scotland</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">(Or such other address in the Company&#8217;s employment records.)</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Amendments and Termination; Entire Agreement. This Employment Agreement may not be amended or terminated except by a writing executed by all of the parties hereto. This Employment Agreement constitutes the entire agreement of PPIH and Employee relating to the subject matter hereof and supersedes all prior oral and written understandings and employment agreements relating to such subject matter.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Existing Agreements. The Employee represents to the Company that he is not subject or a party to any employment or consulting agreement, confidentiality, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Employment Agreement or limit his ability to fulfill his responsibilities hereunder.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Successors and Assigns. The rights and obligations of the parties hereunder are not assignable to another person without prior written consent; provided, however, that PPIH, without obtaining Employee's consent, may assign its rights and obligations hereunder to a wholly-owned subsidiary and provided further that any post- employment restrictions shall be assignable by PPIH to any entity which purchases all or substantially all of the Company's assets.&nbsp;&nbsp;In addition, in the event of any sale, transfer or other disposition of all or substantially all of the Company&#8217;s assets or business, whether by merger, consolidation or otherwise, the Company may assign this Employment Agreement and its rights hereunder without obtaining Employee&#8217;s consent, provided that the assignee assumes all of the obligations of the Company hereunder, and upon such assignment and assumption, the Employee shall have no right to look to the Company for obligations arising hereunder after the effective date of such assignment.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Severability Provisions Subject to Applicable Law. All provisions of this Employment Agreement shall be applicable only to the extent that they do not violate any applicable law and are intended to be limited to the extent necessary so that they will not render this Employment Agreement invalid, illegal, or unenforceable under any applicable law. If any provision of this Employment Agreement or any application thereof shall be held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of other provisions of this Employment Agreement or of any other application of such provision shall in no way be affected thereby.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">f.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Waiver of Rights. No waiver by PPIH or Employee of a right or remedy hereunder shall be deemed to be a waiver of any other right or remedy or of any subsequent right or remedy of the same kind.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">g.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Definitions, Headings, and Number. A term defined in any part of this Employment Agreement shall have the defined meaning wherever such term is used herein. The headings contained in this Employment Agreement are for reference purposes only and shall not affect in any manner the meaning or interpretation of this Employment Agreement. Where appropriate to the context of this Employment Agreement, use of the singular shall be deemed also to refer to the plural, and use of the plural to the singular.</p>
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			<td style="width:55pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">h.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Counterparts. This Employment Agreement may be executed in separate counterparts, each of which shall be deemed an original but both of which taken together shall constitute but one and the same instrument.</p>
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			<td style="width:57pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Governing Laws and Forum. This Employment Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Texas. The parties hereto further agree that any action brought to enforce any right or obligation under this Employment Agreement shall be subject to the exclusive jurisdiction of the courts of the State of Texas.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">IN WITNESS WHEREOF, PPIH and Employee have executed and delivered this Employment Agreement as of the date written below.&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td colspan="2" style="vertical-align: top; width: 1209px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">PERMA-PIPE INTERNATIONAL HOLDINGS, INC.&nbsp;</p>
			</td>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 128px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1079px;">&nbsp;</td>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 128px;">&nbsp;</td>
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			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Date: March&nbsp;31, 2025&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 128px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 1079px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Saleh&nbsp;N. Sagr</p>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 128px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1079px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Saleh N. Sagr</p>
			</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 128px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1079px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">President&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 1209px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">PERMA-PIPE INTERNATIONAL HOLDINGS, INC.&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 130px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1077px;">&nbsp;</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 130px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1077px;">&nbsp;</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Date: March 31, 2025&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 130px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:</p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 1077px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/&nbsp;David J. Mansfield</p>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 130px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1077px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">David J. Mansfield&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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			<td style="vertical-align: top; width: 532px;">&nbsp;</td>
			<td style="vertical-align: top; width: 130px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1077px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Chief Executive Officer&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:auto;">&nbsp;</td>
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<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE OF PERMA-PIPE INTERNATIONAL HOLDINGS, INC., DATED APRIL 4, 2025, REGARDING THE RETIREMENT OF DAVID MANSFIELD AS CEO AND THE APPOINTMENT OF SALEH SAGR AS PRESIDENT
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b>Exhibit 99.1</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div style="text-align: right;"><img alt="logo.jpg" src="logo.jpg"></div>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;"><b>COMPANY: </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Perma-Pipe International Holdings, Inc.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;"><b>CONTACTS:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>David Mansfield, CEO</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;"><b>Perma-Pipe</b> <b>Investor Relations</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;"><b>847.929.1200</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;"><b>investor@permapipe.com</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Perma-Pipe International Holdings Announces CEO Retirement and the Appointment of Saleh</b>&nbsp;<b>Sagr</b>&nbsp;<b>as President</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 23pt;">Company Release &#8211; 04/4/25 5:20&nbsp;PM ET</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 23pt;">SPRING, Texas--(BUSINESS WIRE)</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced the notification&nbsp;of Chief Executive Officer David Mansfield to retire and the appointment of Saleh Sagr as President.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">The Company announced today that David Mansfield, who has served as the Chief Executive Officer (CEO) for the past eight years, has informed the Board of Directors of his notice of retirement on or before November 8, 2025. Concurrent with this announcement, the Company has appointed Saleh Sagr as President.&nbsp;Mr. Mansfield will remain as CEO and a director of the Company until his retirement, ensuring&nbsp;a smooth transition to Mr. Sagr&#8217;s leadership.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">Mr. Mansfield&#8217;s decision to retire follows a highly successful tenure as CEO, during which the Company experienced significant prosperity, with notable improvements in both profitability and share price. Under Mr. Mansfield&#8217;s leadership, the Company significantly increased its financial performance, all the while executing a strategic initiative to continue its international expansion, both organically and through strategic partnerships. Additionally, this decision also marks the culmination of a remarkable career, characterized by strategic leadership, exemplary execution, dedication to employees, shareholders, and customers, and a culture of excellence that has propelled the Company to new heights, ensuring it is well-positioned for long-term success.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">Reflecting on his decision to retire as CEO, Mr. Mansfield shared, &#8220;Leading Perma-Pipe has been one of the greatest honors of my career. Over the last eight years, I&#8217;ve had the distinct privilege of working alongside some of the best, brightest, and most dedicated individuals, and together we have achieved remarkable things. I&#8217;m deeply thankful to the employees, shareholders, and partners who have supported me over the years. Our journey has been nothing short of extraordinary, and I leave knowing that the Company is in a strong position to continue thriving for years to come. I look forward to watching the next chapter unfold with great optimism and enthusiasm.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">On Mr. Sagr&#8217;s appointment as President, Mr. Mansfield commented, &#8220;Saleh has done a fantastic job during his tenure at Perma-Pipe. His leadership as the Senior Vice President of the MENA region demonstrates his ability to continue to drive growth and prosperity across the organization. Saleh will apply to the broader organization the leadership and principles that contributed to the success we have experienced in the MENA region. I take great pleasure in knowing that the global organization will have the opportunity to benefit from Saleh&#8217;s leadership.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">Mr. Sagr has served as the Company&#8217;s Senior Vice President of the MENA region since June 2021, where he was responsible for overseeing operations in the U.A.E., Saudi Arabia, India, and Egypt. He joined the Company in May 2019 as Vice President of the MENA region. Prior to joining Perma-Pipe, Mr. Sagr served as General Manager for Global Anti Corrosion Techniques Co. Ltd, in Saudi Arabia, a Saudi pipeline company he co-founded in 2005. From 1995 to 2005, Mr. Sagr held various positions in BrederoShaw, such as engineering, startups, and operations management. Additionally, over the past 15 years, Mr. Sagr has gained extensive knowledge and experience in strategic planning, business development, startups, and turnarounds. Additionally, Mr. Sagr was instrumental in establishing our joint venture with Gulf Insulation Group, a subsidiary of Zamil Industries.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">On his appointment, Mr. Sagr commented, &#8220;I am grateful to David and the Board of Directors for this opportunity to build upon Mr. Mansfield's success. I have had the pleasure of working with David for the past five years at Perma-Pipe, over which time I have learned a lot under his leadership. He will be missed as CEO. I am honored to build upon his success and to continue working toward materializing our collective vision for the Company&nbsp;and&nbsp;execute on strategic initiatives we have planned for the future.&#8221;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">In connection with today's announcements, Jerome Walker, who serves as the Chairman of the Board of Directors, commented, <font style="color:#000000;"><font style="background-color:#ffffff;">"</font></font><font style="color:#444444;"><font style="background-color:#ffffff;">Dave Mansfield has done a tremendous job as CEO, turning around a languishing Company, navigating it through some difficult times and emerging it into the strong, profitable growth engine it is today. </font></font>The Board has worked diligently with David on succession planning to ensure a seamless transition and continuance of Company performance.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">As part of Mr. Sagr&#8217;s appointment as President, the Company has also appointed Adham Samir Sharkawy to succeed Mr. Sagr as Senior Vice President of MENA.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 16pt;">In connection with Mr. Sharkawy&#8217;s appointment, Mr. Sagr commented, &#8220;Adham has done a tremendous job and demonstrated significant growth during his tenure. I am confident that he will continue to capitalize on MENA&#8217;s success.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 16pt;">Mr. Mansfield commented, &#8220;Appointing Mr. Sagr and Mr. Sharkawy to their respective positions ensures a smooth transition and continuity for the organization. The Company has significantly benefited from their presence, and their appointments ensure that continues for the foreseeable future.&#8221;, concluded Mr. Mansfield.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 16pt;">Perma-Pipe International Holdings, Inc.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 16pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 16pt;">Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in six countries.&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 23pt; text-indent: -9pt;">Perma-Pipe International Holdings, Inc.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 23pt; text-indent: -9pt;">David Mansfield, CEO</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 23pt; text-indent: -9pt;">Perma-Pipe Investor Relations</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 23pt; text-indent: -9pt;">investor@permapipe.com</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 23pt; text-indent: -9pt;">847.929.1200</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 23pt; text-indent: -9pt;">Source: Perma-Pipe International Holdings, Inc.</p>

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<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
<link:definitionArc order="0" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain" xlink:type="arc"/>
<link:definitionArc order="1" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain-default" xlink:type="arc"/>

<link:definitionArc order="0" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="dei_DocumentInformationTable" xlink:to="dei_LegalEntityAxis" xlink:type="arc"/>


<link:definitionArc order="0" xbrldt:closed="true" xbrldt:contextElement="segment" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationTable" xlink:type="arc"/>
<link:definitionArc order="1" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentType" xlink:type="arc"/>
<link:definitionArc order="2" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" xlink:type="arc"/>
<link:definitionArc order="3" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityRegistrantName" xlink:type="arc"/>
<link:definitionArc order="4" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:type="arc"/>
<link:definitionArc order="5" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFileNumber" xlink:type="arc"/>
<link:definitionArc order="6" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" xlink:type="arc"/>
<link:definitionArc order="7" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" xlink:type="arc"/>
<link:definitionArc order="8" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" xlink:type="arc"/>
<link:definitionArc order="9" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" xlink:type="arc"/>
<link:definitionArc order="10" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" xlink:type="arc"/>
<link:definitionArc order="11" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CityAreaCode" xlink:type="arc"/>
<link:definitionArc order="12" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_LocalPhoneNumber" xlink:type="arc"/>
<link:definitionArc order="13" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_WrittenCommunications" xlink:type="arc"/>
<link:definitionArc order="14" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SolicitingMaterial" xlink:type="arc"/>
<link:definitionArc order="15" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" xlink:type="arc"/>
<link:definitionArc order="16" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:type="arc"/>
<link:definitionArc order="17" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CurrentFiscalYearEndDate" xlink:type="arc"/>
<link:definitionArc order="18" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_Security12bTitle" xlink:type="arc"/>
<link:definitionArc order="19" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_TradingSymbol" xlink:type="arc"/>
<link:definitionArc order="20" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" xlink:type="arc"/>
<link:definitionArc order="21" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" xlink:type="arc"/>
<link:definitionArc order="22" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AmendmentFlag" xlink:type="arc"/>
<link:definitionArc order="23" xbrldt:closed="true" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCentralIndexKey" xlink:type="arc"/>

</link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>ppih-20250331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
<!--Generated by ThunderDome Portal - 4/4/2025 9:16:27 PM-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple"/>
<link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple"/>
<link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>
<link:label xlink:label="dei_EntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>
<link:label xlink:label="dei_LegalEntityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
<link:label xlink:label="dei_DocumentInformationLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>
<link:label xlink:label="dei_DocumentInformationTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
<link:label xlink:label="dei_DocumentType-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document, Type</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
<link:label xlink:label="dei_DocumentPeriodEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document, Period End Date</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
<link:label xlink:label="dei_EntityRegistrantName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Registrant Name</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:type="locator"/>
<link:label xlink:label="dei_EntityIncorporationStateCountryCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Incorporation, State or Country Code</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:type="locator"/>
<link:label xlink:label="dei_EntityFileNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, File Number</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:type="locator"/>
<link:label xlink:label="dei_EntityTaxIdentificationNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Tax Identification Number</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:type="locator"/>
<link:label xlink:label="dei_EntityAddressAddressLine1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Address, Address Line One</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:type="locator"/>
<link:label xlink:label="dei_EntityAddressCityOrTown-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Address, City or Town</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:type="locator"/>
<link:label xlink:label="dei_EntityAddressStateOrProvince-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Address, State or Province</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:type="locator"/>
<link:label xlink:label="dei_EntityAddressPostalZipCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Address, Postal Zip Code</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:type="locator"/>
<link:label xlink:label="dei_CityAreaCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:type="locator"/>
<link:label xlink:label="dei_LocalPhoneNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xlink:type="locator"/>
<link:label xlink:label="dei_WrittenCommunications-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xlink:type="locator"/>
<link:label xlink:label="dei_SolicitingMaterial-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xlink:type="locator"/>
<link:label xlink:label="dei_PreCommencementTenderOffer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:type="locator"/>
<link:label xlink:label="dei_PreCommencementIssuerTenderOffer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
<link:label xlink:label="dei_CurrentFiscalYearEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>
<link:label xlink:label="dei_Security12bTitle-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
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<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
<link:label xlink:label="dei_TradingSymbol-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>
<link:label xlink:label="dei_SecurityExchangeName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
<link:label xlink:label="dei_EntityEmergingGrowthCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Emerging Growth Company</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
<link:label xlink:label="dei_AmendmentFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
<link:label xlink:label="dei_EntityCentralIndexKey-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity, Central Index Key</link:label>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey-label" xlink:type="arc"/>

</link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>ppih-20250331_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
<!--Generated by ThunderDome Portal - 4/4/2025 9:16:27 PM-->
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<link:roleRef roleURI="http://www.ppih.com/20250331/role/statement-document-and-entity-information" xlink:href="ppih-20250331.xsd#statement-document-and-entity-information" xlink:type="simple"/>
<link:presentationLink xlink:role="http://www.ppih.com/20250331/role/statement-document-and-entity-information" xlink:type="extended">
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
<link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
<link:presentationArc order="0" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain" xlink:type="arc"/>

<link:presentationArc order="0" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationTable" xlink:to="dei_LegalEntityAxis" xlink:type="arc"/>

<link:presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationLineItems" xlink:type="arc"/>
<link:presentationArc order="0" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityRegistrantName" xlink:type="arc"/>
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<link:presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:type="arc"/>
<link:presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFileNumber" xlink:type="arc"/>
<link:presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" xlink:type="arc"/>
<link:presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" xlink:type="arc"/>
<link:presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" xlink:type="arc"/>
<link:presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" xlink:type="arc"/>
<link:presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" xlink:type="arc"/>
<link:presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CityAreaCode" xlink:type="arc"/>
<link:presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_LocalPhoneNumber" xlink:type="arc"/>
<link:presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_WrittenCommunications" xlink:type="arc"/>
<link:presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SolicitingMaterial" xlink:type="arc"/>
<link:presentationArc order="14" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" xlink:type="arc"/>
<link:presentationArc order="15" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:type="arc"/>
<link:presentationArc order="16" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CurrentFiscalYearEndDate" xlink:type="arc"/>
<link:presentationArc order="17" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_Security12bTitle" xlink:type="arc"/>
<link:presentationArc order="18" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_TradingSymbol" xlink:type="arc"/>
<link:presentationArc order="19" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" xlink:type="arc"/>
<link:presentationArc order="20" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" xlink:type="arc"/>
<link:presentationArc order="21" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AmendmentFlag" xlink:type="arc"/>
<link:presentationArc order="22" preferredLabel="http://www.xbrl.org/2003/role/label" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCentralIndexKey" xlink:type="arc"/>

</link:presentationLink>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity, Registrant Name</a></td>
<td class="text">PERMA-PIPE INTERNATIONAL HOLDINGS, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document, Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document, Period End Date</a></td>
<td class="text">Apr.  04,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity, Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity, File Number</a></td>
<td class="text">001-32530<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity, Tax Identification Number</a></td>
<td class="text">36-3922969<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity, Address, Address Line One</a></td>
<td class="text">24900 Pitkin Road, Suite 309<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity, Address, City or Town</a></td>
<td class="text">Spring<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity, Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity, Address, Postal Zip Code</a></td>
<td class="text">77386<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">966-1000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--01-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $.01 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PPIH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity, Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity, Central Index Key</a></td>
<td class="text">0000914122<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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