<SEC-DOCUMENT>0001144204-14-038843.txt : 20140626
<SEC-HEADER>0001144204-14-038843.hdr.sgml : 20140626
<ACCEPTANCE-DATETIME>20140620171030
ACCESSION NUMBER:		0001144204-14-038843
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140617
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140620
DATE AS OF CHANGE:		20140620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDIFAST INC
		CENTRAL INDEX KEY:			0000910329
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
		IRS NUMBER:				133714405
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31573
		FILM NUMBER:		14933540

	BUSINESS ADDRESS:	
		STREET 1:		11445 CRONHILL DRIVE
		CITY:			OWINGS MILLS
		STATE:			MD
		ZIP:			21117
		BUSINESS PHONE:		7327640619

	MAIL ADDRESS:	
		STREET 1:		11445 CRONHILL DRIVE
		CITY:			OWINGS MILLS
		STATE:			MD
		ZIP:			21117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTHRITE INC
		DATE OF NAME CHANGE:	19951120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XX
		DATE OF NAME CHANGE:	19950619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	00
		DATE OF NAME CHANGE:	19950619
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v381963_8-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, DC 20549</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):<B>
June 17, 2014</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MEDIFAST, INC.</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 32%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Delaware</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>001-31573</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>13-3714405</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Commission file number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>3600 Crondall Lane, Owings Mills,
Maryland, 21117</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal
Executive Offices) (Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B><U>(410)-581-8042</U></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction
A.2. below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><B>Item 5.02</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 17, 2014, the Board of Directors (the &ldquo;Board&rdquo;)
of Medifast, Inc. (the &ldquo;Company&rdquo;), adopted amendments to the Medifast, Inc. Amended and Restated 2012 Share Incentive
Plan (the &ldquo;Plan&rdquo;). The Plan was amended to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide that, if awards granted on or after June 17, 2014 are assumed upon a Change in Control (as defined in the Plan), such
awards will not automatically accelerate and will instead become immediately vested and fully exercisable upon the participant&rsquo;s
termination without Cause (as defined in the Plan) during the 24 months following the Change in Control;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>amend the limits on grants of awards Options, SARs, Restricted Shares and Deferred Shares (each as defined in the Plan) that
may be granted to a participant during a specified period to 75,000 Options or SARs and 150,000 Restricted Shares or Deferred Shares
during a calendar year;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>amend the definition of Change in Control so that a Change in Control is not considered to have occurred until the consummation
of a merger, recapitalization or reorganization of the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide that dividends paid on Restricted Shares that vest based on the achievement of performance criteria will be paid only
at the time and to the extent that the restrictions and risk of forfeiture of the underlying Restricted Shares lapse.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing summary of the amendments to the Plan is not complete
and is qualified in its entirety by reference to, and should be read in conjunction with, the complete text of the Plan filed as
Exhibit 10.1 this Form 8-K and incorporated herein by this reference.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><B>Item 5.03</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On and effective June 17, 2014, the Board approved and adopted
amended and restated Bylaws of the Company (the &ldquo;Amended and Restated Bylaws&rdquo;). The following changes are included
in the Amended and Restated Bylaws:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The advance notice period for the submission of director nominations and stockholder proposals to be made at an annual meeting
of stockholders is reduced to a maximum of 120 days prior to the first anniversary of the prior year&rsquo;s annual meeting. The
Amended and Restated Bylaws expand the disclosure requirements for stockholders who propose business or make nominations and require
additional disclosure regarding proposed director nominees.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board will determine the date and time of any special meeting of stockholders that is requested by the stockholders. Certain
disclosure and procedural requirements are applicable to stockholders who seek to call a special meeting. These amendments include
certain limitations on the type of business that may be presented at a special meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board is authorized to set a record date for action that may be taken by written consent of the stockholders. The Board
has 10 days after a stockholder makes a request for a record date to adopt a resolution to set such record date, after which the
Board has an additional 10 days to set the record date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Board vacancies, including vacancies resulting from the removal or resignation of a director, and newly created directorships
resulting from an increase in the authorized number of directors will be filled exclusively by the Board. Additionally, the size
of the Board will be determined exclusively by the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The directors and officers of the Company will be entitled to advancement of expenses incurred in connection with any action,
suit, proceeding or investigation upon the Company&rsquo;s receipt of an undertaking that such director or officer will repay any
advanced amount if it is determined that such person is not entitled to indemnification for such matter.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Unless the Company consents otherwise in writing, the Court of Chancery of the State of Delaware (or, if the Court of Chancery
does not have jurisdiction, the Superior Court of the State of Delaware or, if the Superior Court of the State of Delaware does
not have jurisdiction, the United States District Court for the District of Delaware) is the sole and exclusive forum for (i) any
derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty
owed by any director, officer or other employee of the Company to the Company or the Company&rsquo;s stockholders, (iii) any action
asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or the Company&rsquo;s Certificate
of Incorporation or the Amended and Restated Bylaws, or (iv) any action asserting a claim governed by the internal affairs doctrine.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Amended and Restated Bylaws also include a number of technical,
procedural, conforming and clarifying changes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing summary of the Amended and Restated Bylaws is
not complete and is qualified in its entirety by reference to, and should be read in conjunction with, the complete text of the
Amended and Restated Bylaws filed as Exhibit 3.1 to this Form 8-K and incorporated herein by reference.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><B>Item 5.07</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Submission of Matters to a Vote of Security Holders.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual meeting of stockholders of the
Company was held on June 17, 2014. The results of the matters voted on at the annual meeting are provided below:&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The election of five class I Directors to hold office for a one year term expiring at the annual meeting in 2015 and until
their respective successors are elected and qualified.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 27%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding-left: 2.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Director</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Votes For</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Votes Against</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Abstentions</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Broker Non-Votes</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Charles P. Connolly</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">9,901,690.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">115,965.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">2,825.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">1,463,298.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Jason L. Groves, Esq.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">9,111,922.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">904,828.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">3,730.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">1,463,298.00</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">John P. McDaniel</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">9,897,035.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">120,220.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">3,225.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">1,463,298.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Donald F. Reilly</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">9,103,230.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">914,425.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">2,825.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">1,463,298.00</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">Carl E. Sassano</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">8,772,112.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">1,245,578.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">2,790.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">1,463,298.00</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Proposal to ratify the appointment of McGladrey LLP, as the Company&rsquo;s independent registered
public accounting firm for the year ending December 31, 2014.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 38%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding-left: 2.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Votes For</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Votes Against</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Abstentions</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2.5pt; text-align: right">11,262,198.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">220,678.00</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 1.5pt; text-align: right">902.00</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Proposal to approve a non-binding advisory resolution to approve the Company&rsquo;s executive compensation.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Votes For</U></B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Votes Against</U></B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Abstentions</U></B></FONT></TD>
    <TD STYLE="width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Broker Non-Votes</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.5pt; text-align: right">2,731,025.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-align: right">7,059,232.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-align: right">230,223.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-align: right">1,463,298.00</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">&nbsp;<B>Item 9.01</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><U>No.</U></TD><TD>Description</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>Amended and Restated Bylaws as of June 17, 2014.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD>Medifast, Inc. Amended and Restated 2012 Share Incentive Plan, as amended effective June 17, 2014.</TD></TR></TABLE>

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">MEDIFAST,&nbsp;INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jason L. Groves, Esq.</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jason L. Groves</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President and General Counsel</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: June 20, 2014</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><U>No.</U></TD><TD><U>Description</U></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>Amended and Restated Bylaws as of June 17, 2014</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD>Medifast, Inc. Amended and Restated 2012 Share Incentive Plan, as amended effective June 17, 2014.</TD></TR></TABLE>

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

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



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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>v381963_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 3.1</P>
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<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amended and Restated as of June 17, 2014)</P>

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

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

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

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<tr style="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE I</td></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">STOCKHOLDERS</td></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%">Section 1.1</td>
    <TD STYLE="width: 78%">Annual Meeting</td>
    <TD STYLE="width: 7%; text-align: right">1</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.2</td>
    <TD>Notice of Business to be Brought Before an Annual Meeting</td>
    <TD STYLE="text-align: right">1</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 1.3</td>
    <TD>Special Meetings</td>
    <TD STYLE="text-align: right">5</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.4</td>
    <TD>Manner of Giving Notice</td>
    <TD STYLE="text-align: right">8</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 1.5</td>
    <TD>Notice of Director Nominations</td>
    <TD STYLE="text-align: right">8</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.6</td>
    <TD>Submission of Questionnaire, Representation and Agreement</td>
    <TD STYLE="text-align: right">11</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 1.7</td>
    <TD>General</td>
    <TD STYLE="text-align: right">11</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.8</td>
    <TD>Quorum</td>
    <TD STYLE="text-align: right">12</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 1.9</td>
    <TD>Required Vote</td>
    <TD STYLE="text-align: right">12</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.10</td>
    <TD>Stockholder Action by Written Consent</td>
    <TD STYLE="text-align: right">13</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 1.11</td>
    <TD>Proxies, Written Authorization and Electronic Authorization</td>
    <TD STYLE="text-align: right">14</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.12</td>
    <TD>Lists of Stockholders</td>
    <TD STYLE="text-align: right">15</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 1.13</td>
    <TD>Stockholder Record Date</td>
    <TD STYLE="text-align: right">15</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.14</td>
    <TD>Presiding Officer and Secretary</td>
    <TD STYLE="text-align: right">16</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE II</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">DIRECTORS</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 2.1</td>
    <TD>General Powers</td>
    <TD STYLE="text-align: right">16</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 2.2</td>
    <TD>Number of Directors</td>
    <TD STYLE="text-align: right">16</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 2.3</td>
    <TD>Term of Directors</td>
    <TD STYLE="text-align: right">16</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 2.4</td>
    <TD>Vacancies and Newly Created Directorships</td>
    <TD STYLE="text-align: right">17</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 2.5</td>
    <TD>Resignation or Removal</td>
    <TD STYLE="text-align: right">17</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 2.6</td>
    <TD>Meetings</td>
    <TD STYLE="text-align: right">17</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 2.7</td>
    <TD>Quorum and Voting</td>
    <TD STYLE="text-align: right">17</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 2.8</td>
    <TD>Written Consents and Meetings by Telephone</td>
    <TD STYLE="text-align: right">17</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 2.9</td>
    <TD>Compensation</td>
    <TD STYLE="text-align: right">18</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 2.10</td>
    <TD>The &ldquo;Whole Board&rdquo;</td>
    <TD STYLE="text-align: right">18</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE III</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">COMMITTEES OF THE BOARD</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 3.1</td>
    <TD>Appointment and Powers</td>
    <TD STYLE="text-align: right">18</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE IV</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">OFFICERS, AGENTS AND EMPLOYEES</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%">Section 4.1</td>
    <TD STYLE="width: 78%">Appointment and Qualification</td>
    <TD STYLE="text-align: right; width: 7%">19</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.2</td>
    <TD>Removal of Officers, Agents or Employees</td>
    <TD STYLE="text-align: right">19</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 4.3</td>
    <TD>Compensation and Bond</td>
    <TD STYLE="text-align: right">19</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.4</td>
    <TD>Chairman of the Board</td>
    <TD STYLE="text-align: right">19</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 4.5</td>
    <TD>Chief Executive Officer</td>
    <TD STYLE="text-align: right">19</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.6</td>
    <TD>President</td>
    <TD STYLE="text-align: right">20</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 4.7</td>
    <TD>Vice Presidents</td>
    <TD STYLE="text-align: right">20</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.8</td>
    <TD>Treasurer</td>
    <TD STYLE="text-align: right">20</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 4.9</td>
    <TD>Assistant Treasurer</td>
    <TD STYLE="text-align: right">20</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.10</td>
    <TD>Secretary</td>
    <TD STYLE="text-align: right">20</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 4.11</td>
    <TD>Assistant Secretaries</td>
    <TD STYLE="text-align: right">21</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.12</td>
    <TD>Delegation of Duties</td>
    <TD STYLE="text-align: right">21</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE V</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">CAPITAL STOCK</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 5.1</td>
    <TD>Certificates</td>
    <TD STYLE="text-align: right">21</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 5.2</td>
    <TD>Transfers of Stock</td>
    <TD STYLE="text-align: right">21</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 5.3</td>
    <TD>Lost, Stolen or Destroyed Certificates</td>
    <TD STYLE="text-align: right">22</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE VI</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">SEAL</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 6.1</td>
    <TD>Seal</td>
    <TD STYLE="text-align: right">22</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE VII</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">NOTICE</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 7.1</td>
    <TD>Notice of Meetings</td>
    <TD STYLE="text-align: right">22</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 7.2</td>
    <TD>Notices</td>
    <TD STYLE="text-align: right">22</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 7.3</td>
    <TD>Waiver of Notice</td>
    <TD STYLE="text-align: right">23</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE VIII</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">INDEMNIFICATION</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 8.1</td>
    <TD>Indemnification</td>
    <TD STYLE="text-align: right">23</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 8.2</td>
    <TD>Determinations</td>
    <TD STYLE="text-align: right">24</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 8.3</td>
    <TD>Business Combinations</td>
    <TD STYLE="text-align: right">24</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 8.4</td>
    <TD>Advances of Expenses</td>
    <TD STYLE="text-align: right">24</td></tr>
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    <TD STYLE="width: 15%">Section 8.5</td>
    <TD STYLE="width: 78%">Employee Benefit Plans</td>
    <TD STYLE="text-align: right; width: 7%">25</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 8.6</td>
    <TD>Insurance</td>
    <TD STYLE="text-align: right">25</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE IX</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: center">GENERAL MATTERS</td></tr>
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    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 9.1</td>
    <TD>Forum for Adjudication of Disputes</td>
    <TD STYLE="text-align: right">25</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE X</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">AMENDMENTS</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 10.1</td>
    <TD>Amendments</td>
    <TD STYLE="text-align: right">26</td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BYLAWS</B><BR>
<BR>
<B>of</B><BR>
<BR>
<B>MEDIFAST, INC.,</B><BR>
<B>a Delaware Corporation</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
I<BR>
<BR>
Stockholders</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Meeting</U>. The annual meeting of the stockholders of Medifast, Inc. (the &ldquo;<U>Company</U>&rdquo;), for the election of directors
and for the transaction of any other business, which may properly be transacted at the annual meeting, shall be held at such hour
on such day and at such place within or without the State of Delaware as may be fixed by Board of Directors (the &ldquo;<U>Board</U>&rdquo;).
The Board may, in its sole discretion, determine that stockholder meetings shall not be held at any place, but may instead by held
solely by means of remote communication in accordance with Section 211(a)(2) of the Delaware General Corporation Law (the &ldquo;<U>DGCL</U>&rdquo;).
If authorized by the Board in its sole discretion, and subject to such guidelines and procedures as the Board may adopt, stockholders
and proxy holders not physically present at a meeting of stockholders may, to the extent authorized by Section 211(a)(2) of the
DGCL, by means of remote communication (a) participate in a meeting of stockholders, and (b) be deemed present in person and vote
at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Business to be Brought Before an Annual Meeting</U>. (a)&nbsp;At any annual meeting of the stockholders, only such
business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual
meeting, business must be (i) brought before the meeting by the Company and specified in the Company&rsquo;s notice of
meeting (or any supplement thereto) given by or at the direction of the Board, (ii) otherwise brought before the meeting by
or at the direction of the Board, or (iii) otherwise properly brought before the meeting by a stockholder who (A)&nbsp;was a
stockholder of record of the Company (and, with respect to any beneficial owner, if different from stockholder of record, on
whose behalf such business is proposed, only if such beneficial owner was the beneficial owner of shares of the Company) both
at the time of giving the notice provided for in this Section&nbsp;1.2(a) and at the time of the meeting, (B)&nbsp;is
entitled to vote at the meeting, and (C)&nbsp;has complied with this Section&nbsp;1.2 as to such business to be
proposed. Except for proposals properly made in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder (the &ldquo;<U>Exchange Act</U>&rdquo;), and included in the
Company&rsquo;s notice of meeting given by or at the direction of the Board, the foregoing clause (iii) shall be the
exclusive means for a stockholder to propose business to be brought before an annual meeting of the stockholders.
Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting except in
accordance with this Section&nbsp;1.2. Stockholders seeking to nominate persons for election to the Board must comply with
Section&nbsp;1.5 and this Section&nbsp;1.2 shall not be applicable to nominations except as expressly provided in
Section&nbsp;1.5.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Without
qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must provide (i)
timely notice thereof in writing and in proper form to the Secretary and (ii) any updates and supplements to such notice at the
times and in the forms required by </FONT>Section&nbsp;1.2(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">. To be timely,
a stockholder&rsquo;s notice of business proposed to be brought before an annual meeting must be delivered to the Secretary at
the principal executive office of the Company not less than ninety (90) days nor more than one hundred twenty (120) days prior
to the one-year anniversary of the preceding year&rsquo;s annual meeting; provided, however, that if the date of the annual meeting
is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder, to be
timely, must be so delivered not earlier than the one hundred twentieth (120th) day prior to the date of such annual meeting and
not later than the later of the ninetieth (90th) day prior to the date of such annual meeting or the tenth (10th) day following
the day on which &ldquo;public disclosure&rdquo; of the date of such annual meeting was first made by the Company. In no event
shall any adjournment or postponement of an annual meeting, or the announcement thereof, commence a new time period (or extend
the time period) for the giving of timely notice as described above. For purposes of these Bylaws, &ldquo;<U>public disclosure</U>&rdquo;
shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Company with
the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the </FONT>Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">To
be in proper form for purposes of this </FONT>Section&nbsp;1.2<FONT STYLE="font-family: Times New Roman, Times, Serif">, a stockholder&rsquo;s
notice of business proposed to be brought before an annual meeting shall set forth:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each Proposing Person, (A) the name and address of each Proposing Person (including, if applicable, the name and address as
they appear on the Company&rsquo;s books), (B) the class and number of shares of the Company which are owned beneficially and of
record by such Proposing Person (with evidence of such ownership attached), except that such Proposing Person shall be deemed for
such purpose to beneficially own any shares of any class or series of capital stock of the Company as to which such Proposing Person
has the right to acquire (whether such right is exercisable immediately or only after the passage of time or the fulfillment of
a condition or both), (B) a representation that such Proposing Person intends to hold the shares of the Company described in the
immediately preceding clause (B) through the date of the annual meeting;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each Proposing Person, any Disclosable Interests of such Proposing Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each item of business that the stockholder proposes to bring before the annual meeting, (A) a reasonably detailed description
of such business, the reason or reasons for conducting such business at the meeting and any material interest in such business
of each Proposing Person, (B) the text of the proposal or business (including the text of any resolutions proposed for consideration),
and (C) a reasonably detailed description of all contracts, agreements, arrangements and understandings (1) between or among any
of the Proposing Persons or (2) between or among any Proposing Person and any other person or persons (including their names) in
connection with the proposal of such business by such stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Proposing
Person</U>&rdquo; shall mean (i) each stockholder of record that provides notice of business proposed to be brought before an annual
meeting pursuant to Section&nbsp;1.2(a) or that signs a Special Meeting Request pursuant to Section&nbsp;1.3(a), (ii) the beneficial
owner or beneficial owners, if different from the stockholder of record, on whose behalf such business proposal or Special Meeting
Request is made, (iii) any participant (as defined in paragraphs&nbsp;(a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A),
with such stockholder in such solicitation or associate (within the meaning of Rule 12b-2 under the <U>Exchange Act</U> for purposes
of these Bylaws) of such stockholder or beneficial owner, and (iv) any other person with whom such stockholder or such beneficial
owner (or any of their respective associates or other participants in such solicitation) is Acting in Concert.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">A
person shall be deemed to be &ldquo;</FONT><U>Acting in Concert</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
with another person for purposes of these Bylaws if such person knowingly acts (whether or not pursuant to an express agreement,
arrangement or understanding) in concert or in parallel with, or towards a common goal with such other person, relating to changing
or influencing the control of the Company or in connection with or as a participant in any transaction having that purpose or effect,
where (i) each person is conscious of the other person&rsquo;s conduct and this awareness is an element in their decision-making
processes and (ii) at least one additional factor suggests that such persons intend to act in concert or in parallel, which such
additional factors may include, without limitation, exchanging information (whether publicly or privately), attending meetings,
conducting discussions, or making or soliciting invitations to act in concert or in parallel; provided, that a person shall not
be deemed to be Acting in Concert with any other person solely as a result of the solicitation or receipt of (x) revocable proxies
or consents from such other person in response to a solicitation made pursuant to, and in accordance with, Section&nbsp;14(a) of
the Exchange Act by way of a proxy or consent solicitation statement filed on Schedule 14(a) or (y) tenders of securities from
such other person in a public tender or exchange offer made pursuant to, and in accordance with, Section&nbsp;14(d) of the Exchange
Act by means of a tender offer statement filed on Schedule TO. A person Acting in Concert with another person shall be deemed to
be Acting in Concert with any third party who is also Acting in Concert with such other person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Disclosable
Interests</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo; shall mean (i)&nbsp;the full notional amount of any
securities that, directly or indirectly, underlie any &ldquo;derivative security&rdquo; (as such term is defined in Rule 16a-1(c)
under the Exchange Act) that constitutes a &ldquo;call equivalent position&rdquo; (as such term is defined in Rule 16a-1(b) under
the Exchange Act) (&ldquo;</FONT><U>Synthetic Equity Position</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;)
and that is, directly or indirectly, held or maintained by such Proposing Person with respect to any shares of any class or series
of shares of the Company; provided that, for the purposes of the definition of &ldquo;Synthetic Equity Position,&rdquo; the term
&ldquo;derivative security&rdquo; shall also include any security or instrument that would not otherwise constitute a &ldquo;derivative
security&rdquo; as a result of any feature that would make any conversion, exercise or similar right or privilege of such security
or instrument becoming determinable only at some future date or upon the happening of a future occurrence, in which case the determination
of the amount of securities into which such security or instrument would be convertible or exercisable shall be made assuming that
such security or instrument is immediately convertible or exercisable at the time of such determination; and, provided, further,
that any Proposing Person satisfying the requirements of Rule 13d-1(b)(1) under the Exchange Act (other than a Proposing Person
that so satisfies Rule 13d-1(b)(1) under the Exchange Act solely by reason of Rule 13d-1(b)(1)(ii)(E)) shall not be deemed to hold
or maintain the notional amount of any securities that underlie a Synthetic Equity Position held by such Proposing Person as a
hedge with respect to a bona fide derivatives trade or position of such Proposing Person arising in the ordinary course of such
Proposing Person&rsquo;s business as a derivatives dealer, (ii)&nbsp;any rights to dividends on the shares of any class or series
of capital stock of the Company owned beneficially by such Proposing Person that are separated or separable from the underlying
shares of the Company, (iii)&nbsp;any material pending or threatened action, suit or proceeding (whether civil, criminal, investigative,
administrative or otherwise) in which such Proposing Person is, or is reasonably expected to be made, a party or material participant
involving the Company or any of its officers, directors or employees, or any affiliate of the Company, or any officer, director
or employee of such affiliate, (iv)&nbsp;any other material relationship between such Proposing Person, on the one hand, and the
Company, any affiliate of the Company, any officer, director or employee of the Company or any affiliate thereof, or any principal
competitor of the Company, on the other hand, (v)&nbsp;any direct or indirect material interest in any material contract or agreement
of such Proposing Person with the Company, any affiliate of the Company or any principal competitor of the Company (including,
in any such case, any employment agreement, collective bargaining agreement or consulting agreement) and (vi)&nbsp;any other information
relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to be made
in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought
before the meeting; provided, however, that Disclosable Interests shall not include any such disclosures with respect to the ordinary
course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely
as a result of being the stockholder directed to prepare and submit the Special Meeting Request required by these Bylaws on behalf
of a beneficial owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">A
stockholder providing notice of business proposed to be brought before an annual meeting shall further update and supplement such
notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct (i)
as of the record date for the meeting and (ii) as of the date that is ten (10) business days prior to the meeting or any adjournment
or postponement thereof. Such updates and supplements shall be delivered to the Secretary at the principal executive office of
the Company not later than five (5) business days after the record date for the meeting (in the case of the update and supplement
required to be made as of the record date), and not later than eight (8) business days prior to the date for the meeting or, if
practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date
to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10)
business days prior to the meeting or any adjournment or postponement thereof). As used herein, the term &ldquo;</FONT><U>business
day</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo; shall mean any day that is not a Saturday or Sunday or
a day on which banks in the city of the Company&rsquo;s principal place of business are required or permitted to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything in these Bylaws to the contrary, except as otherwise required by law, if the Proposing Person (or a qualified representative
of the Proposing Person) giving notice of business proposed to be brought before an annual meeting of the stockholders does not
appear at such annual meeting to present such proposed business, such proposed business shall not be transacted, notwithstanding
that proxies in respect of such vote may have been received by the Company. A &ldquo;<U>qualified representative</U>&rdquo; of
a Proposing Person shall be, if such Proposing Person is (i) a general or limited partnership, any general partner or person who
functions as a general partner of the general or limited partnership or who controls the general or limited partnership, (ii) a
corporation, a duly appointed officer of the corporation, (iii) a limited liability company, any manager or officer (or person
who functions as an officer) of the limited liability company or any officer, director, manager or person who functions as an officer,
director or manager of any entity ultimately in control of the limited liability company or (iv) a trust, any trustee of such trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Meetings</U>. Special meetings of the stockholders of the Company (i) may be called by the Chairman of the Board, the President
or the Secretary when directed to do so by resolution of the Board, (ii) may be called by the Secretary at the written request
of directors representing a majority of the Whole Board and (iii) shall be called by the Secretary upon the written request of
the holders of record of at least a majority of the outstanding shares of common stock of the Company (the &ldquo;<U>Requisite
Percentage</U>&rdquo;), subject to and in compliance with this Section&nbsp;1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">In
order for a special meeting to be called upon stockholder request (&ldquo;</FONT><U>Stockholder Requested Special Meeting</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;),
one or more requests for a special meeting (each, a &ldquo;</FONT><U>Special Meeting Request</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
and, collectively, the &ldquo;</FONT><U>Special Meeting Requests</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;),
in the form required by this Section&nbsp;1.3(a), must be signed by Proposing Persons that have a combined Net Long Beneficial
Ownership of at least the Requisite Percentage. Only Proposing Persons who are stockholders of record at the time the Special Meeting
Requests representing the Requisite Percentage are validly delivered pursuant to this Section&nbsp;1.3 shall be entitled to sign
a Special Meeting Request. In determining whether a Stockholder Requested Special Meeting has been properly requested by Proposing
Persons that have a combined Net Long Beneficial Ownership of at least the Requisite Percentage, multiple Special Meeting Requests
delivered to the Secretary will be considered together only if (i) each Special Meeting Request identifies the same purpose or
purposes of the Stockholder Requested Special Meeting and the same matters proposed to be acted on at such meeting (in each case
as determined in good faith by the Board), and (ii) such Special Meeting Requests have been dated and delivered to the Secretary
within sixty (60) days of the earliest dated Special Meeting Request. To be in proper form, such Special Meeting Requests shall
comply with, and shall include and set forth, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each Proposing Person, (A) the name and address of each Proposing Person (including, if applicable, the name and address as
they appear on the Company&rsquo;s books), (B) the class and number of shares of the Company which are owned beneficially and of
record by such Proposing Person (with evidence of such ownership attached), except that such Proposing Person shall be deemed for
such purpose to beneficially own any shares of any class or series of capital stock of the Company as to which such Proposing Person
has the right to acquire (whether such right is exercisable immediately or only after the passage of time or the fulfillment of
a condition or both), (C) a representation that such Proposing Person intends to hold the shares of the Company described in the
immediately preceding clause (B) through the date of the Stockholder Requested Special Meeting and (D) an acknowledgement by the
Proposing Person that any reduction in such Proposing Person&rsquo;s Net Long Beneficial Ownership with respect to which a Special
Meeting Request relates following the delivery of such Special Meeting Request to the Secretary shall constitute a revocation of
such Special Meeting Request to the extent of such reduction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each Proposing Person, any Disclosable Interests of such Proposing Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to the purpose or purposes of the Stockholder Requested Special Meeting, a reasonably brief statement of the specific purpose or
purposes of the Stockholder Requested Special Meeting, the matter(s) proposed to be acted on and the reasons for conducting such
business at the Stockholder Requested Special Meeting, and the text of any proposal or business to be considered at the Stockholder
Requested Special Meeting (including the text of any resolutions proposed to be considered and, in the event that such business
includes a proposal to amend the Bylaws, the language of the proposed amendment); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Such
other information and representations as would be required by Section&nbsp;1.2, including, without limitation, all such information
regarding any material interest of the Proposing Person in the matter(s) proposed to be acted on at the Stockholder Requested Special
Meeting and all agreements, arrangements or understandings between or among any Proposing Person and any other record holder or
beneficial owner of shares of any class or series of capital stock of the Company in connection with the Special Meeting Request
or the matter(s) proposed to be brought before the Stockholder Requested Special Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section&nbsp;1.3, &ldquo;<U>Net Long Beneficial Ownership</U>&rdquo; shall mean those shares of common stock of
the Company as to which the stockholder or Proposing Person, as applicable, possesses (i)&nbsp;the sole power to vote or direct
the voting, (ii)&nbsp;the sole economic incidents of ownership (including the sole right to profits and the sole risk of loss),
and (iii)&nbsp;the sole power to dispose of or direct the disposition; provided that the number of shares calculated in accordance
with clauses&nbsp;(i), (ii) and (iii) shall not include any Synthetic Equity Position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything to the contrary in this Section&nbsp;1.3:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
Secretary shall not accept, and shall consider ineffective, a Special Meeting Request if (A)&nbsp;such Special Meeting Request
does not comply with these Bylaws, or relates to an item of business that is not a proper subject for stockholder action under
applicable law, (B)&nbsp;the Special Meeting Request is received by the Company during the period commencing ninety (90) days prior
to the first anniversary of the date of the immediately preceding annual meeting of stockholders and ending on the date of the
final adjournment of the next annual meeting of stockholders, (C)&nbsp;an identical or substantially similar item (a &ldquo;</FONT><U>Similar
Item</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;) to that included in the Special Meeting Request was presented
at any meeting of stockholders held within one year prior to receipt by the Company of such Special Meeting Request, (D)&nbsp;the
Chairman, President </FONT>or the Secretary when directed to do so by resolution of the Board or the Secretary at the written request
of the Whole Board<FONT STYLE="font-family: Times New Roman, Times, Serif"> calls an annual or special meeting of stockholders
(in lieu of calling the Stockholder Requested Special Meeting) in accordance with Section&nbsp;1.3(b)(iii), (E)&nbsp;a Similar
Item is already included in the Company&rsquo;s notice as an item of business to be brought before a meeting of the stockholders
that has been called but not yet held, or (F)&nbsp;such Special Meeting Request was made in a manner that involved a violation
of Regulation 14A under the Exchange Act, or other applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Business
transacted at any Stockholder Requested Special Meeting shall be limited to the purpose stated in the valid Special Meeting Request;
provided, however, that nothing herein shall prohibit the Chairman, President </FONT>or the Secretary when directed to do so by
resolution of the Board or the Secretary at the written request of the Whole Board<FONT STYLE="font-family: Times New Roman, Times, Serif">
from submitting matters to the stockholders at any Stockholder Requested Special Meeting. If none of the Proposing Persons who
submitted the Special Meeting Request appears at or sends a qualified representative to the Stockholder Requested Special Meeting
to present the matters to be presented for consideration that were specified in the stockholder meeting request, the Company need
not present such matters for a vote at such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">If
a Special Meeting Request is made that complies with this Section&nbsp;1.3, the Chairman, President </FONT>or the Secretary when
directed to do so by resolution of the Board or the Secretary at the written request of the Whole Board <FONT STYLE="font-family: Times New Roman, Times, Serif">may
(in lieu of calling the Stockholder Requested Special Meeting) present a Similar Item for stockholder approval at any other meeting
of stockholders that is held within one hundred twenty (120) days after the Company receives such Special Meeting Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Any
Proposing Person may revoke a Special Meeting Request by written revocation delivered to, or mailed and received by, the Secretary
at any time prior to the date of the Stockholder Requested Special Meeting. In the event any revocation(s) are received by the
Secretary after the Secretary&rsquo;s receipt of a valid Special Meeting Request(s) from the holders of the Requisite Percentage
of stockholders or any Special Meeting Request is deemed to be revoked as a result of Section&nbsp;1.3(a)(i), and as a result of
such revocation(s), there no longer are valid unrevoked Special Meeting Request(s) from the Requisite Percentage of stockholders
to call a special meeting, the Chairman, President </FONT>or the Secretary when directed to do so by resolution of the Board or
the Secretary at the written request of the Whole Board<FONT STYLE="font-family: Times New Roman, Times, Serif"> shall have the
discretion to determine whether or not to proceed with the Stockholder Requested Special Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything in these Bylaws to the contrary, the Secretary shall not be required to call a special meeting except in accordance with
this Section&nbsp;1.3. If the Chairman shall determine that any Special Meeting Request was not properly made in accordance with
these Bylaws, or shall determine that the stockholder or stockholders submitting such Special Meeting Request have not otherwise
complied with these Bylaws, then the </FONT>Chairman <FONT STYLE="font-family: Times New Roman, Times, Serif">shall not be required
to take any action in connection with the Stockholder Requested Special Meeting, and the Secretary shall not be required to call
such meeting. In addition to the requirements of this Section&nbsp;1.3, each Proposing Person shall comply with all requirements
of applicable law, including all requirements of the Exchange Act, with respect to any request to fix a Special Meeting Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">In
connection with a Stockholder Requested Special Meeting called in accordance with this Section&nbsp;1.3, each Proposing Person
that signed and delivered a Special Meeting Request shall further update and supplement the information previously provided to
the Company in connection with such request, if necessary, so that the information provided or required to be provided in such
request pursuant to this Section&nbsp;1.3 shall be true and correct (i) as of the record date for notice of the Stockholder Requested
Special Meeting and (ii) as of the date that is ten (10) business days prior to the Stockholder Requested Special Meeting or any
adjournment or postponement thereof. Such updates and supplements shall be delivered to, or mailed and received by, the Secretary
at the principal executive office of the Company not later than five (5) business days after the record date for notice of the
special meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight
(8) business days prior to the date for the special meeting or, if practicable, any adjournment or postponement thereof (and, if
not practicable, on the first practicable date prior to the date to which the special meeting has been adjourned or postponed)
(in the case of the update and supplement required to be made as of ten (10) business days prior to the Stockholder Requested Special
Meeting or any adjournment or postponement thereof). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Any
special meeting of stockholders, including any Stockholder Requested Special Meeting, shall be held at such date and time as may
be fixed by the Board in accordance with these Bylaws and in compliance with applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner
of Giving Notice</U>. Notice of any annual or special meeting of the stockholders shall be given either personally, by electronic
transmission in the manner provided in Section&nbsp;232 of the <U>DGCL,</U> by mail to each stockholder of record entitled to vote
at such meeting, or in the manner provided in Section&nbsp;7.2 of these Bylaws. If mailed, such notice shall be deemed to be given
when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his or her address as it
appears on the stock transfer books of the Company. If given by electronic transmission, such notice shall be deemed to be given
at the times provided in the DGCL or in Section&nbsp;7.2 of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Director Nominations</U>. (a)&nbsp;Nominations of any person for election to the Board may be made only (i) by or at the direction
of the Board or (ii) by any stockholder who (A) was a stockholder of record of the Company (and, with respect to any beneficial
owner, if different from stockholder of record, on whose behalf such nomination is proposed to be made, only if such beneficial
owner was the beneficial owner of shares of the Company) both at the time of giving the notice provided for in Section&nbsp;1.5(b)
and at the time of the meeting or at the time of providing written consent in lieu of a meeting, (B) is entitled to vote at the
meeting or act by written consent in lieu of a meeting, and (C) has complied with this Section&nbsp;1.5 as to such nomination.
The foregoing clause (ii) shall be the exclusive means for a stockholder to make any nomination of a person for election to the
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Without
qualification, for a stockholder to make any nomination of a person for election to the Board at an annual meeting, the stockholder
must (i)&nbsp;deliver timely notice thereof in writing and in proper form to the Secretary at the principal executive office of
the Company and (ii)&nbsp;provide any updates and supplements to such notice at the times and in the forms required by Section&nbsp;1.5(e).
Without qualification, if the election of directors is a matter specified in the Company&rsquo;s notice of a special meeting given
by or at the direction of (i) the Chairman, President </FONT>or the Secretary when directed to do so by resolution of the Board,
(ii) the Secretary at the written request of the Whole Board, or (iii) the Secretary upon receipt of the Special Meeting Request<FONT STYLE="font-family: Times New Roman, Times, Serif">,
as the case may be, then for a stockholder (other than the Requisite Percentage of stockholders) to make any nomination of a person
or persons (as the case may be) for election to such position(s) as specified in the Company&rsquo;s notice of meeting, such stockholder
must (i) deliver timely notice thereof in writing and in proper form to the Secretary at the principal executive office of the
Company and (ii) provide any updates and supplements to such notice at the times and in the forms required by Section&nbsp;1.5(e).
To be timely, a stockholder&rsquo;s (other than the Requisite Percentage of stockholders) notice for nomination(s) to be made at
a special meeting must be delivered to the Secretary at the principal executive office of the Company not earlier than the one
hundred twentieth (120th) day prior to the date of such special meeting and not later than the later of the ninetieth (90th) day
prior to the date of such special meeting or the tenth (10th) day following the day on which public disclosure of the date of such
special meeting was first made by the Company. Without qualification, if the Requisite Percentage of stockholders seeks to make
any nomination of a person for election to the Board at a special meeting, such stockholder representing the Requisite Percentage
must (i) concurrently with delivery of the Special Meeting Request, deliver notice thereof in writing and in proper form to the
Secretary at the principal executive office of the Company and (ii) provide any updates and supplements to such notice at the times
and in the forms required by Section&nbsp;1.5(e). In no event shall any adjournment of an annual or special meeting or the announcement
thereof, commence a new time period (or extend the time period) for the giving of a stockholder&rsquo;s notice as described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">To
be in proper form for purposes of this Section&nbsp;1.5, a stockholder&rsquo;s notice for nominations to be made shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each Nominating Person, set forth the same stockholder information required to be provided in Section&nbsp;1.2(c)(i) or Section&nbsp;1.3(a)(i)
as applicable, except that, for purposes of this Section&nbsp;1.5(c)(i), the term &ldquo;</FONT><U>Nominating Person</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
shall be substituted for the term &ldquo;</FONT><U>Proposing Person</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
in all places it appears in Section&nbsp;1.2(c)(i) or Section&nbsp;1.3(a)(i) as applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
to each Nominating Person, set forth any Disclosable Interests, except that, for purposes of this Section&nbsp;1.5(c)(ii), the
term &ldquo;<U>Nominating Person</U>&rdquo; shall be substituted for the term &ldquo;<U>Proposing Person</U>&rdquo; in all places
it appears in Section&nbsp;1.2(c)(iv)(C) and <FONT STYLE="font-family: Times New Roman, Times, Serif">any other information relating
to such Nominating Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection
with solicitations of proxies by such Nominating Person with respect to the election of directors at the</FONT> meeting pursuant
to Section&nbsp;14(a) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">As
to each person whom a Nominating Person proposes to nominate for election as a director, set forth (A) all information with respect
to such proposed nominee that would be required to be set forth in a stockholder&rsquo;s notice pursuant to this Section&nbsp;1.5(c)
if such proposed nominee were a Nominating Person, (B) all information relating to such proposed nominee that is required to be
disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of
directors in a contested election pursuant to Section&nbsp;14(a) under the Exchange Act (including such proposed nominee&rsquo;s
written consent to being named in the proxy statement as a nominee and to serving as a director if elected), and (C) a description
of any material relationships, between or among any Nominating Person, on the one hand, and each proposed nominee or any of his
or her respective affiliates and associates, on the other hand, including, without limitation, all information that would be required
to be disclosed pursuant to Item 404 under Regulation S-K if such Nominating Person were the &ldquo;registrant&rdquo; for purposes
of such rule and the proposed nominee were a director or executive officer of such registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">With
respect to each nominee for election or reelection to the Board, include a completed and signed questionnaire, representation and
agreement as required by Section&nbsp;1.6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may require any proposed nominee
to furnish such other information (i) as may reasonably be required by the Company to determine the eligibility of such proposed
nominee to serve as a director of the Company or (ii) that could be material to a reasonable stockholder&rsquo;s understanding
of the eligibility, of such proposed nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">For
purposes of this Section&nbsp;1.5, the term &ldquo;</FONT><U>Nominating Person</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
shall mean (i) the stockholder providing the notice of the nomination proposed to be made, (ii) the beneficial owner or beneficial
owners, if different from the stockholder of record, on whose behalf the notice of the nomination proposed to be made is made and
(iii) any affiliate or associate of such stockholder or beneficial owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">A
Nominating Person providing notice of any nomination proposed to be made at a meeting shall further update and supplement such
notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct (i)
as of the record date for the meeting and (ii) as of the date that is ten (10) business days prior to the meeting or any adjournment
or postponement thereof. Such updates and supplements shall be delivered to the Secretary at the principal executive office of
the Company not later than five (5) business days after the record date for the meeting (in the case of the update and supplement
required to be made as of the record date), and not later than eight (8) business days prior to the date for the meeting or, if
practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date
to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10)
business days prior to the meeting or any adjournment or postponement thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything in these Bylaws to the contrary, no person shall be eligible for election as a director of the Company unless nominated
in accordance with this Section&nbsp;1.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Submission
of Questionnaire, Representation and Agreement</U>. To be eligible to be a nominee for election or reelection as a director of
the Company, a proposed nominee must deliver (in accordance with the time periods prescribed for delivery of a stockholder&rsquo;s
notice under Section&nbsp;1.5(b)), to the Secretary at the principal executive office of the Company a written questionnaire with
respect to the background and qualification of such proposed nominee (which questionnaire shall be provided by the Secretary upon
written request), and a written representation and agreement (in form provided by the Secretary upon written request) that such
proposed nominee (i) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given
any commitment or assurance to, any person as to how such proposed nominee, if elected as a director of the Company, will act or
vote on any issue or question (a &ldquo;<U>Voting Commitment</U>&rdquo;) that has not been fully disclosed to the Company or (B)
any Voting Commitment that could limit or interfere with such proposed nominee&rsquo;s ability to comply, if elected as a director
of the Company, with such proposed nominee&rsquo;s fiduciary duties under applicable law, (ii) is not, and will not become a party
to, any agreement, arrangement or understanding with any person other than the Company with respect to any direct or indirect compensation,
reimbursement or indemnification in connection with service or action as a director of the Company that has not been fully disclosed
to the Company, and (iii) in such proposed nominee&rsquo;s individual capacity and on behalf of any person on whose behalf the
nomination is made, would be in compliance, if elected as a director of the Company, and will comply, with the Company&rsquo;s
Corporate Governance Guidelines and Code of Conduct and Business Ethics, including all applicable, publicly disclosed conflict
of interest, confidentiality, stock ownership and insider trading policies and guidelines of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
(a)&nbsp;&nbsp;Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the Chairman of any annual
or special meeting of the stockholders shall have the power and duty to determine whether any nomination to be made at, or any
other business proposed to be brought before, the meeting has been made, proposed or brought, as the case may be, in compliance
with these Bylaws and, if any such nomination or other proposed business is not in compliance with these Bylaws, to declare that
such defective nomination or proposal of other business shall be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything in these Bylaws to the contrary, a Nominating Person giving notice of a nomination to be made at, or a Proposing Person
proposing any other business be brought before, an annual or special meeting of the stockholders shall also comply with all applicable
requirements of the Exchange Act with respect to such nomination or business, as the case may be; provided, however, that any references
in these Bylaws to the Exchange Act are not intended to and shall not limit the separate and additional requirements set forth
in these Bylaws with respect to nominations or proposals of other business. Nothing in these Bylaws shall be deemed to affect any
rights (i) of any stockholder to request inclusion of proposals in the Company&rsquo;s proxy statement in accordance with Rule
14a-8 under the Exchange Act or (ii) of any holder of any series of preferred stock of the Company if and to the extent provided
under law, the Certificate of Incorporation or these Bylaws. Subject to Rule 14a-8 under the Exchange Act, nothing in these Bylaws
shall be construed to permit any stockholder, or give any stockholder the right, to include or have disseminated or described in
the Company&rsquo;s proxy statement any nomination of a person for election to the Board or any proposal of other business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum</U>.
Shares representing a majority of the votes entitled to be cast on a matter by all classes or series that are entitled to vote
thereon and be counted together collectively, represented in person or by proxy at any meeting of the stockholders, shall constitute
a quorum for the transaction or business thereat with respect to such matter, unless otherwise provided by law or these Bylaws.
In the absence of a quorum at any such meeting or any adjournment or adjournments thereof, the chairman of such meeting or the
holder of shares representing a majority of the votes cast on the matter of adjournment, either in person or by proxy, may adjourn
such meeting from time to time until a quorum is obtained. When a meeting is adjourned to another time or place, notice need not
be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken.
At any such adjourned meeting at which a quorum has been obtained, any business may be transacted that might have been transacted
at the meeting as originally called. If, however, the adjournment is for more than thirty (30) days, or if after the adjournment
a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record
entitled to vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Required
Vote</U>. (a)&nbsp;&nbsp;Whenever any corporate action is to be taken by vote of stockholders at a meeting, it shall, except as
otherwise required by law or by the Certificate of Incorporation or by these Bylaws, be authorized by a majority of the votes cast
at the meeting by the holders of stock entitled to vote thereat, provided that, with respect to the election of directors, if the
number of nominees exceeds the number of directors to be elected, the directors shall be elected by the vote of a plurality of
the votes cast. For purposes of this Section&nbsp;1.9(a), &ldquo;<U>a majority of the votes cast</U>&rdquo; with respect to the
election of directors means that the number of votes cast for a director&rsquo;s election exceeds fifty percent of the number of
votes cast with respect to that director&rsquo;s election. If a nominee for director who is an incumbent director is not elected
at such meeting, the director shall offer to tender his or her resignation to the Board. The Nomination Committee, if any, shall
make a recommendation to the Board on whether to accept or reject the resignation, or whether other action should be taken. The
Board will act on the Nomination Committee&rsquo;s recommendation and disclose its decision and the rationale behind it within
ninety (90) days from the date of the certification of the election results. The director who tenders his or her resignation will
not participate in the Board&rsquo;s decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
provided by law or by the Certificate of Incorporation, each holder of record of stock of the Company entitled to vote on any matter
shall be entitled to one vote for each share of capital stock standing in the name or such holder on the stock ledger of the Company
on the record date for the determination of the stockholders entitled to vote on such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of
these Bylaws, a share present at a meeting, but for which there is an abstention or broker nonvote on a particular matter shall
be counted as present for the purpose of establishing a quorum but shall not be counted as a vote cast on the matter in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stockholder
Action by Written Consent</U>. The provisions of this Section&nbsp;1.10 shall govern any action taken by the stockholders by consent
in writing without a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order that
the Company may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board may
fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by
the Board, and which date shall not be more than ten (10) days after the date upon which the resolution fixing the record date
is adopted by the Board. No stockholder shall be entitled to act by written consent unless a stockholder of record first, by written
notice delivered to the <FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary at the principal executive office of
the Company</FONT>, requests that the Board fix a record date. The Board shall promptly, but in all events within ten (10) days
after the date on which such written notice is received, adopt a resolution fixing the record date (unless a record date has previously
been fixed by the Board pursuant to the first sentence of this Section&nbsp;1.10(a)). If no record date has been fixed by the Board
pursuant to the first sentence of this Section&nbsp;1.10(a) or otherwise within ten (10) days after the date on which such written
notice is received, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting,
when no prior action by the Board is required by applicable law, shall be the first date after the expiration of such ten (10)
day time period on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the <FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary
at the principal executive office of the Company</FONT>. If no record date has been fixed by the Board pursuant to the first sentence
of this Section&nbsp;1.10(a), the record date for determining stockholders entitled to consent to corporate action in writing without
a meeting if prior action by the Board is required by applicable law shall be at the close of business on the date on which the
Board adopts the resolution taking such prior action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of
the delivery, in the manner provided by this Section&nbsp;1.10 and applicable law, to the Company of a signed written consent or
consents to take corporate action and/or any related revocation or revocations, the Company shall engage independent inspectors
of elections for the purpose of performing promptly a ministerial review of the validity of the consents and revocations. For the
purpose of permitting the inspectors to perform such review, no action by written consent and without a meeting shall be effective
until such inspectors have completed their review, determined that the requisite number of valid and unrevoked consents delivered
to the Company in accordance with this Section&nbsp;1.10 and applicable law have been obtained to authorize or take the action
specified in the consents, and certified such determination for entry in the records of the Company kept for the purpose of recording
the proceedings of meetings of stockholders. The action by written consent and without a meeting will take effect as of the date
and time of the certification of the written consents and will not relate back to the date the written consents to take the corporate
action were delivered to the Company. In the event that the action by written consent and without a meeting elects a director or
directors to the Board, such newly elected director or directors shall take office and have the authority of a director conferred
upon them as of the date and time of the certification, and not the date of delivery to the Company, of the written consents. In
the event that the action by written consent and without a meeting replaces a director or directors on the Board of Directors,
the authority of such replaced director or directors shall continue until the date and time of the certification of the written
consents. Nothing contained in this Section&nbsp;1.10(b) shall in any way be construed to suggest or imply that the Board or any
stockholder shall not be entitled to contest the validity of any consent or revocation thereof, whether before or after such certification
by the independent inspectors, or to take any other action (including, without limitation, the commencement, prosecution or defense
of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every written
consent shall bear the date of the signature of each stockholder who signs the consent, and no written consent shall be effective
to take corporate action unless, within sixty (60) days of the earliest dated valid consent delivered in the manner described in
this Section&nbsp;1.10, a valid written consent or valid written consents signed by a sufficient number of stockholders to take
such action are delivered to the Company in the manner prescribed in this Section&nbsp;1.10 and applicable law, and not revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proxies,
Written Authorization and Electronic Authorization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each stockholder
entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting
may authorize another person or persons to act for such stockholder by proxy but no such proxy shall be voted or acted upon after
three (3) years from its date, unless the proxy provides for a longer period. Every proxy shall be signed by the stockholder or
by such stockholder&rsquo;s duly authorized attorney. A proxy that does not bear a date shall be deemed to be dated the date it
was first delivered to one or more of the persons named to act under such proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stockholder
or a stockholder&rsquo;s duly authorized attorney-in-fact may authorize another person or persons to act for him as proxy by executing
a writing authorizing such person or persons to act as such proxy. Execution may be accomplished by the stockholder or such stockholder&rsquo;s
duly authorized attorney-in-fact or authorized officer, director, employee or agent signing such writing or causing such stockholder&rsquo;s
signature to be affixed to such writing by any reasonable means including, but not limited to, by facsimile signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary
may approve procedures to enable a stockholder or a stockholder&rsquo;s duly authorized attorney-in-fact to authorize another person
or persons to act for him as proxy by transmitting or authorizing the transmission of a telegram, cablegram, internet transmission,
telephone transmission or other means of electronic transmissions to the person who will be the holder of the proxy or to a proxy
solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the
proxy to receive such transmission, provided that any such transmission must either set forth or be submitted with information
from which the judges or inspectors of election can determine that the transmission was authorized by the stockholder or the stockholder&rsquo;s
duly authorized attorney-in-fact. If it is determined that such transmissions are valid, the judges or inspectors shall specify
the information upon which they relied. Any copy, facsimile telecommunication or other reliable reproduction of the writing or
transmission created pursuant to this Section&nbsp;1.11(c) may be substituted or used in lieu of the original writing or transmission
for any and all purposes for which the original writing or transmission could be used, provided that such copy, facsimile telecommunication
or other reproduction shall be a complete reproduction of the entire original writing or transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lists
of Stockholders</U>. (a)&nbsp;The officer who has charge of the stock ledger of the Company shall prepare and make, at least ten
(10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in
alphabetical order and showing the address of each stockholder and the number of shares registered in such stockholder&rsquo;s
name. Such list shall be open to the examination of any stockholder entitled to vote at the meeting, for any purpose germane to
the meeting, during ordinary business hours, for a period of at least ten (10) 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 entitled to vote at the meeting who is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stock ledger
shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by this Section&nbsp;1.12
or the books or the Company, or to vote in person or by proxy at any meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One or more judges
or inspectors of election for any meeting of stockholders may be appointed by the Chairman of such meeting, for the purpose of
receiving and taking charge of proxies and ballots and deciding all questions as to the qualification of voters, the validity of
proxies and ballots and the number of votes properly cast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stockholder
Record Date</U>. (a)&nbsp;&nbsp;Except as provided otherwise under Section&nbsp;1.10, in order that the Company may determine the
stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, 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 or stock, or for the purpose of any other lawful action, the Board may fix, in advance, a record
date, which shall not be more than <FONT STYLE="font-family: Times New Roman, Times, Serif">sixty (60)</FONT> days nor less than
ten (10) days before the date of such meeting, nor more than <FONT STYLE="font-family: Times New Roman, Times, Serif">sixty (60)</FONT>
days prior to any other action. Only such stockholders as shall be stockholders of record on the date so fixed shall be entitled
to notice of, and to vote at, such meeting and any adjournment thereof, or to receive payment of such dividend or other distribution,
or to exercise such rights in respect of any such change, conversion or exchange of stock, or to participate in such action, as
the case may be, notwithstanding any transfer of any stock on the books of the Company after any record date so fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided
otherwise under Section&nbsp;1.10, if no record date is fixed by the Board, (i)&nbsp;the record date for determining stockholders
entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the date
on which notice is given, and (ii)&nbsp;the record date for determining stockholders for any other purpose shall be at the close
of business on the day on which the Board adopts the resolution relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;
provided, however, that the Board may fix a new record date for the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Presiding
Officer and Secretary</U>. The Board may designate the person who shall act as chairman of any meeting of the stockholders. Unless
the Board shall designate a different chairman of the meeting, at all meetings of the stockholders, the Chairman of the Board or,
in the Chairman&rsquo;s absence, the Chief Executive Officer, or in the Chief Executive Officer&rsquo;s absence, the President,
or in the President&rsquo;s absence, the Executive Vice President shall act as chairman of the meeting. In the absence of all of
the foregoing persons or in absence of a designation by the Board, a majority of the shares entitled to vote at such meeting, may
appoint any person to act as chairman of the meeting. The Secretary of the Company shall act as secretary at all meetings of the
stockholders. In the absence of the Secretary, the Chairman may appoint any person to act as secretary of the meeting. The Chairman
shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are
necessary or desirable for the proper conduct of the meeting, including without limitation, the establishment of procedures for
the dismissal of business not properly presented, the maintenance of order and safety, limitations on the time allotted to questions
or comments on the affairs of the Company, restrictions on entry to such meeting after the time prescribed for the commencement
thereof and the opening and closing of the voting polls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
II<BR>
<BR>
Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Powers</U>. Subject to the provisions of the DGCL and any limitations in the Certificate of Incorporation or these Bylaws relating
to action required to be approved by the stockholders, the business and affairs of the Company shall be managed, and all corporate
powers shall be exercised by or under the direction of, the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Directors</U>. The number of directors constituting the Board shall be not more than fifteen (15) and not less than three (3),
the exact number of directors to be fixed from time to time exclusively by the Board pursuant to a resolution adopted by a majority
of the Whole Board. Directors need not be stockholders. No reduction in the total number of directors fixed from time to time by
the Board shall have the effect of removing any director before that director&rsquo;s term of office expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
of Directors</U>. Directors shall be elected for terms at the annual meeting of stockholders in the year such terms are to commence,
except that after June&nbsp;30, 1995, directors whose terms of office have expired shall be elected at the annual meeting of stockholders.
Each director shall hold office until such director&rsquo;s successor is elected and qualified or until such director&rsquo;s earlier
resignation or removal for cause. If the annual election of directors is not held on the date designed therefore, the directors
shall cause such election to be held as soon thereafter as convenient. There shall be three (3) classes of Directors; the number
of Directors of each class shall be determined by the Board. These Directors are classified as Class I, Class II and Class III.
The term of a Class I director shall be for one (1) year. The term of a Class II director shall be for two (2) years. The term
of a Class III director shall be for three (3) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacancies
and Newly Created Directorships</U>. Newly-created directorships resulting from any increase in the number of directors and any
vacancies on the Board resulting from death, resignation, retirement, disqualification, removal from office or other cause shall
be filled only by a majority vote of all the remaining directors, even though less than a quorum, or by a sole remaining director,
and not by the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation
or Removal</U>. Any director may resign from office at any time either by oral tender of resignation at any meeting to the Board
or to the Chairman or by giving a written notice to the Secretary. Any such resignation shall take effect at the time it specifies
or, if the time is not specified, upon receipt, and the acceptance of such resignation, unless required by its terms, shall not
be necessary to make such resignation effective. Any director may be removed, only for cause, at any time, by the holders of a
majority of the then outstanding shares of stock of the Company entitled to vote at an election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Meetings</U>.
Meetings of the Board, regular or special, may be held at any place within or without the State of Delaware. An annual meeting
of the Board for the appointment of officers and the transaction of any other business shall be held immediately following the
annual meeting of stockholders at the same place at which such meeting shall have been held, and no notice thereof need be given.
If the meeting is not so held, the annual meeting of the Board shall take place as soon thereafter as is practicable, either at
the next regular meeting of the Board or at the special meeting. The Board may fix times and places for regular meetings of the
Board and no notice of such meetings need be given. A special meeting of the Board shall be held whenever called by the Chairman
or by any director (except that if more than one meeting shall be called by directors in any period of <FONT STYLE="font-family: Times New Roman, Times, Serif">one
hundred eighty (</FONT>180) days or less, each such meeting so called may be called only by a majority of the directors then in
office) at such time and place as shall be specified in the notice or waiver thereof. Notice of the place, date, and time of each
such special meeting shall be given to each director unless waived, by providing written notice not less than four (4) hours before
the scheduled time of such meeting. Unless otherwise indicated in the notice thereof, any and all business may be transacted at
a special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum
and Voting</U>. One-third of the Whole Board of Directors shall constitute a quorum for the transaction of business (except as
otherwise provided by Section&nbsp;2.4 hereof), but in no event shall a quorum consist of less than two (2) directors. If there
be less than a quorum at any meeting of the Board, a majority of the directors present may adjourn the meeting from time to time,
and no further notice thereof need be given other than announcement at the meeting which shall be so adjourned. Except as otherwise
provided by law or by these Bylaws, the act of a majority of the directors present at a meeting at which a quorum is present shall
be the act of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Written
Consents and Meetings by Telephone</U>. Any action required or permitted to be taken at any meeting of the Board or any committee
thereof may be taken without a meeting if all members of the Board or of such committee, as the case may be, consent thereto in
writing and the writing or writings are filed with the minutes of proceedings of the Board or committee. Members of the Board or
any committee designated by the Board may participate in a meeting of such Board or 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 participation
in a meeting pursuant to this sentence shall constitute presence in person at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>.
Directors may receive compensation for services to the company in their capacities as directors or otherwise in such manner and
in such amounts as may be fixed from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
&ldquo;Whole Board&rdquo;</U>. As used in these Bylaws, the term &ldquo;<U>the Whole Board</U>&rdquo; or &ldquo;<U>the Whole Board
of Directors</U>&rdquo; means the total number of directors which the Company would have if there were no vacancies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III<BR>
<BR>
Committees of the Board</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
and Powers</U>. The Board may from time to time by resolution passed by a majority of the Whole Board, designate an executive committee
or such other committee or committees as it may determine, each committee to consist of one or more directors of the Company. Any
such committee, to the extent provided in the resolution, shall have and may exercise any of the powers and authority of the Board
in the management of the business and affairs of the Company, and may authorize the seal of the Company to be affixed to all papers
which may require it, all subject to the exceptions set forth in the DGCL. 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 any committee and of any alternate member designated by the Board, the member or members present
at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint
another member of the Board to act at the meeting in place of any such absent or disqualified member. Any such committee may adopt
titles governing the method of calling and time and place of holding its meetings. Unless otherwise provided by the Board, a majority
of any such committee shall constitute a quorum for the transaction of business, and the act of a majority of the members of such
committee present at the meeting at which a quorum is present shall be the act of such committee. Each such committee shall keep
a record of its acts and proceedings and shall report thereon to the Board whenever requested so to do. Any or all members of any
such committees may be removed, with or without cause, by resolution of the Board, adopted by a majority of the Whole Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IV<BR>
<BR>
Officers, Agents and Employees</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
and Qualification</U>. The officers of the Company shall be a Chairman of the Board, a Chief Executive Officer, a Chief Financial
Officer, a President, a Treasurer and a Secretary, and may include one or more Vice Presidents, one or more Assistant Treasurers
and one or more Assistant Secretaries, all of whom shall be appointed by the Board. The Chairman shall be chosen from among the
directors. Any number of offices may be held by the same person. Each officer shall hold office until such officer&rsquo;s successor
is elected and qualified or until such officer&rsquo;s earlier resignation or removal. The Board may appoint, and may delegate
power to appoint, such other officers, agents and employees as it may deem necessary or proper, who shall hold office for such
period, have such authority and perform such duties as may from time to time be prescribed by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Removal
of Officers, Agents or Employees</U>. Any officer, agent or employee of the Company may be removed by the Board with or without
cause at any time, and the Board may delegate such power of removal as in officers, agents and employees not appointed by the Board.
Such removal shall be without prejudice to such person&rsquo;s contract rights, if any, but the appointment of any person as an
officer, agent or employee of the Company shall not of itself create contract rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
and Bond</U>. The compensation of the officers of the Company shall be fixed by the Board, but this power may be delegated to any
officer in respect of the other officers under such officer&rsquo;s direction or control. The Company may secure the fidelity of
any or all of its officers, agents or employees by bond or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chairman
of the Board</U>. The Chairman of the Board shall be the senior Board member. The Chairman shall ensure that the Board uses the
best judgment and independent discretion, and is responsible for the determination and execution of corporate policy, including
supervision and vigilance for the welfare of the whole company. The Chairman shall preside at all meetings of the stockholders
and of the Board at which the Chairman is present. The Chairman shall have such powers and perform such duties as generally pertain
to the office of the Chairman of the Board, as well as such further powers and duties as may be prescribed by the Board. The Chairman
may vote the shares or other securities of any other domestic or foreign Company of any type or kind which may at any time be owned
by the Company, may execute any stockholder or other consent in respect thereof and may in the Chairman&rsquo;s discretion delegate
such powers by executing proxies, or otherwise, on behalf of the Company. The Board, by resolution from time to time, may confer
like other powers upon any other person or persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chief
Executive Officer</U>. The Chief Executive Officer shall have general charge of the business and affairs of the Company and shall
keep the Board fully advised. The Chief Executive Officer shall employ and discharge employees and agents of the Company, except
such as shall be appointed by the Board, and the Chief Executive Officer may delegate these powers to the other officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>President</U>.
The President shall be the chief operating officer of the Company. The President shall employ and discharge employees and agents
of the Company, except such as shall be appointed by the Board, and the President may delegate these powers to other officers.
The President shall have such powers and perform such duties as generally pertain to the office of the President, as well as such
further powers and duties as may be prescribed by the Board. The Board, by resolution from time to time, may confer like-other
powers upon any other person or persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vice
Presidents</U>. Each Vice President shall have such powers and perform such duties as the Board, the Chairman or the President
may from time to time prescribe. In the absence or inability to act of the President, unless the Board shall otherwise provide,
or unless there shall be in office an Executive Vice President (who shall have been determined by the Board to be senior to all
other Vice Presidents), the Vice President who has served in that capacity for the longest time and who shall be present and able
to act, shall perform all the duties and may exercise any of the powers of the President. The performance of any duty by a Vice
President shall, in respect of any other person dealing with the Company, be conclusive evidence of such Vice President&rsquo;s
power to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasurer</U>.
The Treasurer shall have charge of all funds and securities of the Company, shall endorse the same for the deposit or collection
when necessary and deposit the same to the credit of the Company in such banks or depositories as the Board may authorize. The
Treasurer may endorse all commercial documents requiring endorsements for or on behalf of the Company and may sign all receipts
and vouchers for payments made to the Company. The Treasurer shall have all such further powers and duties as generally are incident
to the position of Treasurer or as may be assigned to the Treasurer by the Chairman, the President or the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assistant
Treasurer</U>. In the absence or inability to act of the Treasurer, any Assistant Treasurer may perform all the duties and exercise
all the powers of the Treasurer. The performance of any such duty shall, in respect of any other person dealing with the Company,
be conclusive evidence of such Assistant Treasurer&rsquo;s power to act. An Assistant Treasurer shall also perform such other duties
as the Treasurer or the Board may assign to such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary</U>.
The Secretary shall record all proceedings of meetings of the stockholders and directors in a book kept for that purpose and shall
file in such book all written consents of directors to any action taken without a meeting. The Secretary shall attend to the giving
and serving of all notice of the Company. The Secretary shall have custody of the seal of the Company and shall attest the same
by signature whenever required. The Secretary shall have charge of the stock ledger and such other books and papers as the Board
may direct, but may delegate responsibility for maintaining the stock ledger to any transfer agent appointed by the Board. The
Secretary shall have all such further powers and duties as generally are incident to the position of Secretary or as may be assigned
to the Secretary by the Chairman, the Chief Executive Officer, the President or the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assistant
Secretaries</U>. In the absence or inability to act of the Secretary, any Assistant Secretary may perform all the duties and exercise
all the powers of the Secretary. The performance of any such duty shall, in respect of any other person dealing with the Company,
be conclusive evidence of such Assistant Secretary&rsquo;s power to act. An Assistant Secretary shall also perform such other duties
as the Secretary or the Board may assign to such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delegation
of Duties</U>. In case of the absence of any officer or the Company, or for any other reason that the Board may deem sufficient,
the Board may confer for the time being the powers or duties, or any of them, of such officer upon any other officer or upon any
director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
Capital Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificates</U>.
Certificates for stock of the Company shall be in such forms as shall be approved by the Board and shall be signed in the name
of the Company by the Chairman, the President or a Vice President and by the Treasurer or an Assistant Treasurer or the Secretary
or an Assistant Secretary. Such certificates may be sealed with the seal of the Company or a facsimile thereof, and shall contain
such information as required by law to be stated thereon. Any of or all of the signatures on the certificate may be a facsimile.
In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate
shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Company
with the same effect as if such person were such officer, transfer agent or registrar at the date of the issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfers
of Stock</U>. Transfers of stock shall be made only upon the books of the Company by the holder, in person or by duly authorized
attorney, and on the surrender of the certificate or certificates for such stock properly endorsed. The Board shall have the power
to make all such rules or regulations, not inconsistent with the certificate of incorporation and these Bylaws, as the Board may
deem appropriate concerning the issue, transfer and registration of certificates for stock of the Company. The Board may appoint
one or more transfer agents or registrars of transfers, or both, and may require all stock certificates to bear the signature of
either or both, which signature or signatures may be in facsimile form if the Board by resolution authorizes such procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost,
Stolen or Destroyed Certificates</U>. The Company may issue a new stock certificate in the place of any certificate theretofore
issued by it, alleged to have been lost, stolen or destroyed, and the Company may require the owner of the lost, stolen or destroyed
certificate or such owner&rsquo;s legal representative to give the Company a bond sufficient to indemnify it against any claim
that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any
such new certificate. The Board may require such owner to satisfy other reasonable requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VI<BR>
<BR>
Seal</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Seal</U>.
The seal of the Company shall consist of a flat-faced circular die with the name of the Company in a circle and the word &ldquo;Delaware&rdquo;
and the year of its incorporation in the center. Such seal may be used by causing it or a facsimile thereof to be impressed or
affixed or in any other manner reproduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VII<BR>
<BR>
Notice</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Meetings</U>. Except as otherwise required by law or by the Certificate of Incorporation, notice of each annual or special meeting
of the stockholders, specifying the place, if any, date and time of the meeting, and the means of remote communications, if any,
by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, shall be given not less
than ten (10) days nor more than sixty (60) days before the date on which the meeting is to be held, to each stockholder entitled
to vote at such meeting. Notice of a special meeting of the stockholders shall also state the purpose or purposes for which the
meeting is called.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
(a)&nbsp;&nbsp;Whenever notice is required to be given to any stockholder, director, officer, or agent, such requirement shall
not be construed to mean personal notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever notice
is required to be given to any stockholder, such notice may in every instance be effectively given by regular or expedited United
States mail, recognized courier service for overnight delivery, telegram, cable, telex, or telecopier, facsimile transmission,
or by electronic mail or other electronic transmission (if such stockholder has consented to such form of electronic transmission)
addressed to such stockholder at his or her address as the same appears on the books of the Company, including an electronic mail
address at which the stockholder has consented to receive notice. Notice shall be deemed given (i) if by facsimile telecommunication,
when directed to the number at which the stockholder has consented to receive notice, (ii) if by electronic mail, when directed
to an electronic mail address at which the stockholder has consented to receive notice, (iii) if by a posting on an electronic
network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the
giving of such separate notice, and (iv) all other instances, when such notice is dispatched.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice required
to be given to any director may be given by any of the methods in Section&nbsp;7.2(b). Any such notice, other than one which is
delivered personally, shall be sent to such post office address, facsimile number, or electronic mail address as such director
shall have filed in writing with the Secretary of the Company, or, in the absence of such filing, to the last known such address
or number of such director. It shall not be necessary that the same method of giving notice be employed in respect of all directors,
but one (1) permissible method may be employed in respect of any one or more, and any other permissible method or methods may be
employed in respect of any other or others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Notice</U>. Whenever notice is required to be given by statute, or under any provision of the Certificate of Incorporation or
these Bylaws, a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated therein
shall be deemed equivalent to notice. In the case of a stockholder, such waiver of notice may be signed by such stockholder&rsquo;s
attorney or a proxy duly appointed in writing. Attendance of a stockholder at a meeting of stockholders, or attendance or a director
at a meeting of the Board or any committee thereof, shall constitute a waiver of notice of such meeting, except when such stockholder
or director, as the case may be, attends a meeting for the express purpose of objection, at the beginning of the meeting, to the
transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor
the purpose of any regular or special meetings of the stockholders, directors, or members of a committee of directors need to be
specified in any written waiver of notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VIII<BR>
<BR>
Indemnification</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
The Company shall indemnify each director, officer, employee and agent of the Company who is a natural person, such person&rsquo;s
heirs, executors and administrators (whether or not natural persons) and all other natural persons whom the Company is authorized
to indemnify under the provisions of the DGCL (including but not limited to a person who is or was serving at the request of the
Company as a director, officer, partner, trustee, employee or agent (or in a like capacity) of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise), to the fullest extent permitted by law, (i)&nbsp;against all
expenses (including but not limited to attorneys&rsquo; and other experts&rsquo; fees and disbursements), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person in connection with any actual or threatened action,
suit or other proceeding, whether civil, criminal, administrative, investigative or an arbitration, or in connection with any appeal
therein, or otherwise, and (ii)&nbsp;against all expenses (including but not limited to attorneys&rsquo; and other experts&rsquo;
fees and disbursements) actually and reasonably incurred by such person in connection with the defense or settlement of any action,
suit or other proceeding by or in the right of the Company, or in connection with any appeal therein, or otherwise; and no provision
of these Bylaws is intended to be construed as limiting, prohibiting, denying or abrogating any of the general or specific powers
or rights conferred under the DGCL upon the Company to furnish, or upon any court to award, such indemnification, or such other
indemnification as may otherwise be authorized pursuant to the DGCL or any other law now or hereafter in effect, including but
not limited to indemnification of any employees or agents of the Company or of another corporation partnership, joint venture,
trust, employee benefit plan or other enterprise; provided, however, that, except with respect to an action, suit or other proceeding
to enforce the indemnification and advancement rights provided under these Bylaws, the Company shall indemnify any such relevant
person in connection with an action, suit or other proceeding (or part thereof) initiated by such person only if such action, suit
or other proceeding (or part thereof) initiated by such person was authorized or ratified by the Board. The term &ldquo;<U>proceeding</U>&rdquo;
shall be understood to include any inquiry or investigation that could lead to a proceeding. The indemnification provided for herein
shall not be deemed exclusive of any other rights to which a person seeking indemnification may be entitled and shall continue
as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person&rsquo;s
heirs, executors and administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Determinations</U>.
If and to the extent such indemnification shall require a determination whether or not the relevant person met the applicable standard
of conduct set forth in the DGCL, such determination shall be made expeditiously at the cost of the Company after a written request
to the Secretary for the same from the person seeking indemnification. A person&rsquo;s entitlement to indemnification shall be
determined either by (i) a majority vote of directors not a party to the proceeding in respect of which indemnification is sought,
whether or not they constitute a quorum of the Board or (ii) independent legal counsel. If indemnification is to be given upon
a determination by independent legal counsel, such counsel may be the regular counsel to the Company. In rendering such opinion,
such counsel shall be entitled to rely upon statements of fact furnished to them by persons reasonably believed by them to be credible,
and such counsel shall have no liability or responsibility for the accuracy of the facts so relied upon, nor shall such counsel
have any liability for the exercise of their own judgment as to matters of fact or law forming a part of the process of providing
such opinion. The fees and disbursements of counsel engaged to render such opinion shall be paid by the Company whether or not
such counsel ultimately are able to render the opinion that is the subject of their engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Combinations</U>. Unless the Board shall determine otherwise with reference to a particular merger or consolidation or other business
combination, for the purpose of this Article&nbsp;VIII references to &ldquo;the Company&rdquo; shall include, in addition to the
resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a merger or consolidation
or other business combination which, if its separate existence had continued, would have had power and authority to indemnify its
directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation as a director, officer, partner, trustee, employee,
agent (or in a like capacity) of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise,
shall stand in the same position under the provisions of this Article&nbsp;VIII with respect to the resulting or surviving corporation
as such person would have with respect to such constituent corporation if its separate existence had continued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Advances
of Expenses</U>. If any director or officer of the Company who may be entitled to indemnification hereunder shall request that
such person&rsquo;s expenses actually and reasonably incurred in connection with any action, suit, proceeding, arbitration or investigation
or appeal therein be paid by the Company in advance of the final disposition thereof, the Company shall pay such expenses in advance
of the final disposition thereof upon receipt of an undertaking by or on behalf of such director or officer to repay such amount
if it shall ultimately be determined that such person is not entitled to be indemnified by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefit Plans</U>. References herein to &ldquo;fines&rdquo; shall include any excise taxes assessed on a person with respect to
an employee benefit plan; and references to &ldquo;serving at the request of the Company&rdquo; shall include any service as a
corporation agent which imposes duties on, or involves services by, the corporate agent with respect to an employee benefit plan,
its participants, or beneficiaries. A person who acted in good faith and in a manner such person reasonably believed to be in the
interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner not opposed
to the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
<FONT STYLE="font-size: 10pt">T</FONT>he Company may purchase and maintain insurance to protect itself and each director, officer,
employee and agent of the Company and all other natural persons whom the Company is authorized to indemnify against any expenses
(including but not limited to attorneys&rsquo; and other experts&rsquo; fees and disbursements), judgments, fines and amounts paid
in settlement, as specified in Section&nbsp;8.1, or incurred by any such director, officer, employee or agent in connection with
any proceeding referred to in Section&nbsp;8.1, whether or not the Company would have the power to indemnify such person against
such expense, liability or loss under the DGCL. The Company may enter into contracts with any director, officer, employee or agent
of the Company in furtherance of the provisions of this Article VIII and may create a trust fund, grant a security interest or
use other means (including, without limitation, a letter of credit) to ensure the payment of such amounts as may be necessary to
effect indemnification as provided or authorized in this Article VIII.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IX<BR>
<BR>
General Matters</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Forum
for Adjudication of Disputes</U>. (a)&nbsp;Unless the Company consents in writing to the selection of an alternative forum, the
sole and exclusive forum for (i)&nbsp;any derivative action or proceeding brought on behalf of the Company, (ii)&nbsp;any action
asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or
the Company&rsquo;s stockholders, (iii)&nbsp;any action asserting a claim arising pursuant to any provision of the DGCL or the
Certificate of Incorporation or these Bylaws, (iv)&nbsp;any action to interpret, apply, enforce or determine the validity of the
Certificate of Incorporation or these Bylaws or (v)&nbsp;any action asserting a claim governed by the internal affairs doctrine
shall be the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction,
the Superior Court of the State of Delaware, or, if the Superior Court of the State of Delaware does not have jurisdiction, the
United States District Court for the District of Delaware. Any person purchasing or otherwise acquiring any interest in shares
of stock of the Company shall be deemed to have notice of and consented to the provisions of this Section&nbsp;9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">If
any action the subject matter of which is within the scope of Section&nbsp;9.1(a) above is filed in a court other than the Court
of Chancery of the State of Delaware, the Superior Court of the State of Delaware or the United States District Court for the District
of Delaware (a &ldquo;</FONT><U>Foreign Action</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;) in the name
of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the Court of Chancery
of the State of Delaware, the Superior Court of the State of Delaware and the United States District Court for the District of
Delaware in connection with any action brought in any such courts to enforce Section&nbsp;9.1(a) above (an &ldquo;</FONT><U>Enforcement
Action</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;) and (ii) having service of process made upon such stockholder
in any such Enforcement Action by service upon such stockholder&rsquo;s counsel in the Foreign Action as agent for such stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">If
any provision or provisions of this Section&nbsp;9.1 shall be held to be invalid, illegal or unenforceable as applied to any person
or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability
of such provisions in any other circumstance and of the remaining provisions of this Section&nbsp;9.1 (including, without limitation,
each portion of any sentence of this Section&nbsp;9.1 containing any such provision held to be invalid, illegal or unenforceable
that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons and circumstances
shall not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
X<BR>
<BR>
Amendments</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
These Bylaws or any of them may be altered, amended or repealed, and new Bylaws may be adopted, at any annual meeting of the stockholders,
or at any special meeting of the stockholders called for that purpose, by a vote of a majority of the voting power of the shares
represented and entitled to vote thereat. The Board shall also have the power, by a majority vote of the Whole Board, to alter
or amend or repeal the Bylaws or to adopt new Bylaws; provided that (i)&nbsp;any such action of the Board may be amended or repealed
by the stockholders at any annual meeting or any special meeting called for that purpose, (ii)&nbsp;the Board shall not have the
power to alter or amend or repeal a specified Bylaw if such Bylaw is adopted by the stockholders and contains an express provision
that such Bylaw may be altered or amended or repealed only by action of the stockholders and (iii)&nbsp;Article&nbsp;VIII hereof
may be altered or amended by the Board to increase the indemnification of the persons referred to therein to the extent permitted
by law, but such Article may be otherwise altered, amended or repealed only by action of the stockholders as provided above and
in that connection, any repeal, amendment or alteration which reduces or limits the indemnification of the person therein shall
apply prospectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>



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<TYPE>EX-10.1
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<FILENAME>v381963_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

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



<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED 2012 SHARE INCENTIVE
PLAN</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose</U>.
The purpose of this Amended and Restated 2012 Share Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;) of Medifast, Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), is to advance the interests of the Company and its shareholders by providing a
means to attract, retain, and reward executive officers and other key individuals of the Company and/or its subsidiaries, to link
compensation to measures of the Company&rsquo;s performance in order to provide additional share-based incentives to such individuals
for the creation of shareholder value, and to promote ownership of a greater proprietary interest in the Company, thereby aligning
such individuals&rsquo; interests more closely with the interests of shareholders of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
The definitions of awards under the Plan, including Options, SARs (including Limited SARs), Restricted Shares, Deferred Shares,
and Shares granted as a bonus or in lieu of other awards are set forth in Section 6 of the Plan. Such awards, together with any
other right or interest granted to a Participant under the Plan, are termed &ldquo;Awards.&rdquo; The definitions of terms relating
to a Change in Control of the Company are set forth in <U>Section 8</U> of the Plan. In addition to such terms and the terms defined
in Section 1, the following are defined terms under the Plan:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Award
Agreement</U>&rdquo; means any written agreement, contract, notice to a Participant, or other instrument or document evidencing
an Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Beneficiary</U>&rdquo;
means the person, persons, trust, or trusts which have been designated by a Participant in his or her most recent written beneficiary
designation filed with the Committee to receive the benefits specified under this Plan upon such Participant&rsquo;s death. If,
upon a Participant&rsquo;s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary
means the Participant&rsquo;s estate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Board</U>&rdquo;
means the Board of Directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended from time to time. References to any provision of the Code include regulations
thereunder and successor provisions and regulations thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Committee</U>&rdquo;
means the Compensation Committee of the Board, and/ or such other Board committee as may be designated by the Board to administer
the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Covered
Employee</U>&rdquo; means each person who is either the chief executive officer of the Company or whose total compensation is required
to be reported to shareholders of the Company under the Exchange Act by reason of being among the three highest compensated officers
(other than the chief executive officer or the chief financial officer) of the Company. The intent of this definition is to identify
those persons who are &ldquo;covered employees&rdquo; for purposes of the applicable provisions of Section 162(m) of the Code and
this definition is to be interpreted consistent with this intent. The provisions of the Plan that specifically apply only to Covered
Employees shall apply to a Participant if he or she is reasonably expected to be a Covered Employee with respect to the taxable
year in which the Performance Period begins, or the taxable year in which the Performance Award is to be paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended from time to time. References to any provision of the Exchange
Act include the rules promulgated thereunder and successor provisions and rules thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fair
Market Value</U>&rdquo; of a Share means, as of any given date, the closing sales price of a Share on the New York Stock Exchange
for such date or, if such day was not a trading day, the closing sales price for the most recent trading day prior to such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Participant</U>&rdquo;
means a person who, as an executive officer, director, key employee or key independent contractor of the Company or a subsidiary,
has been granted an Award under the Plan which remains outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Performance
Goals</U>&rdquo; means the objective goal or goals applicable to a Participant&rsquo;s Awards that are deemed by the Committee
to be important to the success of the Company or any subsidiaries of the Company. The Committee shall establish the specific objective
measures for each applicable goal for a performance period, which need not be uniform with respect to each Participant. In creating
these measures, the Committee shall use one or more of the following business criteria: (i) earnings before or after interest,
taxes, depreciation and amortization, (ii) earnings before or after interest, taxes, depreciation and amortization expressed as
a percentage of net sales, (iii) earnings per share, (iv) operating cash flow, (v) return on invested capital, (vi) return on stockholders'
equity, (vii) market price per share, measured either in absolute terms or as compared to a peer group, (viii) net sales or net
revenue, (ix) return on net sales, (x) profit margin, gross or net, (xi) operating margin, (xii) productivity, (xiii) working capital
efficiency, and (xiv) expense control. The business criteria may apply to the individual, a division, a component of the Company&rsquo;s
business, or to the Company and/or one or more subsidiaries of the Company and may be weighted and expressed in absolute terms
or relative to the performance of other individuals or companies or an index. The Committee shall determine the performance period
and the Performance Goals and measures (and weighting thereof) applicable to such period not later than the earlier of 90 days
after the commencement of the performance period, or the expiration of 25% of the performance period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Rule
16b-3</U>&rdquo; means Exchange Act Rule 16b-3 as from time to time in effect and applicable to the Plan and Participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Share</U>&rdquo;
means a Common Share of the Company and such other securities as may be substituted for such Share or such other securities pursuant
to <U>Section 8</U>; <U>provided</U>, <U>however</U>, that to the extent any class of common shares are readily tradable on an
established securities market, such common shares shall be designated as the Shares for purposes of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Termination
of Service</U>&rdquo; means: (i) with respect to an Award granted to an employee, the termination of the employment relationship
between the employee and the Company and all Company subsidiaries, (ii) with respect to an Award granted to an independent contractor,
the termination of the service arrangement between the independent contractor and the Company and all Company subsidiaries, and
(iii) with respect to an Award granted to a non-employee director, the cessation of the provision of services as a director of
the Company and all Company subsidiaries; <U>provided</U>, <U>however</U>, that if the Participant&rsquo;s status changes from
employee, independent contractor, or non-employee director to any other status eligible to receive Awards under the Plan, the Committee
may provide that no Termination of Service occurs for purposes of the Plan until the Participant&rsquo;s new status with the Company
and all Company subsidiaries terminates. For purposes of this subsection, if a Participant&rsquo;s relationship is with a Company
subsidiary, and not the Company (i.e., the Participant is an employee, independent contractor, or non-employee director of a Company
subsidiary and not the Company), the Participant shall incur a Termination of Service when such entity ceases to be a Company subsidiary,
unless the Committee determines otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Composition
of Committee</U>. The Committee shall consist solely of two or more individuals each of whom shall be a &ldquo;nonemployee director&rdquo;
as defined in Rule l6b-3 and qualifies as an &ldquo;outside director&rdquo; (as that term is used for purposes of Section 162(m)
of the Code). If the Committee cannot or does not act, the Board shall have the rights and responsibilities of the Committee hereunder
and under the Award Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority
of the Committee</U>. The Plan shall be administered by the Committee. The Committee shall have full and final authority to take
the following actions, in each case subject to and consistent with the provisions of the Plan:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">to select Participants to whom Awards may be granted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">to determine the type or types of Awards to be granted to each Participant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">to determine the number of Awards to be granted, the number of Shares to which an Award will relate,
the terms and conditions of any Award granted under the Plan (including, but not limited to, the exercise price, grant price, or
purchase price, any restriction or condition, any schedule or performance conditions for the lapse of restrictions or conditions
relating to transferability, forfeiture before or after grant, exercisability, or settlement of an Award, and waivers, accelerations,
or modifications thereof, based in each case on such considerations as the Committee shall determine), and all other matters to
be determined in connection with an Award;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD STYLE="text-align: justify">to determine whether, to what extent, and under what circumstances an Award may be settled, or
the exercise price of an Award may be paid, in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited,
or surrendered;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD STYLE="text-align: justify">to prescribe the form of each Award Agreement, which need not be identical for each Participant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(vi)</TD><TD STYLE="text-align: justify">to adopt, amend, suspend, waive, and rescind such rules and regulations and appoint such agents
as the Committee may deem necessary or advisable to administer the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(vii)</TD><TD STYLE="text-align: justify">to correct any defect or supply appropriate text for any omission or reconcile any inconsistency
in the Plan and to construe and interpret the Plan and any Award, rules and regulations, Award Agreement, or other instrument hereunder,
with such constructions and interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference
permitted by law; <U>provided</U><I> </I>that, the Committee&rsquo;s construction and interpretation shall not be entitled to deference
on and after a Change in Control except to the extent that such constructions and interpretations are made exclusively by members
of the Committee who are individuals who served as Committee members before the Change in Control;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(viii)</TD><TD STYLE="text-align: justify">to make all other decisions and determinations as may be required under the terms of the Plan or
as the Committee may deem necessary or advisable for the administration of the Plan; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ix)</TD><TD STYLE="text-align: justify">In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule,
regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the Committee,
except as provided in clause (vii), shall be final and binding upon all persons. Unless otherwise expressly provided hereunder,
the Committee, with respect to any grant, may exercise its discretion hereunder at the time of the Award or thereafter.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner of
Exercise of Committee Authority</U>. Unless authority is specifically reserved to the Board under the terms of the Plan, the Company&rsquo;s
bylaws, or applicable law, the Committee shall have discretion to exercise authority under the Plan. Any action of the Committee
with respect to the Plan shall be final, conclusive, and binding on all persons, including the Company, subsidiaries of the Company,
Participants, any person claiming any rights under the Plan from or through any Participant, and Shareholders. The express grant
of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power
or authority of the Committee. To the extent permitted by applicable law, the Committee may delegate to officers or employees of
the Company or any subsidiary the authority, subject to such terms as the Committee shall determine, (i) to perform administrative
functions, (ii) with respect to Participants not subject to Section 16 of the Exchange Act, to perform such other functions of
the Committee as the Committee may determine, and (iii) with respect to Participants subject to Section 16, to perform such other
functions of the Committee as the Committee may determine to the extent performance of such functions will not result in the loss
of an exemption under Rule 16b-3 otherwise available for transactions by such persons. If and to the extent applicable, no member
of the Committee may act as to matters under the Plan specifically relating to such member. If no Committee is designated by the
Board to act for these purposes, the Board shall have the rights and responsibilities of the Committee hereunder and under the
Award Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability</U>. Each member of the Committee shall be entitled to in good faith, rely or act upon any report or other information
furnished to him by any officer or other employee of the Company or any subsidiary, the Company&rsquo;s independent certified public
accountants, or any executive compensation consultant, legal counsel, or other professional retained by the Company to assist in
the administration of the Plan. No member of the Committee, nor any officer or employee of the Company acting on behalf of the
Committee, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect
to the Plan, and all members of the Committee and any officer or employee of the Company acting on behalf of the Committee or members
thereof shall, to the extent permitted by law or charter, be fully indemnified, held harmless and protected by the Company with
respect to any such action, determination, or interpretation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares Available
Under Plan; Individual Award Limitations; Adjustments</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares Reserved
for Awards</U>. Subject to adjustment as hereinafter provided, the total number of Shares reserved and available for issuance to
Participants in connection with Awards (including with respect to ISOs) under the Plan shall be 1,000,000 Shares; <U>provided</U>,
<U>however</U>, that the number of Shares with respect to which (i) Awards of Options (including ISOs) and SARs may be granted
to any Participant shall in each case not exceed 75,000 during any calendar year and (ii) Awards of Restricted Shares, Deferred
Shares and Shares may be granted to any Participant shall in each case not exceed 150,000 during any calendar year. If all or any
portion of an Award is forfeited, settled in cash, or terminated without issuance of Shares to the Participant, the Shares to which
such Award or portion thereof related shall again be available for future Awards under the Plan. The Committee may adopt procedures
for the counting of Shares relating to any Award to ensure appropriate counting and avoid double counting (in the case of tandem
or substitute awards). Any Shares issued pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares,
treasury Shares, or Shares acquired in the market for the account of the Participant (which treasury Shares or acquired Shares
will be deemed to have been &ldquo;issued&rdquo; pursuant to such Award).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments</U>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">In the event that the Committee shall determine that any recapitalization, reorganization, merger,
consolidation, spin-off, combination, repurchase, exchange of Shares or other securities of the Company, stock split or reverse
split, extraordinary dividend (whether in the form of cash, Shares, or other property), liquidation, dissolution, or other similar
corporate transaction or event affects the Shares such that an adjustment is appropriate in order to prevent dilution or enlargement
of each Participant&rsquo;s rights under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any
or all of (i) the number and kind of Shares remaining reserved and available for issuance under <U>Section 4(a)</U>, (ii) the number
and kind of outstanding Restricted Shares or Restricted Shares relating to any other outstanding Award in connection with which
Restricted Shares may be issued, (iii) the number and kind of Shares that may be issued in respect of other outstanding Awards,
and/or (iv) the exercise price or grant price relating to any Award (or, if deemed appropriate, the Committee may make provision
for a cash payment with respect to any outstanding Award). In addition, the Committee is authorized to make adjustments in the
terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without
limitation, events described in the preceding sentence) affecting the Company or any subsidiary or the financial statements of
the Company or any subsidiary, or in response to changes in applicable laws, regulations, or accounting principles; or in the event
the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of benefits or potential
benefits intended to be made available under the Plan. Notwithstanding the foregoing, the Committee shall not make any adjustments
pursuant to this Section that would prevent an Award to a Covered Employee (that was otherwise intended to qualify for the &ldquo;performance-based
exception&rdquo; pursuant to Section 162(m) of the Code) from qualifying for such exception.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">If the Company shall be consolidated or merged with another corporation or other entity, each Participant
who has received Restricted Shares that are then subject to restrictions imposed by Section 6(d) may be required to deposit with
the successor corporation the certificates for the stock or securities or the other property that the Participant is entitled to
receive by reason of ownership of Restricted Shares in a manner consistent with <U>Section 6(d)(iv)</U>, and such stock, securities
or other property shall become subject to the restrictions and requirements imposed by <U>Section 6(d)</U>, and the certificates
therefor or other evidence thereof shall bear a legend similar in form and substance to the legend referred to in <U>Section 6(d)(iv)</U>.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">The judgment of the Committee with respect to any matter referred to in this sub-section (b) shall
be conclusive and binding upon each Participant without the need for any amendment to the Plan.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility</U>.
Except as provided in the following sentence, Executive officers, other key employees and other key independent contractors of
the Company and its subsidiaries, including any director and any director who is also an executive officer or employee, are eligible
to be granted Awards under the Plan. Notwithstanding the preceding sentence, only Executive officers and other key employees of
the Company and its &ldquo;subsidiary corporation&rdquo; (as such term is defined in Section 424(f) of the Code) are eligible to
be granted ISOs under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Terms of Awards</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award
or the exercise thereof, at the date of grant or thereafter (subject to <U>Section 10(f)</U>), such additional terms and conditions,
not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards
in the event of Termination of Service by the Participant or upon the occurrence of other events. In addition, the Committee shall
require, as the condition of the issuance of Shares in connection with any Award, that consideration be received by the Company
which meets the requirements of the Delaware General Corporation Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Options</U>.
An Option entitles a Participant to purchase a Share on the exercise thereof. Options include ISOs and NQSOs. An ISO is an Option
that is intended to meet the requirements of Section 422 of the Code. An NQSO is an Option that is not an ISO. The Committee is
authorized to grant Options to Participants on the following terms and conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify"><U>Exercise Price</U>. The exercise price per Share purchasable under an Option shall be determined
by the Committee at the time of grant but shall be not less than 100% (110% in the case of an ISO granted to a more-than-ten-percent
shareholder, as provided in clause (vi) below) of Fair Market Value on the date of grant of the Option.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify"><U>Term</U>. The term of each Option shall be determined by the Committee and shall not exceed
ten years (five years in the case of an ISO granted to a more-than-ten-percent shareholder (as provided in clause (vi) below)).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify"><U>Time and Method of Exercise</U>. The Committee shall determine the time or times at which an
Option may be exercised in whole or in part, the methods by which such exercise price may be paid or deemed to be paid, the form
of such payment, including, without limitation, cash, Shares, cashless exercise and/or a broker-assisted exercise, and the methods
by which Shares will be delivered or deemed to be delivered to Participants.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD STYLE="text-align: justify"><U>Forfeiture</U>. Except as otherwise determined by the Committee, upon Termination of Service
during the applicable term of the Options, unexercised Options shall be forfeited and again be available for Award by the Company.
The Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture
conditions relating to the Options will be waived in whole or in part in the event of terminations resulting from specified causes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD STYLE="text-align: justify"><U>ISO Annual Limit</U>. The aggregate Fair Market Value (determined as of the date the ISO is
granted) of the Shares with respect to which the ISOs are exercisable for the first time by a Participant during any calendar year
(counting ISOs under this Plan and under any stock option plan of the Company or a parent or subsidiary corporation of the Company
(as defined in Sections 424(e) and (f) of the Code) shall not exceed $100,000. If an Option intended as an ISO is granted to a
Participant and the Option may not be treated in whole or in part as an ISO pursuant to the $100,000 limit, the Option shall be
treated as an ISO to the extent it may be so treated under the limit and as an NQSO as to the remainder. For purposes of determining
whether an ISO would cause the limitation to be exceeded, ISOs shall be taken into account in the order granted.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(vi)</TD><TD STYLE="text-align: justify"><U>More-Than Ten-Percent Shareholder</U>. If, after applying the attribution rules of Section 424(d)
of the Code, the Participant owns stock possessing more than ten percent of the total combined voting power of all classes of stock
of the Company or of a parent or subsidiary corporation of the Company (as defined in Sections 424(e) and (f) of the Code) immediately
before an ISO is granted to him or her, the exercise price for the ISO shall be not less than 110 percent of the Fair Market Value
of the optioned Shares on the date the ISO is granted, and such ISO, by its terms, shall not be exercisable after the expiration
of five years from the date the ISO is granted. The conditions set forth in this clause shall not apply to NQSOs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Share Appreciation
Rights</U>. The Committee is authorized to grant SARs to Participants on the following terms and conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify"><U>Right to Payment</U>. A SAR shall confer on the Participant to whom it is granted a right to
receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise, over (B) the Fair
Market Value of one Share on the date of grant of the SAR.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify"><U>Other Terms</U>. The Committee shall determine the time or times at which a SAR may be exercised
in whole or in part, the method of exercise, method of settlement, form of consideration payable in settlement, method by which
Shares will be delivered or deemed to be delivered to Participants, whether or not a SAR shall be in tandem with any other Award,
and any other terms and conditions of any SAR. Limited SARs that may only be exercised upon the occurrence of a Change in Control
(as such term is defined in <U>Section 8(b) </U>or as otherwise defined by the Committee) may be granted on such terms, not inconsistent
with this <U>Section 6(c)</U>, as the Committee may determine. Such Limited SARs may be either freestanding or in tandem with other
Awards.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify"><U>Forfeiture</U>. Except as otherwise determined by the Committee, upon Termination of Service
during the applicable term of the SARs, unexercised SARs shall be forfeited and again be available for Award by the Company. The
Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture
conditions relating to the SARs will be waived in whole or in part in the event of terminations resulting from specified causes.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted
Shares</U>. The Committee is authorized to grant Restricted Shares to Participants on the following terms and conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify"><U>Grant</U>. The Committee may provide a specified purchase price for the Restricted Shares (whether
or not any State law applicable to the Company requires the payment of a purchase price). Except to the extent restricted under
the terms of the Plan and any Award Agreement relating to the Restricted Shares, a Participant granted Restricted Shares shall
have all of the rights of a shareholder including, without limitation, the right to vote Restricted Shares and the right to receive
dividends thereon (as described below). Restricted Shares include Performance Shares. Performance Shares are Restricted Shares
that provide for a lapse of restrictions upon the attainment of certain Performance Goals.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify"><U>Lapse of Restrictions.</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify"><U>In General</U>. Upon the lapse of all restrictions in accordance with this subsection (d) or
Section 8, Shares shall cease to be Restricted Shares for purposes of the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify"><U>Restricted Shares Other Than Performance Shares</U>. With respect to Restricted Shares that
are not Performance Shares, the applicable restrictions shall lapse at such time or times, and on such conditions (such as performance-based
requirements), as the Administrator may specify in the Award Agreement. The Administrator may at any time accelerate the time at
which the restrictions on all or any part of the shares of Restricted Shares (other than Performance Shares) will lapse.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify"><U>Performance Shares</U>. With respect to Performance Shares, the applicable restrictions shall
lapse at the end of the applicable performance period if and to the extent the Performance Goals have been achieved for such period.
The Committee shall certify the extent to which the Performance Goals are achieved and shall have the discretion to decrease (but
not increase) the extent to which such restrictions lapse on account of such achievement. The restrictions shall also lapse (A)
as provided in Section 8, or (B) if and to the extent determined by the Committee, in the case of the Participant&rsquo;s death
or disability (as determined by the Committee). If the Participant&rsquo;s Termination of Service occurs for any reason prior to
the end of the performance period, the Participant shall forfeit all Performance Shares granted with respect to such performance
period except (i) as provided in Section 14, (ii) as determined by the Committee in the case of the Participant&rsquo;s death or
disability (as determined by the Committee), or (iii) the Committee may provide that restrictions lapse with respect to a pro-rata
portion of the number of shares of Performance Shares for which the restrictions would have lapsed had the Participant been employed
on the last day of the performance period, under such circumstances as the Committee, in its sole discretion, determines.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify"><U>Forfeiture</U>. Except as otherwise determined by the Committee, upon Termination of Service
during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited and
reacquired by the Company; <U>provided</U>, <U>however</U>, that the Committee may provide, by rule or regulation or in any Award
Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Shares (other
than with respect to Restricted Shares that are subject to Performance Goals and are granted to Covered Employees) will be waived
in whole or in part in the event of terminations resulting from specified causes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify"><U>Certificates for Shares</U>. Restricted Shares granted under the Plan may be evidenced in such
manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant,
such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted
Shares, the Company may retain physical possession of the certificate, and the Participant shall have delivered a stock power to
the Company, endorsed in blank, relating to the Restricted Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify"><U>Dividends and Distributions</U>. Dividends paid on Restricted Shares shall be either paid at
the dividend payment date in the form the dividends are paid to other shareholders, in cash, or in unrestricted Shares having a
Fair Market Value equal to the amount of such dividends, or subject to the terms of Section 409A of the Code, the payment of such
dividends shall be deferred and/or the amount or value thereof automatically reinvested in additional Restricted Shares, other
Awards, or other investment vehicles, as the Committee shall determine or permit the Participant to elect; provided that with respect
to Restricted Shares (including Performance Shares) that vest based on the achievement of Performance Goals or other performance
criteria, dividends shall be paid at the time and to the extent that the restrictions and risk of forfeiture on the Restricted
Shares lapse. Shares distributed in connection with a Share split or Share dividend, and other property distributed as a dividend,
shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Shares with respect to which such
Shares or other property are distributed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD STYLE="text-align: justify"><U>Nature of Restricted Shares</U>.<U> </U>Restricted Shares granted under the Plan are not intended
to provide for the deferral of compensation subject to Section 409A of the Code.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deferred
Shares</U>. The Committee is authorized to grant Deferred Shares to Participants, subject to the following terms and conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify"><U>Award and Restrictions</U>. A Deferred Share shall entitle a Participant to a Share (or its
cash equivalent) on the date of vesting. Deferred Shares shall be subject to such vesting conditions as the Committee may impose,
if any, which may include vesting at the expiration of the deferral period, at earlier specified times, or upon the achievement
of certain Performance Goals, separately or in combination, under such circumstances, in such installments, or otherwise as the
Committee may determine.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify"><U>Issuance of Shares</U>. Upon meeting the vesting condition specified for an Award of Deferred
Shares, the Company shall issue the Shares to which the Participant is entitled under the Award. In no event shall such issuance
occur more than two and one-half months after the close of the calendar year in which the Participant&rsquo;s rights to such shares
vest. In the event the Award of Deferred Shares provides for partial vesting over multiple years, shares that vest during a calendar
year shall be issued to the Participant within two and one-half months after the close of the calendar year in which the Shares
vest.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify"><U>Vesting</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify"><U>Deferred Shares Other Than Deferred Shares That Are Subject to Performance Goals</U>.<B> </B>With
respect to Deferred Shares that are not subject to Performance Goals, the Committee shall determine when such Deferred Shares shall
vest and any conditions (such as continued employment) that must be met in order for such Deferred Shares to vest at the end of
the applicable vesting period. The Committee may at any time accelerate the time at which such Deferred Shares shall vest.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify"><U>Deferred Shares Subject to Performance Goals</U>. Deferred Shares that are subject to Performance
Goals shall vest at the end of the applicable performance period if and to the extent the Performance Goals have been achieved
for such period. The Committee shall certify the extent to which the Performance Goals are achieved and shall the have the discretion
to decrease (but not increase) the extent to which such Deferred Shares vest on account of such achievement. Such Deferred Shares
shall also vest (A) as provided in Section 8, or (B) if and to the extent determined by the Committee in the case of the Participant&rsquo;s
death or disability (as determined by the Committee). If the Participant&rsquo;s Termination of Service occurs for any reason prior
to the end of the performance period, the Participant shall forfeit all such Deferred Shares granted with respect to such performance
period, except (i) as provided in Section 8, (ii) as determined by the Committee in the case of the Participant&rsquo;s death or
disability (as determined by the Committee), or (iii) the Committee may provide for vesting of a pro-rata portion of such Deferred
Shares that would have vested had the Participant been employed on the last day of the performance period, under such circumstances
as the Committee, in its sole discretion, determines.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify"><U>Forfeiture</U>. Except as otherwise determined by the Committee, upon Termination of Service
during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement
evidencing the Deferred Shares), all Deferred Shares that are at that time subject to such risk of forfeiture shall be forfeited;
<U>provided</U><I>, </I><U>however</U>, that the Committee may provide, by rule or regulation or in any Award Agreement, or may
determine in any individual case, that restrictions or forfeiture conditions relating to Deferred Shares (other than with respect
to Deferred Shares that are subject to Performance Goals and that have been granted to a Covered Employee) will be waived in whole
or in part in the event of terminations resulting from specified causes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify"><U>Dividend Equivalents</U>. The Committee may provide that payments in the form of dividend equivalents
will be credited in respect of Deferred Shares, which amounts may be paid or distributed when accrued or deemed reinvested in additional
Deferred Shares. Any dividend equivalents credited with respect to Deferred Shares shall be subject to restrictions and a risk
of forfeiture to the same extent as the Deferred Shares and amounts credited shall be distributed in accordance with the provisions
of <U>Section 6(e)(ii) </U>above.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD STYLE="text-align: justify"><U>Compliance with Section 409A</U>. Notwithstanding anything herein to the contrary, all distributions
of Deferred Shares shall be made within the applicable &ldquo;short-term deferral period&rdquo; within the meaning of Section 409A
of the Code.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonus Shares
and Awards in Lieu of Cash Obligations.</U> The Committee is authorized to grant Shares as a bonus, or to grant Shares or other
Awards in lieu of Company obligations to pay cash under other plans or compensatory arrangements; <U>provided</U><I>, </I><U>however</U>,
that, in the case of Participants subject to Section 16 of the Exchange Act, the amount of such Shares or Awards shall be determined
by the Committee in a manner conforming to then-applicable requirements of Rule 16b-3. Shares or Awards granted hereunder shall
be subject to such other terms as shall be determined by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Stock-Based
Awards</U>. The Committee shall have the right to grant other Awards based upon the Shares having such terms and conditions as
the Committee may determine, including the grant of shares based upon certain conditions, the grant of securities convertible into
Shares and the grant of phantom shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Provisions
Applicable to Awards</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stand-Alone,
Additional, Tandem and Substitute Awards</U>. Awards granted under the Plan may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for, any other Award granted under the Plan or any award granted
under any other plan of the Company, any subsidiary, or any business entity to be acquired by the Company or a subsidiary, or any
other right of a Participant to receive payment from the Company or any subsidiary. Awards granted in addition to or in tandem
with other Awards or awards may be granted either as of the same time as or a different time from the grant of such other Awards
or awards. The per Share exercise price of any Option, grant price of any SAR, or purchase price of any other Award conferring
a right to purchase Shares granted in substitution for an outstanding Award or award may be adjusted to reflect the in-the-money
value of the surrendered Award or award, <U>provided</U> such adjustment does not cause the Award to be treated as deferred compensation
subject to Section 409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term of Awards</U>.
The term of each Award shall be for such period as may be determined by the Committee up to a maximum term of ten years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form of Payment
Under Awards</U>. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a
subsidiary upon the grant or exercise of an Award may be made in such forms as the Committee shall determine, including, without
limitation, cash, Shares, other Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule 16b-3
Compliance</U>. It is the intent of the Company that this Plan comply in all respects with applicable provisions of Rule 16b-3
in connection with any grant of Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act
(except for transactions exempted under alternative Exchange Act Rules or acknowledged in writing to be non-exempt by such Participant).
Accordingly, if, at such time, any provision of this Plan or any Award Agreement relating to an Award does not comply with the
requirements of Rule 16b-3 as then applicable to any such transaction, such provision will be construed or deemed amended to the
extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section
16(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in
Control Provisions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event
of a &ldquo;<U>Change in Control</U>,&rdquo; as defined in this Section:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">With respect to Awards granted prior to June 17, 2014, any Award carrying a right to exercise that
was not previously exercisable and vested shall become fully exercisable and vested, subject only to the restrictions set forth
in <U>Sections 7(d)</U> and <U>10(a)</U>; and (B) the restrictions, deferral of settlement, and forfeiture conditions applicable
to any other Award granted under the Plan shall lapse and such Award shall be deemed fully vested, and any performance conditions
imposed with respect to any Award shall be deemed to be fully achieved, subject to the restrictions set forth in <U>Sections 7(d)</U>
and <U>10(a).</U></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">With respect to Awards granted on or after June 17, 2014, unless otherwise provided in the Award
Agreement or another contract, in the event of a Change in Control, unless provision is made in connection with the Change in Control
for (x) assumption of Awards previously granted or (y) substitution for such Awards of new awards covering stock of a successor
corporation or its &ldquo;parent corporation&rdquo; (as defined in Section 424(e) of the Code) or &ldquo;subsidiary corporation&rdquo;
(as defined in Section 424(f) of the Code) with appropriate adjustments as to the number and kinds of shares and the exercise prices,
if applicable, the following shall occur:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">the Committee as constituted immediately before the Change in Control may make such adjustments
as it, in its discretion, determines are necessary or appropriate in light of the Change in Control (including, without limitation,
the substitution of stock other than stock of the Company as the stock optioned hereunder, cash payment or other equitable consideration
and the acceleration of vesting or exercisability of Awards under the Plan), <U>provided</U> that the Committee determines that
such adjustments do not have a substantial adverse economic impact on the Participants as determined at the time of the adjustments,
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">any Award carrying a right to exercise that was not previously exercisable and vested shall become
fully exercisable and vested, subject only to the restrictions set forth in <U>Sections 7(d)</U> and <U>10(a)</U>; and (B) the
restrictions, deferral of settlement, and forfeiture conditions applicable to any other Award granted under the Plan shall lapse
and such Award shall be deemed fully vested, and any performance conditions imposed with respect to any Award shall be deemed to
be fully achieved, subject to the restrictions set forth in <U>Sections 7(d)</U> and <U>10(a)</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify"><U>Termination Following a Change in Control</U>. With respect to Awards granted on or after June
17, 2014, in the event that the Awards are assumed or substituted with new awards as set forth above, unless otherwise provided
in the Award Agreement or another contract or under the terms of a transaction constituting a Change in Control, upon a Participant&rsquo;s
involuntary termination of employment without Cause within twenty-four (24) months following the Change in Control, provided that
such termination does not result from the Participant&rsquo;s termination due to death or for disability, (1) any Award carrying
a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested, subject only to the
restrictions set forth in <U>Sections 7(d)</U> and <U>10(a)</U>; and (2) the restrictions, deferral of settlement, and forfeiture
conditions applicable to any other Award granted under the Plan shall lapse and such Award shall be deemed fully vested, and any
performance conditions imposed with respect to any Award shall be deemed to be fully achieved, subject to the restrictions set
forth in <U>Sections 7(d)</U> and <U>10(a)</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Plan, a &ldquo;Change in Control&rdquo; shall have occurred if.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">Any &ldquo;Person,&rdquo; as such term is used in Sections 13(d) and 14(d) of the Exchange Act
(other than the Company, any entity controlling, controlled by or under common control with the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any corporation owned, directly or indirectly, by the shareholders
of the Company in substantially the same proportions as their ownership of shares of the Company), is or becomes the &ldquo;beneficial
owner&rdquo; (as defined in Rule l3d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
25% or more of either the combined voting power of the Company&rsquo;s then outstanding voting securities or the then outstanding
Shares (in either case, other than as a result of an acquisition of securities directly from the Company);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">during any period of two consecutive years, individuals who at the beginning of such period constitute
the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company
to effect a transaction described in clause (i), (iii), or (iv) of this <U>Section 8(b)</U>) whose election by the Board or nomination
for election by the Company&rsquo;s shareholders was approved by a vote of at least two-thirds of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved,
cease for any reason to constitute at least a majority of the Board;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">a merger, consolidation, recapitalization, or reorganization of the Company is consummated, or
a reverse share split of any class of voting securities of the Company, other than any such transaction which would result in at
least 75% of the total voting power represented by the voting securities of the Company or the surviving entity outstanding immediately
after such transaction being beneficially owned by persons who together beneficially owned of least 75% of the combined voting
power of the voting securities of the Company outstanding immediately prior to such transaction, with the relative voting power
of each such continuing holder compared to the voting power of each such continuing holder not substantially altered as a result
of the transaction; <U>provided</U><I> </I>that,<B> </B>for purposes of this paragraph (iii), such continuity of ownership (and
preservation of relative voting power) shall be deemed to be satisfied if the failure to meet such 75% threshold (or to substantially
preserve such relative voting power) is due solely to the acquisition of voting securities by an employee benefit plan of the Company
or such surviving entity or of any subsidiary of the Company or such surviving entity; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD STYLE="text-align: justify">the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company
or an agreement for the sale or disposition by the Company of all or substantially all of the Company&rsquo;s assets (or any transaction
having a similar effect).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, no event or condition shall constitute a Change of Control to the extent that, if it were, a 20% tax would be imposed
upon or with respect to an award under Section 409A of the Code; <U>provided</U> that, in such case, the event or condition shall
continue to constitute a Change in control to the maximum extent possible (e.g., if applicable, in respect of vesting without an
acceleration of distribution) without causing the imposition of such 20% tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes
of the Plan, &ldquo;Cause&rdquo; means a Participant&rsquo;s gross misconduct, insubordination, violation of the Company&rsquo;s
policies, or commission of a felony.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Corporate
Transactions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of a corporate
transaction (such as, for example, a merger, consolidation, acquisition of property or stock, separation, reorganization, or liquidation),
the surviving or successor corporation shall assume each outstanding Award or substitute a new award of the same type for each
outstanding Award; <U>provided</U>, <U>however</U>, that, in the event of a proposed corporate transaction, the Committee may terminate
all or a portion of the outstanding Awards, effective upon the closing of the corporate transaction, if it determines that such
termination is in the best interests of the Company. If the Committee decides so to terminate outstanding Options and SARs, the
Committee shall give each Participant holding an Option or SAR to be terminated not fewer than seven days&rsquo; notice prior to
any such termination, and any Option or SAR which is to be so terminated may be exercised (if and only to the extent that it is
then exercisable under the terms of the Award Agreement and Section 8) at any time prior to such termination. Further, except as
otherwise provided in the Plan, the Administrator may, in its discretion accelerate, in whole or in part, the date on which any
or all Awards become exercisable or vested (to the extent such Award is not fully exercisable or vested pursuant to the Award Agreement
or Section 8).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Committee also
may, in its discretion, change the terms of any outstanding Award to reflect any such corporate transaction, <U>provided</U> that
(i) in the case of ISOs, such change would not constitute a &ldquo;modification&rdquo; under Section 424(h) of the Code, unless
the Participant consents to the change, and (ii) no such adjustment shall be made to an outstanding Option or SAR if such adjustment
would cause the Option or SAR to be subject to Section 409A of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
With Laws and Obligations</U>. The Company will not be obligated to issue or deliver Shares in connection with any Award or take
any other action under the Plan in a transaction subject to the registration requirements of the Securities Act of 1933, as amended,
or any other federal or state securities law, any requirement under any listing agreement between the Company and any stock exchange
or automated quotation system, or any other law, regulation, or contractual obligation of the Company, until the Company is satisfied
that such laws, regulations, and other obligations of the Company have been complied with in full. Certificates representing Shares
issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws,
regulations, and other obligations of the Company, including any requirement that a legend or legends be placed thereon.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Transferability</U>. Awards and other rights under the Plan will not be transferable by a Participant except by will or the
laws of descent and distribution (or to a designated Beneficiary in the event of the Participant&rsquo;s death), and, if exercisable,
shall be exercisable during the lifetime of a Participant only by such Participant or his or her guardian or legal representative;
<U>provided</U><I>, </I><U>however</U>, that such Awards and other rights may be transferred to one or more transferees during
the lifetime of the Participant in connection with the Participant&rsquo;s estate or tax planning, and such transferees may exercise
rights thereunder in accordance with the terms thereof, but only if and to the extent consistent with the registration of the offer
and sale of Shares on Form S-8, Form S-3, or such other registration form of the Securities and Exchange Commission as may then
be filed and effective with respect to the Plan and permitted by the Committee. The Company may rely upon the beneficiary designation
last filed in accordance with this <U>Section 10(b)</U>. Awards and other rights under the Plan may not be pledged, mortgaged,
hypothecated, or otherwise encumbered by a Participant and shall not be subject to the claims of a Participant&rsquo;s creditors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
The Company and any subsidiary is authorized to withhold from any Award granted or to be settled, any delivery of Shares in connection
with an Award, any other payment relating to an Award, or any payroll or other payment to a Participant amounts of withholding
and other taxes due or potentially payable in connection with any income recognition event involving an Award (including, for example,
an election under section 83(b) of the Code), and to take such other action as the Committee may deem advisable to enable the Company
and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This
authority shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof
in satisfaction of a Participant&rsquo;s tax obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Right
to Continued Employment; Leaves of Absence</U>. Neither the Plan, any Award Agreement, or any action taken hereunder shall be construed
as giving any Participant the right to be retained in the employ or contract of the Company or any of its subsidiaries, nor shall
it interfere in any way with the right of the Company or any of its subsidiaries to terminate any Participant&rsquo;s employment
or contract at any time. Unless otherwise specified in the applicable Award Agreement, an approved leave of absence shall not be
considered a Termination of Service for purposes of an Award under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Rights
to Awards; No Shareholder Rights</U>. No Participant or employee or independent contractor shall have any claim to be granted any
Award under the Plan, and there is no obligation for uniformity of treatment of Participants, employees or independent contractors.
No Award shall confer on any Participant any of the rights of a shareholder of the Company unless and until Shares are duly issued
or transferred and delivered to the Participant in accordance with the terms of the Award or, in the case of an Option, the Option
is duly exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes to
the Plan and Awards</U>. The Board may amend, alter, suspend, discontinue, or terminate the Plan or the Committee&rsquo;s authority
to grant Awards under the Plan without the consent of shareholders or Participants, except that any material amendment or alteration
will be subject to the approval of the Company&rsquo;s shareholders at or before the next annual meeting of shareholders for which
the record date is after the date of such Board action if such shareholder approval is required by any applicable federal or state
law or regulation or the rules of any stock exchange or automated quotation system on which Company securities may then be listed
or quoted, and the Board may otherwise determine to submit other such amendments or alterations to shareholders for approval; <U>provided</U><I>,
</I><U>however</U>, that, without the consent of an affected Participant, no such action may materially impair the rights of such
Participant with respect to any Award theretofore granted to him. The Committee may waive any conditions or rights under, or amend,
alter, suspend, discontinue, or terminate, any Award theretofore granted and any Award Agreement relating thereto; <U>provided</U><I>,
</I><U>however</U>, that, without the consent of an affected Participant, no such action may materially impair the rights of such
Participant under such Award; and <U>provided</U> <U>further</U> that no such amendment, discontinuance or termination of the Plan
shall accelerate the time for payment of any Deferred Shares or other amounts subject to Section 409A of the Code (except to the
extent permitted by Section 409A of the Code).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Except as permitted under
Section 4(b), if the Fair Market Value of Shares subject to an Option or SAR has declined since the Award was granted, the Committee
shall not, without shareholder approval, (i) cancel any or all such Options or SARs in exchange for cash or the grant of a new
Award, or (ii) reduce the exercise price of any or all such Options or reduce the amount over which appreciation of a SAR is measured;
<U>provided</U>, <U>however</U>, that such reduced amount shall not be less than the Fair Market Value on the date such reduction
is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Fiduciary
Relationship</U>. Nothing contained in the Plan and no action taken pursuant to the provisions of the Plan, shall create or shall
be construed to create a trust of any kind, or a fiduciary relationship between the Company or its subsidiaries, or their officers
or the Committee, on the one hand, and the Participant, the Company, its subsidiaries or any other person or entity, on the other.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices under the Plan shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its principal
office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally, sent by facsimile transmission
or mailed to the Participant at the address appearing in the records of the Company. Such addresses may be changed at any time
by written notice to the other party given in accordance with this <U>Section 10(h)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unfunded
Status of Awards; Creation of Trusts</U>. The Plan is intended to constitute an &ldquo;unfunded&rdquo; plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or
any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; <U>provided</U><I>,
</I><U>however</U>, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company&rsquo;s
obligations under the Plan to deliver cash, Shares, other Awards, or other property pursuant to any Award, which trusts or other
arrangements shall be consistent with the &ldquo;unfunded&rdquo; status of the Plan unless the Committee otherwise determines with
the consent of each affected Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonexclusivity
of the Plan</U>. Neither the adoption of the Plan by the Board nor its submission to the shareholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements as it may
deem desirable, including the granting of awards otherwise than under the Plan, and such arrangements may be either applicable
generally or only in specific cases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Deferred
Compensation Plan</U>. The Plan is intended to constitute an equity or equity-based compensation plan that does not provide for
the deferral of compensation subject to Section 409A of the Code and, if any provision of the Plan is subject to more than one
interpretation or construction, such ambiguity shall be resolved in favor of that interpretation or construction which is consistent
with the Plan not being subject to the provisions of Section 409A. Notwithstanding the forgoing, if, at any time, any provision
of this Plan or any Award Agreement relating to an Award does not comply with the requirements of Section 409A of the Code, such
provision will be construed or deemed amended to the extent necessary to conform to the applicable requirements of Section 409A
of the Code so that such Participant shall avoid liability under Section 409A. Deferred Shares are intended to meet the &ldquo;short-term
deferral exception&rdquo; under Section 409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Fractional
Shares</U>. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional Shares or whether such fractional
Shares or any rights thereto shall be forfeited or otherwise eliminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Captions</U>.
The use of captions in this Plan is for convenience. The captions are not intended to provide substantive rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. The validity, construction, and effect of the Plan, any rules and regulations under the Plan, and any Award Agreement
will be determined in accordance with the Delaware General Corporation Law and other laws (including those governing contracts)
of the State of Delaware, without giving effect to principles of conflicts of laws, and applicable federal law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recoupment
Policy</U>. Notwithstanding any provision of this Plan to the contrary, a Participant&rsquo;s right to receive or retain an Award,
to retain any amount received pursuant to an Award (in cash or Shares) and, in the case of Shares received pursuant to an Award,
to retain any profit or gain the Participant realized in connection with such an Award, shall be subject to any recoupment or &ldquo;clawback&rdquo;
policy adopted by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date and Plan Termination</U>. The Plan, as amended and restated, will be effective upon approval of the Board, subject to its
approval by the shareholders of the Company if such shareholder approval is required by any applicable federal or state law or
regulation or the rules of any stock exchange or automated quotation system as then in effect. Unless earlier terminated by action
of the Board, the Plan will remain in effect until such time as no Shares remain available for issuance under the Plan and the
Company or, if earlier, until the day before the tenth anniversary of the effective date of the Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As adopted by the Board of Directors: June
17, 2014</P>

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

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

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



<P STYLE="margin: 0"></P>

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