<SEC-DOCUMENT>0001144204-16-082889.txt : 20160217
<SEC-HEADER>0001144204-16-082889.hdr.sgml : 20160217
<ACCEPTANCE-DATETIME>20160216191616
ACCESSION NUMBER:		0001144204-16-082889
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160212
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:		Financial Statements and Exhibits
FILED AS OF DATE:		20160217
DATE AS OF CHANGE:		20160216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Childrens Place, Inc.
		CENTRAL INDEX KEY:			0001041859
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				311241495
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23071
		FILM NUMBER:		161431083

	BUSINESS ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		2015582400

	MAIL ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILDRENS PLACE RETAIL STORES INC
		DATE OF NAME CHANGE:	19970702
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v432054_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>WASHINGTON,
DC 20549</B></FONT></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: center"><B>FORM 8-K</B></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: center"><FONT STYLE="text-transform: uppercase"><B>CURRENT
REPORT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
February 12, 2016</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">THE CHILDREN&rsquo;S PLACE, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of Registrants as Specified in Their Charters)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;(State or Other Jurisdiction of Incorporation)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">0-23071</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">31-1241495</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">500 Plaza Drive, Secaucus, New Jersey</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">07094</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">(201) 558-2400</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Registrant&rsquo;s Telephone Number, Including Area Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Former Name or Former Address, if Changed Since Last Report)</FONT></TD></TR>
</TABLE>
<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">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see </I>General Instruction A.2. below):</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"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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


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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">On February 12, 2016,
the Compensation Committee of the Board of Directors of The Children's Place, Inc. (the &ldquo;Company&rdquo;) approved the following
amendments to the Company&rsquo;s 2011 Equity Incentive Plan (the &ldquo;Plan&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.5pt">1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Provided that
an equity award under the Plan whose vesting is subject to the satisfaction of performance goals over a performance period shall
be subject to a performance period and vesting period of not less than one year, except in the case of (i) awards made in payment
of or exchange for other earned compensation, (ii) upon the occurrence of a change in control and an involuntary termination of
service, (iii) termination of service due to death, disability or retirement, (iv) a substitute award that does not reduce the
vesting period of the award being replaced, and (v) one or more awards covering an aggregate number of shares of Company common
stock not in excess of five percent of the aggregate number of shares of Company common stock available for awards under the Plan
over the Plan&rsquo;s term; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.5pt">2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Limited the
aggregate fair market value of equity awards under the Plan granted in any one calendar year to any non-employee director of the
Company to $250,000.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.5pt">A copy of the text
of the amendments to the Plan described above is attached to this Current Report on Form 8-K as Exhibit 99.1 (with the amended
language indicated by underlining). The above summary of the terms and conditions of these amendments is qualified in its entirety
by reference to the text of the amendments attached to this Current Report on Form 8-K as Exhibit 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.03</B></TD><TD STYLE="text-align: justify"><B>Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">On February 12, 2016,
the Board of Directors of the Company approved an amendment to the Company&rsquo;s Bylaws effective as of such date to provide
proxy access rights to stockholders. Pursuant to this amendment, the Company will include nominees in its proxy materials for up
to 20% of the Board of Directors, but not less than two directors, proposed by a stockholder or a group of up to 20 stockholders
who have continuously owned 3% or more of the Company&rsquo;s common stock for three years or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 49.5pt">A copy of the text
of the amendment to the Company&rsquo;s Bylaws described above is attached to the Current Report on Form 8-K as Exhibit 99.2. The
summary of the terms and conditions of the amendment is qualified in its entirety by reference to the text of the amendment attached
to this Current Report on Form 8-K as Exhibit 99.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>


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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

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

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">99.1</TD><TD STYLE="text-align: justify">Text of Amendments to 2011 Equity Incentive Plan.</TD>
</TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">99.2</TD><TD STYLE="text-align: justify">Text of Amendment to Bylaws.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;*</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 16, 2016</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>THE CHILDREN&rsquo;S</B> <B>PLACE, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jane
    Elfers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Jane Elfers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
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<TYPE>EX-99.1
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<FILENAME>v432054_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock and Restricted Stock Units</B>.<FONT STYLE="font-size: 10pt"> (a) (i) <U>Generally.</U> Each grant of Restricted Stock and
Restricted Stock Units shall be evidenced by an Award agreement. Each Restricted Stock and Restricted Stock Unit grant shall be
subject to the conditions set forth in this Section&nbsp;9, and to such other conditions not inconsistent with the Plan as determined
by the Committee and may be reflected in the applicable Award agreement. The Committee shall establish restrictions applicable
to such Restricted Stock and Restricted Stock Units, including the Restricted Period, and the time or times at which Restricted
Stock or Restricted Stock Units shall be granted or become vested<FONT STYLE="color: #3265FF">; </FONT><FONT STYLE="color: Red"><U>provided
that, a Restricted Stock or Restricted Stock Unit Award whose vesting is subject to the satisfaction of Performance Goals over
a Performance Period shall be subject to a Performance Period and vesting period of not less than one year. The minimum Performance
Period and vesting period specified above will not, however, apply: (1) to a Restricted Stock or Restricted Stock Unit Award made
in payment of or exchange for other earned compensation (including performance-based Awards), (2) upon a Change in Control and
Involuntary Termination of a Participant, (3) upon termination of service due to death, Disability or Retirement, (4) to a Substitute
Award that does not reduce the vesting period of the Award being replaced, and (5) to one or more Restricted Stock Awards and/or
Restricted Stock Unit Awards covering an aggregate number of shares of Common Stock not in excess of five percent (5%) of the
aggregate number of shares of Common Stock available for Awards under Section 5(b)(i) of the Plan over the Plan&rsquo;s term</U></FONT><U><FONT STYLE="color: #3265FF">.
</FONT></U>The Committee may in its sole discretion accelerate the vesting and/or the lapse of any or all of the restrictions
on the Restricted Stock and Restricted Stock Units which acceleration shall not affect any other terms and conditions of such
Awards<FONT STYLE="color: Red"><U>; provided that, the Committee may not amend a performance-based Restricted Stock Award or Restricted
Stock Unit Award to reduce the Performance Period or vesting period to less than one year</U></FONT>.</FONT></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Automatic
Grants to Non-Employee Directors</U>. Notwithstanding any other provision of this Plan to the contrary, Restricted Stock Units
shall be automatically granted to each Non-Employee Director in accordance with this Section&nbsp;9(a)(ii) without any additional
required action by the Committee.&nbsp; On the first business day of each fiscal year of the Company, each Non-Employee Director
on such date shall be granted a number of Restricted Stock Units determined by dividing $100,000 by the Fair Market Value of a
share on such date (which number shall be rounded up to the next whole number of shares).&nbsp; Each Non-Employee Director who
is initially elected or appointed to the Board during the fiscal year shall be granted on the date of such election or appointment
a number of Restricted Stock Units, equal to the quotient (which number of shares shall be rounded up to the next whole number
of shares) of (i)&nbsp;the product of $100,000 multiplied by a fraction, the numerator of which shall be the number of days remaining
during the fiscal year and the denominator of which shall be 365, divided by (ii)&nbsp;the Fair Market Value of a share of Common
Stock on such Non-Employee Director&rsquo;s date of election or appointment. Except as otherwise provided in this Section 9, or
as otherwise provided in the applicable Award agreement, or any applicable consulting, change in control, severance or other agreement
between a Non-Employee Director and the Company or an Affiliate, the foregoing automatic grants of Restricted Stock Units shall
have a Restricted Period of one year, and shall vest in full on the first anniversary of the date of grant, and thereafter the
restrictions set forth in the applicable Award agreement shall have no further force or effect with respect to such Restricted
Stock Units (and such Restricted Stock Units shall be treated as Released Units for purposes of Section 9(e)(ii)), provided that
the Non-Employee Director remains in the service of the Company and its Affiliates throughout the one year period commencing on
the date of grant. Each Non-Employee Director shall also be eligible to receive grants of additional Awards under the Plan<FONT STYLE="color: Red"><U>;
provided that, no Non-Employee Director shall be granted equity Awards under the Plan in any one calendar year having an aggregate
Fair Market Value (measured on the date(s) of grant) in such calendar year in excess of $250,000 in the aggregate (including the
annual $100,000 grant provided for above in this clause (ii))</U>.</FONT></P>

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<FILENAME>v432054_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-weight: normal; font-style: normal">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">PROXY
ACCESS</FONT></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-align: justify; text-indent: 1in">Whenever the Board
of Directors solicits proxies with respect to the election of directors at an annual meeting of stockholders, subject to the provisions
of this Section 7, the Corporation shall include in its proxy statement for such annual meeting of stockholders, in addition to
any persons nominated for election by the Board of Directors or any committee thereof, the name, together with the Required Information
(defined below), of any person nominated for election (the &ldquo;<U>Stockholder Nominee</U>&rdquo;) to the Board of Directors
by a stockholder or group of no more than twenty (20) stockholders that satisfies the requirements of this Section 7 (the &ldquo;<U>Eligible
Stockholder</U>&rdquo;) and that expressly elects at the time of providing the notice required by this Section 7 (the &ldquo;<U>Notice
of Proxy Access Nomination</U>&rdquo;) to have such nominee included in the Corporation&rsquo;s proxy materials. For purposes of
determining the number of stockholders comprising a group of stockholders under the immediately-preceding sentence, any two (2)
or more funds under common management or sharing a common investment adviser shall be counted as one (1) stockholder. For purposes
of this Section 7, the &ldquo;<U>Required Information</U>&rdquo; that the Corporation will include in its proxy statement is the
information provided to the Secretary of the Corporation concerning the Stockholder Nominee and the Eligible Stockholder that is
required to be disclosed in the Corporation&rsquo;s proxy statement by the regulations promulgated under the Exchange Act and,
if the Eligible Stockholder so elects, a written statement, not to exceed 500 words, in support of the Stockholder Nominee(s)&rsquo;
candidacy (the &ldquo;<U>Statement</U>&rdquo;). Subject to the provisions of this Section 7, the name of any Stockholder Nominee
included in the Corporation&rsquo;s proxy materials for such annual meeting of stockholders shall also be set forth on the form
of proxy distributed by the Corporation in connection with such annual meeting of stockholders. Notwithstanding anything to the
contrary contained in this Section 7, the Corporation may omit from its proxy materials any information or Statement (or portion
thereof) that it, in good faith, believes would violate any applicable law or regulation.</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: justify; text-indent: 1in">To be timely, the Notice
of Proxy Access Nomination must be delivered to, or mailed to and received by, the Secretary of the Corporation no earlier than
one hundred fifty (150) days and no later than one hundred twenty (120) days before the anniversary of the date that the Corporation
issued its proxy statement for the previous year&rsquo;s annual meeting of stockholders.</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: 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">The maximum number
of Stockholder Nominees nominated by all Eligible Stockholders that will be included in the Corporation&rsquo;s proxy materials
with respect to an annual meeting of stockholders shall not exceed the greater of (x) two or (y) twenty percent (20%) of the number
of directors in office (rounded down to the nearest whole number) as of the last day on which a Notice of Proxy Access Nomination
may be delivered pursuant to and in accordance with this Section 7 (the &ldquo;<U>Final Proxy Access Nomination Date</U>&rdquo;).
In the event that one or more vacancies for any reason occurs on the Board of Directors after the Final Proxy Access Nomination
Date but before the date of the annual meeting of stockholders and the Board of Directors resolves to reduce the size of the Board
of Directors in connection therewith, the maximum number of Stockholder Nominees included in the Corporation&rsquo;s proxy materials
shall be calculated based on the number of directors in office as so reduced. For purposes of determining when the maximum number
of Stockholder Nominees provided for in this Section 7 has been reached, each of the following persons shall be counted as one
of the Stockholder Nominees: (i) any individual nominated by an Eligible Stockholder for inclusion in the Corporation&rsquo;s proxy
materials pursuant to this Section 7 whom the Board of Directors decides to nominate for election to the Board of Directors and
(ii) any director in office as of the Final Proxy Access Nomination Date who was included in the Corporation&rsquo;s proxy materials
as a Stockholder Nominee for either of the two (2) most recent preceding annual meetings of stockholders (including any individual
counted as a Stockholder Nominee pursuant to the preceding clause (i)) and whom the Board of Directors decides to nominate for
re-election to the Board of Directors. Any Eligible Stockholder submitting more than one (1) Stockholder Nominee for inclusion
in the Corporation&rsquo;s proxy materials pursuant to this Section 7 shall rank such Stockholder Nominees based on the order in
which the Eligible Stockholder desires such Stockholder Nominees to be selected for inclusion in the Corporation&rsquo;s proxy
statement in the event that the total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section
7 exceeds the maximum number of Stockholder Nominees permitted. In the event that the number of Stockholder Nominees submitted
by Eligible Stockholders exceeds the maximum number of Stockholder Nominees permitted by this Section 7, the highest ranking Stockholder
Nominee who meets the requirements of this Section 7 from each Eligible Stockholder will be selected for inclusion in the Corporation&rsquo;s
proxy materials until the maximum number is reached, going in order of the Eligible Stockholder holding the greatest number of
shares to that holding the lowest number of shares of common stock of the Corporation each Eligible Stockholder disclosed as owned
in its respective Notice of Proxy Access Nomination submitted to the Corporation. If the maximum number is not reached after the
highest ranking Stockholder Nominee who meets the requirements of this Section 7 from each Eligible Stockholder has been selected,
then the next highest ranking Stockholder Nominee who meets the requirements of this Section 7 from each Eligible Stockholder will
be selected for inclusion in the Corporation&rsquo;s proxy materials, and this process will continue as many times as necessary,
following the same order each time, until the maximum number is reached.</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: justify; text-indent: 1in">For purposes of this
Section 7, an Eligible Stockholder shall be deemed to &ldquo;own&rdquo; only those outstanding shares of common stock of the Corporation
as to which the stockholder possesses both (i) the full voting and investment rights pertaining to the shares and (ii) the full
economic interest in (including the opportunity for profit from and risk of loss on) such shares; <U>provided</U>, that the number
of shares calculated in accordance with clauses (i) and (ii) shall not include any shares (x) sold by such stockholder or any of
its affiliates in any transaction that has not been settled or closed, (y) borrowed by such stockholder or any of its affiliates
for any purposes or purchased by such stockholder or any of its affiliates pursuant to an agreement to resell or (z) subject to
any option, warrant, forward contract, swap, contract of sale, other derivative or similar agreement entered into by such stockholder
or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional
amount or value of shares of outstanding common stock of the Corporation, in any such case which instrument or agreement has, or
is intended to have, the purpose or effect of (1) reducing in any manner, to any extent or at any time in the future, such stockholder&rsquo;s
or its affiliates&rsquo; full right to vote or direct the voting of any such shares, and/or (2) hedging, offsetting or altering
to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares by such stockholder
or affiliate, other than hedging across a broad multi-industry investment portfolio solely with respect to currency risk, interest
rate risk or, using a broad index-based hedge, equity risk. A stockholder shall &ldquo;own&rdquo; shares held in the name of a
nominee or other intermediary so long as the stockholder retains the right to instruct how the shares are voted with respect to
the election of directors and possesses the full economic interest in the shares. A stockholder&rsquo;s ownership of shares shall
be deemed to continue during any period in which (i) the stockholder has delegated any voting power by means of a proxy, power
of attorney or other instrument or arrangement which is revocable at any time by the stockholder or (ii) the stockholder has loaned
such shares; <U>provided</U>, that the stockholder has the power to recall such loaned shares on five (5) business days&rsquo;
notice. The terms &ldquo;owned,&rdquo; &ldquo;owning&rdquo; and other variations of the word &ldquo;own&rdquo; shall have correlative
meanings. Whether outstanding shares of the common stock of the Corporation are &ldquo;owned&rdquo; for these purposes shall be
determined by the Board of Directors or any committee thereof. For purposes of this Section 7, the term &ldquo;affiliate&rdquo;
or &ldquo;affiliates&rdquo; shall have the meaning ascribed thereto under the General Rules and Regulations under the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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">In order to make a
nomination pursuant to this Section 7, an Eligible Stockholder must have owned at least the Required Ownership Percentage (as defined
below) of the Corporation&rsquo;s outstanding common stock (the &ldquo;<U>Required Shares</U>&rdquo;) continuously for at least
the Minimum Holding Period (as defined below) as of both the date the Notice of Proxy Access Nomination is delivered to, or mailed
to and received by, the Secretary of the Corporation in accordance with this Section 7 and the record date for determining the
stockholders entitled to vote at the annual meeting of stockholders and must continue to own the Required Shares through the meeting
date. For purposes of this Section 7, the &ldquo;Required Ownership Percentage&rdquo; is three percent (3)%, and the &ldquo;Minimum
Holding Period&rdquo; is three (3) consecutive years. Within the time period specified in this Section 7 for delivering the Notice
of Proxy Access Nomination, an Eligible Stockholder must provide the following information in writing to the Secretary of the Corporation:
(i) a written statement by the Eligible Stockholder certifying as to the number of shares it owns and has owned (as defined in
this Section 7) continuously during the Minimum Holding Period; (ii) one or more written statements from the record holder of the
shares (and from each intermediary through which the shares are or have been held during the Minimum Holding Period) verifying
that, as of a date within seven (7) calendar days prior to the date the Notice of Proxy Access Nomination is delivered to, or mailed
to and received by, the Secretary of the Corporation, the Eligible Stockholder owns, and has owned continuously for the Minimum
Holding Period, the Required Shares, and the Eligible Stockholder&rsquo;s agreement to provide, within five (5) business days after
the record date for the annual meeting of stockholders, written statements from the record holder and intermediaries verifying
the Eligible Stockholder&rsquo;s continuous ownership of the Required Shares through the record date; (iii) a copy of the Schedule
14N that has been filed with the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) as required by
Rule 14a-18 under the Exchange Act; (iv) the information required by Article I, Section 6(j) of these Bylaws; (v) the consent of
each Stockholder Nominee to being named in the proxy statement as a nominee and to serving as a director if elected; (vi) a representation
that the Eligible Stockholder (including each member of any group of stockholders that together is an Eligible Stockholder hereunder)
(A) acquired the Required Shares in the ordinary course of business and not with the intent to change or influence control at the
Corporation, and does not presently have such intent, (B) presently intends to maintain qualifying ownership of the Required Shares
through the date the annual meeting of stockholders, (C) has not nominated and will not nominate for election to the Board of Directors
at the annual meeting of stockholders any person other than the Stockholder Nominee(s) it is nominating pursuant to this Section
7, (D) has not engaged and will not engage in, and has not and will not be a &ldquo;participant&rdquo; in another person&rsquo;s,
&ldquo;solicitation&rdquo; within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual
as a director at the annual meeting of stockholders other than its Stockholder Nominee(s) or a nominee of the Board of Directors,
(E) has not distributed and will not distribute to any stockholder of the Corporation any form of proxy for the annual meeting
of stockholders other than the form distributed by the Corporation, (F) agrees to comply with all applicable laws and regulations
applicable to solicitations and the use, if any, of soliciting material, and (G) has provided and will provide facts, statements
and other information in all communications with the Corporation and its stockholders that are or will be true and correct in all
material respects and do not and will not omit to state a material fact necessary in order to make such information, in light of
the circumstances under which it was or will be made or provided, not misleading; (vii) a representation as to the Eligible Stockholder&rsquo;s
(including each member of any group of stockholders that together is an Eligible Stockholder hereunder) intentions with respect
to maintaining qualifying ownership of the Required Shares through the date of the annual meeting of stockholders; (viii) an undertaking
that the Eligible Stockholder agrees to (A) assume all liability stemming from any legal or regulatory violation arising out of
the Eligible Stockholder&rsquo;s communications with the stockholders of the Corporation or out of the information that the Eligible
Stockholder provided to the Corporation and (B) indemnify and hold harmless the Corporation and each of its directors, officers
and employees individually against any liability, loss or damages in connection with any threatened or pending action, suit or
proceeding, whether legal, administrative or investigative, against the Corporation or any of its directors, officers or employees
arising out of any nomination submitted by the Eligible Stockholder pursuant to this Section 7; and (ix) in the case of a nomination
by a group of stockholders together constituting an Eligible Stockholder in which two or more funds under common management or
sharing a common investment adviser are counted as one stockholder for purposes of qualifying as an Eligible Stockholder, documentation
reasonably satisfactory to the Corporation that demonstrates that the funds are under common management or share a common investment
adviser.</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: justify; text-indent: 1in">In the event that any
information or communication provided by the Eligible Stockholder or the Stockholder Nominee to the Corporation or its stockholders
ceases to be true and correct or omits a material fact necessary to make such information or communication, each Eligible Stockholder
or Stockholder Nominee, as the case may be, shall promptly notify the Secretary of the Corporation of any defect in such previously
provided information or communication and of the information that is required to correct any such defect. In addition, any person
providing any information pursuant to this Section 7 shall further update and supplement such information, if necessary, so that
all such information shall be true and correct as of the record date for determining the stockholders entitled to receive notice
of the annual meeting of stockholders, and such update and supplement (or a written certification that no such updates or supplements
are necessary and that the information previously provided remains true and correct as of the applicable date) shall be delivered
to or be mailed and received by the Secretary at the principal executive offices of the Corporation not later than five (5) business
days after the record date for determining the stockholders entitled to receive notice of such annual meeting of stockholders.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Corporation shall
not be required to include, pursuant to this Section 7, a Stockholder Nominee in its proxy materials (i) for any meeting of stockholders
for which the Secretary of the Corporation receives notice that the Eligible Stockholder or any other stockholder has nominated
one or more persons for election to the Board of Directors pursuant to the advance notice requirements for stockholder nominees
for director set forth in Article I, Section 6(j) of these Bylaws, (ii) if the Eligible Stockholder (or any member of any group
of stockholders that together is such Eligible Stockholder) who has nominated such Stockholder Nominee has engaged in or is currently
engaged in, or has been or is a &ldquo;participant&rdquo; in another person&rsquo;s, &ldquo;solicitation&rdquo; within the meaning
of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the annual meeting of stockholders
other than its Stockholder Nominee(s) or a nominee of the Board of Directors, (iii) who is not independent under the listing standards
of the NASDAQ, any applicable rules of the SEC, Rule 16(B) under the Exchange Act, Section 162(m) of the Internal Revenue Code
of 1986, and any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of
the Corporation&rsquo;s directors, (iv) whose election as a member of the Board of Directors would cause the Corporation to be
in violation of these Bylaws, the Certificate of Incorporation, the rules and listing standards of the NASDAQ, or any applicable
state or federal law, rule or regulation, (v) who is or has been, within the past three (3) years, an officer or director of a
competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, (vi) who is a named subject of a pending criminal proceeding
(excluding traffic violations and other minor offenses) or has been convicted in such a criminal proceeding within the past ten
(10) years, (vii) if such Stockholder Nominee or the applicable Eligible Stockholder (or any member of any group of stockholders
that together is such Eligible Stockholder) shall have provided information to the Corporation in respect to such nomination that
was untrue in any material respect (or omits to state a material fact necessary in order to make the statement made in light of
the circumstances under which they are made, not misleading) or (viii) if the Eligible Stockholder (or any member of any group
of stockholders that together is such Eligible Stockholder) or applicable Stockholder Nominee fails to comply with its obligations
pursuant to this Section 7.</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: justify; text-indent: 1in">Notwithstanding anything
to the contrary set forth herein, the Board of Directors or the chairman of the annual meeting of stockholders shall declare a
nomination by an Eligible Stockholder to be invalid, and such nomination shall be disregarded notwithstanding that proxies in respect
of such vote may have been received by the Corporation, if (i) (A) the Stockholder Nominee and/or the applicable Eligible Stockholder
shall have breached any of its or their obligations, agreements or representations under this Section 7 or (B) the Stockholder
Nominee shall have otherwise become ineligible for inclusion in the Corporation&rsquo;s proxy materials pursuant to this Section
7, in each case as determined by the Board of Directors or the chairman of the annual meeting of stockholders (in either of which
cases, (x) the Corporation may omit or, to the extent feasible, remove the information concerning such Stockholder Nominee and
the related Supporting Statement from its proxy materials and/or otherwise communicate to its stockholders that such Stockholder
Nominee will not be eligible for election at the annual meeting of stockholders and (y) the Corporation shall not be required to
include in its proxy materials any successor or replacement nominee proposed by the applicable Eligible Stockholder or any other
Eligible Stockholder) or (ii) the Eligible Stockholder (or a qualified representative thereof) does not appear at the annual meeting
of stockholders to present any nomination pursuant to this Section 7.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever the Eligible
Stockholder consists of a group of stockholders, (i) each provision in this Section 7 that requires the Eligible Stockholder to
provide any written statements, representations, undertakings, agreements or other instruments or to meet any other conditions
shall be deemed to require each stockholder that is a member of such group to provide such statements, representations, undertakings,
agreements or other instruments and to meet such other conditions (except that the members of such group may aggregate their shareholdings
in order to meet the Required Ownership), (ii) a breach of any obligation, agreement or representation under this Section 7 by
any member of such group shall be deemed a breach by the Eligible Stockholder and (iii) the Notice of Proxy Access Nomination must
designate one member of the group for purposes of receiving communications, notices and inquiries from the Corporation and otherwise
authorize such member to act on behalf of all members of the group with respect to all matters relating to the nomination under
this Section 7 (including withdrawal of the nomination). No person may be a member of more than one group of stockholders constituting
an Eligible Stockholder with respect to any annual meeting of stockholders.</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: justify; text-indent: 1in">Any Stockholder Nominee
who is included in the Corporation&rsquo;s proxy materials for a particular annual meeting of stockholders but either (i) withdraws
from or becomes ineligible or unavailable for election at the annual meeting of stockholders, or (ii) does not receive at least
25% of the votes cast in favor of such Stockholder Nominee&rsquo;s election, will be ineligible to be a Stockholder Nominee pursuant
to this Section 7 for the next two (2) annual meetings of stockholders. For the avoidance of doubt, the immediately preceding sentence
shall not prevent any stockholder from nominating any person to the Board of Directors pursuant to and in accordance with Article
I, Section 6(j) of these Bylaws.</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; text-align: justify; text-indent: 1in">Any Stockholder Nominee
who is included in the Corporation&rsquo;s proxy materials for any particular meeting shall tender an irrevocable resignation (resigning
his or her candidacy for director election and, if applicable at the time of the determination made in the next sentence, resigning
from his or her position as a director), in a form satisfactory to the Corporation, in advance of such meeting, provided that such
resignation shall expire upon the certification of the voting results of that annual meeting of stockholders. Such resignation
shall become effective upon a determination by the Board of Directors or any committee thereof that (i) the information provided
pursuant to this Section 7 to the Corporation by such individual or by the Eligible Stockholder (or any member of any group of
persons that together is such Eligible Stockholder) who nominated such individual was untrue in any material respect or omitted
to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made,
not misleading or (ii) such individual, or the Eligible Stockholder (or any member of any group of persons that together is such
Eligible Stockholder) who nominated such individual, shall have breached or failed to comply with its agreements, representations
undertakings and/or obligations pursuant to these By-laws, including, without limitation, this Section 7.</P>

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