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<SEC-DOCUMENT>0000914317-08-001734.txt : 20080620
<SEC-HEADER>0000914317-08-001734.hdr.sgml : 20080620
<ACCEPTANCE-DATETIME>20080620151459
ACCESSION NUMBER:		0000914317-08-001734
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080618
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080620
DATE AS OF CHANGE:		20080620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKELAND INDUSTRIES INC
		CENTRAL INDEX KEY:			0000798081
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				133115216
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15535
		FILM NUMBER:		08910027

	BUSINESS ADDRESS:	
		STREET 1:		701-7 KOEHLER AVENUE
		CITY:			RONKONKOMA
		STATE:			NY
		ZIP:			11779
		BUSINESS PHONE:		6319819700

	MAIL ADDRESS:	
		STREET 1:		701- 7 KOEHLER AVENUE
		CITY:			RONKONKOMA
		STATE:			NY
		ZIP:			11779
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-93319_lake.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C. 20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -9pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of Earliest Event Reported):&#160;&#160;June 18,
2008</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">Lakeland
Industries, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of Registrant as Specified in Charter)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Delaware</font></div>
              </div>
            </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">000-15535</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">13-3115216</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or Other Jurisdiction</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      Incorporation)</font></div>
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      File Number)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
      Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
      No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">701 Koehler Avenue, Suite 7,
Ronkonkoma, New York&#160;&#160;11779-7410</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of Principal Executive Offices)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">(631)
981-9700</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Not
Applicable</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
Name or Former Address, if Changed Since Last Report)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
            </td>
          </tr>
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    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
            </td>
          </tr>
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    <div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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</font></div>
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</font></div>
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            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
      5.02</font>&#160; </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Departure of Directors
      or Certain Officers; Election of Directors; Appointment of Certain
      Officers; Compensatory Arrangements of Certain
      Officers.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
19, 2008, Lakeland Industries, Inc. (the &#8220;Company&#8221;) entered into an Employment
Agreement (the &#8220;Agreement&#8221;) with Christopher J. Ryan, the Chief Executive
Officer of the Company.&#160;&#160;The term of the Agreement is two years, from
April 13, 2008 through April 13, 2010.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the term of the Agreement, Mr. Ryan will receive an annual base salary of
$400,000 between April 11, 2008 and April 11, 2010, which shall be paid in equal
or substantially equal semi-monthly installments (i.e. $16,666.67
semi-monthly).&#160;&#160;During the Term of this Agreement, the Annual Base
Salary payable to the Executive shall be reviewed at least annually and may be
increased at the sole discretion of the Compensation Committee of the Board but
shall not be reduced.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition to Annual Base Salary, the Executive shall be awarded the opportunity
to earn an incentive bonus on an annual basis (&#8220;Incentive Bonus&#8221;) under an
incentive compensation plan to be determined by the Compensation Committee of
the Board (and attached hereto as Exhibit 1).&#160;&#160;During the Term of this
Agreement, the annual Incentive Bonus which the Executive will have the
opportunity to earn shall be reviewed at least annually and be increased at the
discretion of the Compensation Committee of the Board.</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company can terminate Mr. Ryan&#8217;s employment for &#8220;cause,&#8221;, in which case, within
30 days of such termination, he will be entitled to: (1) the Executive&#8217;s Annual
Base Salary through the Date of Termination to the extent not previously paid,
(2) the accrued benefit payable to the Executive under any deferred compensation
plan, program or arrangement in which the Executive is a participant subject to
the computation of benefits provisions of such plan, program or arrangement, and
(3) any accrued vacation pay; in each case to the extent not previously paid
(the &#8220;Accrued Obligation&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If the
Company terminates Mr. Ryan&#8217;s employment &#8220;without cause the Executive shall be
entitled to the payment of the benefits provided below as of the Date of
Termination:</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
      Obligations.&#160;&#160;Within thirty (30) days after the Date of
      Termination, the Company shall pay to the Executive the sum of (1) the
      Executive&#8217;s Annual Base Salary through the Date of Termination to the
      extent not previously paid, (2) the accrued benefit payable to the
      Executive under any deferred compensation plan, program or arrangement in
      which the Executive is a participant subject to the computation of
      benefits provisions of such plan, program or arrangement, and (3) any
      accrued vacation pay; in each case to the extent not previously paid (the
      &#8220;Accrued Obligation&#8221;).</font></div>
            </td>
          </tr>
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    </div><br>
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, on the date that Incentive Bonuses are paid to other peer executives
for the year in which the Executive&#8217;s employment is terminated, the Executive
will be paid an amount equal to the product of the Current Target Bonus
multiplied by a fraction, the numerator of which is the number of days during
the fiscal year for which the Incentive Bonus is paid prior to the Date of
Termination and denominator of which is 365.&#160;&#160;For purposes of this
Agreement, the term &#8220;Current Target Bonus&#8221; means the Incentive Bonus that would
have been paid to the Executive for the fiscal year in which the termination of
employment occurred, if the Executive&#8217;s employment had not been so terminated
and the Executive had earned 100% of the Incentive Bonus that he could have
earned for that year.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual
      Base Salary and Target Bonus Continuation.&#160;&#160;For the remainder of
      the Employment Period, the Company shall pay to the Executive, the
      Executive&#8217;s then-current Annual Base Salary and Current Target Bonus as
      would have been paid to the Executive had the Executive remained in the
      Company&#8217;s employ throughout the Employment Period; provided that in all
      cases the Executive shall receive, at minimum, the then-current Annual
      Base Salary and Current Target Bonus for the remainder of the Employment
      Period, or for a period beginning on the Date of Termination and ending
      one year thereafter, whichever is longer.&#160;&#160;The Company at any
      time may elect to pay the balance of such payments then remaining in a
      lump sum, in which case the total of such payments shall be discounted to
      present value on the basis of the applicable Federal short-term monthly
      rate as determined according to Code Section 1274 (s) for the month in
      which the Executive&#8217;s Date of Termination
  occurred.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Medical
      and Health Benefit Continuation.&#160;&#160;For a period of two years
      beginning on the Date of Termination, the Company shall continue medical
      and health benefits to the Executive and/or the Executive&#8217;s family at
      least equal to those which would have been provided to them if the
      Executive&#8217;s employment had not been terminated, in accordance with the
      plans, practices, programs or policies of the Company as those provided
      generally to other peer executives and their families; provided, however,
      that if the Executive becomes re-employed with another employer and is
      eligible to receive medical or health benefits under another
      employer-provided plan, the medical and health benefits described herein
      shall be secondary to those provided under such other plan during such
      applicable period of eligibility.&#160;&#160;In the event Executive is
      able to obtain medical and health care coverage from a third party for the
      duration of such coverage period that is at least as good in all material
      respects as that described in the immediately preceding sentence,
      Executive agrees to accept, in lieu of such Company provided medical and
      health benefits, a lump sum cash payment in an amount equal in value to
      the entire cost to Executive on an after-tax basis of such alternate
      medical and health care coverage.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      Benefits.&#160;&#160;To the extent not previously paid or provided, the
      Company shall timely pay or provide to the Executive and/or the
      Executive&#8217;s family any </font></div>
            </td>
          </tr>
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    </div><br>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">other
amounts or benefits required to be paid or provided for which the Executive
and/or the Executive&#8217;s family is eligible to receive pursuant to this Agreement
and under any plan, program, policy or practice or contract or agreement of the
Company as those provided generally to other peer executives and their families
(&#8220;Other Benefits&#8221;).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
foregoing brief summary of the Agreement is not intended to be complete and is
qualified in its entirety by reference to the complete text of the Agreement,
which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
      5.03</font>&#160; </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendments to Articles
      of Incorporation or Bylaws; Change in Fiscal
  Year</font>.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
18, 2008, the Board of Directors of Lakeland Industries, Inc.
(the&#160;&#8220;Company&#8221;) approved and adopted the Amended and Restated Bylaws of the
Company (the &#8220;Bylaws&#8221;).&#160;&#160;The amendments to the Bylaws were effective
on June 18, 2008. Among the amendments to the Bylaws are the
following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Lost stock
      certificates</font>. Section 1 of Article I was amended to add a new
      subsection (c) to provide that in the case of lost stock certificates, a
      new certificate or certificates shall be issued in place of any
      certificate or certificates previously issued by the Company that have
      been alleged to have been lost, stolen, or destroyed, upon the making of
      an affidavit of that fact by the person claiming the certificate of stock
      to be lost, stolen, or destroyed.&#160; In such a case, the Company may
      require, as a condition precedent to the issuance of a new certificate or
      certificates, that the owner of such lost, stolen, or destroyed
      certificate or certificates, or his or her legal representative, advertise
      the same in such manner as it shall require or provide the Company with a
      surety bond in such form and amount as it may direct as indemnity against
      any claim that may be made against the Company with respect to the
      certificate alleged to have been lost, stolen, or
    destroyed.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Record date for
      corporate actions by written consent</font>. Section 4 of Article I was
      amended to add a new subsection (c) to provide a procedure for setting the
      record date for determining stockholders entitled to express consent to
      corporate action in writing without a meeting.&#160;&#160;Pursuant to this
      new subsection&#160;&#160;(c), any person seeking to have the stockholders
      authorize or take corporate action by written consent without a meeting
      shall, by written notice addressed to the Secretary and delivered to the
      Company, request that a record date be fixed for such purpose. The Board
      of Directors may then fix a record date for such purpose which shall be no
      more than ten (10) days after the date upon which the resolution fixing
      the record date is adopted by the Board and shall not precede the date
      such resolution is adopted. If the Board of Directors fails within ten
      (10) days after the Company receives such notice to fix a record
      </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">date for
such purpose, the record date shall be the day on which the first written
consent is delivered to the Company in compliance with Section 4 of the Bylaws
unless prior action by the Board of Directors is required under the Delaware
General Corporation Law (the &#8220;DGCL&#8221;), in which event the record date shall be at
the close of business on the day on which the Board of Directors adopts the
resolution taking such prior action.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Place of stockholders&#8217;
      meetings</font>.&#160;&#160;Subsection (b) of Section 6 of Article I was
      amended to conform such subsection to the current provisions of Section
      211 of the DGCL as amended by the Technology Amendments to the DGCL which
      were adopted by the Delaware legislature and made effective July 1, 2000
      (the &#8220;DGCL Technology Amendments&#8221;).&#160;&#160;As amended by the DGCL
      Technology Amendments, Section 211 of the DGCL allows stockholder meetings
      to be held entirely by remote communication, without a venue for physical
      attendance, is so determined by the Board of
      Directors.&#160;&#160;Accordingly, subsection (b) of Section 6 of Article
      I, as amended, provides that the Board of Directors may, in its sole
      discretion, determine that a meeting of stockholders shall not be held at
      any place, but may instead be held solely by means of remote communication
      as provided under the DGCL.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;Subsection
      (d) of Section 6 of Article I was amended to conform the provisions of
      such subsection relating to notice of stockholders&#8217; meetings to the
      current provisions of Section 222 of the DGCL as amended by the DGCL
      Technology Amendments which requires that such notice specify the means of
      remote communications, if any, by which stockholders and proxy holders may
      be deemed to be present in person and vote at any such meeting.
      </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Waivers of notices of
      stockholders&#8217; meetings</font>.&#160;&#160;Subsection (d) of Section 6 of
      Article I was also amended to conform the provisions of such subsection
      relating to waivers of notice of stockholders&#8217; meetings to the current
      provisions of Section 229 of the DGCL as amended by the DGCL Technology
      Amendments which permits stockholders to waive notice of a stockholders&#8217;
      meeting either by a signed writing or by electronic transmission.
      </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Stockholder
      list</font>.&#160;&#160;Subsection (e) of Section 6 of Article I was
      amended to conform such subsection to the current provisions of Section
      219 of the DGCL as amended by the DGCL Technology Amendments. The DGCL
      Technology Amendments to Section 219 eliminated the requirements that a
      list of stockholders be available either at a place within the city where
      the meeting of stockholders is to be held or at the place of the meeting
      for ten (10) days prior to the meeting, and substituted a requirement that
      the list either be made available on an electronic network or at the
      Company&#8217;s principal place of business for ten (10) days prior to the
      meeting.&#160;&#160;The DGCL Technology Amendments to Section 219 of the
      DGCL also provide that, in the case of a meeting of stockholders held
      without a physical location, the list must be made available on an
      electronic network. </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Conduct of
      stockholders&#8217; meetings</font>. Subsection (f) of Section 6 of Article I
      was amended to add a new numbered subsection thereunder to provide that
      the Board of Directors of the Company shall be entitled to make such rules
      or regulations for the conduct of meetings of stockholders as it shall
      deem necessary, appropriate or convenient.&#160;&#160;In addition, such
      new subsection provides that, subject to such rules and regulations of the
      Board of Directors, if any, the chairman of the meeting shall have the
      right and authority to prescribe such rules, regulations and procedures
      and take such action as, in the discretion of such chairman, are deemed
      necessary, appropriate or convenient for the proper conduct of the
      meeting.&#160;&#160;Such rules, regulations and procedures, whether
      adopted by the Board of Directors or prescribed by the chairman of the
      meeting, may include, without limitation (A) the establishment of an
      agenda for the meeting, (B) restricting admission to the time set for the
      commencement of the meeting, (C) limiting attendance at the meeting to
      stockholders of record of the Company entitled to vote at the meeting,
      their duly authorized proxies or other such persons as the chairman of the
      meeting may determine, (D) limiting participation at the meeting on any
      matter to stockholders of record of the Company entitled to vote on such
      matter, their duly authorized proxies or other such persons as the
      chairman of the meeting may determine to recognize and, as a condition to
      recognizing any such participant, requiring such participant to provide
      the chairman of the meeting with evidence of his or her name and
      affiliation, whether her or she is a stockholder or a proxy for a
      stockholder, and the class and series and number of shares of each class
      and series of capital stock of the Company which are owned beneficially
      and/or of record by such stockholder, (E) limiting the time allotted to
      questions or comments by participants, (F) determining when the polls
      should be opened and closed for voting, (G) taking such actions as are
      necessary or appropriate to maintain order, decorum, safety and security
      at the meeting, (H) removing any stockholder who refuses to comply with
      meeting procedures, rules or guidelines as established by the chairman of
      the meeting, (I) recessing or adjourning the meeting to a later date, time
      and place announced at the meeting by the chairman, and (J) complying with
      any state and local laws and regulations concerning safety and
      security.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxy
      representation</font>. Subsection (g) of Section 6 of Article I was
      amended to conform such subsection to the current provisions of Section
      212(b) of the DGCL as amended by the DGCL Technology Amendments. The DGCL
      Technology Amendments to Section 212(b) specifically authorizes the
      creation of a proxy relationship by telegram, cablegram or other means of
      electronic transmission provided that the telegram, cablegram or other
      means of electronic transmission either sets forth or is submitted with
      information from which it can be determined that the telegram, cablegram
      or other means of electronic transmission was authorized by the
      stockholder.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors of
      election</font>.&#160;&#160;Subsection (h) of Section 6 of Article I was
      amended to provide that the person or persons appointed or designated, if
      any, to serve</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br><br></div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
      the inspector or inspectors of election at a meeting of stockholders
      shall: (A) determine the number of shares outstanding and the voting power
      of each, the shares represented at the meeting, the existence of a quorum,
      and the authenticity, validity, and effect of proxies; (B) receive votes,
      ballots or consents; (C) hear and determine all challenges and questions
      in any way arising in connection with the right to vote; (D) on request of
      the person presiding at the meeting, make a report in writing of any
      challenge, question, or matter determined by him or them and execute a
      certificate of any fact found by him or them; (E) retain for a reasonable
      period a record of the disposition of any challenges made to any
      determination by the inspectors; (F) count and tabulate all votes, ballots
      or consents; (G) determine when the polls shall close; (H) certify their
      determination of the number of shares of capital stock of the Company
      represented at the meeting and their count of all votes, ballots or
      consents; and (I) do any other acts that may be necessary or proper to
      conduct the election or vote with fairness to all
      stockholders.&#160;&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance notice of
      stockholder proposals to be brought before a annual meeting of
      stockholders</font>.&#160;&#160;Section 6 of Article I was amended to add
      a new subsection (k) to require stockholders intending to bring a proposal
      before the annual meeting of stockholders to first provide the Company
      with a timely and proper advance notice of such stockholder proposal in
      accordance with the requirements of Section 6(k).&#160;&#160;Pursuant to
      Section 6(k), for business to be properly brought before an annual meeting
      by a stockholder, such business must be a proper subject for stockholder
      action under the DGCL and such stockholder (i) must be a stockholder of
      record on the date of the giving of the notice and on the record date for
      the determination of stockholders entitled to vote at such annual meeting,
      (ii) must be entitled to vote at such annual meeting, (iii) must comply
      with the notice procedures set forth in Section 6(k), and (iv) must give
      timely notice thereof in proper written form to the Secretary of the
      Company.&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be timely, a stockholder's notice of his or her intention to bring a
      proposal before the annual meeting of stockholders must be delivered to,
      or mailed and received by, the Secretary at the principal executive
      offices of the Company not earlier than the one hundred fiftieth (150th)
      calendar day, and not later than the close of business on the one hundred
      twentieth (120th) calendar day, prior to the first anniversary of the
      immediately preceding year's annual meeting of stockholders; provided,
      however, that in the event that no annual meeting was held in the previous
      year or the annual meeting is called for a date that is more than thirty
      (30) calendar days earlier or more than sixty (60) calendar days later
      than such anniversary date, notice by the stockholder in order to be
      timely must be so delivered or received not earlier than the tenth
      (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
      calendar day following the earlier of (i) the day on which public
      disclosure of the date of such annual meeting is first made, and (ii)
      </font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
receipt by such stockholder of actual notice of the date of such annual
meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition to being timely, the stockholder's notice must be in proper
      written form and contain the information called for by new Section 6(k)
      including, but not limited to (i) a brief description of the business
      desired to be brought before the annual meeting, including the text of the
      proposal or business and the text of any resolutions proposed for
      consideration, (ii) the reasons for conducting such business at the annual
      meeting, (iii) the name and record address, as they appear on the Company
      stock ledger, of such stockholder and the name and address of any
      Stockholder Associated Person (as defined below), (iv) the class and
      series and number of shares of each class and series of capital stock of
      the Company which are owned beneficially and/or of record by such
      stockholder and/or any Stockholder Associated Person, and the date or
      dates such shares were acquired and the investment intent of such
      acquisition (which information shall be supplemented not later than ten
      (10) calendar days after the record date for the meeting to disclose such
      ownership as of the record date), (v) a description of all arrangements or
      understandings between such stockholder and/or any Stockholder Associated
      Person, and any other person or persons (naming such person or persons) in
      connection with the proposal of such business by such stockholder, (vi)
      any material interest of such stockholder and/or any Stockholder
      Associated Person in such business, individually or in the aggregate,
      including any anticipated benefit to the stockholder or any Stockholder
      Associated Person therefrom, (vii) a representation from the stockholder
      as to whether the stockholder or any Stockholder Associated Person intends
      or is part of a group which intends (A) to deliver a proxy statement
      and/or form of proxy to holders of at least the percentage of the
      Company&#8217;s outstanding capital stock required to approve or adopt the
      proposal and/or (B) otherwise to solicit proxies in support of such
      proposal, (viii) a representation that such stockholder is a holder of
      record of stock of the Company entitled to vote at such meeting, that such
      stockholder intends to vote such stock at such meeting, and that such
      stockholder intends to appear in person or by proxy at the annual meeting
      to bring such business before the meeting, (ix) whether and the extent to
      which any hedging transaction has been engaged in by or on behalf of such
      stockholder or any Stockholder Associated Person with respect to any
      shares of stock of the Company, without regard to whether such transaction
      is required to be reported on a Schedule 13d in accordance with the
      Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), (x)
      whether and the extent to which any agreement, arrangement or
    </font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">understanding
has been made, the effect or intent of which is to increase or decrease the
voting power of such stockholder or such Stockholder Associated Person with
respect to any shares of the capital stock of the Company, without regard to
whether such transaction is required to be reported on a Schedule 13d in
accordance with the Exchange Act, (xi) in the event that such business includes
a proposal to amend the Certificate of Incorporation and/or the Bylaws of the
Company, the language of the proposed amendment, and (xii) such other
information regarding each matter of business to be proposed by such
stockholder, regarding the stockholder in his or her capacity as a proponent of
a stockholder proposal, or regarding any Stockholder Associated Person, as would
be required to be included in a proxy statement or other filings required to be
made in connection with solicitations of proxies pursuant to Section 14 of the
Exchange Act (or pursuant to any law or statute replacing such section), and the
rules and regulations promulgated thereunder.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      purposes of the Bylaws, Stockholder Associated Person of any stockholder
      is defined as (a) any person controlling, directly or indirectly, or
      acting in concert with, such stockholder, (b) any beneficial owner of
      shares of stock of the Company owned of record or beneficially by such
      stockholder, and (c) any person controlling, controlled by or under common
      control with such Stockholder Associated
Person.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance notice of
      stockholder nominations to made at an annual meeting of
      stockholders</font>.&#160;&#160;Section 6 of Article I was amended to add
      a new subsection (l) to require stockholders intending to nominate
      candidates for election to the Board of Directors at an annual meeting of
      stockholders to first provide the Company with a timely and proper notice
      of such nomination in accordance with the requirements of Section
      6(l).&#160;&#160;Pursuant to Section 6(l), nominations of candidates for
      the election of directors at an annual meeting of stockholders may be made
      by any stockholder of the Company (a) who is a stockholder of record on
      the date of the giving of the notice of nomination, on the record date for
      the determination of the stockholders entitled to vote at such annual
      meeting and at the time of the annual meeting of stockholders, (b) who is
      entitled to vote at the meeting for the election of directors, and (c) who
      complies with the notice procedures set forth in Section
      6(l).&#160;&#160;In addition to any other applicable requirements, for a
      nomination to be made by a stockholder, such stockholder must have given
      timely notice thereof in proper written form to the Secretary of the
      Company.&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div><br>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 90pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be timely, a stockholder's notice of his or her intention to make a
      nomination of a candidate for election to the Company&#8217;s Board of Directors
      at an annual meeting of stockholders must be delivered
  </font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br><br></div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to,
      or mailed and received by, the Secretary at the principal executive
      offices of the Company not earlier than the one hundred fiftieth (150th)
      calendar day, and not later than the close of business on the one hundred
      twentieth (120th) calendar day, prior to the first anniversary of the
      immediately preceding year's annual meeting of stockholders; provided,
      however, that in the event that no annual meeting was held in the previous
      year or the annual meeting is called for a date that is more than thirty
      (30) calendar days earlier or more than sixty (60) calendar days later
      than such anniversary date, notice by the stockholder in order to be
      timely must be so delivered or received not earlier than the tenth
      (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
      calendar day following the earlier of (i) the day on which public
      disclosure of the date of such annual meeting is first made, and (ii) the
      receipt by such stockholder of actual notice of the date of such annual
      meeting.&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be in proper written form, a stockholder's notice of nomination to the
      Secretary shall set forth in writing as to each person whom the
      stockholder proposes to nominate for election or reelection as a director
      (a) the name, age, business address and residence address of the person,
      (b) the principal occupation and employment of the person, (c) the class
      and series and number of shares of each class and series of capital stock
      of the Company which are owned beneficially or of record by the person
      (which information shall be supplemented not later than ten (10) calendar
      days after the record date for the meeting to disclose such ownership as
      of the record date), (d) the person&#8217;s executed written consent to being
      named in the proxy statement, if any, as a nominee and to serving as a
      director if elected, (e) any other information relating to the person that
      would be 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, or is otherwise required, pursuant to Section 14 of
      the Exchange Act (or pursuant to any law or statute replacing such
      section), and the rules and regulations promulgated thereunder, (f) a
      representation from the stockholder as to whether the stockholder or any
      Stockholder Associated Person intends or is part of a group which intends
      (1) to deliver a proxy statement and/or form of proxy to holders of at
      least the percentage of the Company&#8217;s outstanding capital stock required
      to elect the person proposed as a nominee and/or (2) otherwise to solicit
      proxies in support of the election of such person, and (g) a written
      statement executed by the person acknowledging that, as a director of the
      Company, he or she will owe fiduciary duties, under the DGCL, exclusively
      to the Company and its stockholders and no fiduciary duties to any
      specific stockholder or group of
stockholders.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be in proper written form, a stockholder's notice of nomination to the
      Secretary shall also set forth in writing as to the stockholder giving the
      notice (a) the name and record address of such stockholder, as they appear
      on the Company's stock ledger, and the name and address of any Stockholder
      Associated Person, (b) the class and series and number of shares of each
      class and series of capital stock of the Company which are owned
      beneficially and/or of record by such stockholder and/or any Stockholder
      Associated Person, and the date or dates such shares were acquired and the
      investment intent of such acquisition (which information shall be
      supplemented not later than ten (10) calendar days after the record date
      for the meeting to disclose such ownership as of the record date), (c) a
      description of all arrangements or understandings between such stockholder
      and/or any Stockholder Associated Person and each proposed nominee and any
      other person or persons (naming such person or persons) pursuant to which
      the nomination(s) are to be made by such stockholder, (d) any material
      interest of such stockholder and/or any Stockholder Associated Person in
      the election of such proposed nominee, individually or in the aggregate,
      including any anticipated benefit to the stockholder or any Stockholder
      Associated Person therefrom, (e) a representation that such stockholder is
      a holder of record of stock of the Company entitled to vote at such
      meeting and that such stockholder intends to appear in person or by proxy
      at the meeting to nominate the person or persons named in its notice, (f)
      whether and the extent to which any hedging transaction has been engaged
      in by or on behalf of such stockholder or any Stockholder Associated
      Person with respect to any shares of stock of the Company, without regard
      to whether such transaction is required to be reported on a Schedule 13d
      in accordance with the Exchange Act, (g) whether and the extent to which
      any agreement, arrangement or understanding has been made, the effect or
      intent of which is to increase or decrease the voting power of such
      stockholder or such Stockholder Associated Person with respect to any
      shares of the capital stock of the Company, without regard to whether such
      transaction is required to be reported on a Schedule 13d in accordance
      with the Exchange Act, and (h) any other information relating to such
      stockholder, in his or her capacity as a proponent of a stockholder
      nomination, or any Stockholder Associated Person that would be 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, or is
      otherwise required, pursuant to Section 14 of the Exchange Act (or
      pursuant to any law or statute replacing such section) and the rules and
      regulations promulgated thereunder.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance notice of
      stockholder nominations to made at a special meeting of
      stockholders</font>.&#160;&#160;Section 6 of Article I was amended to add
      a new subsection (m) to require stockholders intending to nominate
      candidates for election to the Board of Directors at a special meeting of
      stockholders to first provide the Company with a timely and proper notice
      of such nomination in accordance with the requirements of Section
      6(m).&#160;&#160;Pursuant to Section 6(m), provided that the Board of
      Directors has determined that directors shall be elected at such special
      meeting, a stockholder may nominate candidates for election to the Board
      of Directors at such special meeting if such stockholder (a) is a
      stockholder of record at the time of giving of notice provided for in
      Section 6(m), (b) is a stockholder of record on the record date for the
      determination of the stockholders entitled to vote at such special
      meeting, (c) is a stockholder of record at the time of such special
      meeting, and (d) complies with the notice procedures set forth in Section
      6(m), including the delivery of a timely and proper notice of nomination.
      </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be timely, the stockholder&#8217;s notice of nomination with respect to a
      special meeting must be delivered to the Secretary of the Company at the
      principal executive office of the Company not later than the close of
      business on the tenth (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
      calendar day following the earlier of the day that the stockholder first
      received actual notice of the date of the special meeting and the nominees
      proposed by the Board of Directors to be elected at such meeting and the
      day on which such public disclosure is first made by the Company<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be in proper written form, a stockholder's notice of nomination with
      respect to a special meeting shall set forth in writing as to each person
      whom the stockholder proposes to nominate for election or reelection as a
      director (a) the name, age, business address and residence address of the
      person, (b) the principal occupation and employment of the person, (c) the
      class and series and number of shares of each class and series of capital
      stock of the Company which are owned beneficially or of record by the
      person (which information shall be supplemented not later than ten (10)
      calendar days after the record date for the meeting to disclose such
      ownership as of the record date), (d) the person&#8217;s executed written
      consent to being named in the proxy statement, if any, as a nominee and to
      serving as a director if elected, (e) any other information relating to
      the person that would be 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, or is otherwise required, pursuant to
      Section 14 of the Exchange Act (or pursuant to any law or statute
      replacing such section), and the rules and regulations promulgated
      thereunder, (f) a representation from the stockholder as to whether the
      stockholder or any Stockholder Associated Person intends or is part of a
      group which </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">intends
(1) to deliver a proxy statement and/or form of proxy to holders of at least the
percentage of the Company&#8217;s outstanding capital stock required to elect the
person proposed as a nominee and/or (2) otherwise to solicit proxies in support
of the election of such person, and (g) a written statement executed by the
person acknowledging that, as a director of the Company, he or she will owe
fiduciary duties, under the DGCL, exclusively to the Company and its
stockholders and no fiduciary duties to any specific stockholder or group of
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      be in proper written form, a stockholder's notice of nomination with
      respect to a special meeting shall also set forth in writing as to the
      stockholder giving the notice (a) the name and record address of such
      stockholder, as they appear on the Company's stock ledger, and the name
      and address of any Stockholder Associated Person, (b) the class and series
      and number of shares of each class and series of capital stock of the
      Company which are owned beneficially and/or of record by such stockholder
      and/or any Stockholder Associated Person, and the date or dates such
      shares were acquired and the investment intent of such acquisition (which
      information shall be supplemented not later than ten (10) calendar days
      after the record date for the meeting to disclose such ownership as of the
      record date), (c) a description of all arrangements or understandings
      between such stockholder and/or any Stockholder Associated Person and each
      proposed nominee and any other person or persons (naming such person or
      persons) pursuant to which the nomination(s) are to be made by such
      stockholder, (d) any material interest of such stockholder and/or any
      Stockholder Associated Person in the election of such proposed nominee,
      individually or in the aggregate, including any anticipated benefit to the
      stockholder or any Stockholder Associated Person therefrom, (e) a
      representation that such stockholder is a holder of record of stock of the
      Company entitled to vote at such meeting and that such stockholder intends
      to appear in person or by proxy at the meeting to nominate the person or
      persons named in its notice, (f) whether and the extent to which any
      hedging transaction has been engaged in by or on behalf of such
      stockholder or any Stockholder Associated Person with respect to any
      shares of stock of the Company, without regard to whether such transaction
      is required to be reported on a Schedule 13d in accordance with the
      Exchange Act, (g) whether and the extent to which any agreement,
      arrangement or understanding has been made, the effect or intent of which
      is to increase or decrease the voting power of such stockholder or such
      Stockholder Associated Person with respect to any shares of the capital
      stock of the Company, without regard to whether such transaction is
      required to be reported on a Schedule 13d in accordance with the
      Exchange&#160; </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Act, and
(h) any other information relating to such stockholder, in his or her capacity
as a proponent of a stockholder nomination, or any Stockholder Associated Person
that would be 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, or is otherwise required, pursuant to Section 14 of the Exchange Act
(or pursuant to any law or statute replacing such section) and the rules and
regulations promulgated thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Consent of
      stockholders in lieu of meetings</font>.&#160;&#160;Section 7 of Article I
      was amended to add a new subsection (c) to conform Section 7 to the
      current provisions of Section 228(f) of the DGCL as amended by the DGCL
      Technology Amendments which permits electronically transmitted
      consents.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Qualifications of
      directors</font>.&#160;&#160;Section 2 of Article II was amended to
      provide that a director of the Company must be ay least twenty-one (21)
      years of age. </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Number of
      directors</font>. Section 2 of Article II was amended to provide that the
      Board of Directors shall consist of not less than five (5) nor more than
      seven (7) members, the exact number of which shall be fixed from time to
      time by action of the Board of
  Directors.&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice of meetings of
      directors</font>. Subsection (d) of Section 4 of Article II was amended to
      permit notice of special meetings of directors to be given orally, in
      writing, by telephone, facsimile, telegraph, telex, electronic mail or any
      form of electronic transmission</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of notice of
      meetings of directors</font>. Subsection (d) of Section 4 of Article II
      was also amended to permit directors to waive notice of a special meeting
      of directors either in a signed writing or by electronic transmission.
      </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Action by directors
      without a meeting</font>.&#160;&#160;Section 8 of Article II was amended
      to conform such section to the current provisions of Section 141(f) of the
      DGCL as amended by the DGCL Technology Amendments which permits actions by
      written consent to be taken by electronic transmission.
  </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Resignations of
      directors</font>.&#160;&#160;Article II was amended to add a new Section 9
      with respect to director resignations and the effective time of such
      resignations.&#160;&#160;The new Section 9 also implements the DGCL
      Technology Amendments to Section 141(b) of the DGCL which provides that a
      director may submit his or her resignation&#160;&#160;by electronic
      transmission.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal of
      directors</font>.&#160;&#160;Section 5 of Article II was amended to
      provide that any or all of the directors may be removed from office at any
      time but only for cause and only by either (i) the affirmative vote of the
      holders of sixty six and two-thirds percent (66.67%) of the voting power
      of all of the shares of the </font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
entitled to vote for the election of directors at any annual or special meeting
of the stockholders, provided that notice of the proposed removal is included in
the notice of the meeting at which such action takes place, or (ii) the
affirmative vote of sixty six and two-thirds percent (66.67%) of the Board of
Directors at any regular or special meeting of the Board of Directors provided
that notice of the proposed removal is included in the notice of the meeting at
which such action takes place and such notice is not given less than two (2)
business days prior to the meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies on the Board
      of Directors</font>.&#160;&#160;Section 10 of Article II was amended to
      provide that, subject to the rights of the holders of any series of
      preferred stock then outstanding, any vacancies on the Board of Directors
      resulting from death, resignation, removal or other cause shall only be
      filled by the Board, and not by the stockholders, by the affirmative vote
      of a majority of the remaining directors then in office, even though less
      than a quorum of the Board, or by a sole remaining director, and newly
      created directorships resulting from any increase in the number of
      directors, shall only be filled by the Board, or if not so filled, by the
      stockholders at the next annual meeting thereof or at a special meeting
      called for that purpose.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vote required for
      future amendments to the Bylaws</font>. Article VI was amended to increase
      the requisite vote needed to amend the Bylaws, whether the Bylaws are
      being amended by the Board of Directors or the Company&#8217;s
      stockholders.&#160;&#160;If the Bylaws are being amended by the
      stockholders, they may only be amended, altered, rescinded or repealed by
      the affirmative vote of the holders of not less than sixty six and
      two-thirds percent (66.67%) of the voting power of all of the shares of
      the Company entitled to vote at any annual or special meeting of the
      stockholders, provided that notice of such proposed amendment, alteration,
      rescission or repeal is included in the notice of the meeting at which
      such action takes place, which shall also include, without limitation, the
      text of any such proposed amendment or alteration and/or any resolution
      calling therefor for any rescission or repeal.&#160;&#160;&#160;If the
      Bylaws are being amended by the Board of Directors, they can only be
      amended, altered, rescinded or repealed by the affirmative vote of not
      less than a two-thirds majority of the Board of Directors at any regular
      or special meeting of the Board of Directors provided that notice of such
      proposed alteration, amendment, rescission or repeal to be made is
      included in the notice of the meeting at which such action takes place,
      which shall also include, without limitation, the text of any such
      proposed amendment or alteration and/or any resolution calling therefor
      for any rescission or repeal. </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Indemnification of
      directors and officers</font>.&#160;&#160;A new Article VII was added to
      the Bylaws to provide that the Company shall provide indemnification, in
      among other situations, to any person who was or is a party or is
      threat&#173;ened to be made a party to, or is involved in or called as a
      witness in any threatened, pending or completed action, suit or
      proceeding, whether civil, criminal,
</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">administrative
or investigative by reason of the fact that such person is or was a director or
officer of the Company, or is or was a director or officer of the Company
serving at the request of the Company on as a director or officer, em&#173;ployee
or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, against expenses (including attorneys' fees),
judg&#173;ments, fines and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or proceeding if
such person acted in good faith and in a manner such person reasonably believed
to be in or not opposed to the best interests of the Company, and, with respect
to any criminal action or proceeding, had no reasonable cause to believe such
person's conduct was unlawful.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Advancement of
      expenses</font>.&#160;&#160;The newly-added Article VII also provides that
      the Company shall advance to any person who was or is a party or is
      threatened to be made a party to any threatened, pending or completed
      action, suit or proceeding, whether civil, criminal, administrative or
      investigative, by reason of the fact that he or she is or was a director
      or officer of the Company, or is or was serving at the request of the
      Company as a director or officer of another corporation, partnership,
      joint venture, trust or other enterprise, prior to the final disposition
      of the proceeding, promptly following request therefor, all expenses
      incurred by any director or officer in connection with such proceeding
      upon receipt of an undertaking by or on behalf of such person to repay
      said amounts if it should be determined ultimately that such person is not
      entitled to be indemnified by the Company pursuant to Article VII of the
      Bylaws or otherwise.&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition to the foregoing, there are various other &#8220;clean-up&#8221; changes including,
but not limited to, grammatical and other typographical corrections, formatting
changes, revisions to headings, titles and captions, and capitalization of
defined terms.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
foregoing summary of the amendments to the Bylaws does not purport to be
complete and is qualified by reference to the complete text of the Amended and
Restated Bylaws attached to this Current Report on Form 8-K as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 3.1</font> and which
is incorporated herein by reference in its entirety.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
      8.01</font>&#160; </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Other
      Events</font>.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As discussed above, on June 18, 2008,
the Board of Directors of the Company adopted various amendments to the
Bylaws.&#160;&#160;Included among such amendments to the Bylaws are amendments
requiring stockholders intending to (i) nominate persons for election to the
Company&#8217;s Board of Directors at a meeting of stockholders, or (ii) bring other
business before a meeting of stockholders (other than proposals sought to be
included in the Company&#8217;s proxy statement pursuant to Rule 14a-8 under the
Exchange Act) to provide the Company with timely and proper notice of such
intention.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the Bylaws, in order for a
stockholder to bring a proposal (other than proposals sought to be included in
the Company&#8217;s proxy statement pursuant to Rule 14a-8 under the Exchange Act)
before, or make a nomination at, the Company&#8217;s 2009 annual meeting of
stockholders, such stockholder must deliver a written notice of notice of such
proposal and/or nomination to, or it must be mailed and received by, the
Company&#8217;s Corporate Secretary at the principal executive offices of the Company,
located at 701 Koehler Avenue, Suite 7, Ronkonkoma, New York 11779, no earlier
than January 20, 2009, and not later than the close of business on February 19,
2009.&#160;&#160;In the event that the Company&#8217;s 2009 annual meeting of
stockholders is called for a date that is that is more than thirty (30) calendar
days earlier than June 18, 2009 or more than sixty (60) calendar days later than
June 18, 2009, then written notice of such proposal and/or nomination by the
stockholder must be delivered to, or it must be mailed and received by, the
Secretary at the principal executive offices of the Company no earlier than the
tenth (10th) calendar day following the earlier of (i) the day on which public
disclosure of the date of the 2009 annual meeting of stockholders is first made,
and (ii) the receipt by such stockholder of actual notice of the date of such
annual meeting.&#160;&#160;For purposes of the foregoing, public disclosure
includes a disclosure made in a press release reported by the Dow Jones News
Services, Reuters, Associated Press or a comparable national news service, in a
document filed by the Company with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Exchange Act or in a notice provided
to the Nasdaq Global Market.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The amendments to the Bylaws discussed
herein do not affect the deadlines for stockholder proposals sought to be
included in the Company&#8217;s proxy materials pursuant to Rule 14a-8 of the Exchange
Act.&#160;&#160;Pursuant to Rule 14a-8 of the Exchange Act, stockholder
proposals may be included in the Company&#8217;s proxy materials for consideration at
the 2009 annual meeting of stockholders so long as they are provided to the
Company on a timely basis and satisfy the requirements and conditions set forth
in Rule 14a-8 of Exchange Act. For a stockholder proposal to be included in the
Company&#8217;s proxy materials for its 2009 annual meeting of stockholders, the
proposal must be submitted in writing and delivered to, or mailed to and
received by, the Company&#8217;s Corporate Secretary at the principal executive
offices of the Company, located at 701 Koehler Avenue, Suite 7, Ronkonkoma, New
York 11779, no later than the close of business on January 20,
2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The foregoing description of the
applicable notice deadlines that must be met by stockholders intending to
nominate a candidate for election to the Company&#8217;s Board of Directors at, or
bring a proposal before, the Company&#8217;s 2009 annual meeting of stockholders does
not purport to be a complete description of the advance notice and advance
nomination provisions contained in the Bylaws and such description is qualified
by reference to the complete text of the Amended and Restated Bylaws attached to
this Current Report on Form 8-K as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 3.1</font> and which
is incorporated herein by reference in its entirety.&#160;&#160;In addition to
the requirement that the notice by the stockholder be timely, the Bylaws contain
additional requirements with respect to advance notice of stockholder proposals
and/or director nominations, including, but not limited to, who is eligible to
provide such notices and what constitutes a proper form of notice of
a</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">nomination
of a candidate for election to the Board of Directors and/or a stockholder
proposal.&#160;&#160;Accordingly, stockholders are urged to read the complete
text of the advance notice and advance nomination provisions contained or
referenced in subsections (k) &#8211; (m) of Section 6 of Article I of the
Bylaws.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
      5.03</font>&#160; </font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendments to Articles
      of Incorporation or Bylaws; Change in Fiscal Year</font>
  </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendments
to Lakeland&#8217;s Restated Certificate of Incorporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
of Directors recommended in its May 16, 2008 Proxy to Shareholders that
Lakeland&#8217;s Restated Certificate of Incorporation be amended to repeal the
supermajority voting requirements contained in Article TWELFTH that are
applicable to the approval of certain business combinations.&#160;&#160;Article
TWELFTH of Lakeland&#8217;s Restated Certificate of Incorporation formerly required a
66 2/3% supermajority vote of the outstanding shares of Lakeland&#8217;s common stock
for the approval of certain business combinations with persons who beneficially
owned more than five percent (5%) of Lakeland&#8217;s common stock (each, a &#8220;Related
Person&#8221;), unless the transaction was approved by the affirmative vote of 66 2/3%
of the directors who were directors prior to the acquisition of the more than
five percent (5%) beneficial ownership by such Related Persons.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Supermajority
voting requirements, like those contained in Article TWELFTH of Lakeland&#8217;s
Restated Certificate of Incorporation, applicable to the approval of certain
business combinations, are a form of anti-takeover measure designed to help
companies defend against and inhibit abusive conduct on the part of a potential
acquirer and are intended to protect stockholders against practices that do not
treat all stockholders fairly and equally, including, among other types of
transactions, inadequate or coercive, two-tiered tender offers and self-dealing
transactions.&#160;&#160;In a coercive, two-tiered tender offer, a potential
acquirer will offer one price for the shares needed to gain a &#8220;toehold&#8221; or
control of a target company and then offer a lower price or other less favorable
consideration for the remaining shares, thereby creating pressure for
stockholders to tender their shares for the tender offer price, regardless of
their value.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accordingly,
Lakeland&#8217;s supermajority voting requirements applicable to business combinations
were designed to provide safeguards to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i) <font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;ensure that a
proposal from a Related Person expected to result in a business combination
would have to be scrutinized and approved by the disinterested directors on the
Lakeland Board;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;encourage a potential
acquirer, considering an unsolicited bid to acquire Lakeland, to negotiate with
the Lakeland Board in arm&#8217;s-length discussions;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;preserve the
ability of the Lakeland Board to properly evaluate an acquisition offer and
determine whether such an offer reflects the full value of Lakeland and is fair
to, and in the best interests of, all stockholders;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;enhance
negotiating leverage of the Lakeland Board to engage in discussions with a
potential acquirer; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v) <font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;protect
Lakeland&#8217;s stockholders from the use of unfair, abusive and coercive takeover
tactics.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
203 of the Delaware General Corporation Law ("DGCL") contains provisions that
provide similar protection to those provided by Article TWELFTH of Lakeland&#8217;s
Restated Certificate of Incorporation.&#160;&#160;Section 203 of the DGCL was
enacted in 1988.&#160;&#160;Accordingly, when the supermajority voting
requirement for the approval of certain business combinations that is now
contained in Article TWELFTH of Lakeland&#8217;s Restated Certificate of Incorporation
was adopted in 1986, Section 203 of the DGCL had not yet been
enacted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Lakeland Board considered the protection afforded by Section 203 of the DGCL as
compared to that provided by the supermajority voting requirements contained in
Article TWELFTH of Lakeland&#8217;s Restated Certificate of Incorporation and
concluded that the protection afforded by Section 203 is sufficient, and that a
separate protective provision in Lakeland&#8217;s Restated Certificate of
Incorporation is no longer necessary. The Lakeland Board still believes that the
supermajority voting requirements contained in Lakeland&#8217;s Restated Certificate
of Incorporation provide some protection against self-interested actions by one
or a few large stockholders and encourage persons considering unsolicited
acquisition bids for Lakeland to negotiate with the Lakeland Board to reach
terms that are fair to, and in the best interest of, all
stockholders.&#160;&#160;However, the Lakeland Board believes that
notwithstanding the safeguards provided by the supermajority voting
requirements, they can be eliminated without posing unacceptable risks to
Lakeland&#8217;s stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Lakeland Board recognizes the growing public sentiment that suggests that
supermajority voting requirements applicable to business combinations conflict
with principles of good corporate governance and that their elimination would
increase the Lakeland Board&#8217;s accountability to its stockholders.&#160;&#160;The
Lakeland Board considered the views of some investors that supermajority voting
requirements limit the ability of stockholders to participate effectively in
corporate governance.&#160;&#160;According to such views, the requirement of a
supermajority vote can limit the ability of a majority of the stockholders at
any particular time to effect change by, in effect, providing a veto to a large
minority stockholder or group of stockholders.&#160;&#160;&#160;Accordingly,
that view holds that a lower threshold for stockholder votes can increase
stockholders&#8217; ability to participate effectively in corporate
governance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Lakeland Board also considered the potential effect that supermajority voting
requirements applicable to business combinations could have in hindering or
discouraging potential acquirers that would otherwise consider acquiring
Lakeland pursuant to a transaction that could potentially be in the best
interests of, and at a price that is fair to and maximizes value for, our
stockholders.&#160;&#160;As the Lakeland Board is committed to acting, at all
times, in the best interests of all of Lakeland&#8217;s stockholders, and to
continuing to enhance, grow and maximize stockholder value, the
Lakeland</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Board
believes that continuing to include supermajority voting requirements in the
Restated Certificate of Incorporation with respect to business combination
transactions would be inconsistent with the Lakeland Board&#8217;s guiding principle
of maximizing stockholder value.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighing
the various considerations discussed above, the Lakeland Board, after
consultation with its Nominating and Governance Committee, adopted resolutions
approving and declaring advisable, and in the best interests of Lakeland&#8217;s
stockholders, and recommended for stockholder approval, the proposed amendments
to Lakeland&#8217;s Restated Certificate of Incorporation to repeal Article TWELFTH of
Lakeland&#8217;s Restated Certificate of Incorporation and to conform Article ELEVENTH
thereof to reflect the repeal of Article TWELFTH and, accordingly, eliminate the
supermajority voting requirement of Article ELEVENTH applicable to amendments to
Article TWELFTH.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Lakeland Board&#8217;s proposal, reduced the stockholder approval threshold for the
approval of all business combinations, including business combinations with
Related Persons, to a simple majority vote of Lakeland&#8217;s outstanding shares,
subject to Section 203 of the DGCL.&#160;&#160;Attached to this Form 8-K as
Exhibit 5.03 is a marked version of Articles ELEVENTH and TWELFTH of Lakeland&#8217;s
Restated Certificate of Incorporation, which reflects these proposed changes,
with deletions indicated by strikeouts, and additions indicated by underlining
(the &#8220;Simple Majority Vote Amendments&#8221;).&#160;&#160;The description of the
Simple Majority Vote Amendments contained in this Form 8-K is only a summary of
the material terms and provisions of the Simple Majority Vote Amendments and,
accordingly, does not purport to be complete and is subject to, and qualified in
its entirety by, the full text of such amendments contained in Exhibit
5.03.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Repeal of the Supermajority Voting Requirements for the Approval of Certain
Business Combinations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article
TWELFTH of Lakeland&#8217;s Certificate of Incorporation required the affirmative vote
of at least 66 2/3% of the outstanding shares of Lakeland common stock to
approve certain business transactions involving Lakeland and a Related
Person.&#160;&#160;The Simple Majority Vote Amendments repeal Article TWELFTH of
Lakeland&#8217;s Restated Certificate of Incorporation in its entirety.&#160;&#160;The
restrictions contained in Article TWELFTH apply to the following transactions
between a Related Person and Lakeland:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
A merger or consolidation;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Any sale or exchange of all or a substantial part (more than ten percent (10%))
of the book value or fair market value) of the assets of Lakeland and its
subsidiaries, taken as a whole; or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The issuance, sale, exchange, transfer, or other disposition by Lakeland of any
of its securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The 66
2/3% voting requirement does not apply to transactions approved by a vote of 66
2/3% of the directors who were directors before the Related Person became a
</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Related
Person.&#160;&#160;Nor does it apply to any transaction solely between Lakeland
and another corporation fifty (50%) percent or more of the voting stock of which
is owned by Lakeland.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article
ELEVENTH of Lakeland&#8217;s Restated Certificate of Incorporation currently requires
the affirmative vote of at least 66 2/3% of the outstanding shares of Lakeland
common stock in order to amend or repeal Article TWELFTH of Lakeland&#8217;s Restated
Certificate of Incorporation.&#160;&#160;In light of the proposal to repeal
Article TWELFTH of Lakeland&#8217;s Restated Certificate of Incorporation, the Simple
Majority Vote Amendments also conforms Article ELEVENTH to reflect the repeal of
Article TWELFTH and, accordingly, eliminates the supermajority voting
requirement of Article ELEVENTH applicable to amendments to Article
TWELFTH.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effect of
the Simple Majority Vote Amendments</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
repeal of Article TWELFTH has two principal effects on stockholder voting:
First, those transactions covered by Article TWELFTH that would otherwise
require a stockholder vote under the DGCL would now generally only require the
vote of the holders of a majority of Lakeland&#8217;s outstanding common stock, rather
than an a 66 2/3% percent supermajority vote.&#160;&#160;Second, the Lakeland
Board of Directors will be able to effect, without obtaining stockholder
approval, those transactions covered by Article TWELFTH that do not otherwise
require stockholder approval under the DGCL.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Continued
Applicability of Section 203 of the DGCL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lakeland
will continue to be subject to the protections of Section 203 of the DGCL
without regard to whether the proposed amendments are
approved.&#160;&#160;Section 203 provides, in general, that a transaction
constituting a "business combination" within the meaning of Section 203
involving a person owning 15 percent or more of Lakeland&#8217;s common stock
(referred to as an "interested stockholder"), cannot be completed for a period
of three years after the date the person became an interested stockholder unless
the following occurs:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1) the
Lakeland Board approved either the business combination or the transaction that
resulted in the person becoming an interested stockholder prior to such business
combination or transaction,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2) upon
consummation of the transaction that resulted in the person becoming an
interested stockholder, that person owned at least 85 percent of our outstanding
voting stock (excluding shares owned by persons who are directors and also
officers of Lakeland and shares owned by certain Lakeland employee benefit
plans), or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3) the
business combination was approved by the Lakeland Board and by the affirmative
vote of at least 66 2/3% of Lakeland&#8217;s outstanding common stock not owned by the
interested stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vote
Required for Approval</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
affirmative vote of at least 66 2/3% of the outstanding shares of Lakeland&#8217;s
common stock entitled to vote at the Annual Meeting were required for approval
of the Simple Majority Vote Amendments. While abstentions were counted as
present at the Annual Meeting for purposes of this proposal, an abstention on
the proposal was not an affirmative vote and, accordingly, abstentions will have
the same effect as votes against the proposal. This proposal qualified for the
broker &#8220;routine vote&#8221; under NASDAQ Marketplace Rules.&#160;&#160;This permits
brokers to vote FOR the proposal on behalf of any of their customers who do not
return instructions.&#160;&#160;Broker non-votes had no effect on the approval
of this proposal.&#160;&#160;Proxies that are granted without providing voting
instructions were voted FOR the approval of this proposal.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
Time of the Simple Majority Vote Amendments</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Simple Majority Vote Amendments were approved by our stockholders on June 18,
2008 and thus, the Board of Directors will restate Lakeland&#8217;s Restated
Certificate of Incorporation to reflect the Simple Majority Vote
Amendments.&#160;&#160;The resulting Amended and Restated Certificate of
Incorporation (reflecting the Simple Majority Vote Amendments) will become
effective upon being executed, acknowledged, filed and recorded with the
Secretary of State of the State of Delaware in accordance with the DGCL, which
Lakeland intends to undertake promptly following stockholder June 18, 2008
approval of the Simple Majority Vote Amendments.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item
      9.01</font></div>
              </td>
              <td align="left" colspan="3" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements
      and Exhibits</font>.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" colspan="2" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(d)</font></div>
              </td>
              <td align="left" colspan="2" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The
      following had been filed as exhibits to this Form 8-K:</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="5%">
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              </td>
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      Agreement, dated April 13, 2008, between Lakeland Industries, Inc. and
      Christopher J. Ryan</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="5%">
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            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="5%">
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              <td align="left" valign="top" width="80%">
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      to Lakeland&#8217;s Restated Certificate of Incorporation, as approved by
      Shareholders on June 18,
2008.</font></div>
              </td>
            </tr>
        </table>
      </div><br></div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="3" valign="top" width="35%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">LAKELAND
      INDUSTRIES, INC.</font></td>
          </tr>
          <tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:</font></div>
            </td>
            <td align="left" valign="top" width="60%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">June
      20, 2008</font></div>
            </td>
            <td align="left" valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></font></td>
            <td align="left" colspan="2" valign="top" width="31%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: none">/s/ Christopher J.
      Ryan</font></font></td>
          </tr>
          <tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:</font></div>
            </td>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Christopher
      J. Ryan</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:</font></div>
            </td>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President
      and Chief Executive Officer</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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EXHIBITS</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit<br>Number</font></font></div>
            </td>
            <td valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.1</font></div>
            </td>
            <td align="left" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Employment
      Agreement, dated April 13, 2008, between Lakeland Industries, Inc. and
      Christopher J. Ryan.</font></div>
            </td>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="10%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Lakeland
      Industries, Inc. Amended and Restated By-Laws as amended and restated on
      June 18, 2008.</font></div>
            </td>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      to Lakeland&#8217;s Restated Certificate of Incorporation, as approved by
      Shareholders on June 18, 2008.</font></div>
            </td>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<html>
  <head>
    <title>ex3-1.htm</title>
<!-- Licensed to: COMMERCE FINANCIAL PRINTERS-->
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
3.1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMENDED
AND RESTATED</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BYLAWS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OF</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LAKELAND
INDUSTRIES, INC.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(A
Delaware Corporation)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
Amended and Restated on June 18, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________________________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARTICLE
I</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCK; MEETINGS OF
</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCKHOLDERS</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCK CERTIFICATES;
UNCERTIFICATED SHARES</font>.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">FORM&#160;OF
CERTIFICATES</font>. The shares of Lakeland Industries, Inc. (the &#8220;Corporation&#8221;)
shall be represented by certificates, provided that the Board of Directors may
provide by resolution or resolutions that some or all of any or all classes or
series of its stock shall be uncertificated shares.&#160;&#160;Every holder of
stock of the Corporation represented by certificates shall be entitled to have a
certificate, in such form as may be prescribed by law and by the Board of
Directors, representing the number of shares held by such holder registered in
certificate form.&#160;&#160;Each such certificate shall be signed in a manner
that complies with Section 158 of the Delaware General Corporation
Law.&#160;&#160;Each certificate for shares of stock which are subject to any
restriction on transfer pursuant to the Certificate of Incorporation, these
Bylaws, applicable securities laws or any agreement among any number of
stockholders or among such holders and the Corporation shall have conspicuously
noted on the face or back of the certificate either the full text of the
restriction or a statement of the existence of such restriction.&#160;&#160;If
the Corporation shall be authorized to issue more than one class of stock or
more than one series of any class, the powers, designations, preferences and
relative participating, optional or other special rights of each class of stock
or series thereof and the qualifications, limitations or restrictions of such
preferences and/or rights shall be set forth in full or summarized on the face
or back of each certificate representing shares of such class or series of
stock, provided that in lieu of the foregoing requirements there may be set
forth on the face or back of each certificate representing shares of such class
or series of stock a statement that the Corporation will furnish without charge
to each stockholder who so requests a copy of the full text of the powers,
designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof and the qualifications,
limitations or restrictions of such preferences and/or rights.&#160;&#160;Within
a reasonable time after the</font></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issuance
or transfer of uncertificated stock, the Corporation shall send to the
registered owner thereof a written notice containing the information required to
be set forth or stated on certificates pursuant to Sections 151, 202(a) or 218
(a) of the Delaware General Corporation Law or, with respect to Section 151 of
Delaware General Corporation Law, a statement that the Corporation will furnish
without charge to each stockholder who so requests the powers, designations,
preferences and relative participating, optional or other special rights of each
class of stock or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">SIGNATURES</font>.&#160;&#160;Any
or all of the signatures on a certificate may be a facsimile.&#160;&#160;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 Corporation with the same effect as if such person were such
officer, transfer agent or registrar at the date of issue<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 32.4pt"></font>(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">LOST </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCK </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTIFICATES</font>.&#160; A
new certificate or certificates shall be issued in place of any certificate or
certificates theretofore issued by the Corporation alleged to have been lost,
stolen, or destroyed, upon the making of an affidavit of that fact by the person
claiming the certificate of stock to be lost, stolen, or destroyed.&#160; The
Corporation may require, as a condition precedent to the issuance of a new
certificate or certificates, the owner of such lost, stolen, or destroyed
certificate or certificates, or his or her legal representative, to advertise
the same in such manner as it shall require or to give the Corporation a surety
bond in such form and amount as it may direct as indemnity against any claim
that may be made against the Corporation with respect to the certificate alleged
to have been lost, stolen, or destroyed.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2. <font style="DISPLAY: inline; TEXT-DECORATION: underline">FRACTIONAL SHARE
INTERESTS</font>.&#160;&#160;The Corporation may, but shall not be required to,
issue fractions of a share.&#160;&#160;If the Corporation does not issue
fractions of a share, it shall (1) arrange for the disposition of fractional
interests by those entitled thereto, (2) pay in cash the fair value of fractions
of a share as of the time when those entitled to receive such fractions are
determined, or (3) issue scrip or warrants in registered or bearer form which
shall entitle the holder to receive a certificate for a full share upon the
surrender of such scrip or warrants aggregating a full share.&#160;&#160;A
certificate for a fractional share shall, but scrip or warrants shall not unless
otherwise provided therein, entitle the holder to exercise voting rights, to
receive dividends thereon, and to participate in any of the assets of the
Corporation in the event of liquidation.&#160;&#160;The Board of Directors may
cause scrip or warrants to be issued subject to the conditions that they shall
become void if not exchanged for certificates representing full shares before a
specified date, or subject to the conditions that the shares for which script or
warrants are exchangeable may be sold by the Corporation and the proceeds
thereof distributed to the holders of scrip or warrants, or subject to any other
conditions which the Board of Directors may impose.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3. <font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCK
TRANSFERS</font>.&#160;&#160;Shares of stock of the Corporation shall be
transferable in the manner prescribed by law and in these
Bylaws.&#160;&#160;Transfers of shares</font></div><br>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of stock
of the Corporation shall be made only on the books of the Corporation or by
transfer agents designated to transfer shares of stock of the
Corporation.&#160;&#160;Subject to applicable law, shares of stock represented
by certificates shall be transferred only on the books of the Corporation by the
surrender to the Corporation or its transfer agent of the certificate
representing such shares properly endorsed or accompanied by a written
assignment or power of attorney properly executed, and with such proof of
authority or the authenticity of signature as the Corporation or its transfer
agent may reasonably require.&#160;&#160;Except as may be otherwise required by
law, by the Certificate of Incorporation or by these Bylaws, the Corporation
shall be entitled to treat the record holder of stock as shown on its books as
the owner of such stock for all purposes, including the payment of dividends and
the right to vote with respect to such stock, regardless of any transfer, pledge
or other disposition of such stock until the shares have been transferred on the
books of the Corporation in accordance with the requirements of these
Bylaws.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4. <font style="DISPLAY: inline; TEXT-DECORATION: underline">RECORD
DATE</font>.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">RECORD DATE FOR
STOCKHOLDER</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">S&#8217;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> MEETINGS</font>. For the
purpose of determining the stockholders entitled to notice of or to vote at any
meeting of stockholders or any adjournment thereof, the directors may fix, in
advance, a record date, which record date shall not precede the date upon which
the resolution fixing the record date is adopted by the Board of Directors, and
which record date shall not be more than sixty (60) days nor less than ten (10)
days before the date of such meeting. If no record date is fixed, the record
date for determining stockholders entitled to notice of or to vote at a meeting
of stockholders shall be at the close of business on the day next preceding the
day on which notice is given, or, if notice is waived, at the close of business
on the day next preceding the day on which the meeting is held. A determination
of stockholders of record entitled to notice of or to vote at any meeting of
stockholders shall apply to any adjournment of the meeting; provided, however,
that the Board of Directors may fix a new record date for the adjourned
meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">RECORD DATE FOR PAYMENTS OF
DIVIDENDS AND DISTRIBUTIONS</font>.&#160;&#160;In order that the Corporation may
determine the stockholders entitled to receive payment of any dividend or other
distribution or allotment of any rights or the stockholders entitled to exercise
any rights in respect of any change, conversion, or exchange of stock or for the
purpose of any other lawful action, the Board of Directors may fix a record
date, which record date shall not precede the date upon which the resolution
fixing the record date is adopted, and which record date shall be not more than
sixty (60) days prior to such action.&#160;&#160;If no record date is fixed, the
record date for determining stockholders for any such purpose shall be at the
close of business on the day on which the Board of Directors adopts the
resolution relating thereto.</font></div><br>
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      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;<font style="TEXT-DECORATION: underline">RECORD DATE FOR CORPORATE ACTIONS BY WRITTEN
CONSENT</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(1) Notwithstanding Section 4(a) and
Section 4(b) of Article I of these Bylaws, the record date for determining
stockholders entitled to express consent to corporate action in writing without
a meeting shall be as fixed by the Board of Directors or as otherwise
established under this Section 4(c).&#160;&#160;Any person seeking to have the
stockholders authorize or take corporate action by written consent without a
meeting shall, by written notice addressed to the Secretary and delivered to the
Corporation, request that a record date be fixed for such purpose. The Board of
Directors may fix a record date for such purpose which shall be no more than ten
(10) days after the date upon which the resolution fixing the record date is
adopted by the Board and shall not precede the date such resolution is adopted.
If the Board of Directors fails within ten (10) days after the Corporation
receives such notice to fix a record date for such purpose, the record date
shall be the day on which the first written consent is delivered to the
Corporation in the manner described in Section 4(c)(2) below unless prior action
by the Board of Directors is required under the Delaware General Corporation
Law, in which event the record date shall be at the close of business on the day
on which the Board of Directors adopts the resolution taking such prior
action.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(2) (A)Every written consent
purporting to take or authorizing the taking of corporate action and/or related
revocations (each such written consent and related revocation is referred to in
this Section 4(c)(2) of Article I of the Bylaws as a &#8220;Consent&#8221;) shall bear the
date of signature of each stockholder who signs the Consent, and no Consent
shall be effective to take the corporate action referred to therein unless,
within sixty (60) days of the earliest dated Consent delivered in the manner
required by this Section 4(c)(2), Consents signed by a sufficient number of
stockholders to take such action are so delivered to the
Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(B) A Consent shall be delivered to
the Corporation by delivery to its registered office in the State of Delaware,
its principal place of business, or an officer or agent of the Corporation
having custody of the book in which proceedings of meetings of stockholders are
recorded. Delivery to the Corporation&#8217;s registered office shall be made by hand
or by certified or registered mail, return receipt requested.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(C) In the event of the delivery to
the Corporation of a Consent, the Secretary of the Corporation shall provide for
the safe-keeping of such Consent and shall promptly conduct such ministerial
review of the sufficiency of the Consents and of the validity of the action to
be taken by stockholder consent as he deems necessary or appropriate, including,
without limitation, whether the holders of a number of shares having the
requisite voting power to authorize or take the action specified in the Consent
have given consent; provided, however, that if the corporate action to which the
Consent relates is the removal or replacement of one or more members of the
Board of Directors, the Secretary of the Corporation shall promptly designate
two persons, who shall not be members of the Board of Directors, to serve as
inspectors with respect to such Consent and such inspectors shall discharge the
functions of the </font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Secretary
of the Corporation under this Section 4(c)(2). If after such investigation the
Secretary or the inspectors (as the case may be) shall determine that the
Consent is valid and that the action therein specified has been validly
authorized, that fact shall forthwith be certified on the records of the
Corporation kept for the purpose of recording the proceedings of meetings of
stockholders, and the Consent shall be filed in such records, at which time the
Consent shall become effective as stockholder action. In conducting the
investigation required by this Section 4(c)(2), the Secretary or the inspectors
(as the case may be) may, at the expense of the Corporation, retain special
legal counsel and any other necessary or appropriate professional advisors, and
such other personnel as they may deem necessary or appropriate to assist them,
and shall be fully protected in relying in good faith upon the opinion of such
counsel or advisors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5. <font style="DISPLAY: inline; TEXT-DECORATION: underline">MEANING OF CERTAIN
TERMS</font>.&#160;&#160;As used herein in respect of the right to notice of a
meeting of stockholders or a waiver thereof or to participate or vote thereat or
to consent or dissent in writing in lieu of a meeting, as the case may be, the
term &#8220;share&#8221; or &#8220;shares&#8221; or &#8220;share of stock&#8221; or &#8220;shares of stock&#8221; or
&#8220;stockholder&#8221; or &#8220;stockholders&#8221; refers to an outstanding share or shares of
stock and to a holder or holders of record of outstanding shares of stock when
the Corporation is authorized to issue only one class of shares of stock, and
said reference is also intended to include any outstanding share or shares of
stock and any holder or holders of record of outstanding shares of stock of any
class upon which or upon whom the certificate of incorporation confers such
rights where there are two or more classes or series of shares of stock or upon
which or upon whom the Delaware General Corporation Law confers such rights
notwithstanding that the certificate of incorporation may provide for more than
one class or series of shares of stock, one or more of which are limited or
denied such rights thereunder; provided, however, that no such right shall vest
in the event of an increase or a decrease in the authorized number of shares of
stock of any class or series which is otherwise denied voting rights under the
provisions of the certificate of incorporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6. <font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCKHOLDER</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">S&#8217;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">
MEETINGS</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<font style="DISPLAY: inline; TEXT-DECORATION: underline">TIME</font>.&#160;&#160;The
annual meeting of stockholders shall be held on the third Wednesday of June each
year, unless a different date is designated by the directors provided that each
successive annual meeting shall be held on a date within 13 months after the
date of the preceding annual meeting.&#160;&#160;A special meeting shall be held
on the date and at the time fixed by the directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font style="DISPLAY: inline; TEXT-DECORATION: underline">PLACE</font>.&#160;&#160;Annual
meeting and special meetings shall be held at such place, within or without the
State of Delaware, as the Board of Directors may, from time to time
fix.&#160;&#160;Whenever the Board of Directors shall fail to fix such place,
the meeting shall be held at the registered office of the Corporation in the
State of Delaware.&#160;&#160;The Board of Directors may, in its sole
discretion, determine that the meeting shall not be held at any place, but may
instead be held solely by means of remote communication as provided under the
Delaware General Corporation Law.</font></div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">CALL</font>.&#160;&#160;Annual
meetings and special meetings may be called by the Board of Directors or by any
officer instructed by the Board of Directors to call the meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTICE OR WAIVER OF
NOTICE</font>.&#160;&#160;Except as otherwise provided by the Certificate of
Incorporation, the Delaware General Corporation Law or other applicable law,
notice, given in writing or by electronic transmission, of each meeting of
stockholders shall be given not less than ten (10) days nor more than sixty (60)
days before the date of the meeting to each stockholder entitled to vote at such
meeting, such notice to specify the place, if any, date and hour and purpose or
purposes of the meeting, and the means of remote communications, if any, by
which stockholders and proxy holders may be deemed to be present in person and
vote at any such meeting.&#160;&#160;If mailed, notice is given when deposited
in the United States mail, postage prepaid, directed to the stockholder at such
stockholder&#8217;s address as it appears on the records of the
Corporation.&#160;&#160;If a meeting is adjourned to another time, not more than
thirty (30) days hence, and/or to another place, and if an announcement of the
adjourned time and/or place is made at the meeting, it shall not be necessary to
give notice of the adjourned meeting unless the directors, after adjournment,
fix a new record date for the adjourned meeting.&#160;&#160;Notice of the time,
place, if any, and purpose of any meeting of stockholders may be waived in
writing, signed by the person entitled to notice thereof, or by electronic
transmission by such person, either before or after such meeting, and will be
waived by any stockholder by his attendance thereat in person, by remote
communication, if applicable, or by proxy, except when the stockholder attends a
meeting for the express purpose of objecting, at the beginning of the meeting,
to the transaction of any business because the meeting is not lawfully called or
convened.&#160;&#160;Any stockholder so waiving notice of such meeting shall be
bound by the proceedings of any such meeting in all respects as if due notice
thereof had been given.&#160;&#160;Neither the business to be transacted at, nor
the purpose of, any regular or special meeting of the stockholders need be
specified in any waiver of notice given either in writing or by electronic
transmission.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e) <font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCKHOLDER L</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">I</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ST</font>.&#160;&#160;The
officer who has charge of the stock ledger of the Corporation 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 the name of each stockholder. Nothing contained in this
Section 6(e) shall require the Corporation to include electronic mail addresses
or other electronic contact information on such list. Such list shall be open to
the examination of any stockholder, for any purpose germane to the meeting for a
period of at least ten (10) days prior to the meeting: (i) on a reasonably
accessible electronic network, provided that the information required to gain
access to such list is provided with the notice of the meeting, or (ii) during
ordinary business hours, at the principal place of business of the Corporation.
In the event that the Corporation determines to make the list available on an
electronic network, the Corporation may take reasonable steps to ensure that
such information is available only to stockholders of the Corporation. If the
meeting is to be held at a physical location, then the list
shall</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">be
produced and kept at the time and place of the meeting during the whole time
thereof, and may be inspected by any stockholder who is present. If the meeting
is to be held solely by means of remote communications, then the list shall be
open to the examination of any stockholder during the whole time of the meeting
on a reasonably accessible electronic network, and the information required to
access such list shall be provided with the notice of the meeting. 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 or the books of the
Corporation, or to vote at any meeting of stockholders.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(f) <font style="DISPLAY: inline; TEXT-DECORATION: underline">CONDUCT OF </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCKHOLDERS&#8217; </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">MEETING</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">S</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(1) At every meeting of stockholders,
the Chairman of the Board, if there be one, shall serve as chairman of the
meeting and preside over the meeting or, in the case of a vacancy in the office
or absence of the Chairman of the Board, one of the following officers present
shall serve as chairman of the meeting and conduct the meeting in the order
stated: the President, the Vice Chairman of the Board, if there be one or, if
there be more than one, the Vice Chairmen in order of seniority, the Executive
Vice Presidents in their order of seniority, or, in the absence of such
officers, a chairman chosen by the stockholders entitled to cast a majority of
the votes which all stockholders present in person or by proxy are entitled to
cast, shall serve as chairman.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(2) The Secretary, or, in the
Secretary's absence, an Assistant Secretary, or in the absence of both the
Secretary and Assistant Secretaries, a person appointed by the chairman of the
meeting shall serve as secretary of the meeting. In the event that the Secretary
presides at a meeting of the stockholders, an Assistant Secretary shall record
the minutes of the meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(3) The Board of Directors of the
Corporation shall be entitled to make such rules or regulations for the conduct
of meetings of stockholders as it shall deem necessary, appropriate or
convenient.&#160;&#160;Subject to such rules and regulations of the Board of
Directors, if any, the chairman of the meeting shall have the right and
authority to prescribe such rules, regulations and procedures and take such
action as, in the discretion of such chairman, are deemed necessary, appropriate
or convenient for the proper conduct of the meeting.&#160;&#160;Such rules,
regulations and procedures, whether adopted by the Board of Directors or
prescribed by the chairman of the meeting, may include, without limitation (A)
the establishment of an agenda for the meeting, (B) restricting admission to the
time set for the commencement of the meeting, (C) limiting attendance at the
meeting to stockholders of record of the Corporation entitled to vote at the
meeting, their duly authorized proxies or other such persons as the chairman of
the meeting may determine, (D) limiting participation at the meeting on any
matter to stockholders of record of the Corporation entitled to vote on such
matter, their duly authorized proxies or other such persons as the chairman of
the meeting may determine to recognize and, as a condition to recognizing any
such participant, requiring such participant to provide the chairman of the
meeting with evidence of his or her name and affiliation, whether her or she is
a stockholder or a proxy for a stockholder, and the class and series and number
of shares of each class and series of capital stock</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of the
Corporation which are owned beneficially and/or of record by such stockholder,
(E) limiting the time allotted to questions or comments by participants, (F)
determining when the polls should be opened and closed for voting, (G) taking
such actions as are necessary or appropriate to maintain order, decorum, safety
and security at the meeting, (H) removing any stockholder who refuses to comply
with meeting procedures, rules or guidelines as established by the chairman of
the meeting, (I) recessing or adjourning the meeting to a later date, time and
place announced at the meeting by the chairman, and (J) complying with any state
and local laws and regulations concerning safety and security.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(5) Unless otherwise determined by the
chairman of the meeting, meetings of stockholders shall not be required to be
held in accordance with the rules of parliamentary procedure.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g) <font style="DISPLAY: inline; TEXT-DECORATION: underline">PROXY
REPRESENTATION</font>.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(1) Every stockholder may authorize
another person or persons to act for him by proxy in all matters in which a
stockholder is entitled to participate, whether by waiving notice of any
meeting, voting or participating at a meeting, or expressing consent or dissent
without a meeting.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(2) A stockholder may execute a writing
authorizing another person or persons to act for such stockholder as proxy.
Execution may be accomplished by the stockholder or such stockholder's
authorized officer, director, employee or agent signing such writing or causing
such person's signature to be affixed to such writing by any reasonable means
including, but not limited to, by facsimile signature.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(3) A stockholder may authorize another
person or persons to act for such stockholder as proxy by transmitting or
authorizing the transmission of a telegram, cablegram, or other means of
electronic transmission to the person who will be the holder of the proxy or to
a proxy solicitation firm, proxy support service organization or like agent duly
authorized by the person who will be the holder of the proxy to receive such
transmission, provided that any such telegram, cablegram or other means of
electronic transmission must either set forth or be submitted with information
from which it can be determined that the telegram, cablegram or other electronic
transmission was authorized by the stockholder.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(3) No proxy shall be voted&#160;or
acted upon after three (3) years from its date unless such proxy provides for a
longer period.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(4) A duly executed proxy shall be
irrevocable if it states that it is irrevocable and, if, and only as long as, it
is coupled&#160;with an interest sufficient in law to support an irrevocable
power.&#160;&#160;A proxy may be made irrevocable regardless of whether the
interest with which it is coupled is an interest in the stock itself or an
interest in the Corporation generally.</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(h) <font style="DISPLAY: inline; TEXT-DECORATION: underline">INSPECTORS OF
ELECTION</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(1) The Board of Directors, in advance
of any meeting of stockholders, shall, but need not, appoint may appoint any
persons, other than nominees for office, to act as inspectors of election at the
meeting or any adjournment thereof and make a written report
thereof.&#160;&#160;If no inspectors of election are so appointed, the chairman
of the meeting may, and on the request of any stockholder or a stockholder&#8217;s
proxy shall, appoint inspectors of election at the meeting. </font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(2) If appointed, the number of
inspectors shall be either one (1) or three (3). If inspectors are appointed at
a meeting on the request of one or more stockholders or proxies, the majority of
shares represented in person or proxy shall determine whether one (1) or three
(3) inspectors are to be appointed.&#160;&#160;The Corporation may designate one
or more persons as alternate inspectors to replace any inspector who fails to
act.&#160;If any person so appointed or designated as inspector fails to appear
or fails or refuses to act, the chairman of the meeting may, and upon the
request of any stockholder or a stockholder&#8217;s proxy shall, appoint a person to
fill that vacancy.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(3) Each inspector, if any, before
entering upon the discharge of his duties, shall take and sign an oath
faithfully to execute the duties of inspector at such meeting with strict
impartiality and according to the best of his or her
ability.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(4) The inspector or inspectors so
appointed or designated, if any, shall: (A) determine the number of shares
outstanding and the voting power of each, the shares represented at the meeting,
the existence of a quorum, and the authenticity, validity, and effect of
proxies; (B) receive votes, ballots or consents; (C) hear and determine all
challenges and questions in any way arising in connection with the right to
vote; (D) on request of the person presiding at the meeting, make a report in
writing of any challenge, question, or matter determined by him or them and
execute a certificate of any fact found by him or them; (E) retain for a
reasonable period a record of the disposition of any challenges made to any
determination by the inspectors; (F) count and tabulate all votes, ballots or
consents; (G) determine when the polls shall close; (H) certify their
determination of the number of shares of capital stock of the Corporation
represented at the meeting and their count of all votes, ballots or consents;
and (I) do any other acts that may be necessary or proper to conduct the
election or vote with fairness to all stockholders.&#160;&#160;In determining
the validity and counting of proxies and ballots cast at any meeting of
stockholders of the Corporation, the inspectors, if any, may consider such
information as is permitted by applicable law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i) <font style="DISPLAY: inline; TEXT-DECORATION: underline">QUORUM</font>.&#160;&#160;The
holders of a majority of the outstanding shares of stock shall constitute a
quorum at a meeting of stockholders for the transaction of any
business.&#160;&#160;The stockholders present may adjourn the meeting despite
the absence of a quorum.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j) <font style="DISPLAY: inline; TEXT-DECORATION: underline">VOTING</font>.&#160;&#160;Each
share of stock shall entitle the holder thereof to one vote.&#160;&#160;In the
election of directors, a plurality of the votes cast shall elect.&#160;&#160;Any
other</font></div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">action
shall be authorized by a majority of the votes cast except where the Delaware
General Corporation Law prescribes a different percentage of votes and/or a
different exercise of voting power.&#160;&#160;In the election of directors, and
for any other action, voting need not be by ballot.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(k) <font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTICE OF STOCKHOLDER
PROPOSALS</font>.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(1)&#160;&#160;At any annual meeting of
stockholders of the Corporation, only such business shall be conducted as shall
have been properly brought before the meeting.&#160;&#160;To be properly brought
before an annual meeting, business must be (i) specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the Board of
Directors, (ii) otherwise properly brought before the meeting by or at the
direction of the Board of Directors, or (iii) otherwise properly and timely
brought before the meeting by any stockholder of the Corporation in compliance
with the notice procedures and other provisions of this Section
6(k).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(2) For business to be properly brought
before an annual meeting by a stockholder, such business, as determined by the
Chairman of the Board or such other person as is presiding over the meeting,
must be a proper subject for stockholder action under the Delaware General
Corporation Law, and such stockholder (i) must be a stockholder of record on the
date of the giving of the notice provided for in this Section 6(k) and on the
record date for the determination of stockholders entitled to vote at such
annual meeting, (ii) must be entitled to vote at such annual meeting, and (iii)
must comply with the notice procedures set forth in this Section 6(k). In
addition to any other applicable requirements, for business to be properly
brought before an annual meeting by a stockholder, such stockholder must have
given timely notice thereof in proper written form to the Secretary of the
Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(3) To be timely, a stockholder's
notice must be delivered to, or mailed and received by, the Secretary at the
principal executive offices of the Corporation not earlier than the one hundred
fiftieth (150th) calendar day, and not later than the close of business on the
one hundred twentieth (120th) calendar day, prior to the first anniversary of
the immediately preceding year's annual meeting of stockholders; provided,
however, that in the event that no annual meeting was held in the previous year
or the annual meeting is called for a date that is more than thirty (30)
calendar days earlier or more than sixty (60) calendar days later than such
anniversary date, notice by the stockholder in order to be timely must be so
delivered or received not earlier than the tenth (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
calendar day following the earlier of (i) the day on which public disclosure of
the date of such annual meeting is first made, and (ii) the receipt by such
stockholder of actual notice of the date of such annual meeting.&#160;&#160;For
purposes of this Section 6(k) of these Bylaws, public disclosure shall be deemed
to include a disclosure made in a press release reported by the Dow Jones News
Services, Reuters, Associated Press or a comparable national news service, in a
document filed by the Corporation with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Exchange Act, or in a notice pursuant
to the applicable rules of an exchange on which the securities of the
Corporation are listed.&#160;&#160;In no event shall the</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">public
announcement of a postponement of the mailing of the notice for such annual
meeting or of an adjournment or postponement of the annual meeting to a later
date or time commence a new time period for the giving of a stockholder&#8217;s notice
as described above.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(4) To be in proper written form, a
stockholder's notice to the Secretary shall set forth in writing, as to each
matter the stockholder proposes to bring before the annual meeting (i) a brief
description of the business desired to be brought before the annual meeting,
including the text of the proposal or business and the text of any resolutions
proposed for consideration, (ii) the reasons for conducting such business at the
annual meeting, (iii) the name and record address, as they appear on the
Corporation's stock ledger, of such stockholder and the name and address of any
Stockholder Associated Person (as defined below), (iv) the class and series and
number of shares of each class and series of capital stock of the Corporation
which are owned beneficially and/or of record by such stockholder and/or any
Stockholder Associated Person, and the date or dates such shares were acquired
and the investment intent of such acquisition (which information shall be
supplemented not later than ten (10) calendar days after the record date for the
meeting to disclose such ownership as of the record date), (v) a description of
all arrangements or understandings between such stockholder and/or any
Stockholder Associated Person, and any other person or persons (naming such
person or persons) in connection with the proposal of such business by such
stockholder, (vi) any material interest of such stockholder and/or any
Stockholder Associated Person in such business, individually or in the
aggregate, including any anticipated benefit to the stockholder or any
Stockholder Associated Person therefrom, (vii) a representation from the
stockholder as to whether the stockholder or any Stockholder Associated Person
intends or is part of a group which intends (A) to deliver a proxy statement
and/or form of proxy to holders of at least the percentage of the Corporation&#8217;s
outstanding capital stock required to approve or adopt the proposal and/or (B)
otherwise to solicit proxies in support of such proposal, (viii) a
representation that such stockholder is a holder of record of stock of the
Corporation entitled to vote at such meeting, that such stockholder intends to
vote such stock at such meeting, and that such stockholder intends to appear in
person or by proxy at the annual meeting to bring such business before the
meeting, (ix) whether and the extent to which any hedging transaction has been
engaged in by or on behalf of such stockholder or any Stockholder Associated
Person with respect to any shares of stock of the Corporation, without regard to
whether such transaction is required to be reported on a Schedule 13d in
accordance with the Exchange Act, (x) whether and the extent to which any
agreement, arrangement or understanding has been made, the effect or intent of
which is to increase or decrease the voting power of such stockholder or such
Stockholder Associated Person with respect to any shares of the capital stock of
the Corporation, without regard to whether such transaction is required to be
reported on a Schedule 13d in accordance with the Exchange Act, (xi) in the
event that such business includes a proposal to amend the Certificate of
Incorporation and/or the Bylaws of the Corporation, the language of the proposed
amendment, and (xii) such other information regarding each matter of business to
be proposed by such stockholder, regarding the stockholder in his or her
capacity as a proponent of a</font></div><br>
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      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">stockholder
proposal, or regarding any Stockholder Associated Person, as would be required
to be included in a proxy statement or other filings required to be made in
connection with solicitations of proxies pursuant to Section 14 of the Exchange
Act (or pursuant to any law or statute replacing such section), and the rules
and regulations promulgated thereunder.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(5) If the information submitted
pursuant to this Section 6(k) by any stockholder proposing business for
consideration at an annual meeting shall be inaccurate to any material extent,
such information may be deemed not to have been provided in accordance with this
Section 6(k).&#160;&#160;Upon written request by the Secretary, the Board of
Directors or any committee thereof, any stockholder proposing business for
consideration at an annual meeting shall provide, within seven business days of
delivery of such request (or such other period as may be specified in such
request), written verification, satisfactory in the discretion of the Board of
Directors, any committee thereof or any authorized officer of the Corporation,
to demonstrate the accuracy of any information submitted by the stockholder
pursuant to this Section 6(k). If a stockholder fails to provide such written
verification within such period, the information as to which written
verification was requested may be deemed not to have been provided in accordance
with this Section 6(k).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(6) For purposes of this Section 6(k)
and Section 6(l) of these Bylaws, the following definitions shall be
applicable:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(i) beneficial ownership in the
Corporation&#8217;s capital stock shall include, in addition to the definition of
beneficial ownership contained in Rule 13d-3 of the Exchange Act (or any
successor rule or regulation), any direct or indirect pecuniary interest in the
Corporation&#8217;s capital stock,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(ii) business day shall mean any day
other than a Saturday, a Sunday or a day on which banking institutions in the
State of New York are authorized or obligated by law or executive order to
close,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(iii) close of business shall mean 5:00
p.m., Eastern Time,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(iv) hedging of the Corporation&#8217;s
capital stock shall mean any transaction or series of transactions that has been
entered into, or any other agreement, arrangement or understanding (including,
but not limited to, any borrowing or lending of shares or any short interest)
that has been made, the effect or intent of which is to mitigate loss to or
manage the risk or benefit of share price changes with respect to any shares of
the capital stock of the Corporation,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(v) pecuniary interest in the
Corporation&#8217;s capital stock shall include, but not be limited to, the
opportunity, directly or indirectly, to profit or share in any profit derived
from a transaction in the Corporation&#8217;s capital stock,</font></div><br>
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      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(vi)indirect pecuniary interest in the
Corporation&#8217;s capital stock shall include, but not be limited to, (a) any
derivative instrument which includes the opportunity, directly or indirectly, to
profit or share in any profit derived from any increase in the value of the
Corporation&#8217;s capital stock, including a person&#8217;s right to acquire the
Corporation&#8217;s capital stock through the exercise or conversion of any derivative
instrument, whether or not presently exercisable, (b) a general partner&#8217;s
proportionate interest in the Corporation&#8217;s capital stock held by a general or
limited partnership, (c) a person&#8217;s right to dividends that is separated or
separable from the Corporation&#8217;s capital stock, (d) shares of the Corporation&#8217;s
capital stock held by members of a person&#8217;s immediate family, and (e) a person&#8217;s
interest in the Corporation&#8217;s capital stock that is held by a
trust,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(vii)derivative instrument shall
include, but not be limited to, any option, warrant, convertible security, stock
appreciation right, or similar right with an exercise or conversion privilege or
a settlement payment or mechanism at a price related to the value of the
Corporation&#8217;s capital stock, or similar instrument with a value derived in whole
or in part from the value of the Corporation&#8217;s capital stock, whether or not
such instrument or right shall be subject to settlement in the Corporation&#8217;s
capital stock or otherwise,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(viii)short interest in the
Corporation&#8217;s capital stock shall mean that the person, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has
the opportunity to profit or share in any profit derived from any decrease in
the value of the Corporation&#8217;s capital stock, and</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(ix)Stockholder Associated Person of
any stockholder shall mean (a) any person controlling, directly or indirectly,
or acting in concert with, such stockholder, (b) any beneficial owner of shares
of stock of the Corporation owned of record or beneficially by such stockholder,
and (c) any person controlling, controlled by or under common control with such
Stockholder Associated Person.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(7)No business shall be conducted at
the annual meeting of stockholders except business brought before the annual
meeting in accordance with the procedures set forth in this Section
6(k).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(8)Except as otherwise required by law,
the Certificate of Incorporation or these Bylaws, the Chairman of the Board or
other person presiding at an annual meeting shall have the power and duty (i) to
determine whether any business proposed to be brought before the meeting was
properly brought before the meeting in accordance with the procedures set forth
in this Section 6(k), including whether the stockholder or the Stockholder
Associated Person, if any, on whose behalf the proposal is made solicited (or is
part of a group which solicited) or did not so solicit, as the
case</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div id="HDR">
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">may be,
proxies in support of such stockholder&#8217;s proposal in compliance with such
stockholder&#8217;s representation as required by this Section 6(k), and (ii) if any
proposed business was not brought in compliance with this Section 6(k), to
declare that such proposal is defective and shall be disregarded.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(9) In addition to the provisions of
this Section 6(k), a stockholder shall also comply with all applicable
requirements of state law and all applicable requirements of the Exchange Act,
and the rules and regulations thereunder, with respect to the matters set forth
herein.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(10) Nothing in this Section 6(k) shall
be deemed to affect any rights (i) of stockholders to request inclusion of
proposals in the Corporation&#8217;s proxy statement pursuant to Rule 14a-8 under the
Exchange Act, or (ii) of the holders of any series of preferred stock to elect
directors pursuant to any applicable provisions of the Certificate of
Incorporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>&#160;(11) Notwithstanding anything in
this Section 6(k) to the contrary, a stockholder intending to nominate one or
more persons for election as a director at an annual meeting must comply with
Section 6(l) of these bylaws for any such nomination to be properly brought
before such meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(l) <font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTICE OF NOMINATIONS BY
STOCKHOLDERS</font>.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(1) Subject to the rights of the
holders of any class or series of stock having a preference over the Common
Stock as to dividends or upon liquidation, dissolution or winding up,
nominations for the election of directors may be made (i) by or at the direction
of the Board of Directors or a committee appointed by the Board of Directors, or
(ii) by any stockholder of the Corporation (a) who is a stockholder of record on
the date of the giving of the notice provided for in this Section 6(l), on the
record date for the determination of the stockholders entitled to vote at such
meeting and at the time of the annual meeting of stockholders, (b) who is
entitled to vote at the meeting for the election of directors, and (c) who
complies with the notice procedures set forth in this Section
6(l).&#160;&#160;In addition to any other applicable requirements, for a
nomination to be made by a stockholder, such stockholder must have given timely
notice thereof in proper written form to the Secretary of the
Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(2) To be timely, a stockholder's
notice of nomination must be delivered to, or mailed and received by, the
Secretary at the principal executive offices of the Corporation not earlier than
the one hundred fiftieth (150th) calendar day, and not later than the close of
business on the one hundred twentieth (120th) calendar day, prior to the first
anniversary of the immediately preceding year's annual meeting; provided,
however, that in the event that no annual meeting was held in the previous year
or the annual meeting is called for a date that is more than thirty (30)
calendar days earlier or more than sixty (60) calendar days later than such
anniversary date, notice by the stockholder in order to be timely must be so
delivered or received not earlier than the tenth (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
calendar day following the earlier of (i) the day on which</font></div><br>
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      </div>
      <div id="HDR">
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">public
disclosure of the date of such annual meeting is first made, and (ii) the
receipt by such stockholder of actual notice of the date of such annual
meeting.&#160;&#160;For purposes of this Section 6(l), public disclosure shall
be deemed to include a disclosure made in a press release reported by the Dow
Jones News Services, Reuters, Associated Press or a comparable national news
service, in a document filed by the Corporation with the Securities and Exchange
Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act, or in a
notice pursuant to the applicable rules of an exchange on which the securities
of the Corporation are listed.&#160;&#160;In no event shall the public
announcement of a postponement of the mailing of the notice for such annual
meeting or of an adjournment or postponement of the annual meeting to a later
date or time commence a new time period for the giving of a stockholder&#8217;s notice
as described above.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(3) To be in proper written form, a
stockholder's notice of nomination to the Secretary shall set forth in
writing:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(i) as to each person whom the
stockholder proposes to nominate for election or reelection as a director (a)
the name, age, business address and residence address of the person, (b) the
principal occupation and employment of the person, (c) the class and series and
number of shares of each class and series of capital stock of the Corporation
which are owned beneficially or of record by the person (which information shall
be supplemented not later than ten (10) calendar days after the record date for
the meeting to disclose such ownership as of the record date), (d) the person&#8217;s
executed written consent to being named in the proxy statement, if any, as a
nominee and to serving as a director if elected, (e) any other information
relating to the person that would be 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, or is otherwise required, pursuant to
Section 14 of the Exchange Act (or pursuant to any law or statute replacing such
section), and the rules and regulations promulgated thereunder, (f) a
representation from the stockholder as to whether the stockholder or any
Stockholder Associated Person intends or is part of a group which intends (1) to
deliver a proxy statement and/or form of proxy to holders of at least the
percentage of the Corporation&#8217;s outstanding capital stock required to elect the
person proposed as a nominee and/or (2) otherwise to solicit proxies in support
of the election of such person, and (g) a written statement executed by the
person acknowledging that, as a director of the Corporation, he or she will owe
fiduciary duties, under the Delaware General Corporation Law, exclusively to the
Corporation and its stockholders and no fiduciary duties to any specific
stockholder or group of stockholders; and</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;(ii)as to the stockholder giving
the notice (a) the name and record address of such stockholder, as they appear
on the Corporation's stock ledger, and the name and address of any Stockholder
Associated Person, (b) the class and series and number of shares of each class
and series of capital stock of the Corporation which are owned beneficially
and/or of record by such stockholder and/or any Stockholder Associated Person,
and the date or dates </font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">such
shares were acquired and the investment intent of such acquisition (which
information shall be supplemented not later than ten (10) calendar days after
the record date for the meeting to disclose such ownership as of the record
date), (c) a description of all arrangements or understandings between such
stockholder and/or any Stockholder Associated Person and each proposed nominee
and any other person or persons (naming such person or persons) pursuant to
which the nomination(s) are to be made by such stockholder, (d) any material
interest of such stockholder and/or any Stockholder Associated Person in the
election of such proposed nominee, individually or in the aggregate, including
any anticipated benefit to the stockholder or any Stockholder Associated Person
therefrom, (e) a representation that such stockholder is a holder of record of
stock of the Corporation entitled to vote at such meeting and that such
stockholder intends to appear in person or by proxy at the meeting to nominate
the person or persons named in its notice, (f) whether and the extent to which
any hedging transaction has been engaged in by or on behalf of such stockholder
or any Stockholder Associated Person with respect to any shares of stock of the
Corporation, without regard to whether such transaction is required to be
reported on a Schedule 13d in accordance with the Exchange Act, (g) whether and
the extent to which any agreement, arrangement or understanding has been made,
the effect or intent of which is to increase or decrease the voting power of
such stockholder or such Stockholder Associated Person with respect to any
shares of the capital stock of the Corporation, without regard to whether such
transaction is required to be reported on a Schedule 13d in accordance with the
Exchange Act, and (h) any other information relating to such stockholder, in his
or her capacity as a proponent of a stockholder nomination, or any Stockholder
Associated Person that would be 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, or is otherwise required, pursuant to Section 14 of
the Exchange Act (or pursuant to any law or statute replacing such section) and
the rules and regulations promulgated thereunder.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(4) In addition to the information
required above, the Corporation may require any proposed nominee to furnish such
other information as it may reasonably require to determine the eligibility of
such proposed nominee to serve as a director of the Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(5) If the information submitted
pursuant to this Section 6(l) by any stockholder proposing a nominee for
election as a director at an annual meeting shall be inaccurate to any material
extent, such information may be deemed not to have been provided in accordance
with this Section 6(l).&#160;&#160;Upon written request by the Secretary, the
Board of Directors or any committee thereof, any stockholder proposing a nominee
for election as a director at an annual meeting shall provide, within seven
business days of delivery of such request (or such other period as may be
specified in such request), written verification, satisfactory in the discretion
of the Board of Directors, any committee thereof or any authorized officer of
the Corporation, to demonstrate the accuracy of any information submitted by the
stockholder pursuant to this Section 6(l). If </font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
stockholder fails to provide such written verification within such period, the
information as to which written verification was requested may be deemed not to
have been provided in accordance with this Section 6(l).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(6) Notwithstanding anything in these
Bylaws to the contrary, no person shall be eligible for election at an annual
meeting as a director of the Corporation unless nominated in accordance with the
procedures set forth in this Section 6(l).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(7) Except as otherwise required by
law, the Certificate of Incorporation or these Bylaws, the Chairman of the Board
or other person presiding at an annual meeting shall have the power and duty (i)
to determine whether any nomination proposed to be brought before the meeting
was properly made in accordance with the procedures set forth in this Section
6(l), including whether the stockholder or the Stockholder Associated Person, if
any, on whose behalf the nomination is made solicited (or is part of a group
which solicited) or did not so solicit, as the case may be, proxies in support
of such stockholder&#8217;s nominee in compliance with such stockholder&#8217;s
representation as required by this Section 6(l), and (ii) if any proposed
nomination was not made in compliance with this Section 6(l) to declare that
such defective nomination is null and void and shall be
disregarded.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(8) Notwithstanding anything in this
Section 6(l) to the contrary, in the event that the number of directors to be
elected to the Board of Directors at an annual meeting of the stockholders is
increased and there is no public disclosure, naming all of the nominees for
directors or specifying the size of the increased Board of Directors, by the
Corporation at least ninety (90) calendar days prior to the first anniversary of
the date of the immediately preceding annual meeting, a stockholder&#8217;s notice
required by this Section 6(l) shall also be considered timely, but only with
respect to nominees for any new positions created by such increase, if it shall
be delivered to, or mailed and received by, the Secretary at the principal
executive offices of the Corporation not later than the close of business on the
tenth (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
calendar day following the earlier of the day that the stockholder first
received actual notice of such increase and the day on which such public
disclosure is first made by the Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(9) In addition to the provisions of
this Section 6(l), a stockholder shall also comply with all applicable
requirements of state law and all applicable requirements of the Exchange Act,
and the rules and regulations thereunder, with respect to the matters set forth
herein.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(m) <font style="DISPLAY: inline; TEXT-DECORATION: underline">SPECIAL MEETINGS OF
STOCKHOLDERS</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.
</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(1) Only such business shall be
conducted at a special meeting of stockholders as shall have been brought before
the meeting pursuant to the Corporation's notice of meeting.</font></div><br>
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(2) Nominations of persons for election
to the Board of Directors may be made at a special meeting of stockholders at
which directors are to be elected (i) pursuant to the Corporation's notice of
meeting, (ii) by or at the direction of the Board of Directors, or (iii)
provided that the Board of Directors has determined that directors shall be
elected at such special meeting, by any stockholder of the Corporation who (a)
is a stockholder of record at the time of giving of notice provided for in this
Section 6(m), (b) is a stockholder of record on the record date for the
determination of the stockholders entitled to vote at such special meeting, (c)
is a stockholder of record at the time of such special meeting, and (d) complies
with the notice procedures set forth in this Section 6(m).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(3) In the event the Corporation calls
a special meeting of stockholders for the purpose of electing one or more
directors to the Board of Directors, a stockholder who complies with Section
6(m)(2) of these Bylaws may nominate a person or persons (as the case may be)
for election to such position as specified in the Corporation's notice of
meeting if they give timely notice thereof in proper written form to the
Secretary of the Corporation as provided hereinafter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(4) To be timely and in proper form,
the stockholder&#8217;s notice of nomination with respect to a special meeting must
comply with Section 6(l)(3) of these Bylaws and must be delivered to the
Secretary of the Corporation at the principal executive office of the
Corporation not later than the close of business on the tenth (10<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
calendar day following the earlier of the day that the stockholder first
received actual notice of the date of the special meeting and the nominees
proposed by the Board of Directors to be elected at such meeting and the day on
which such public disclosure is first made by the Corporation.&#160;&#160;In no
event shall the public announcement of a postponement of the mailing of the
notice for such special meeting or of an adjournment or postponement of the
special meeting to a later date or time commence a new time period for the
giving of a stockholder&#8217;s notice as described above.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(5) If the information submitted
pursuant to this Section 6(m) by any stockholder proposing a nominee for
election as a director at a special meeting shall be inaccurate to any material
extent, such information may be deemed not to have been provided in accordance
with this Section 6(m).&#160;&#160;Upon written request by the Secretary, the
Board of Directors or any committee thereof, any stockholder proposing a nominee
for election as a director at a special meeting shall provide, within seven
business days of delivery of such request (or such other period as may be
specified in such request), written verification, satisfactory in the discretion
of the Board of Directors, any committee thereof or any authorized officer of
the Corporation, to demonstrate the accuracy of any information submitted by the
stockholder pursuant to this Section 6(m). If a stockholder fails to provide
such written verification within such period, the information as to which
written verification was requested may be deemed not to have been provided in
accordance with this Section 6(m).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(6) Notwithstanding anything in these
Bylaws to the contrary, no person shall be eligible for election at a special
meeting as a director of the Corporation</font></div><br>
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        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">unless
nominated in accordance with the procedures set forth in this Section
6(m).&#160;&#160;The Chairman of the Board or other person presiding at an
annual meeting shall have the power and duty to determine whether any nomination
proposed to be brought before a special meeting was properly made in accordance
with the procedures set forth in this Section 6(m) and, if any proposed
nomination was not made in compliance with this Section 6(m), or if the
stockholder solicits proxies in support of such proposed nomination without
having made the representation required by this Section 6(m), to declare that
such defective nomination is null and void and shall be
disregarded.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(7) In addition to the provisions of
this Section 6(m), a stockholder shall also comply with all applicable
requirements of state law and all applicable requirements of the Exchange Act,
and the rules and regulations thereunder, with respect to the matters set forth
herein.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7. <font style="DISPLAY: inline; TEXT-DECORATION: underline">STOCKHOLDER ACTION
WITHOUT MEETINGS</font>.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) Any action required by the Delaware
General Corporation Law to be taken at any annual or special meeting of
stockholders, or any action which may be taken at any annual or special meeting
of stockholders, may be taken without a meeting, without prior notice and
without a vote, if a consent or consents in writing, setting forth the action so
taken, shall be signed by the holders of outstanding stock having not less than
the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present
and voted and shall be delivered to the Corporation by delivery to its
registered office in the State of Delaware, its principal place of business or
an officer or agent of the Corporation having custody of the book in which
proceedings of meetings of stockholders are recorded. Delivery made to the
Corporation's registered office shall be by hand or by certified or registered
mail, return receipt requested.&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) Every written consent shall bear
the date of signature of each stockholder who signs the consent, and no written
consent shall be effective to take the corporate action referred to therein
unless, within sixty (60) days of the earliest dated consent delivered in the
manner required by this Section 7(b) to the Corporation, written consents signed
by a sufficient number of holders to take action are delivered to the
Corporation by delivery to its registered office in the State of Delaware, its
principal place of business or an officer or agent of the Corporation having
custody of the book in which proceedings of meetings of stockholders are
recorded. Delivery made to the Corporation's registered office shall be by hand
or by certified or registered mail, return receipt requested.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) A telegram, cablegram or other
electronic transmission consenting to an action to be taken and transmitted by a
stockholder or proxy holder, or by a person or persons authorized to act for a
stockholder or proxy holder, shall be deemed to be written, signed and dated for
the purposes of this Section 7, provided that any such telegram, cablegram or
other electronic transmission sets forth or is delivered with information from
which the Corporation can determine (A) that the telegram,
cablegram</font></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">or other
electronic transmission was transmitted by the stockholder or proxy holder or by
a person or persons authorized to act for the stockholder or proxy holder and
(B) the date on which such stockholder or proxy holder or authorized person or
persons transmitted such telegram, cablegram or electronic
transmission.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) Prompt notice of the taking of the
corporate action without a meeting by less than unanimous written consent shall
be given to those stockholders who have not consented in writing and who, if the
action had been taken at a meeting, would have been entitled to notice of the
meeting if the record date for such meeting had been the date that written
consents signed by a sufficient number of holders to take the action were
delivered to the Corporation as provided in Section 7(b) of these
Bylaws.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARTICLE
II</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">DIRECTORS</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">FUNCTIONS AND
D</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">EF</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">INITION</font>.&#160;&#160;The
business and affairs of the Corporation shall be managed by the Board of
Directors of the Corporation.&#160;&#160;The Board of Directors shall have
authority to fix the compensation of the members thereof.&#160;&#160;The use of
the phrase &#8220;whole board&#8221; herein refers to the total number of directors which
the Corporation would have if there were no vacancies.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2. <font style="DISPLAY: inline; TEXT-DECORATION: underline">QUALIFICATIONS AND
NUMBER</font>.&#160;&#160;A director need not be a stockholder, a citizen of the
United States, or a resident of the State of Delaware.&#160;&#160;Each director
shall be at least twenty-one (21) years of age.&#160;&#160;The Board of
Directors shall consist of not less than five (5)&#160;nor more than seven (7)
members, the exact number of which shall be fixed from time to time by action of
the Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3. <font style="DISPLAY: inline; TEXT-DECORATION: underline">ELECTION AND
TERM</font>.&#160;&#160;Commencing with the Annual Meeting of Stockholders to be
held in May 21, 1986, the directors of the Corporation shall be classified with
respect to the time for which they shall severally hold office by dividing them
into three classes, each class to be as nearly equal in number as possible,
which classes shall be designated as Class 1, Class 2 and Class
3.&#160;&#160;Subject to the provisions hereof, the number of directors in each
class shall from time to time be designated by the Board of Directors of the
Corporation.&#160;&#160;The Class 1 directors shall be elected initially for a
term of one year;&#160;the Class 2 directors shall be elected initially for a
term of two years; and the Class 3 directors shall be elected initially for a
term of three years.&#160;&#160;At each annual meeting, the successors to the
class of directors whose terms shall expire that year shall be elected to hold
office for a term of three years and until their successors are elected and
qualified or until their earlier death, resignation or removal so that each term
of office of one class of directors shall expire in each
year.&#160;&#160;Notwithstanding the rule that the three classes shall be as
nearly equal in number of directors as possible, in the event of any change in
the authorized number of directors each director then continuing to serve as
such shall nevertheless continue as a director of the class of which he is a
member until the expiration of his current term, or his prior</font></div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">death,
resignation or removal.&#160;&#160;If any newly created directorship may,
consistent with the rule that the three classes shall be as nearly equal in
number of directors as possible, be allocated to one or two or more classes, the
Board shall allocate it to that of the available classes whose term of office is
due to expire at the earliest date following such allocation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4. <font style="DISPLAY: inline; TEXT-DECORATION: underline">MEETINGS</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> OF
DIRECTORS</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">TIME</font>.&#160;&#160;Meetings
shall be held at such time as the Board shall fix, except that the first meeting
of the Board after an election of a class of directors shall be held as soon
after such election as the directors in office may conveniently
assemble.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">PLACE</font>.&#160;&#160;Meetings
shall be held at such place within or without the State of Delaware as shall be
fixed by the Board. Meetings may also be held solely be means of conference
telephone or other communications equipment or by the consent of all directors
given in writing or by electronic transmission.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">CALL</font>.&#160;&#160;No
call shall be required for regular meetings for which the time and place have
been fixed.&#160;&#160;Special meetings may be called by or at the direction of
the Chairman of the Board, if any, the Vice-Chairman of the Board, if any, or
the President, or of a majority of the directors in office.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTICE OR ACTUAL OR
CONSTRUCTIVE WAIVER</font>.&#160;&#160;No notice shall be required for regular
meetings for which the time and place have been fixed.&#160;&#160;Notice of the
time and place of all special meetings of the Board of Directors shall be given
orally, in writing, by telephone, facsimile, telegraph, telex, electronic mail
or any form of electronic transmission, during normal business hours, at least
twenty-four (24) hours before the date and time of the meeting, or sent in
writing to each director by first-class mail, charges prepaid, at least three
(3) business days before the date of the meeting.&#160;&#160;Such notice shall
state the time and place, if any, of the special meeting of the Board of
Directors, and the means to attend the meeting through conference telephone or
other communications equipment, if any.&#160;&#160;Notice need not be given to
any director or to any member of a committee of directors who submits a waiver
of notice, before or after such meeting, either in a writing signed by such
director or by electronic transmission.&#160;&#160;Attendance of any such
director at a meeting shall constitute a waiver of notice of such meeting,
except when such director&#160;attends a meeting for the express purpose of
objecting, at the beginning of the meeting, to the transaction of any business
because the meeting is not lawfully called or convened.&#160;&#160;Neither the
business to be transacted at, nor the purpose of, any regular or special meeting
of the directors need be specified in any waiver of notice.&#160;&#160;All
waivers of notice shall be filed with the corporate records of the Corporation
or made a part of the meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e) <font style="DISPLAY: inline; TEXT-DECORATION: underline">QUORUM AND
ACTION</font>.&#160;&#160;A majority of the whole Board shall constitute a
quorum except when a vacancy or vacancies prevents such majority, whereupon a
majority of the directors in office shall constitute a quorum, provided, that
such majority shall constitute at least one-third of the whole
Board.&#160;&#160;A majority of the</font></div><br>
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        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">directors
present, whether or not a quorum is present, may adjourn a meeting to another
time and place.&#160;&#160;Except as herein otherwise provided, and except as
otherwise provided by the Delaware General Corporation Law, the vote of the
majority of the directors present at a meeting at which a quorum is present
shall be the act of the Board.&#160;&#160;The quorum and voting provisions
herein stated shall not be construed as conflicting with any provisions of the
Delaware General Corporation Law and these Bylaws which govern a meeting of
directors held to fill vacancies and newly created directorships in the Board or
action of disinterested directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f) <font style="DISPLAY: inline; TEXT-DECORATION: underline">CHAIRMAN OF THE
MEETING</font>.&#160;&#160;The Chairman of the Board, if any and if present and
acting, shall preside at all meetings.&#160;&#160;Otherwise, the Vice-Chairman
of the Board, if any and if present and acting, or the President, if present and
acting, or any other director chosen by the Board, shall preside.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5. <font style="DISPLAY: inline; TEXT-DECORATION: underline">REMOVAL OF
DIRECTORS</font>.&#160;&#160;Any or all of the directors may be removed from
office at any time but only for cause and only by either (i) the affirmative
vote of the holders of sixty six and two-thirds percent (66.67%) of the voting
power of all of the shares of the Corporation entitled to vote for the election
of directors at any annual or special meeting of the stockholders, provided that
notice of the proposed removal is included in the notice of the meeting at which
such action takes place, or (ii) the affirmative vote of sixty six and
two-thirds percent (66.67%) of the Board of Directors at any regular or special
meeting of the Board of Directors provided that notice of the proposed removal
is included in the notice of the meeting at which such action takes place and
such notice is not given less than two (2) business days prior to the
meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6. <font style="DISPLAY: inline; TEXT-DECORATION: underline">COMMITTEES</font>.&#160;&#160;Whenever
its number consists of five or more, the Board of Directors may, by resolution
passed by a majority of the whole Board, designate one or more committees, each
committee to consist of two or more of the directors of the
Corporation.&#160;&#160;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.&#160;&#160;In the absence or
disqualification of any member of any such committee or committees, the member
or members thereof present at any meeting and not disqualified&#160;from voting,
whether or not he or they constitute a quorum, may unanimously appoint another
member of the Board of Directors to act at the meeting in the place of any such
absent or disqualified&#160;member.&#160;&#160;Any such committee, to the extent
provided in the resolution of the Board, shall have and may exercise the powers
and authority of the Board of Directors in the management of the business and
affairs of the Corporation with the exception of any authority the delegation of
which is prohibited by Section 141 of the&#160;Delaware General Corporation Law,
and may authorize the seal of the Corporation to be affixed to all papers which
may require it.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">PARTICIPATION IN MEETING BY
MEANS OF COMMUNICATIONS EQUIPMENT</font>. Any one or more members of the Board
or any committee thereof may participate in any meeting of the Board or of any
such committee by means of conference telephone or other communications
equipment by means of which all</font></div><br>
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      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">persons
participating in the meeting can hear each other or as otherwise permitted by
law, and such participation in a meeting shall constitute presence in person at
such meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">ACTION
WITHOUT A MEETING</font>. Any action required or permitted to be taken at any
meeting of the Board of Directors or of any committee thereof may be taken
without a meeting if all members of the Board or committee, as the case may be,
consent thereto in writing, or by electronic transmission and the writing or
writings or electronic transmission or transmissions are filed with the minutes
of proceedings of the Board or committee, as the case may be. Such filing shall
be in paper form if the minutes are maintained in paper form and shall be in
electronic form if the minutes are maintained in electronic form.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
9.<font style="DISPLAY: inline; TEXT-DECORATION: underline">RESIGNATIONS OF
DIRECTORS</font>.&#160;&#160;Any director may resign at any time by delivering
his resignation in writing or by electronic transmission to the Secretary, such
resignation to specify whether it will be effective at a particular time, upon
receipt by the Secretary or at the pleasure of the Board of Directors.&#160; If
no such specification is made, it shall be deemed effective at the pleasure of
the Board of Directors.&#160; When one or more directors shall resign from the
Board of Directors, effective at a future date, a majority of the directors then
in office, including those who have so resigned, shall have power to fill such
vacancy or vacancies, the vote thereon to take effect when such resignation or
resignations shall become effective, and each Director so chosen shall hold
office for the unexpired portion of the term of the Director whose place shall
be vacated and until his successor shall have been duly elected and
qualified.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
10.<font style="DISPLAY: inline; TEXT-DECORATION: underline">VACANCIES</font>.&#160;&#160;Subject
to the rights of the holders of any series of preferred stock then outstanding,
any vacancies on the Board of Directors resulting from death, resignation,
removal or other cause shall only be filled by the Board of Directors, and not
by the stockholders, by the affirmative vote of a majority of the remaining
directors then in office, even though less than a quorum of the Board of
Directors, or by a sole remaining director, and newly created directorships
resulting from any increase in the number of directors, shall only be filled by
the Board of Directors, or if not so filled, by the stockholders at the next
annual meeting thereof or at a special meeting called for that purpose in
accordance with Section 6 of Article I of these Bylaws.&#160;&#160;Any director
elected in accordance with the preceding sentence of this Section 10 shall hold
office until the next annual meeting of the stockholders and until such
director&#8217;s successor shall have been elected and qualified.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARTICLE
III</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">OFFICERS</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">OFFICERS
DESIGNATED</font>. The officers of the Corporation shall include, if and when
designated by the Board of Directors, the Chief Executive Officer, the
President, one or more Vice Presidents, the Secretary and the Chief
Financial</font></div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Officer,
all of whom shall be appointed at the annual meeting of the Board of
Directors.&#160;&#160;The Board of Directors&#160;may also appoint other
officers and agents with such powers and duties as it shall deem
necessary.&#160; Notwithstanding the foregoing, the Board of Directors may
empower the Chief Executive Officer of the Corporation to appoint such officers,
other than the President, Secretary or Chief Financial Officer, as the business
of the Corporation may require.&#160; The Chief Executive Officer may but need
not be a director.&#160;&#160;The Board of Directors may assign such additional
titles to one or more of the officers as it shall deem appropriate.&#160; Any
one person may hold any number of offices of the Corporation at any one time
unless specifically prohibited therefrom by law.&#160; The salaries and other
compensation of the officers of the Corporation shall be fixed by or in the
manner designated by the Board of Directors or a designated committee of the
Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">TENURE
OF OFFICERS</font>. All officers shall hold office at the pleasure of the Board
of Directors and until their successors shall have been duly elected and
qualified, or until their earlier death, resignation or removal.&#160; Any
officer elected or appointed by the Board of Directors may be removed at any
time by the Board of Directors.&#160; If the office of any officer becomes
vacant for any reason, the vacancy may be filled by the Board of
Directors.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">DUTIES
OF OFFICERS</font>.&#160;&#160;Officers shall have the powers and duties defined
in the resolutions appointing them; provided, that the Secretary shall record
all proceedings of the meetings or of the written actions of the stockholders
and of the directors, and any committee thereof, in a book to be kept for that
purpose.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">RESIGNATIONS</font>.&#160;&#160;Any
officer may resign at any time by giving notice in writing or by electronic
transmission to the Board of Directors or to the President or to the
Secretary.&#160; Any such resignation shall be effective when received by the
person or persons to whom such notice is given, unless a later time is specified
therein, in which event the resignation shall become effective at such later
time.&#160; Unless otherwise specified in such notice, the acceptance of any
such resignation shall not be necessary to make it effective.&#160; Any
resignation shall be without prejudice to the rights, if any, of the Corporation
under any contract with the resigning officer.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5. <font style="DISPLAY: inline; TEXT-DECORATION: underline">REMOVAL OF
OFFICERS</font>. The Board of Directors may remove any officer for cause or
without cause.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARTICLE
IV</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CORPORATE
SEAL</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">CORPORATE
SEAL</font>.&#160;&#160;The corporate seal shall be in such form as the Board of
Directors shall prescribe.</font></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARTICLE
V</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FISCAL
YEAR</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">FISCAL
YEAR</font>.&#160;&#160;The fiscal year of the Corporation shall be fixed, and
shall be subject to change, by resolution of the Board of
Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARTICLE
VI</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">AMENDMENTS</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Section 1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">AMENDMENTS BY
STOCKHOLDERS</font>. These Bylaws may be amended, altered, rescinded or repealed
by the affirmative vote of the holders of not less than sixty six and two-thirds
percent (66.67%) of the voting power of all of the shares of the Corporation
entitled to vote at any annual or special meeting of the stockholders, provided
that notice of such proposed amendment, alteration, rescission or repeal is
included in the notice of the meeting at which such action takes place, which
shall also include, without limitation, the text of any such proposed amendment
or alteration and/or any resolution calling therefor for any rescission or
repeal.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Section 2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">AMENDMENTS BY THE BOARD OF
DIRECTORS</font>.&#160;&#160;These Bylaws may also be altered, amended,
rescinded or repealed by the affirmative vote of not less than a two-thirds
majority of the Board of Directors at any regular or special meeting of the
Board of Directors provided that notice of such proposed alteration, amendment,
rescission or repeal to be made is included in the notice of the meeting at
which such action takes place, which shall also include, without limitation, the
text of any such proposed amendment or alteration and/or any resolution calling
therefor for any rescission or repeal. </font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Section 3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">NO CONFLICT WITH THE
CERTIFICATE OF INCORPORATION</font>. No Bylaw shall be altered, amended, or
repealed so as to cause such Bylaw or these Bylaws to be inconsistent or in
conflict with or violative of any provision of the Certificate of
Incorporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">ARTICLE
VII</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">INDEMNIFICATION</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">POWER TO
INDEMNIFY IN ACTIONS, SUITS OR PROCEEDINGS OTHER THAN THOSE BY OR IN THE RIGHT
OF THE CORPORATION</font>.&#160;&#160;Subject to Section 3 of this Article VII,
the Corporation shall indemnify any person who was or is a party or is
threat&#173;ened to be made a party to, or is involved in or called as a witness
in any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of the Corporation) by reason of the fact that such person is or was a
director or officer of the Corporation,</font></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">or is or
was a director or officer of the Corporation serving at the request of the
Corporation as a director or officer, em&#173;ployee or agent of another
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against expenses (including attorneys' fees), judg&#173;ments, fines
and amounts paid in settlement actually and reasonably incurred by such person
in connection with such action, suit or proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe such person's conduct was
unlawful.&#160;&#160;The termination of any action, suit or proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or
its equivalent, shall not, of itself, create a presumption that the person did
not act in good faith and in a manner which such person reasonably believed to
be in or not opposed to the best interests of the Corporation, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that such
person's conduct was unlawful.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">POWER TO
INDEMNIFY IN ACTIONS, SUITS OR PROCEEDINGS BY OR IN THE RIGHT OF THE
CORPORATION</font>.&#160;&#160;Subject to Section 3 of this Article VII, the
Corporation shall indemnify any person who was or is a party or is threatened to
be made a party to or is involved in or called as a witness in any threatened,
pending or completed action or suit by or in the right of the Corporation to
procure a judgment in its favor by reason of the fact that such person is or was
a director or officer of the Corporation, or is or was a director or officer of
the Corporation serving at the request of the Corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise against expenses (including
attorneys' fees) actually and reasonably incurred by such person in connection
with the defense or settlement of such action or suit if such person acted in
good faith and in a manner such person reasonably believed to be in or not
opposed to the best interests of the Corporation; except that no indemnification
shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the Corporation unless and only to the
extent that the Court of Chancery or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which the Court of
Chancery or such other court shall deem proper.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3. <font style="DISPLAY: inline; TEXT-DECORATION: underline">AUTHORIZATION OF
INDEMNIFICATION</font>.&#160;&#160;Any indemnification under this Article VII
(unless ordered by a court) shall be made by the Corporation only as authorized
in the specific case upon a determination that indemnification of the director
or officer is proper in the circumstances because such person has met the
applicable standard of conduct set forth in Section 1 or Section 2 of this
Article VII, as the case may be.&#160;&#160;Such determination shall be made,
with respect to a person who is a director or officer at the time of such
determination, (i) by a majority vote of the directors who are not parties to
such action, suit or proceeding, even though less than a quorum, or (ii) by a
committee of such directors designated by a majority vote of such directors,
even though less than a quorum, or (iii) if there are no such directors, or if
such directors so direct, by independent legal counsel in a written opinion or
(iv) by the</font></div><br>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">stockholders.&#160;&#160;Such
determination shall be made, with respect to former directors and officers, by
any person or persons having the authority to act on the matter on behalf of the
Corporation.&#160;&#160;To the extent, however, that a present or former
director or officer of the Corporation has been successful on the merits or
otherwise in defense of any action, suit or proceeding described above, or in
defense of any claim, issue or matter therein, such person shall be indemnified
against expenses (including attorneys' fees) actually and reasonably incurred by
such person in connection therewith, without the necessity of authorization in
the specific case.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">GOOD
FAITH DEFINED</font>.&#160;&#160;For purposes of any determination under Section
3 of this Article VII, a person shall be deemed to have acted in good faith and
in a manner such person reasonably believed to be in or not opposed to the best
interests of the Corporation, or, with respect to any criminal action or
proceed&#173;ing, to have had no reasonable cause to believe such person's
conduct was unlawful, if such person's action is based on the records or books
of account of the Corporation or another enterprise, or on information supplied
to such person by the officers of the Corporation or another enterprise in the
course of their duties, or on the advice of legal counsel for the Corporation or
another enterprise or on information or records given or reports made to the
Corporation or another enterprise by an independent certified public accountant
or by an appraiser or other expert selected with reasonable care by the
Corporation or other enterprise.&#160;&#160;The provisions of this Section 4
shall not be deemed to be exclusive or to limit in any way the circumstances in
which a person may be deemed to have met the applicable standard of conduct set
forth in Section 1 or 2 of this Article VII, as the case may be.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">INDEMNIFICATION BY A
COURT</font>.&#160;&#160;Notwithstanding any contrary determination in the
specific case under Section 3 of this Article VII, and notwith&#173;standing the
absence of any determination thereunder, any director or officer may apply to
the Court of Chancery in the State of Delaware for indemnification to the extent
otherwise permissible under Sections 1 and 2 of this Article VII.&#160;&#160;The
basis of such indemnification by a court shall be a determination by such court
that indemni&#173;fication of the director or officer is proper in the
circumstances because such person has met the applicable standards of conduct
set forth in Section 1 or 2 of this Article VII, as the case may
be.&#160;&#160;Neither a contrary determination in the specific case under
Section 3 of this Article VII nor the absence of any determination thereunder
shall be a defense to such application or create a presumption that the director
or officer seeking indemnification has not met any applicable standard of
conduct.&#160;&#160;Notice of any application for indemnification pursuant to
this Section 5 shall be given to the Corporation promptly upon the filing of
such application.&#160;&#160;If successful, in whole or in part, the director or
officer seeking indemnification shall also be entitled to be paid the expense of
prosecuting such application.&#160;&#160;In any prosecution of an application by
a director or officer to enforce a right to indemnification or to an advancement
of expenses hereunder, the burden of proving that the director or officer is not
entitled to be indemnified, or to such advancement of expenses, under this
Article VII or otherwise shall be on the Corporation.</font></div><br>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">EXPENSES
PAYABLE IN ADVANCE</font>.&#160;&#160;The Corporation shall advance to any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he or she
is or was a director or officer of the Corporation, or is or was serving at the
request of the Corporation as a director or officer of another corporation,
partnership, joint venture, trust or other enterprise, prior to the final
disposition of the proceeding, promptly following request therefor, all expenses
incurred by any director or officer in connection with such proceeding upon
receipt of an undertaking by or on behalf of such person to repay said amounts
if it should be determined ultimately that such person is not entitled to be
indemnified under this Article VII or otherwise.&#160; Notwithstanding the
foregoing, unless otherwise determined pursuant to Section 10(a)&#160;of this
Article VII, no advance shall be made by the Corporation to an officer of the
Corporation (except by reason of the fact that such officer is or was a director
of the Corporation in which event this paragraph shall not apply) in any action,
suit or proceeding, whether civil, criminal, administrative or investigative, if
a determination is reasonably and promptly made (i)&#160;by the Board of
Directors by a majority vote of a quorum consisting of directors who were not
parties to the proceeding, or (ii)&#160;if such quorum is not obtainable, or,
even if obtainable, a quorum of disinterested directors so directs, by
independent legal counsel in a written opinion, that the facts known to the
decision-making party at the time such determination is made demonstrate clearly
and convincingly that such person acted in bad faith or in a manner that such
person did not believe to be in or not opposed to the best interests of the
Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Section 7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">CERTAIN
DEFINITIONS</font>.&#160;&#160;For purposes of this Article VII, the following
terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) The term &#8220;proceeding&#8221; shall be
broadly construed and shall include, without limitation, the investigation,
preparation, prosecution, defense, settlement, arbitration and appeal of, and
the giving of testimony in, any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or
investigative.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) The term &#8220;expenses&#8221; shall be
broadly construed and shall include, without limitation, court costs, attorneys&#8217;
fees, witness fees, fines, amounts paid in settlement or judgment and any other
costs and expenses of any nature or kind incurred in connection with any
proceeding.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c) The
term the &#8220;Corporation" shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent)
absorbed in a consolidation or merger which, if its separate existence had
continued, would have had power and authority to indemnify its directors or
officers, so that any person who is or was a director or officer of such
constituent corporation, or is or was a director or officer of such constituent
corporation serving at the request of such constituent corporation as a
director, officer, employee or agent of another corporation,</font></div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">partnership,
joint venture, trust, employee benefit plan or other enterprise, shall stand in
the same position under the provisions of this Article VII 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.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) References to a &#8220;director,&#8221;
&#8220;executive officer,&#8221; &#8220;officer,&#8221; &#8220;employee,&#8221; or &#8220;agent&#8221; of the Corporation shall
include, without limitation, situations where such person is serving at the
request of the Corporation as, respectively, a director, executive officer,
officer, employee, trustee or agent of another corporation, partnership, joint
venture, trust or other enterprise.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e) The term "other enterprise" shall
mean any other corporation or any partnership, joint venture, trust, employee
benefit plan or other enterprise of which such person is or was serving at the
request of the Corporation as a director, officer, employee or
agent.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(f) The term "fines" shall include any
excise taxes assessed on a person with respect to an employee benefit
plan.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(g) References to "serving at the
request of the Corpora&#173;tion" shall include any service as a director,
officer, employee or agent of the Corporation which imposes duties on, or
involves services by, such director or officer with respect to an employee
benefit plan, its participants or beneficiaries.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(h) The term a "change of control"
shall be deemed to have occurred if (A) any "person" (as that term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is
or becomes (except in a transaction approved in advance by the Board of
Directors of the Corporation) the beneficial owner (as defined in Rule 13d-3
under such Act), directly or indirectly, of securities of the Corporation
representing 20% or more of the combined voting power of the Corporation's then
outstanding securities, or (B) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board of
Directors of the Corporation cease for any reason to constitute at least a
majority thereof unless the election bf each Director who was not a Director at
the beginning of the period was approved by a vote of at least two-thirds of the
Directors then still in office who were Directors at the beginning of the
period.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">LIMITATION ON
INDEMNIFICATION</font>.&#160;&#160;Notwithstanding any&#173;thing contained in
this Article VII to the contrary, except for proceedings to enforce rights to
indemnification, the Corpora&#173;tion shall not be obligated to indemnify any
director or officer in connection with a proceeding (or part thereof) initiated
by such person unless (i) such indemnification is expressly required to be made
by applicable law, (ii) the proceeding (or part thereof) was authorized or
consented to by the Board of Directors of the Corporation, (iii) such
indemnification is provided by the Corporation, in its sole discretion, pursuant
to the powers vested in the Corporation under the Delaware</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
Corporation Law, or (iv) such indemnification is required to be made by the
Corporation pursuant to Section 5 of this Article VII.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">INDEMNIFICATION OF EMPLOYEES
AND AGENTS</font>.&#160;&#160;The Corpora&#173;tion may, to the extent authorized
from time to time by the Board of Directors, provide rights to indemnification
and to the advancement of expenses to employees and agents of the Corporation
similar to those conferred in this Article VII to directors and officers of the
Corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
10.&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">MISCELLANEOUS.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">NON-EXCLUSIVITY OF
RIGHTS</font>.&#160;&#160;The rights conferred on a person by this Article VII
shall not be deemed exclusive of any other rights which such person may have or
hereafter acquire under any statute, provision of the Certificate of
Incorporation, Bylaw, agreement, vote of stockholders or disinterested directors
or otherwise, both as to action in such person's official capacity and as to
action in another capacity while holding such office, it being the policy of the
Corporation that indemnification of the persons specified in Sections 1 and 2 of
this Article VII shall be made to the fullest extent permitted by
law.&#160;&#160;The provisions of this Article VII shall not be deemed to
preclude the indemnification of any person who is not specified in Section 1 or
2 of this Article VII but whom the Corporation has the power or obligation to
indemnify under the provisions of the Delaware General Corporation Law or
otherwise.&#160;&#160;The Corporation is specifically authorized to enter into
individual contracts with any or all of its directors, officers, employees or
agents respecting indemnification and advances, to the fullest extent not
prohibited by the Delaware General Corporation Law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">CONTRACTUAL
NATURE</font>.&#160;&#160;The provisions of this Article VII shall be applicable
with respect to events, acts and omissions occurring prior to or subsequent to
the adoption of this Article VII, and shall continue as to a person who has
ceased to be a director, officer or employee and shall inure to the benefit of
the heirs, executors and administrators of such person.&#160;&#160;Without the
necessity of entering into an express contract, all rights to indemnification
and advancement of expenses under this Article VII shall be deemed to be
contractual rights and shall be effective to the same extent as if provided for
in a contract between the Corporation and each person who, at any time that this
Article VII is in effect, serves or agrees to serve in any capacity which
entitles him to indemnification hereunder.&#160;&#160;Any repeal or other
modification of this Article VII or any repeal or modification of the Delaware
General Corporation Law or any other applicable law shall not limit any rights
of indemnification for proceedings then existing or arising out of events, acts
or omissions occurring prior to such repeal or modification, including, without
limitation, the right to indemnification for proceedings commenced after such
repeal or modification to enforce this Article VII with regard to proceedings
arising out of acts, omissions or events arising prior to such repeal or
modification.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;<br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">INSURANCE; CONTRACTS AND
FUNDING</font>.&#160;&#160;The Corporation may purchase and maintain, at its
expenses, insurance to protect itself any person who is or was a director or
officer of the Corpora&#173;tion, or is or was a director or officer of
the</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporation
serving at the request of the Corporation as a director, officer, employee or
agent of another corporation, partner&#173;ship, joint venture, trust, employee
benefit plan or other enterprise against any expenses, liabilities or losses
asserted against such person and incurred by such person in any such capacity,
or arising out of such person's status as such, whether or not the
Corpora&#173;tion would have the power or the obligation to indemnify such person
against such expenses, liabilities or losses under the provisions of this
Article VII or the Delaware General Corporation Law.&#160;&#160;The Corporation
hereby agrees that, for a period of six (6) years after any Change of Control,
it shall cause to be maintained policies of directors' and officers' liability
insurance providing coverage at least comparable to and in the same amounts as
that provided by any such policies in effect immediately prior to such Change of
Control. The Corporation may enter into contracts with any director, officer, or
employee of the Corporation in furtherance of the provisions of this Article VII
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 the advancing of expenses and
indemnification as provided in this Article VII.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">SURVIVAL OF INDEMNIFICATION
AND ADVANCEMENT OF EXPENSES</font>. The indemnification and advancement of
expenses provided by, or granted pursuant to, this Article VII shall, unless
otherwise provided when autho&#173;rized or ratified, continue as to a person who
has ceased to be a director or officer and shall inure to the benefit of the
heirs, executors and administrators of such a person.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(e) <font style="DISPLAY: inline; TEXT-DECORATION: underline">SUBROGATION</font>.&#160;&#160;In
the event of any payment under this Article VII to any person indemnified
hereunder, the Corporation shall be subrogated to the extent of such payment to
all of the rights of recovery of such indemnified person, who shall execute all
papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Corporation to bring
suit to enforce such rights.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(f) <font style="DISPLAY: inline; TEXT-DECORATION: underline">SEVERABILITY</font>.&#160;&#160;If
this Article VII, or any portion hereof shall be invalidated or held to be
unenforceable on any ground by any court of competent jurisdiction, the decision
of which shall not have been reversed on appeal, this Article VII shall be
deemed to be modified to the minimum extent necessary to avoid a violation of
law and, as so modified, this Article VII and the remaining provisions hereof
shall remain valid and enforceable in accordance with their terms to the fullest
extent permitted by law.</font></div>
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<DOCUMENT>
<TYPE>EX-5.03
<SEQUENCE>3
<FILENAME>ex5-03.htm
<DESCRIPTION>EXHIBIT 5.03
<TEXT>
<html>
  <head>
    <title>ex5-03.htm</title>
<!-- Licensed to: COMMERCE FINANCIAL PRINTERS-->
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</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
5.03</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROPOSED
AMENDMENTS TO LAKELAND&#8217;S</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RESTATED&#160;&#160;CERTIFICATE
OF INCORPORATION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Deletions
indicated by strike-out; additions indicated by underline]</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ELEVENTH:From
time to time any of the provisions of this certificate of incorporation may be
amended, altered or repealed, and other provisions authorized by the laws of the
State of Delaware at the time in force may be added or inserted in the manner
and at the time prescribed by said laws; provided, however, that the provisions
set forth in Articles FIFTH, SIXTH, EIGHTH, NINTH, TENTH, <font style="DISPLAY: inline">and </font>ELEVENTH<font style="DISPLAY: inline; TEXT-DECORATION: line-through"> and TWELFTH</font> may
not be repealed or amended in any respect unless such repeal or amendment is
approved by the affirmative vote of the holders of not less than two-thirds of
the total voting power of all outstanding shares of voting stock of this
Corporation.&#160;&#160;All rights at any time conferred upon the stockholders
of the Corporation by this certificate of incorporation are granted subject to
the provisions of this Article ELEVENTH.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">TWELFTH:</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">The affirmative
v</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ote of the
holders of not less than two-thirds of the outstanding stock of the Corporation
entitl</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> to vote shall be
requir</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> for approval if (1) this
Corporation merges or consolidates with any other corporation if, on the record
date for the determinati</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">o</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">n of stockholders
entitl</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> to vote on such
transaction, such other corporation and its affiliates singly or in the
aggregate are directly or indirectly the beneficial owners of more than five
(5%) percent of the total voting power of all outstanding share</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">s</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> of the voting stock of
this Corporation (such other corporation being herein referr</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> to as a &#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Relat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation&#8221;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">), or if (2) this
Corporation sells or exchanges all or a substantial part of its assets to or
with such Relat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation, or if (3)
thi</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">s</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation issues or
delivers any stock or other securities issu</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by it in exchange or
payment for any properties or assets of such Relat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation or
securities issu</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by such
Relat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation, or in a
merger of any affiliate of this Corporatio</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">n</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> with or into such
Relat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation or any of
its affiliates; provid</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">, however, that the
foregoing shall not apply to any such merger, consolidation, sale or exchange,
or issuance or delivery of stock or other securities which was (i)
approv</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by reso</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">l</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ution of the Board of
Directors adopt</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by the affirmative vote
of not less than two-thirds of the directors as calculat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> prior to the acquisition
of the beneficial ownership of more than five (5%) percent of the total voting
power of all outstanding sha</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">r</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">es of the voting stock of
the Corporation by such Relat</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> Corporation and its
affiliates, nor shall it apply to any such transaction solely between this
Corporation and another corporation fifty (50%) percent or more of the voting
stock of which is own</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">b</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">y this
Corporation.&#160;&#160;For the purposes hereof, an &#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">affiliate&#8221;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> is any person (including
a corporation, partnership, trust, estate or individual) who directly, or
indirectly through one or more interm</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">iaries, controls, or is
controll</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by, or is under
commo</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">n</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> control with, the person
specifi</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">.&#160;&#160;&#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Control&#8221;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of a person, whether through the ownership of voting
securities, by contract, or oth</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">e</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">rwise; and in computing
the percentage of outstanding voting stock beneficially own</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by any person the shares
outstanding and the shares own</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> shall be
determin</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> as of the record date
fix</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> to determine the
stockholders entitl</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> to vote or express
conse</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">n</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">t with respect to such
proposal.&#160;&#160;The stockholder vote, if any, requir</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> for mergers,
consolidations, sales or exchanges of assets or issuance of stock or other
securities not expressly provid</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> for in this Article,
shall be such as may be requir</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">ed</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> by app</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">l</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">icable law.&#160;&#160;A
&#8220;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">substantial
part&#8221;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through"> of the
corporation</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">&#8217;</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">s assets shall mean
assets comprising more than ten (10%) percent</font></font></div><br>
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market value of the total assets of the Corporation and its subsidiaries taken
as a whole.</font></font></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
  <head>
    <title>ex10-1.htm</title>
<!-- Licensed to: COMMERCE FINANCIAL PRINTERS-->
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</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Exhibit
10.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Lakeland
Industries, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Employment
Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This agreement (&#8220;Agreement&#8221;) has been
entered into this 11th day April, 2008, by and between Lakeland Industries,
Inc., a Delaware corporation (&#8220;Company&#8221;), and Christopher J. Ryan, an individual
(&#8220;Executive&#8221;).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IT IS
AGREED AS FOLLOWS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
      1:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEFINITIONS
      AND CONSTRUCTION.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEFINITIONS.&#160;&#160;For
      purposes of this Agreement, the following words and phrases, whether or
      not capitalized, shall have the meanings specified below, unless the
      context plainly requires a different
meaning.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
      (a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;CHANGE
      IN CONTROL&#8221; means:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      The acquisition by any individual, entity or group, or a Person (within
      the meaning of Section 13 (d) (3) or 14 (d) (2) of the Exchange Act) of
      ownership of more than 50% of either (a) the then outstanding shares of
      common stock of the Company (the &#8220;Outstanding Company Common Stock&#8221;) or
      (b) the combined voting power of the then outstanding voting securities of
      the Company entitled to vote generally in the election of directors (the
      &#8220;Outstanding Company Voting Securities&#8221;);
or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      Individuals who, as the date hereof, constitute the Board (the &#8220;Incumbent
      Board&#8221;) cease for any reason to constitute at least a majority of the
      Board; provided, however, that any individual becoming a director
      subsequent to the date hereof whose election, or nomination for election
      by the Company&#8217;s stockholders, was approved by a vote of at least a
      majority of the directors then comprising the Incumbent Board shall be
      considered as though such individual were a member of the Incumbent Board,
      but excluding, as a member of the Incumbent Board, any such individual
      whose initial assumption of office occurs as a result of either an actual
      or threatened election contest (as such terms are used in Rule 14a-11 of
      Regulation 14A promulgated under the Exchange Act) or other actual or
      threatened solicitation of proxies or consents by or on behalf of a Person
      other than the Board; or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      Approval by the stockholders of the Company of a reorganization, merger or
      consolidation, in each case, unless, following such reorganization, merger
      or consolidation, (a) more than 50% of, respectively, the then outstanding
      shares of common stock of the corporation resulting from such
      reorganization, merger or consolidation and the combined voting power of
      the then outstanding voting securities of such corporation entitled to
      vote generally in the election of directors is then beneficially owned,
      directly or indirectly, by all or substantially all of the individuals and
      entities who were the beneficial owners, respectively, of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities immediately
      prior to such reorganization, merger or consolidation in substantially the
      same proportions as their</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ownership,
immediately prior to such reorganization, merger or consolidation, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities, as
the case may be, (b) no Person beneficially owns, directly or indirectly, 30% or
more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such reorganization, merger or consolidation or the
combined voting power of the then outstanding voting securities of such
corporation, entitled to vote generally in the election of directors and (c) at
least a majority of the members of the board of directors of the corporation
resulting from such reorganization, merger or consolidation were members of the
Incumbent Board at the time of the execution of the initial agreement providing
for such reorganization, merger or consolidation; or</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      Approval by the stockholders of the Company of (a) a complete liquidation
      or dissolution of the Company or (b) the sale or other disposition of all
      or substantially all of the assets of the Company, other than to a
      corporation, with respect to which following such sale or other
      disposition, (1) more than 50% of, respectively, the then outstanding
      shares of common stock of such corporation and the combined voting power
      of the then outstanding voting securities of such corporation entitled to
      vote generally in the election of directors is then beneficially owned,
      directly or indirectly, by all or substantially all of the individuals and
      entities who were the beneficial owners, respectively, of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities immediately
      prior to such sale or other disposition in substantially the same
      proportion as their ownership, immediately prior to such sales or other
      disposition, of the Outstanding Company Common Stock and Outstanding
      Company Voting Securities, as the case may be, (2) no Person beneficially
      owns, directly or indirectly, 30% or more of, respectively, the then
      outstanding shares of common stock of such corporation and the combined
      voting power of the then outstanding voting securities of such corporation
      entitled to vote generally in the election of directors and (3) at least a
      majority of the members of the board of directors of such corporation were
      members of the Incumbent Board at the time of the execution of the initial
      agreement or action of the Board providing for such sale or other
      disposition of assets of the
Company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
      (b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;EMPLOYMENT
      PERIOD&#8221; means the period beginning on April 11, 2008 and ending on April
      11, 2010.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;PERSON&#8221; has the
meaning set forth in Sections 13 (d) and 14 (d) of the Exchange
Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
      (d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;TERM&#8221;
      means the period that begins on April 11, 2008 and ends on the earlier of:
      (i) the Date of Termination as defined in Section 3.6 of this Agreement,
      or (ii) the close of business on April 11,
2010.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
      (e)&#160; </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;TRIGGERING
      TRANSACTION&#8221; means a Change of Control of the
  Company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
      (f)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;TRIGGERING
      TRANSACTION DATE&#8221; shall mean the date of the Triggering
      Transaction.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">APPLICABLE
      LAW.&#160;&#160;This Agreement shall be governed by and construed
      in</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">accordance
with the laws of the State of New York without reference to its conflict of law
principles.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 117pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
      2:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TERMS
      AND CONDITIONS OF EMPLOYMENT.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PERIOD
      OF EMPLOYMENT.&#160;&#160;The Executive shall remain in the employ of the
      Company throughout the Term of this Agreement in accordance with the terms
      and provisions of this Agreement.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POSITIONS
      AND DUTIES.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2
      (a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Throughout
      the Term of this Agreement, the Executive shall serve as a Director of the
      Board and President, General Counsel and Secretary of the Company, subject
      to reasonable directions and nominations of the Board.&#160;&#160;The
      Executive shall have such authority and shall perform such duties as are
      specified by the By-laws of the Company for the office to which he has
      been appointed hereunder and shall so serve, subject to the control
      exercised by the Board from time to time.&#160;&#160;Additionally, each
      year throughout the Term of the Executive&#8217;s service as a Director, the
      Executive shall be nominated to serve as member of the
    Board.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 428pt; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2
      (b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Throughout
      the Term of this Agreement (but excluding any periods of vacation and sick
      leave to which the Executive is entitled), the Executive shall devote his
      full business time and attention to the business and affairs of the
      Company and shall use his best efforts to perform faithfully and
      efficiently such responsibilities as are assigned to him under or in
      accordance with this Agreement; provided that, it shall not be a violation
      of this paragraph for the Executive to serve on corporate, civic or
      charitable boards or committees, so long as such activities do not
      interfere with the performance of the Executive&#8217;s responsibilities as an
      employee of the Company in accordance with this Agreement or violate the
      Company&#8217;s conflict of interest
policy.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.3</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SITUS
      OF EMPLOYMENT.&#160;&#160;Throughout the Term of this Agreement, the
      Executive&#8217;s services shall be performed at the location where the
      Executive was employed immediately prior to the Effective Date, or any
      office of the Company which is located on Long Island or the New York City
      metropolitan area.&#160;&#160;It is understood and agreed by the Executive
      that the Executive will be required at the discretion of the Board of
      Directors, to engage in substantial business
  travel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMPENSATION.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
      (a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANNUAL
      BASE SALARY.&#160;&#160;The Executive shall receive an annual salary
      (&#8220;Annual Base Salary&#8221;) of $400,000 between April 11, 2008 and April 11,
      2010, which shall be paid in equal or substantially equal semi-monthly
      installments (i.e. $16,666.67 semi-monthly).&#160;&#160;During the Term of
      this Agreement, the Annual Base Salary payable to the Executive shall be
      reviewed at least annually and may be increased at the sole discretion of
      the Compensation Committee of the Board but shall not be
      reduced.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 446pt; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4(b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCENTIVE
      BONUSES.&#160;&#160;In addition to Annual Base Salary, the Executive shall
      be</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">awarded
the opportunity to earn an incentive bonus on an annual basis (&#8220;Incentive
Bonus&#8221;) under an incentive compensation plan to be determined by the
Compensation Committee of the Board (and attached hereto as Exhibit
1).&#160;&#160;During the Term of this Agreement, the annual Incentive Bonus
which the Executive will have the opportunity to earn shall be reviewed at least
annually and be increased at the discretion of the Compensation Committee of the
Board.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
      (c)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCENTIVE,
      SAVINGS AND RETIREMENT PLANS.&#160;&#160;Throughout the Term of this
      Agreement, the Executive shall be entitled to participate in all
      incentive, savings and retirement plans generally available to other peer
      executives of the Company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
      (d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WELFARE
      BENEFIT PLANS.&#160;&#160;Throughout the Term of this Agreement (and
      thereafter, subject to Section 4.1 (c) hereof), the Executive and /or the
      Executive&#8217;s family, as the case may be, shall be eligible for
      participation in and shall receive all benefits under welfare benefit
      plans, practices, policies and programs provided by the Company
      (including, without limitation, medical, prescription, dental, disability,
      salary continuance, employee life, group life, accidental death and travel
      accident insurance plans and programs) to the extent generally available
      to other peer executives of the Company.&#160;&#160;As it affects Sections
      2.4(c) and 2.4(d) above, the Company shall always have the right to alter
      its benefit plan providers.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
      (e)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXPENSES.&#160;&#160;Throughout
      the Term of this Agreement, the Executive shall be entitled to receive
      reimbursement for all reasonable and necessary business-related expenses
      incurred by the Executive in accordance with the policies, practices and
      procedures generally applicable to other peer executives of the
      Company.&#160;&#160;The Executive agrees to submit receipts and/or
      vouchers in support of all requests for
  reimbursement.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
      (f)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FRINGE
      BENEFITS.&#160;&#160;Throughout the Term of this Agreement, the Executive
      shall be entitled to use a non-luxury automobile, with title to remain in
      the Company, and life insurance in the face amount of $500,000, paid by
      the Company.&#160;&#160;Executive agrees to be solely responsible for any
      and all federal, state and local taxes owing as a result of such
      automobile or life insurance being
provided.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
      (g)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">VACATION.&#160;&#160;Throughout
      the Term of this Agreement, the Executive shall be entitled to paid
      vacation for 20 business days.&#160;&#160;It is understood that no more
      than two (2) consecutive weeks of vacation shall be taken by Executive at
      any one time.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 99pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
      3:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TERMINATION
      OF EMPLOYMENT</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEATH.&#160;&#160;Your
      employment shall terminate on the date of your death.&#160;&#160;Your Base
      Salary (as in effect on the date of death) shall continue through the last
      day of the month in which your death occurs, the payment of which shall be
      made to your estate or your beneficiary as designated in writing to the
      Company.&#160;&#160;Your estate or designated beneficiaries as applicable
      shall also receive a pro-rata portion of the Incentive Bonus, if any,
      determined for the fiscal year up to and including the date of death which
      shall be determined in good faith by the Compensation Committee of the
      Board of Directors.&#160;&#160;Your beneficiaries shall also be entitled
      to all other benefits generally paid by
the</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
on an employee&#8217;s death.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DISABILITY.&#160;&#160;Your
      employment shall terminate if you become totally disabled. You shall be
      deemed to be totally disabled if you are unable, for any reason, to
      perform any of your duties to the Company for a period of ninety
      consecutive days, or for periods aggregating 120 days in any period of 180
      consecutive days.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.3</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TERMINATION
      FOR CAUSE.&#160;&#160;The Company may terminate the Executive&#8217;s employment
      during the Employment Period for &#8220;Cause&#8221;, which shall mean termination
      based upon: (i) the Executive&#8217;s failure to substantially perform his
      duties with the Company (other than as a result of a disability, which
      shall be governed by Section 3.2), after a written demand for substantial
      performance is delivered to the Executive by the Company, which
      specifically identifies the manner in which the Executive has not
      substantially performed his duties, (ii) the Executive&#8217;s commission of an
      act&#160;&#160;of fraud, theft, misappropriation, dishonesty or
      embezzlement, (iii) the Executive&#8217;s conviction for a felony or pleading
      <font style="DISPLAY: inline; FONT-STYLE: italic">nolo contendere</font>
      to a felony, (iv) the Executive&#8217;s failure to follow a lawful directive of
      the Board of Directors, or (v) the Executive&#8217;s material breach of any
      provision of this Agreement.&#160;&#160;Notwithstanding the foregoing, the
      Executive shall not be deemed to have been terminated for Cause unless and
      until (i) he receives a Notice of Termination from the Company, (ii) he is
      given the opportunity, with counsel, to be heard before the Board, and
      (iii) the Board finds, in its good faith opinion, the Executive was guilty
      of the conduct set forth in the Notice of
  Termination.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GOOD
      REASON.&#160;&#160;The Executive may terminate his employment with the
      Company for &#8220;Good Reason&#8221;, which shall
mean:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4
      (a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      assignment to the Executive of any duties inconsistent in any respect with
      the Executive&#8217;s position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by
      Section 2.2 (a) or any other action by the Company which results in a
      material diminution in such position, authority, duties or
      responsibilities, excluding for this purpose any action not taken in bad
      faith and which is remedied by the Company promptly after receipt of
      notice thereof given by the
Executive;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4
      (b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      in the event of and after the occurrence of a Triggering Transaction, the
      failure by the Company to continue in effect any benefit or compensation
      plan, stock ownership plan, life insurance plan, health and accident plan
      or disability plan to which the Executive is entitled as specified in
      Section 2.4,</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      the taking of any action by the Company which would adversely affect the
      Executive&#8217;s participation in, or materially reduce the Executive&#8217;s
      benefits under, any plans to which the Executive is entitled as specified
      in Section 2.4, or deprive the Executive of any material fringe benefit
      enjoyed by the Executive as described in Section 2.4 (f),
    or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      the failure by the Company to provide the Executive with paid vacation to
      which the Executive is entitled as described in Section 2.4
      (g).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4
      (c)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      the event of and after the occurrence of a Triggering Transaction, the
      Company&#8217;s</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">requiring
the Executive to be based at any office or location other than that described in
Section 2.3;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4
      (d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      material breach by the Company of any provision of this Agreement; such
      breach by the Company shall require Executive to provide the Company a
      written notice describing with specificity the nature of the contractual
      breach and the Company shall have 30 days to cure such
    breach.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4
      (e)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">within
      a period ending at the close of business on the date one (1) year after
      the Triggering Transaction Date of any Change in Control, if the Company
      has failed to comply with and satisfy Section 6.2 on or after such
      Triggering Transaction Date.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.5</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOTICE
      OF TERMINATION.&#160;&#160;Any termination by the Company for Cause or
      Disability, or by the Executive for Good Reason, shall be communicated by
      Notice of Termination to the other party, given in accordance with Section
      7.2.&#160;&#160;For purposes of this Agreement, a &#8220;Notice of Termination&#8221;
      means a written notice which (i) indicates the specific termination
      provision in this Agreement relied upon, (ii) to the extent applicable,
      sets forth in reasonable detail the facts and circumstances claimed to
      provide a basis for termination of the Executive&#8217;s employment under the
      provision so indicated, and (iii) if the Date of Termination (as defined
      in Section 3.6 hereof) is other than the date of receipt of such notice,
      specifies the termination date (which date shall be not more than thirty
      (30) days after the giving of such notice).&#160;&#160;The failure by the
      Executive or the Company to set forth in the Notice of Termination any
      fact or circumstance which contributes to a showing of Good Reason or
      Cause shall not waive any right of the Executive or the Company hereunder
      or preclude the Executive or the Company from asserting such fact or
      circumstance in enforcing the Executive&#8217;s or the Company&#8217;s rights
      hereunder.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.6</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DATE
      OF TERMINATION.&#160;&#160;&#8220;Date of Termination&#8221; means (i) if the
      Executive&#8217;s employment is terminated by the Company for Cause, or by the
      Executive for Good Reason, the Date of Termination shall be the date of
      receipt of the Notice of Termination or any later date specified therein,
      as the case may be, (ii) if the Executive&#8217;s employment is terminated by
      reason of death, the Date of Termination shall be the date of death of the
      Executive, or (iii) if the Executive&#8217;s employment is terminated for any
      other reason, the Date of Termination shall be the date of receipt of the
      Notice of Termination.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 99pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
      4:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTAIN
      BENEFITS UPON TERMINATION.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TERMINATION
      WITHOUT CAUSE OR FOR GOOD REASON.&#160;&#160;If, (i) the Company shall
      terminate the Executive&#8217;s employment without Cause, or (ii) the Executive
      shall terminate employment with the Company for Good Reason, the Executive
      shall be entitled to the payment of the benefits provided below as of the
      Date of Termination:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1
      (a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
      Obligations.&#160;&#160;Within thirty (30) days after the Date of
      Termination, the Company shall pay to the Executive the sum of (1) the
      Executive&#8217;s Annual Base Salary</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">through
the Date of Termination to the extent not previously paid, (2) the accrued
benefit payable to the Executive under any deferred compensation plan, program
or arrangement in which the Executive is a participant subject to the
computation of benefits provisions of such plan, program or arrangement, and (3)
any accrued vacation pay; in each case to the extent not previously paid (the
&#8220;Accrued Obligation&#8221;).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, on the date that Incentive Bonuses are paid to other peer
      executives for the year in which the Executive&#8217;s employment is terminated,
      the Executive will be paid an amount equal to the product of the Current
      Target Bonus multiplied by a fraction, the numerator of which is the
      number of days during the fiscal year for which the Incentive Bonus is
      paid prior to the Date of Termination and denominator of which is
      365.&#160;&#160;For purposes of this Agreement, the term &#8220;Current Target
      Bonus&#8221; means the Incentive Bonus that would have been paid to the
      Executive for the fiscal year in which the termination of employment
      occurred, if the Executive&#8217;s employment had not been so terminated and the
      Executive had earned 100% of the Incentive Bonus that he could have earned
      for that year.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1
      (b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual
      Base Salary and Target Bonus Continuation.&#160;&#160;For the remainder of
      the Employment Period, the Company shall pay to the Executive, the
      Executive&#8217;s then-current Annual Base Salary and Current Target Bonus as
      would have been paid to the Executive had the Executive remained in the
      Company&#8217;s employ throughout the Employment Period; provided that in all
      cases the Executive shall receive, at minimum, the then-current Annual
      Base Salary and Current Target Bonus for the remainder of the Employment
      Period, or for a period beginning on the Date of Termination and ending
      one year thereafter, whichever is longer.&#160;&#160;The Company at any
      time may elect to pay the balance of such payments then remaining in a
      lump sum, in which case the total of such payments shall be discounted to
      present value on the basis of the applicable Federal short-term monthly
      rate as determined according to Code Section 1274 (s) for the month in
      which the Executive&#8217;s Date of Termination
  occurred.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1
      (c)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Medical
      and Health Benefit Continuation.&#160;&#160;For a period of two years
      beginning on the Date of Termination, the Company shall continue medical
      and health benefits to the Executive and/or the Executive&#8217;s family at
      least equal to those which would have been provided to them if the
      Executive&#8217;s employment had not been terminated, in accordance with the
      plans, practices, programs or policies of the Company as those provided
      generally to other peer executives and their families; provided, however,
      that if the Executive becomes re-employed with another employer and is
      eligible to receive medical or health benefits under another
      employer-provided plan, the medical and health benefits described herein
      shall be secondary to those provided under such other plan during such
      applicable period of eligibility.&#160;&#160;In the event Executive is
      able to obtain medical and health care coverage from a third party for the
      duration of such coverage period that is at least as good in all material
      respects as that described in the immediately preceding sentence,
      Executive agrees to accept, in lieu of such Company provided medical and
      health benefits, a lump sum cash payment in an amount equal in value to
      the entire cost to Executive on an after-tax basis of such alternate
      medical and health care
coverage.</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1
      (d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      Benefits.&#160;&#160;To the extent not previously paid or provided, the
      Company shall timely pay or provide to the Executive and/or the
      Executive&#8217;s family any other amounts or benefits required to be paid or
      provided for which the Executive and/or the Executive&#8217;s family is eligible
      to receive pursuant to this Agreement and under any plan, program, policy
      or practice or contract or agreement of the Company as those provided
      generally to other peer executives and their families (&#8220;Other
      Benefits&#8221;).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEATH.&#160;&#160;If
      the Executive&#8217;s employment is terminated by reason of the Executive&#8217;s
      death during the Employment Period, this Agreement shall terminate without
      further obligations to the Executive&#8217;s legal representatives under this
      Agreement, other than for (i) payment of Accrued Obligations (as defined
      in Section 4.1 (a)) (which shall be paid to the Executive&#8217;s estate or
      beneficiary, as applicable, in a lump sum in cash within thirty (30) days
      of the Date of Termination) and (ii) the timely payment or provision of
      any other benefit(s) generally provided by the Company upon the death of
      an employee of the Company, including death benefits pursuant to the terms
      of any plan, policy, or arrangement of the
  Company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DISABILITY.&#160;&#160;If
      the Executive&#8217;s employment is terminated by reason of the Executive&#8217;s
      Disability during the Employment Period, , this Agreement shall terminate
      without further obligations to the Executive, other than for (i) payment
      of Accrued Obligations (as defined in Section 4.1 (a)) (which shall be
      paid to the Executive in a lump sum in cash within thirty (30) days of the
      Date of Termination) and (ii) the timely payment or provision of any other
      benefit(s) generally provided by the Company upon the Disability of an
      employee, including Disability benefits pursuant to the terms of any plan,
      policy or arrangement of the
Company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TERMINATION
      FOR CAUSE; OTHER THAN GOOD REASON.&#160;&#160;If the Executive&#8217;s
      employment shall be terminated for Cause during the Employment Period,
      this Agreement shall terminate without further obligations to the
      Executive other than the obligations to pay to the Executive his Accrued
      Compensation (as defined in this Section).&#160;&#160;If the Executive
      terminates employment with the Company during the Employment Period,
      (excluding a termination for Good Reason), this Agreement shall terminate
      without further obligations to the Executive, other than for the payment
      of Accrued Compensation (as defined in this Section).&#160;&#160;In such
      case, all Accrued compensation shall be paid to the Executive in a lump
      sum in cash within thirty (30) days of the Date of
      Termination.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      the purpose of this Section, the term &#8220;Accrued Compensation&#8221; means the sum
      of (i) the Executive&#8217;s Annual Base Salary through the Date of Termination
      to the extent not previously paid, (ii) any compensation previously
      deferred by the Executive (together with any accrued interest or earnings
      thereon), and (iii) any accrued vacation pay; in each case, to the extent
      not previously paid.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NON-EXCLUSIVITY
      OF RIGHTS; SUPERSESSION OF CERTAIN BENEFITS.&#160;&#160;Except as provided
      in Section 4.1 (c) and in this Section 4.6, nothing in this Agreement
      shall prevent or limit the Executive&#8217;s continuing or future participation
      in any plan, program, policy or practice provided by the Company and for
      which the Executive may </font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">qualify,
nor shall anything herein limit or otherwise affect such rights as the Executive
may have under any contract or agreement with the Company.&#160;&#160;Amounts
which are vested benefits of which the Executive is otherwise entitled to
receive under any plan, policy, practice or program of, or any contract or
agreement with, the Company at or subsequent to the Date of Termination, shall
be payable in accordance with such plan, policy, practice or program or contract
or agreement except as explicitly modified by this Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 99pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
      5:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NON-COMPETITION.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NON-COMPETE
      AGREEMENT</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1(a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is agreed that during the Term of this Agreement and for a period of two
      (2) years thereafter, the Executive shall not, without prior written
      approval of the Board, become an officer, employee, agent, partner,
      consultant, beneficial/owner, agent, investor, or director of any business
      enterprise in substantial direct competition (as defined in Section
      5.1(b)) with the Company; provided that, if the Executive is terminated by
      the Company without Cause or if the Executive terminates his employment
      for Good Reason, then he will not be subject to the restrictions of this
      Section.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1
      (b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      purposes of Section 5.1, a business enterprise with which the Executive
      becomes associated as an officer, employee, agent, partner, consultant,
      beneficial/owner, agent, investor or director shall be considered in
      substantial direct competition, if such entity competes with the Company
      in any business in which the Company is engaged and is within the
      Company&#8217;s market area as of the date that the Term of this Agreement
      expires.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1
      (c)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      above constraint shall not prevent the Executive from making passive
      investments, not to exceed five percent (5%), in any
      enterprise.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1(d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is agreed that during the Term of this Agreement and for a period of two
      (2) years thereafter, the Executive shall not, directly or indirectly,
      hire, offer to hire, or otherwise solicit the employment of any employee
      of the Company on behalf of himself or any business enterprise in
      substantial direct competition (as defined in Section 5.1(b)) with the
      Company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">5.1(e)</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONFIDENTIAL
      INFORMATION.&#160;&#160;The Executive shall hold in a fiduciary capacity
      for the benefit of the Company all secret or confidential information,
      knowledge or data relating to the Company or any of its affiliated
      companies, and their respective businesses, which shall have been obtained
      by the Executive during or as a result of the Executive&#8217;s employment by
      the Company and which shall not be or become public knowledge (other than
      by acts by the Executive or representatives of the Executive in violation
      of this Agreement).&#160;&#160;After termination of the Executive&#8217;s
      employment with the Company, the Executive shall not, without the prior
      written consent of the Company, or as may otherwise be required by law or
      legal process, communicate or divulge any such information, knowledge or
      data to anyone other than the Company and those designated by
      it.&#160;&#160;In no event shall an asserted violation of the provisions
      of </font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">this
Section constitute a basis for deferring or withholding any amounts otherwise
payable to the Executive under this Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1
      (f)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Executive agrees that the foregoing restrictions are reasonable and shall
      not prevent the Executive from earning a livelihood, and furthermore, if
      any court of competent jurisdiction deems any of the provisions of the
      foregoing invalid, this Agreement shall be enforced to the full extent
      that such provisions are valid and such court may modify such restrictions
      to afford the Company the maximum applicable protection permitted under
      the law.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1(g)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Should
      Executive be adjudicated by a court of competent jurisdiction to be in
      violation of this Section 5.1, all amounts owed Executive pursuant to this
      Agreement shall be forfeited, and the Company shall be entitled to
      injunctive or such other equitable relief as is necessary to restrain
      Executive&#8217;s breaching conduct.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">DEVELOPMENTS.&#160;&#160;</font>It
      is agreed that all developments, including inventions, whether patentable
      or otherwise, trade secrets, formulations, discoveries, concepts,
      processes, improvements, ideas or writings, or know-how related thereto,
      which directly or indirectly relate to or may be useful in the design,
      manufacture, packaging or marketing of the Company&#8217;s products or otherwise
      in the business of the Company or which directly or indirectly result from
      or are related to any services the Executive has rendered, is or will be
      engaged in rendering for the Company which the Executive, either by
      himself or in conjunction with any other person or persons, shall
      conceive, make, develop, acquire or acquire knowledge of during the
      employment relationship or because of the employment relationship (the
      &#8220;developments&#8221;), shall become and remain the sole and exclusive property
      of the Company.&#160;&#160;The Executive hereby assigns, transfers and
      conveys all of his right, title and interest in and to any and all such
      developments and to promptly disclose all such developments to the
      Company.&#160;&#160;Upon the request of the Company, the Executive will
      execute and deliver any and all instruments, documents and papers, give
      evidence and do any and all other acts which are or may be necessary or
      desirable to document such transfer or to enable the Company to file and
      prosecute applications for and to acquire, maintain and enforce any and
      all patents, trademark registrations or copyrights under United States or
      foreign law with respect to any such developments or to obtain any
      extension, validation, reissue, continuance or renewal of any such patent,
      trademark or copyright.&#160;&#160;The Company will be responsible for the
      preparation of any such proceedings and will reimburse the Executive for
      reasonable expenses incurred complying with the provisions of this
      paragraph.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTIONS
      6:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUCCESSORS.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUCCESSORS
      OF EXECUTIVE.&#160;&#160;This Agreement is personal to the Executive and,
      without the prior written consent of the Company, the rights (but not the
      obligations) shall not be assignable by the Executive otherwise than by
      will or the laws of descent and distribution.&#160;&#160;This Agreement
      shall inure to the benefit of and be enforceable by the Executive&#8217;s legal
      representatives.</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUCCESSORS
      OF COMPANY.&#160;&#160;The Company will require any successor (whether
      direct or indirect, by purchase, merger, consolidation or otherwise) to
      all or substantially all of the business and/or assets of the Company to
      assume expressly and agree to perform this Agreement in the same manner
      and to the same extent that the Company would be required to perform it if
      no such succession had taken place.&#160;&#160;Failure of the Company to
      obtain such agreement prior to the effectiveness of any such succession
      shall be a breach of this Agreement and shall entitle the Executive to
      terminate the Agreement at his option on or after the Triggering
      Transaction Date for Good Reason.&#160;&#160;As used in this Agreement,
      &#8220;Company&#8221; shall mean the Company as hereinbefore defined and any successor
      to its business and/or assets which assumes and agrees to perform this
      Agreement by operation of law, or
otherwise.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 99pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
      7:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MISCELLANEOUS.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OTHER
      AGREEMENTS.&#160;&#160;The Board may, from time to time, in the future,
      provide other incentive programs and bonus arrangements to the Executive
      with respect to the occurrence of a Triggering Event that will be in
      addition to the benefits required to be paid in the designated
      circumstances in connection with the occurrence of a Triggering
      Transaction.&#160;&#160;Such additional incentive programs and/or bonus
      arrangements will affect or abrogate the benefits to be paid under this
      Agreement only in the manner and to the extent explicitly agreed to by the
      Executive in any such subsequent program or
  arrangement.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 0.35pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOTICE.&#160;&#160;For
      purposes of this Agreement, notices and all other communications provided
      for in the Agreement shall be in writing and shall be deemed to have been
      duly given when delivered or mailed by certified or registered mail,
      return receipt requested, postage prepaid, addressed to the respective
      addresses as set forth below; provided that all notices to the Company
      shall be directed to the attention of the Chairman of the Board, or to
      such other address as one party may have furnished to the other in writing
      in accordance herewith, except that notice of change of address shall be
      effective only upon receipt.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notice
      to Executive:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">------------------------</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Christopher
      J. Ryan</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">136
      West Bayberry Road</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Islip,
      NY 11751</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notice
      to Company:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-----------------------</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lakeland
      Industries, Inc.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">701-7
      Koehler Ave.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ronkonkoma,
      NY 11779</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.3</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">VALIDITY.&#160;&#160;The
      invalidity or unenforceability of any provisions of this Agreement shall
      not affect the validity or enforceability of any other provision of this
      Agreement.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7.4</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">WAIVER.&#160;&#160;The
      Executive&#8217;s or the Company&#8217;s failure to insist upon strict compliance with
      any provision hereof or any other provision of this Agreement or the
      failure to </font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 45.35pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">assert
      any right the Executive or the Company may have hereunder, including,
      without limitation, the right of the Executive to terminate employment for
      Good Reason pursuant to Section 3.4 shall not be deemed to be a waiver of
      such provision or right or any other provision or right of this
      Agreement.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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            <td style="WIDTH: 45.35pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
      WITNESS WHEREOF, the Executive and, the Company, pursuant to the
      authorization from its Board, have caused this Agreement to be executed in
      its name on its behalf, all as of the day and year first above
      written.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="top" width="4%">
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      Ryan</font></font></div>
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            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="29%">
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            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="top" width="33%">
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            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
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            </td>
            <td align="left" valign="top" width="29%">
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            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="29%">
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      O. Hallman</font></div>
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            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
            </td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ John J.
      Collins</font></font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">John
      J. Collins</font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
            </td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">A. John
      Kreft</font></font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A.
      John Kreft</font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
            </td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Michael
      Cirenza</font></font></div>
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            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Michael
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            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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            <td align="left" valign="top" width="29%">
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      Bachelder</font></font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stephen
      Bachelder</font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
1</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Christopher J.
Ryan</font></font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NEW CONTRACT 2008 &#8211;
2010</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 54pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4(b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCENTIVE
      BONUSES.&#160;&#160;In addition to Annual Base Salary, the Executive may
      be awarded the opportunity to earn an incentive bonus on an annual basis
      (&#8220;Incentive Bonus&#8221;) under an incentive compensation plan to be determined
      by the Compensation Committee of the Board (and attached hereto as Exhibit
      1).&#160;&#160;During the Term of this Agreement, the annual Incentive
      Bonus which the Executive will have the opportunity to earn shall be
      reviewed at least annually and be increased at the discretion of the
      Compensation Committee of the
Board.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
25<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>
of each year commencing in 2009 and 2010, the Executive may be awarded a bonus
based on an increase in after tax earnings for the most recently ended fiscal
year above a minimum goal amount established for each year by the Compensation
Committee, subject to a partial cap amount.&#160;&#160;Said bonus shall be
calculated as follows:&#160;&#160;for each penny increase in earnings after tax
above the minimum goal amount, a bonus of $3,000 in cash with adjustments for
stock splits or dividends or other such dilution in EPS during the fiscal year,
up to a partial cap amount above which $1500 in cash will be awarded per penny
EPS in excess of the partial cap amount.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For FY
2009, the minimum goal amount shall be 70 cents per share, the partial cap
amount shall be 93 cents per share.&#160;&#160;A new minimum goal amount and
partial cap amount for FY 2010 shall be set by April 2009 and attached hereto as
an addendum.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
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