<SEC-DOCUMENT>0001144204-17-060260.txt : 20171121
<SEC-HEADER>0001144204-17-060260.hdr.sgml : 20171121
<ACCEPTANCE-DATETIME>20171120215514
ACCESSION NUMBER:		0001144204-17-060260
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171116
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171121
DATE AS OF CHANGE:		20171120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HURCO COMPANIES INC
		CENTRAL INDEX KEY:			0000315374
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				351150732
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09143
		FILM NUMBER:		171215289

	BUSINESS ADDRESS:	
		STREET 1:		ONE TECHNOLOGY WAY
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46268
		BUSINESS PHONE:		3172935309

	MAIL ADDRESS:	
		STREET 1:		ONE TECHNOLOGY WAY
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46268

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HURCO MANUFACTURING CO INC
		DATE OF NAME CHANGE:	19850324
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>tv479982_8ka.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 1)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Securities
Exchange Act of 1934</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">Hurco
Companies, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">Indiana</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0-9143</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35-1150732</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Technology Way </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indianapolis, Indiana</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46268</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">(317)
293-5309</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
Area Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">Not Applicable</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see </I>General Instruction A.2. below):</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Amendment No. 1 on Form 8-K/A amends
the Current Report on Form 8-K filed by Hurco Companies, Inc. (the &ldquo;Company&rdquo;) on November 17, 2017 (the &ldquo;Original
Form 8-K&rdquo;), solely for the purpose of replacing the version of the Company&rsquo;s Amended and Restated By-laws filed as
Exhibit 3.2 to the Original Form 8-K. It was intended that a marked version of the Company&rsquo;s Amended and Restated By-laws,
showing the amendments thereto adopted on November 16, 2017, be filed as Exhibit 3.2 to the Original Form 8-K, but a clean version
was inadvertently filed as Exhibit 3.2. A marked copy of the Company&rsquo;s Amended and Restated By-laws, showing the amendments
thereto adopted on November 16, 2017, is filed as Exhibit 3.2 hereto. No other changes have been made to the Original Form 8-K
or the exhibits thereto.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.01</B></FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Statements and Exhibits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"></TD>
    <TD STYLE="width: 96px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="http://www.sec.gov/Archives/edgar/data/315374/000114420417059985/tv479849_ex3-1.htm" STYLE="-sec-extract: exhibit">3.1*</A></B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/315374/000114420417059985/tv479849_ex3-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated By-laws of the Company, as amended November 16, 2017</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="tv479982_ex3-2.htm" STYLE="-sec-extract: exhibit">3.2</A></B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="tv479982_ex3-2.htm" STYLE="-sec-extract: exhibit">Amended and Restated By-laws of the Company (marked to show the amendments adopted on November 16, 2017)</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/315374/000114420417059985/tv479849_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>99.1*</B></FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/315374/000114420417059985/tv479849_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend press release dated November 17, 2017</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Previously filed as an exhibit with the same exhibit number
to the Original Form 8-K.</P>

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

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


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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: November 20, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 56%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HURCO COMPANIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">/s/ Sonja K. McClelland</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sonja K. McClelland, Executive Vice President,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secretary, Treasurer and Chief Financial Officer</P></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>tv479982_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 3.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BY&#45;LAWS</U></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AS AMENDED THROUGH <FONT STYLE="color: #993300"><STRIKE>July
8, 2009</STRIKE></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #993300"><U>NOVEMBER
16, 2017</U></FONT></P>

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

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


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



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    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE I&nbsp; Identification</U></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section&nbsp;1</U>.&nbsp; <U>Name</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>. &nbsp;<U>Registered Office and Registered Agent</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Principal Office</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Other Offices</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Seal</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Fiscal Year</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE II&nbsp; Shareholders</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Place of Meeting</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Annual Meetings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Special Meetings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Notice of Meeting</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Waiver of Notice</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Voting at Meetings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 20pt">(a)&nbsp;&nbsp;&nbsp;<U>Voting Rights</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 20pt">(b)&nbsp;&nbsp;&nbsp;<U>Record Date</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 20pt">(c)&nbsp;&nbsp;&nbsp;<U>Proxies</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>3</U><STRIKE>2</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 20pt">(d)&nbsp;&nbsp;&nbsp;<U>Quorum</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 20pt">(e)&nbsp;&nbsp;&nbsp;<U>Adjournments</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 7</U>.&nbsp; <U>List of Shareholders</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 8</U>.&nbsp; <U>Notice of Shareholder Business</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>4</U><STRIKE>3</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 9</U>.&nbsp; <U>Notice of Shareholder Nominees</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE III&nbsp; Directors</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Duties</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Number of Directors</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Election and Term</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Resignation</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Vacancies</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>6</U><STRIKE>5</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Annual Meetings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>6</U><STRIKE>5</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 7</U>.&nbsp; <U>Regular Meetings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>6</U><STRIKE>5</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 8</U>.&nbsp; <U>Special Meetings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>6</U><STRIKE>5</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 9</U>.&nbsp; <U>Notice</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>6</U><STRIKE>5</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 10</U>.&nbsp; <U>Waiver of Notice</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 11</U>.&nbsp; <U>Business to be Transacted</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 12</U>.&nbsp; <U>Quorum &#8212; Adjournment if Quorum is Not Present</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 13</U>.&nbsp; <U>Presumption of Assent</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>7</U><STRIKE>6</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 14</U>.&nbsp; <U>Action by Written Consent</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>7</U><STRIKE>6</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 15</U>.&nbsp; <U>Committees</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>7</U><STRIKE>6</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 16</U>.&nbsp; <U>Meeting by Telephone or Similar Communication Equipment</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE IV&nbsp; Officers</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Principal Officers</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Election and Terms</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Resignation and Removal</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Vacancies</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Powers and Duties of Officers</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Chairman of the Board</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>8</U><STRIKE>7</STRIKE></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 7</U>.&nbsp; <U>The President</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 8</U>.&nbsp; <U>Vice Presidents</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>9</U><STRIKE>8</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 9</U>.&nbsp; <U>Secretary</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>9</U><STRIKE>8</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 10</U>.&nbsp; <U>Treasurer</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>9</U><STRIKE>8</STRIKE></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 11</U>.&nbsp; <U>The Controller</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 12</U>.&nbsp; <U>Assistant Secretaries</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>10</U><STRIKE>9</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 13</U>.&nbsp; <U>Assistant Treasurers</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>10</U><STRIKE>9</STRIKE></FONT></TD></TR>
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    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 14</U>.&nbsp;
<U>Delegation of Authority</U></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>10</U><STRIKE>9</STRIKE></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 15</U>.&nbsp; <U>Securities of Other Corporations</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>10</U><STRIKE>9</STRIKE></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE V&nbsp; Directors' Services, Limitation of Liability and Reliance on Corporate Records, and Interest of Directors in
Contracts</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>10</U><STRIKE>9</STRIKE></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Services</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>10</U><STRIKE>9</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>General Limitation of Liability</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>11</U><STRIKE>10</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Reliance on Corporate Records and Other Information</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>11</U><STRIKE>10</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Interest of Directors in Contracts</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>11</U><STRIKE>10</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0"><U>ARTICLE VI&nbsp; Indemnification</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>12</U><STRIKE>11</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Indemnification Against Underlying Liability</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>12</U><STRIKE>11</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Successful Defense</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>12</U><STRIKE>11</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Determination of Conduct</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>12</U><STRIKE>11</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Definition of Good Faith</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>12</U><STRIKE>11</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Payment of Expenses in Advance</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>13</U><STRIKE>12</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Indemnity Not Exclusive</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>13</U><STRIKE>12</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 7</U>.&nbsp; <U>Vested Right to Indemnification</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>13</U><STRIKE>12</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 8</U>.&nbsp; <U>Insurance</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>13</U><STRIKE>12</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 9</U>.&nbsp; <U>Additional Definitions</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>13</U><STRIKE>12</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 10</U>.&nbsp; <U>Payments a Business Expense</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>14</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE VII&nbsp; Shares</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>14</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Share Certificates</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>14</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Transfer of Shares</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>14</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Transfer Agent</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>14</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Registered Holders</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>14</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Lost, Destroyed and Mutilated Certificates</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Consideration for Shares</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>13</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 7</U>.&nbsp; <U>Payment for Shares</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 8</U>.&nbsp; <U>Distributions to Shareholders</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 9</U>.&nbsp; <U>Regulations</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE VIII&nbsp; Corporate Books and Reports</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Place of Keeping Corporate Books and Records</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>15</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Place of Keeping Certain Corporate Books and Records</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>16</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Permanent Records</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>16</U><STRIKE>14</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Shareholder Records</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>16</U><STRIKE>15</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Shareholder Rights of Inspection</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>16</U><STRIKE>15</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Additional Rights of Inspection</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>16</U><STRIKE>15</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE IX&nbsp; Miscellaneous</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>15</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U>.&nbsp; <U>Notice and Waiver of Notice</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>15</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>.&nbsp; <U>Depositories</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>15</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 3</U>.&nbsp; <U>Signing of Checks, Notes, etc.</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>16</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 4</U>.&nbsp; <U>Gender and Number</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>16</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 5</U>.&nbsp; <U>Laws</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>16</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 6</U>.&nbsp; <U>Headings</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>17</U><STRIKE>16</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE X&nbsp; Amendments</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>18</U><STRIKE>16</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><U>ARTICLE XI&nbsp;<FONT STYLE="color: #993300">Other
    Provisions </FONT></U><FONT STYLE="color: #993300"><STRIKE>The Indiana Business Corporation Law</STRIKE></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>18</U><STRIKE>17</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 1</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
    <U>The Indiana Business Corporation Law</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>18</U><STRIKE>17</STRIKE></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 10pt"><U>Section 2</U>. <U>Mandatory Classified
Board Structure</U></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="color: #993300"><U>18</U><STRIKE>17</STRIKE></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BY&#45;LAWS</U></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section&nbsp;1</U>.
<U>Name </U>. The name of the Corporation is HURCO COMPANIES, INC. (hereinafter referred to as the &quot;Corporation&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Registered
Office and Registered Agent </U>. The street address of the Registered Office of the Corporation is One Technology Way, Indianapolis,
Indiana&nbsp;46268; and the name of its Registered Agent located at such office is <FONT STYLE="color: #993300"><STRIKE>James
D. Fabris</STRIKE><U>Sonja McClelland.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Principal
Office</U>. The address of the Principal Office of the Corporation is One Technology Way, Indianapolis, Indiana&nbsp;46268. The
Principal Office of the Corporation shall be the principal executive offices of the Corporation, and such Principal Office may
be changed from time to time by the Board of Directors in the manner provided by law and need not be the same as the Registered
Office of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Other
Offices</U>. The Corporation may also have offices at such other places or locations, within or without the State of Indiana, as
the Board of Directors may determine or the business of the Corporation may require.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Seal
</U>. The Corporation need not use a seal. If one is used, it shall be circular in form and mounted upon a metal die suitable for
impressing the same upon paper. About the upper periphery of the seal shall appear the words &quot;HURCO COMPANIES, INC.&quot;
and about the lower periphery thereof the word &quot;Indiana&quot;. In the center of the seal shall appear the word &quot;Seal&quot;.
The seal may be altered by the Board of Directors at its pleasure and may be used by causing it or a facsimile thereof to be impressed,
affixed, printed or otherwise reproduced.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Fiscal
Year </U>. The fiscal year of the Corporation shall begin at the beginning of the first day of November in each year and end at
the close of the last day of October next succeeding.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Place
of Meeting </U>. All meetings of shareholders of the Corporation shall be held at such place, within or without the State of Indiana,
as may be determined by the President or Board of Directors and specified in the notices or waivers of notice thereof or proxies
to represent shareholders at such meetings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Annual
Meetings </U>. An annual meeting of shareholders shall be held each year on such date and at such time as may be determined by
the President or Board of Directors. The failure to hold an annual meeting at the designated time shall not affect the validity
of any corporate action. Any and all business of any nature or character may be transacted, and action may be taken thereon, at
any annual meeting, except as otherwise provided by law or by these By&#45;laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Special
Meetings </U>. A special meeting of shareholders shall be held: (a)&nbsp;on call of the Board of Directors or the President; or
(b)&nbsp;if the holders of a majority of all the votes entitled to be cast on any issue proposed to be considered at the proposed
special meeting sign, date and deliver to the Secretary one (1) or more written demands for the meeting describing the purpose
or purposes for which it is to be held. At any special meeting of the shareholders, only business within the purpose or purposes
described in the notice of the meeting may be conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Notice
of Meeting </U>. Written or printed notice stating the date, time and place of a meeting and, in case of a special meeting, the
purpose or purposes for which the meeting is called, shall be delivered or mailed by the Secretary, or by the officers or persons
calling the meeting, to each shareholder of record of the Corporation entitled to vote at the meeting, at such address as appears
upon the records of the Corporation, no fewer than ten (10) days nor more than sixty (60) days, before the meeting date. If mailed,
such notice shall be effective when mailed if correctly addressed to the shareholder's address shown in the Corporation's current
record of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Waiver
of Notice </U>. A shareholder may waive any notice required by law, the Articles of Incorporation or these By&#45;laws before or
after the date and time stated in the notice. The waiver by the shareholder entitled to the notice must be in writing and be delivered
to the Corporation for inclusion in the minutes or filing with the corporate records. A shareholder's attendance at a meeting,
in person or by proxy: (a)&nbsp;waives objection to lack of notice or defective notice of the meeting, unless the shareholder at
the beginning of the meeting objects to holding the meeting or transacting business at the meeting; and (b)&nbsp;waives objection
to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice,
unless the shareholder objects to considering the matter when it is presented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Voting
at Meetings </U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U> . At each meeting of the shareholders, each outstanding share, regardless of class, is entitled to one (1) vote on each
matter voted on at such meeting, except to the extent cumulative voting is allowed by the Articles of Incorporation. Only shares
are entitled to vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record
Date</U> . The record date for purposes of determining shareholders entitled to vote at any meeting shall be ten (10) days prior
to the date of such meeting or such different date not more than seventy (70) days prior to such meeting as may be fixed by the
Board of Directors.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
shareholder may vote the shareholder's shares in person or by proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
shareholder may appoint a proxy to vote or otherwise act for the shareholder by executing in writing an appointment form, either
personally or by the shareholder's attorney&#45;in&#45;fact. For purposes of this Section, a proxy appointed by telegram, telex,
telecopy or other document transmitted electronically for or by a shareholder shall be deemed &quot;executed in writing&quot; by
the shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
appointment of a proxy is effective when received by the Secretary or other officer or agent authorized to tabulate votes. An appointment
is valid for eleven (11) months, unless a longer period is expressly provided in the appointment form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
appointment of a proxy is revocable by the shareholder, unless the appointment form conspicuously states that is irrevocable and
the appointment is coupled with an interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum</U>
.. At all meetings of shareholders, a majority of the votes entitled to be cast on a particular matter constitutes a quorum on that
matter. If a quorum exists, action on a matter (other than the election of directors) is approved if the votes cast favoring the
action exceed the votes cast opposing the action, unless the Articles of Incorporation or law require a greater number of affirmative
votes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjournments</U>
.. Any meeting of shareholders, including both annual and special meetings and any adjournments thereof, may be adjourned to a different
date, time or place. Notice need not be given of the new date, time or place if the new date, time or place is announced at the
meeting before adjournment, even though less than a quorum is present. At any such adjourned meeting at which a quorum is present,
in person or by proxy, any business may be transacted which might have been transacted at the meeting as originally notified or
called.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 7</U>. <U>List
of Shareholders </U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
a record date has been fixed for a meeting of shareholders, the Secretary shall prepare or cause to be prepared an alphabetical
list of the names of the shareholders of the Corporation who are entitled to vote at such meeting. The list shall show the address
of and number of shares held by each shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shareholders' list must be available for inspection by any shareholder entitled to vote at the meeting, beginning five (5) business
days before the date of the meeting for which the list was prepared and continuing through the meeting, at the Corporation's principal
office or at a place identified in the meeting notice in the city where the meeting will be held. Subject to the restrictions of
applicable law, a shareholder, or the shareholder's agent or attorney authorized in writing, is entitled on written demand to inspect
and to copy the list during regular business hours and at the shareholder's expense, during the period it is available for inspection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall make the shareholders' list available at the meeting, and any shareholder, or the shareholder's agent or attorney
authorized in writing, is entitled to inspect the list at any time during the meeting or any adjournment.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 8</U>. <U>Notice of
Shareholder Business </U>. At an annual meeting of the shareholders, only such business shall be conducted as shall have been
properly brought before the meeting. To be properly brought before an annual meeting, business must be (a)&nbsp;specified in
the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (b)&nbsp;otherwise
properly brought before the meeting by or at the direction of the Board of Directors, or (c)&nbsp;otherwise properly brought
before the meeting by a shareholder. For business to be properly brought before an annual meeting by a shareholder, the
shareholder must have the legal right and authority to make the proposal for consideration at the meeting and the shareholder
must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a shareholder's notice
must be delivered to or mailed and received at the principal executive offices of the Corporation, not less than 60 days
prior to the meeting; provided, however, that in the event that less than 70&nbsp;days' notice or prior public disclosure of
the date of the meeting is given or made to shareholders, notice by the shareholder to be timely must be so received not
later than the close of business on the 10th day following the day on which such notice of the date of the annual meeting was
mailed or such public disclosure was made. A shareholder's notice to the Secretary shall set forth as to each matter the
shareholder proposes to bring before the annual meeting (a)&nbsp;a brief description of the business desired to be brought
before the annual meeting and the reasons for conducting such business at the annual meeting, (b)&nbsp;the name and record
address of the shareholder(s) proposing such business, (c)&nbsp;the class and shares of number of the Corporation's capital
stock which are beneficially owned by such shareholder(s), and (d)&nbsp;any material interest of such shareholder(s) in such
business. Notwithstanding anything in these By&#45;Laws to the contrary, no business shall be conducted at an annual meeting
except in accordance with the procedures set forth in this Section&nbsp;8. The Chairman of an annual meeting shall, if the
facts warrant, determine and declare to the meeting that business was not properly brought before the meeting and in
accordance with the provisions of this Section&nbsp;8, and if he should so determine, he shall so declare to the meeting
and any such business not properly brought before the meeting shall not be transacted. At any special meeting of the
shareholders, only such business shall be conducted as shall have been brought before the meeting by or at the direction of
the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9</U>. <U>Notice
of Shareholder Nominees </U>. Only persons who are nominated in accordance with the procedures set forth in this Section&nbsp;9
shall be eligible for election as Directors. Nominations of persons for election to the Board of Directors may be made at a meeting
of shareholders by or at the direction of the Board of Directors, by any nominating committee or person appointed by the Board
of Directors or by any shareholder of the Corporation entitled to vote for the election of Directors at the meeting who complies
with the notice procedures set forth in this Section&nbsp;9. Such nominations, other than those made by or at the direction of
the Board of Directors, shall be made pursuant to timely notice in writing to the Secretary of the Corporation. To be timely, a
shareholder's notice shall be delivered to or mailed and received at the principal executive offices of the Corporation not less
than 60&nbsp;days prior to the meeting; provided, however, that in the event that less than 70&nbsp;days' notice or prior public
disclosure of the date of the meeting is given or made to shareholders, notice by the shareholders to be timely must be so received
not later than the close of business on the 10th day following the date on which such notice of the date of the meeting was mailed
or such public disclosure was made. Such shareholder's notice shall set forth (a)&nbsp;as to each person whom the shareholder proposes
to nominate for election or re&#45;election as a Director, (i)&nbsp;the name, age, business address and residence address of such
person; (ii)&nbsp;the principal occupation or employment of such person, (iii)&nbsp;the class and number of shares of capital stock
of the Corporation which are beneficially owned by such person, and (iv)&nbsp;any other information relating to such person that
is required to be disclosed in solicitations of proxies for election of Directors, or is otherwise required, in each case pursuant
to Regulation&nbsp;14A under the Securities Exchange act of 1934, as amended (including without limitation such person's written
consent to being named in the proxy statement as a nominee and to serving as a Director if elected); and (b)&nbsp;as to the shareholder
giving the notice (i)&nbsp;the name and record address of such shareholder and (ii)&nbsp;the class and number of shares of capital
stock of the Corporation which are beneficially owned by such shareholder. No person shall be eligible for election as a Director
of the Corporation unless nominated in accordance with the procedures set forth in this Section&nbsp;9. The Chairman of the meeting
shall, if the facts warrant, determine and declare to the meeting that a nomination was not so declared in accordance with the
procedures prescribed by these By&#45;Laws, and if he should so determine, he shall so declare to the meeting and the defective
nomination shall be disregarded.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Duties
</U>. The business, property and affairs of the Corporation shall be managed and controlled by the Board of Directors and, subject
to such restrictions, if any, as may be imposed by law, the Articles of Incorporation or by these By&#45;laws, the Board of Directors
may, and are fully authorized to, do all such lawful acts and things as may be done by the Corporation which are not directed or
required to be exercised or done by the shareholders. Directors need not be residents of the State of Indiana or shareholders of
the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Number
of Directors </U>. The Board of Directors shall consist of <FONT STYLE="color: #993300"><STRIKE>eight </STRIKE><U>nine </U>(<STRIKE>8</STRIKE><U>9</U>)
</FONT>members, which number may be increased or reduced from time to time by resolution adopted by not less than a majority of
the Directors then in office; provided that no reduction in number shall have the effect of shortening the term of any incumbent
Director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Election
and Term </U>. Except as otherwise provided in Section&nbsp;5 of this Article, the directors shall be elected each year at the
annual meeting of the shareholders, or at any special meeting of the shareholders. Each such director shall hold office, unless
he is removed in accordance with the provisions of these By&#45;laws or he resigns or dies or becomes so incapacitated he can
no longer perform any of his duties as a director, for the term for which he is elected and until his successor shall have been
elected and qualified. Each director shall qualify by accepting his election to office either expressly or by acting as a director.
The shareholders or directors may remove any director, with or without cause, and elect a successor at a meeting called expressly
for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #993300"><U>Each
director shall be elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which
a quorum is present. If, as of the record date for such meeting, the number of director nominees to be considered at the meeting
does not exceed the number of directors to be elected, then if a nominee for director who is an incumbent director does not receive
more &#8220;for&#8221; votes than &#8220;withhold&#8221; votes with respect to his or her election, such director shall promptly
tender his or her resignation to the Board of Directors, subject to acceptance by the Board of Directors. The Nominating and Governance
Committee shall make a recommendation to the Board of Directors on whether to accept or reject the tendered resignation, or whether
other action should be taken.&nbsp;&nbsp;The Board of Directors, taking into account the recommendation of the Nominating and
Governance Committee, shall, within 90 days of the certification of the shareholder director election at issue, determine the
appropriate responsive action with respect to the tendered resignation. Promptly after the Board of Directors takes action on
a resignation tendered under this Section, the Corporation shall issue a press release regarding the Board of Directors&#8217;
response thereto. The Nominating and Governance Committee, in making its recommendation, and the Board of Directors, in making
its decision, may each consider any factors or other recommendations that it considers relevant and appropriate.&nbsp;&nbsp;The
incumbent director who tenders his or her resignation shall not participate in the Nominating and Governance Committee&#8217;s
recommendation, or the Board of Director&#8217;s decision, with respect to that director.&nbsp;&nbsp;If the resignation is not
accepted, such director shall continue to serve until the next annual meeting of shareholders and until his or her successor has
been elected and qualified, or unless he or she is removed or he or she resigns or dies or becomes so incapacitated he or she
can no longer perform any of his or her duties as a director. If the resignation is accepted, the Board of Directors may decide
to fill any resulting vacancy or decrease the number of directors. </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #993300">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Resignation
</U>. Any director may resign at any time by delivering written notice to the Board of Directors, the President, or the Secretary
of the Corporation. A resignation is effective when the notice is delivered unless the notice specifies a later effective date
<FONT STYLE="color: #993300"><U>and except for resignations tendered under Section 3 of this Article</U>.</FONT> The acceptance
of a resignation shall not be necessary to make it effective, unless expressly so provided
in the resignation <FONT STYLE="color: #993300"><U>and except for resignations tendered pursuant to Section 3 of this Article</U>.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Vacancies
</U>. Vacancies occurring in the membership of the Board of Directors caused by resignation, death or other incapacity, or increase
in the number of directors shall be filled by a majority vote of the remaining members of the Board, and each director so elected
shall serve until the next meeting of the shareholders, or until a successor shall have been duly elected and qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Annual
Meetings </U>. The Board of Directors shall meet annually, without notice, immediately following, and at the same place as, the
annual meeting of the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 7</U>. <U>Regular
Meetings </U>. Regular meetings shall be held at such times and places, either within or without the State of Indiana, as may be
determined by the Chairman of the Board, the President or the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 8</U>. <U>Special
Meetings </U>. Special meetings of the Board of Directors may be called by the President or by two (2) or more members of the Board
of Directors, at any place within or without the State of Indiana, upon twenty-four (24) hours' notice, specifying the time, place
and general purposes of the meeting, given to each director personally, by telephone, telegraph, teletype, or other form of wire
or wireless communication; or notice may be given by mail if mailed at least three (3) days before such meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9</U>. <U>Notice
</U>. The Secretary or an Assistant Secretary shall give notice of each special meeting, and of the date, time and place of the
particular meeting, in person or by mail, or by telephone, telegraph, teletype, or other form of wire or wireless communication,
and in the event of the absence of the Secretary or an Assistant Secretary or the failure, inability, refusal or omission on the
part of the Secretary or an Assistant Secretary so to do, any other officer of the Corporation may give said notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 10</U>. <U>Waiver
of Notice </U>. A director may waive any notice required by law, the Articles of Incorporation, or these By&#45;laws before or
after the date and time stated in the notice. Except as otherwise provided in this Section, the waiver by the director must be
in writing, signed by the director entitled to the notice, and included in the minutes or filed with the corporate records. A director's
attendance at or participation in a meeting waives any required notice to the director of the meeting unless the director at the
beginning of the meeting (or promptly upon the director's arrival) objects to holding the meeting or transacting business at the
meeting and does not thereafter vote for or assent to action taken at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 11</U>. <U>Business
to be Transacted </U>. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board
of Directors need be specified in the notice or any waiver of notice of such meeting. Any and all business of any nature or character
whatsoever may be transacted and action may be taken thereon at any meeting, regular or special, of the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 12</U>. <U>Quorum
&#8212; Adjournment if Quorum is Not Present </U>. A majority of the number of directors fixed by, or in the manner provided
in, the Articles of Incorporation or these By&#45;laws shall constitute a quorum for the transaction of any and all business,
unless a greater number is required by law or Articles of Incorporation or these By-laws. At any meeting, regular or special,
of the Board of Directors, if there be less than a quorum present, a majority of those present, or if only one director be
present, then such director, may adjourn the meeting from time to time without notice until the transaction of any and all
business submitted or proposed to be submitted to such meeting or any adjournment thereof shall have been completed. In the
event of such adjournment, written, telegraphic or telephonic announcement of the time and place at which the meeting will
reconvene must be provided to all directors. The act of the majority of the directors present at any meeting of the Board of
Directors at which a quorum is present shall constitute the act of the Board of Directors,
unless the act of a greater number is required by law or the Articles of Incorporation or these By&#45;laws.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 13</U>. <U>Presumption
of Assent </U>. A director of the Corporation who is present at a meeting of the Board of Directors at which action on any corporate
matter is taken shall be presumed to have assented to the action taken unless his dissent or abstention shall be entered in the
minutes of the meeting or unless he shall file his written dissent or abstention to such action with the presiding officer of the
meeting before the adjournment thereof or to the Secretary of the Corporation immediately after the adjournment of the meeting.
Such right to dissent or abstain shall not apply to a director who voted in favor of such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 14</U>. <U>Action
by Written Consent </U>. Any action required or permitted to be taken at a meeting of the Board of Directors or any committee thereof
may be taken without a meeting if the action is taken by all the members of the Board of Directors or committee, as the case may
be. The action must be evidenced by one or more written consents describing the action taken, signed by each director or committee
member, and included in the minutes or filed with the corporate records reflecting the action taken. Such action is effective when
the last director or committee member signs the consent, unless the consent specifies a different prior or subsequent effective
date. Such consent shall have the same force and effect as a unanimous vote at a meeting, and may be described as such in any document
or instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 15</U>. <U>Committees
</U>. The Board of Directors, by resolution adopted by a majority of the Board of Directors, may designate from among its members
an executive committee and one or more other committees, each of which, to the extent provided in such resolution or in the Articles
of Incorporation or in these By&#45;laws of the Corporation, shall have and may exercise such authority of the Board of Directors
as shall be expressly delegated by the Board from time to time; except that no such committee shall have the authority of the Board
of Directors in reference to (a)&nbsp;amending the Articles of Incorporation; (b)&nbsp;approving a plan of merger even if the plan
does not require shareholder approval; (c)&nbsp;authorizing dividends or distributions, except a committee may authorize or approve
a reacquisition of shares, if done according to a formula or method prescribed by the Board of Directors; (d)&nbsp;approving or
proposing to shareholders action that requires shareholder approval; (e)&nbsp;amending, altering or repealing the By&#45;laws of
the Corporation or adopting new By&#45;laws for the Corporation; (f)&nbsp;filling vacancies in the Board of Directors or in any
of its committees; or (g)&nbsp;electing or removing officers or members of any such committee. A majority of all the members of
any such committee may determine its action and fix the time and place of its meetings, unless the Board of Directors shall otherwise
provide. The Board of Directors shall have power at any time to change the number and members of any such committee, to fill vacancies
and to discharge any such committee. The designation of such committee and the delegation thereto of authority shall not alone
constitute compliance by the Board of Directors, or any member thereof, with the standard of conduct imposed upon it or him by
the Indiana Business Corporation Law, as the same may, from time to time, be amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 16</U>. <U>Meeting
by Telephone or Similar Communication Equipment </U>. Any or all directors may participate in and hold a regular or special meeting
of the Board of Directors or any committee thereof by, or through the use of, any means of conference telephone or other similar
communications equipment by which all directors participating in the meeting may simultaneously hear each other during the meeting.
Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting, except where a director
participates in the meeting for the express purpose of objecting to holding the meeting or transacting business at the meeting
on the ground that the meeting is not lawfully called or convened.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Principal
Officers </U>. The officers of the Corporation shall be chosen by the Board of Directors and shall consist of a Chairman of the
Board, a President, a Treasurer and a Secretary. There may also be one or more Vice Presidents, a Controller, and such other officers
or assistant officers as the Board shall from time to time create and so elect. Any two (2) or more offices may be held by the
same person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Election
and Terms </U>. Each officer shall be elected by the Board of Directors at the annual meeting thereof and shall hold office until
the next annual meeting of the Board or until his or her successor shall have been elected and qualified or until his or her death,
resignation or removal. The election of an officer shall not of itself create contract rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Resignation
and Removal </U>. An officer may resign at any time by delivering notice to the Board of Directors, its Chairman, or the Secretary
of the Corporation. A resignation is effective when the notice is delivered unless the notice specifies a later effective date.
If an officer's resignation is made effective at a later date and the Corporation accepts the future effective date, the Board
of Directors may fill the pending vacancy before the effective date, if the Board of Directors provides that the successor does
not take office until the effective date. The acceptance of a resignation shall not be necessary to make it effective, unless expressly
provided in the resignation. An officer's resignation does not affect the Corporation's contract rights, if any, with the officer.
Any officer may be removed at any time, with or without cause, by vote of a majority of the whole Board. Such removal shall not
affect the contract rights, if any, of the officer so removed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Vacancies
</U>. Whenever any vacancy shall occur in any office by death, resignation, increase in the number of officers of the Corporation,
or otherwise, the same shall be filled by the Board of Directors, and the officer so elected shall hold office until the next annual
meeting of the Board or until his or her successor shall have been elected and qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Powers
and Duties of Officers </U>. The officers so chosen shall perform the duties and exercise the powers expressly conferred or provided
for in these By&#45;laws, as well as the usual duties and powers incident to such office, respectively, and such other duties and
powers as may be assigned to them by the Board of Directors or by the President.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Chairman
of the Board </U>. The Chairman of the Board shall be the Chief Executive Officer of the Corporation and shall have charge of and
supervision and authority over all of the affairs, business and operations of the Corporation in the ordinary course of its business,
with all such duties, powers and authority with respect to such affairs, business and operations as may be reasonably incident
to such responsibilities. He shall have general supervision of and direct all officers, agents and employees of the Corporation
and shall see that all orders and resolutions of the Board are carried into effect. He shall have the authority to sign all deeds,
bonds, mortgages, contracts, notes and other instruments on behalf of the Corporation (except in cases where the signing and execution
thereof shall be expressly delegated by the Board or by these By-laws, or by law to some other officer or agent of the Corporation).
He shall preside at meetings of the shareholders and of the Board of Directors. He shall also perform such other duties and have
such additional authority and powers as are incident to his office or as may be delegated to him from time to time by the Board
of Directors.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 7</U>. <U>The
President </U>. The President shall be the Chief Operating Officer of the Corporation and shall supervise the day-to-day operations
of the Corporation subject to the supervision of the Chairman of the Board and the Board of Directors. He shall have the authority
to sign all deeds, mortgages, bonds, contracts, notes and
other instruments on behalf of the Corporation (except in cases where the signing and execution thereof shall be expressly delegated
by the Board or by these By-laws or by law to some other officer or agent of the Corporation). In the absence of the Chairman of
the Board, he shall preside at meetings of the shareholders. He shall also perform such other duties and have such additional authority
and powers as are incident to his office or as may be delegated to him from time to time by the Chairman of the Board or the Board
of Directors.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 8</U>. <U>Vice
Presidents </U>. The Vice Presidents shall assist the President and shall perform such duties as may be assigned to them by the
Board of Directors or the President. Unless otherwise provided by the Board, in the absence or disability of the President, the
Vice President (or, if there be more than one, the Vice President first named as such by the Board of Directors at its most recent
meeting at which Vice Presidents were elected) shall execute the powers and perform the duties of the President. Any action taken
by a Vice President in the performance of the duties of the President shall be conclusive evidence of the absence or inability
to act of the President at the time such action was taken.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9</U>. <U>Secretary
</U>. The Secretary (a)&nbsp;shall keep the minutes of all meetings of the Board of Directors and the minutes of all meetings of
the shareholders in books provided for that purpose; (b)&nbsp;shall attend to the giving and serving of all notices; (c)&nbsp;when
required, may sign with the President or a Vice President in the name of the Corporation, and may attest the signature of any other
officers of the Corporation to all contracts, conveyances, transfers, assignments, encumbrances, authorizations and all other instruments,
documents and papers, of any and every description whatsoever, of or executed for or on behalf of the Corporation and affix the
seal of the Corporation thereto; (d)&nbsp;may sign with the President or a Vice President all certificates for shares of the capital
stock of the Corporation and affix the corporate seal of the Corporation thereto; (e)&nbsp;shall have charge of and maintain and
keep or supervise and control the maintenance and keeping of the stock certificate books, transfer books and stock ledgers and
such other books and papers as the Board of Directors may authorize, direct or provide for, all of which shall at all reasonable
times be open to the inspection of any director, upon request, at the office of the Corporation during business hours; (f)&nbsp;shall,
in general, perform all the duties incident to the office of Secretary; and (g)&nbsp;shall have such other powers and duties as
may be conferred upon or assigned to him by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 10</U>. <U>Treasurer
</U>. The Treasurer shall have custody of all the funds and securities of the Corporation which come into his hands. When necessary
or proper, he may endorse on behalf of the Corporation, for collection, checks, notes and other obligations, and shall deposit
the same to the credit of the Corporation in such banks or depositories as shall be selected or designated by or in the manner
prescribed by the Board of Directors. He may sign all receipts and vouchers for payments made to the Corporation, either alone
or jointly with such officer as may be designated by the Board of Directors. Whenever required by the Board of Directors, he shall
render a statement of his cash account. He shall enter or cause to be entered, punctually and regularly, on the books of the Corporation,
to be kept by him or under his supervision or direction for that purpose, full and accurate accounts of all moneys received and
paid out by, for or on account of the Corporation. He shall at all reasonable times exhibit his books and accounts and other financial
records to any director of the Corporation during business hours. He shall have such other powers and duties as may be conferred
upon or assigned to him by the Board of Directors. The Treasurer shall perform all acts incident to the position of Treasurer,
subject always to the control of the Board of Directors. He shall, if required by the Board of Directors, give such bond for the
faithful discharge of his duties in such form and amount as the Board of Directors may require.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 11</U>. <U>The
Controller </U>. The Controller shall be the chief accounting officer of the Corporation and in such capacity shall keep full and
accurate accounts of all assets, liabilities, commitments, receipts, disbursements, and other financial transactions of the Corporation
and its subsidiaries in books belonging to the Corporation; shall cause audits of such books and records to be made at regular
intervals as required by law and in accordance with guidelines established by the Audit Committee of the Board of Directors; shall
see that all expenditures are made in accordance with procedures duly established, from time to time by the Corporation; shall
prepare financial statements for the Corporation and its subsidiaries at regular intervals as required by law or at the request
of the Board of Directors, the Chairman, the President or the Vice President, Finance; and, in general shall
perform all the duties ordinarily connected with the office of Controller and such other duties as, from time to time, may be assigned
to him by the Board of Directors, the Chairman, the President or the Vice President, Finance.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 12</U>. <U>Assistant
Secretaries </U>. The Assistant Secretaries shall assist the Secretary in the performance of his or her duties. In the absence
of the Secretary, any Assistant Secretary shall exercise the powers and perform the duties of the Secretary. The Assistant Secretaries
shall exercise such other powers and perform such other duties as may from time to time be assigned to them by the Board, the President,
or the Secretary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 13</U>. <U>Assistant
Treasurers </U>. The Assistant Treasurers shall assist the Treasurer in the performance of his or her duties. Any Assistant Treasurer
shall, in the absence or disability of the Treasurer, exercise the powers and perform the duties of the Treasurer. The Assistant
Treasurers shall exercise such other duties as may from time to time be assigned to them by the Board, the President, or the Treasurer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 14</U>. <U>Delegation
of Authority </U>. In case of the absence of any officer of the Corporation, or for any reason that the Board may deem sufficient,
a majority of the entire Board may transfer or delegate the powers or duties of any officer to any other officer or officers for
such length of time as the Board may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 15</U>. <U>Securities
of Other Corporations </U>. The President or any Vice President or Secretary or Treasurer of the Corporation shall have power and
authority to transfer, endorse for transfer, vote, consent or take any other action with respect to any securities of another issuer
which may be held or owned by the Corporation and to make, execute and deliver any waiver, proxy or consent with respect to any
such securities.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Directors' Services, Limitation of Liability</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>and Reliance on Corporate Records, and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Interest of Directors in Contracts</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Services
</U>. No director of this Corporation who is not an officer or employee of this Corporation shall be required to devote his time
or any particular portion of his time or render services or any particular services exclusively to this Corporation. Every director
of this Corporation shall be entirely free to engage, participate and invest in any and all such businesses, enterprises and activities,
either similar or dissimilar to the business, enterprise and activities of this Corporation, without breach of duty to this Corporation
or to its shareholders and without accountability or liability to this Corporation or to its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Every director of this
Corporation shall be entirely free to act for, serve and represent any other corporation, any entity or any person, in any capacity,
and be or become a director or officer, or both, of any other corporation or any entity, irrespective of whether or not the business,
purposes, enterprises and activities, or any of them thereof, be similar or dissimilar to the business, purposes, enterprises and
activities, or any of them, of this Corporation, without breach of duty to this Corporation or to its shareholders and without
accountability or liability of any character or description to this Corporation or to its shareholders.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>General
Limitation of Liability </U>. A director shall, based on facts then known to the director, discharge the duties as a director,
including the director's duties as a member of a committee, in good faith, with the care an ordinarily prudent person in a like
position would exercise under similar circumstances, and in a manner the director reasonably believes to be in the best interests
of the Corporation. A director is not liable to the Corporation for any action taken as a director, or any failure to take any
action, unless: (a)&nbsp;the director has breached or failed to perform the duties of the director's office in accordance with
the standard of care set forth above; and (b)&nbsp;the breach or failure to perform constitutes willful misconduct or recklessness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Reliance
on Corporate Records and Other Information </U>. Any person acting as a director of the Corporation shall be fully protected, and
shall be deemed to have complied with the standard of care set forth in Section&nbsp;2 of this Article, in relying in good faith
upon any information, opinions, reports or statements, including financial statements and other financial data, if prepared or
presented by (a)&nbsp;one or more officers or employees of the Corporation whom such person reasonably believes to be reliable
and competent in the matters presented; (b)&nbsp;legal counsel, public accountants, or other persons as to matters such person
reasonably believes are within the person's professional or expert competence; or (c)&nbsp;a committee of the Board of Directors
of which such person is not a member, if such person reasonably believes the committee merits confidence; <U>provided, however</U>,
that such person shall not be considered to be acting in good faith if such person has knowledge concerning the matter in question
that would cause such reliance to be unwarranted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Interest
of Directors in Contracts </U>. Any contract or other transaction between the Corporation and (a)&nbsp;any director, or (b)&nbsp;any
corporation, unincorporated association, business trust, estate, partnership, trust, joint venture, individual or other legal entity
(1)&nbsp;in which any director has a material financial interest or is a general partner, or (2)&nbsp;of which any director is
a director, officer, or trustee, shall be valid for all purposes, if the material facts of the contract or transaction and the
director's interest were disclosed or known to the Board of Directors, a committee of the Board of Directors with authority to
act thereon, or the shareholders entitled to vote thereon, and the Board of Directors, such committee or such shareholders authorized,
approved or ratified the contract or transaction. Such a contract or transaction is authorized, approved or ratified: (i)&nbsp;by
the Board of Directors or such committee, if it receives the affirmative vote of a majority of the directors who have no interest
in the contract or transaction, notwithstanding the fact that such majority may not constitute a quorum or a majority of the directors
present at the meeting, and notwithstanding the presence or vote of any director who does have such an interest; <U>provided, however</U>,
that no such contract or transaction may be authorized, approved or ratified by a single director; and (ii)&nbsp;by such shareholders,
if it receives the vote of a majority of the shares entitled to be counted, in which vote shares owned by or voted under the control
of any director who, or of any corporation, unincorporated association, business trust, estate, partnership, trust, joint venture,
individual or other legal entity that, has an interest in the contract or transaction may be counted; <U>provided, however</U>,
that a majority of such shares, whether or not present, shall constitute a quorum for the purpose of authorizing, approving or
ratifying such a contract or transaction. This Section shall not be construed to require authorization, ratification or approval
by the shareholder of any such contract or transaction, or to invalidate any such contract or transaction that is fair to the Corporation
or would otherwise be valid under the common and statutory law applicable thereto.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Indemnification
Against Underlying Liability </U>. The Corporation shall, to the fullest extent to which it is empowered to do so by the Corporation
Law, or any other applicable law, as from time to time in effect, indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or
investigative and whether formal or informal, by reason of the fact that he is or was a director, officer, employee or agent of
the Corporation, or who, while serving as such director, officer, employee or agent of the Corporation, is or was serving at the
request of the Corporation as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise (collectively, &quot;Agent&quot;) against expenses (including attorneys' fees), judgments, fines,
penalties, court costs and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit
or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of
the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
The termination of any action, suit, or proceeding by judgment, order, settlement (whether with or without court approval), conviction
or upon a plea of <U>nolo contendere</U> or its equivalent, shall not, of itself, create a presumption that the Agent did not act
in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was unlawful. If several
claims, issues or matters are involved, an Agent may be entitled to indemnification as to some matters even though he is not entitled
as to other matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Successful
Defense </U>. To the extent that an Agent of the Corporation has been successful on the merits or otherwise in defense of any action,
suit or proceeding referred to in Section&nbsp;1 of this Article&nbsp;VI, or in defense of any claim, issue or matter therein,
the Corporation shall indemnify such person against expenses (including attorneys' fees) actually and reasonably incurred by such
person in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Determination
of Conduct </U>. Subject to any rights under any contract between the Corporation and any Agent, any indemnification against underlying
liability provided for in Section&nbsp;1 of this Article&nbsp;VI (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 Agent is proper in the circumstances because
he has met the applicable standard of conduct set forth in said Section. Such determination shall be made (1)&nbsp;by the Board
of Directors by a majority vote of a quorum consisting of directors not at the time parties to such action, suit or proceeding;
(2)&nbsp;if such an independent quorum cannot be obtained, by majority vote of a committee duly designated by the full Board of
Directors (in which designation directors who are parties may participate), consisting solely of one or more directors not at the
time parties to the action, suit or proceeding; (3)&nbsp;by special legal counsel (A)&nbsp;selected by the independent quorum of
the Board of Directors (or the independent committee thereof if no such quorum can be obtained), or (B)&nbsp;if no such independent
quorum or committee thereof can be obtained, selected by majority vote of the full Board of Directors (in which selection directors
who are parties may participate); or (4)&nbsp;by the shareholders, but shares owned by or voted under the control of directors
who are at the time parties to such action, suit or proceeding may not be voted on the determination. Notwithstanding the foregoing,
an Agent shall be able to contest any determination that the Agent has not met the applicable standard of conduct by petitioning
a court of appropriate jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Definition
of Good Faith </U>. For purposes of any determination under Section&nbsp;1 of this Article&nbsp;VI, a person shall be deemed
to have acted in good faith and to have otherwise met the applicable standard of conduct set forth in Section&nbsp;1 if his
action is based on information, opinions, reports, or statements, including financial statements and other financial data, if
prepared or presented by (1) one or more officers or employees of the Corporation or another enterprise whom he reasonably
believes to be reliable and competent in the matters presented;
(2)&nbsp;legal counsel, public accountants, appraisers or other persons as to matters he reasonably believes are within the person's
professional or expert competence; or (3)&nbsp;a committee of the Board of Directors of the Corporation or another enterprise of
which the person is not a member if he reasonably believes the committee merits confidence. The provisions of this Section&nbsp;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
standards of conduct set forth in Section&nbsp;1 of this Article&nbsp;VI.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Payment
of Expenses in Advance </U>. Expenses incurred in connection with any civil, criminal, administrative or investigative action,
suit or proceeding by an Agent who may be entitled to indemnification pursuant to Section&nbsp;1 of this Article&nbsp;VI shall
be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of a written affirmation
by the Agent of his good faith belief that he has met the applicable standard of conduct set forth in Section&nbsp;1 of this Article&nbsp;VI
and upon receipt of a written undertaking by or on behalf of the Agent to repay such amount if it is ultimately determined that
he is not entitled to be indemnified by the Corporation as authorized in this Article&nbsp;VI. Notwithstanding the foregoing, such
expenses shall not be advanced if the Corporation conducts the determination of conduct procedure referred to in Section&nbsp;3
of this Article&nbsp;VI and it is determined from the facts then known that the Agent will be precluded from indemnification against
underlying liability because he has failed to meet the applicable standard of conduct set forth in Section&nbsp;1 of this Article&nbsp;VI.
The full Board of Directors (including directors who are parties) may authorize the Corporation to implement the determination
of conduct procedure, but such procedure is not required for the advancement of expenses. The full Board of Directors (including
directors who are parties) may authorize the Corporation to assume the Agent's defense where appropriate, rather than to advance
expenses for such defense.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Indemnity
Not Exclusive </U>. The indemnification against underlying liability, and advancement of expenses provided by, or granted pursuant
to, this Article&nbsp;VI shall not be deemed exclusive of, and shall be subject to, any other rights to which those seeking indemnification
or advancement of expenses may be entitled under the Corporation's Articles of Incorporation, these Bylaws, any resolution of the
Board of Directors or shareholders, any other authorization, whenever adopted, after notice, by a majority vote of all voting shares
then outstanding, or any contract, both as to action in his official capacity and as to action in another capacity while holding
such office, and shall continue as to a person who has ceased to be an Agent, and shall inure to the benefit of the heirs, executors
and administrators of such a person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 7</U>. <U>Vested
Right to Indemnification </U>. The right of any individual to indemnification under this Article shall vest at the time of occurrence
or performance of any event, act or omission giving rise to any action, suit or proceeding of the nature referred to in Section&nbsp;1
of this Article&nbsp;VI and, once vested, shall not later be impaired as a result of any amendment, repeal, alteration or other
modification of any or all of these provisions. Notwithstanding the foregoing, the indemnification afforded under this Article
shall be applicable to all alleged prior acts or omissions of any individual seeking indemnification hereunder, regardless of the
fact that such alleged acts or omissions may have occurred prior to the adoption of this Article. To the extent such prior acts
or omissions cannot be deemed to be covered by this Article&nbsp;VI, the right of any individual to indemnification shall be governed
by the indemnification provisions in effect at the time of such prior acts or omissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 8</U>. <U>Insurance
</U>. The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was an Agent of
the Corporation against any liability asserted against him or incurred by him in any such capacity, or arising out of his status
as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of this
Article&nbsp;VI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9</U>. <U>Additional
Definitions </U>. For purposes of this Article&nbsp;VI references to &quot;other enterprises&quot; shall include employee benefit
plans; references to &quot;fines&quot; shall include any excise taxes assessed on a person with respect to any employee benefit
plan; and references to &quot;serving at the request of the Corporation&quot; shall include any service as a director, officer,
employee or agent of the Corporation which imposes duties on, or
involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries.
A person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner &quot;not opposed to the best interests of the Corporation&quot;
as referred to in this Article&nbsp;VI.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 10</U>. <U>Payments
a Business Expense </U>. Any payments made to any indemnified party under this Article or under any other right to indemnification
shall be deemed to be an ordinary and necessary business expense of the Corporation, and payment thereof shall not subject any
person responsible for the payment, or the Board of Directors, to any action for corporate waste or to any similar action.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Share
Certificates </U>. The certificate for shares of the Corporation shall be in such form as shall be approved by the Board of Directors.
Each share certificate shall state on its face the name and state of organization of the Corporation, the name of the person to
whom the certificate is issued, and the number and class of shares the certificate represents. Share certificates shall be consecutively
numbered and shall be entered in the books of the Corporation as they are issued. Every certificate for shares of the Corporation
shall be signed (either manually or in facsimile) by, or in the name of, the Corporation by the President or a Vice President and
either the Secretary or an Assistant Secretary of the Corporation, with the seal of the Corporation, if any, or a facsimile thereof
impressed or printed thereon. If the person who signed (either manually or in facsimile) a share certificate no longer holds office
when the certificate is issued, the certificate is nevertheless valid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Transfer
of Shares </U>. Except as otherwise provided by law, transfers of shares of the capital stock of the Corporation, whether part
paid or fully paid, shall be made only on the books of the Corporation by the owner thereof in person or by duly authorized attorney,
on payment of all taxes thereon and surrender for cancellation of the certificate or certificates for such shares (except as hereinafter
provided in the case of loss, destruction or mutilation of certificate) properly endorsed by the holder thereof or accompanied
by the proper evidence of succession, assignment or authority to transfer, and delivered to the Secretary or an Assistant Secretary.
All such transfers shall be made in accordance with the relevant provisions of Indiana Code &sect;&sect;26&#45;1&#45;8&#45;101
<U>et seq</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Transfer
Agent </U>. The Board of Directors shall have power to appoint one or more transfer agents and registrars for the transfer and
registration of certificates of stock of the Corporation, and may require that such certificates shall be countersigned and registered
by one or more of such transfer agents and registrars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Registered
Holders </U>. The Corporation shall be entitled to treat the person in whose name any share of stock or any warrant, right or option
is registered as the owner thereof for all purposes and shall not be bound to recognize any equitable or other claim to, or interest
in, such share, warrant, right or option on the part of any other person, whether or not the Corporation shall have notice thereof,
save as may be expressly provided otherwise by the laws of the State of Indiana, the Articles of Incorporation of the Corporation
or these By&#45;laws. In no event shall any transferee of shares of the Corporation become a shareholder of the Corporation until
express notice of the transfer shall have been received by the Corporation.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Lost,
Destroyed and Mutilated Certificates </U>. The holder of any share certificate of the Corporation shall immediately notify the
Corporation of any loss, destruction or mutilation of the certificate, and the Board may, in its discretion, cause to be issued
to such holder of shares a new certificate or certificates of shares of capital stock, upon the surrender of the mutilated certificate,
or, in case of loss or destruction, upon the furnishing of an affidavit or satisfactory proof of such loss or destruction. The
Board may, in its discretion, require the owner of the lost or destroyed certificate or such owner's legal representative to give
the Corporation a bond in such sum and in such form, and with such surety or sureties as it may direct, to indemnify the Corporation,
its transfer agents and registrars, if any, against any claim that may be made against them or any of them with respect to the
certificate or certificates alleged to have been lost or destroyed, but the Board may, in its discretion, refuse to issue a new
certificate or new certificates, save upon the order of a court having jurisdiction in such matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Consideration
for Shares </U>. The Corporation may issue shares for such consideration received or to be received as the Board of Directors determines
to be adequate. That determination by the Board of Directors is conclusive insofar as the adequacy of consideration for the issuance
of shares relates to whether the shares are validly issued, fully paid and nonassessable. When the Corporation receives the consideration
for which the Board of Directors authorized the issuance of shares, the shares issued therefor are fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 7</U>. <U>Payment
for Shares </U>. The Board of Directors may authorize shares to be issued for consideration consisting of any tangible or intangible
property or benefit to the Corporation, including cash, promissory notes, services performed, contracts for services to be performed,
or other securities of the Corporation. If shares are authorized to be issued for promissory notes or for promises to render services
in the future, the Corporation must report in writing to the shareholders the number of shares authorized to be so issued before
or with the notice of the next shareholders' meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 8</U>. <U>Distributions
to Shareholders </U>. The Board of Directors may authorize and the Corporation may make distributions to the shareholders subject
to any restrictions set forth in the Articles of Incorporation of the Corporation and any limitations in the Indiana Business Corporation
Law, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9</U>. <U>Regulations
</U>. The Board of Directors shall have power and authority to make all such rules and regulations as they may deem expedient concerning
the issue, transfer and registration or the replacement of certificates for shares of the Corporation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Corporate Books and Reports</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Place
of Keeping Corporate Books and Records </U>. Except as expressly provided otherwise in this Article, the books of account, records,
documents and papers of the Corporation shall be kept at any place or places, within or without the State of Indiana, as directed
by the Board of Directors. In the absence of a direction, the books of account, records, documents and papers shall be kept at
the principal office of the Corporation.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Place
of Keeping Certain Corporate Books and Records </U>. The Corporation shall keep a copy of the following records at its principal
office:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its
Articles or restated Articles of Incorporation and all amendments to them currently in effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its
By&#45;laws or restated By&#45;laws and all amendments to them currently in effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
adopted by the Board of Directors with respect to one or more classes or series of shares and fixing their relative rights, preferences
and limitations, if shares issued pursuant to those resolutions are outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
minutes of all shareholders' meetings and records of all action taken by shareholders without a meeting, for the past three (3)
years;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
written communications to shareholders generally within the past three (3) years, including financial statements furnished to shareholders;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
list of the names and business addresses of its current directors and officers; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation's most recent annual report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Permanent
Records </U>. The Corporation shall keep as permanent records minutes of all meetings of its shareholders and Board of Directors,
a record of all actions taken by the shareholders or Board of Directors without a meeting, and a record of all actions taken by
a committee of the Board of Directors in place of the Board of Directors on behalf of the Corporation. The Corporation shall also
maintain appropriate accounting records.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Shareholder
Records </U>. The Corporation shall maintain a record of its shareholders, in a form that permits preparation of a list of the
names and addresses of all shareholders, in alphabetical order by class of shares showing the number and class of shares held by
each.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Shareholder
Rights of Inspection </U>. The records designated in Section&nbsp;2 of this Article may be inspected and copied by shareholders
of record, during regular business hours at the Corporation's principal office, provided that the shareholder gives the Corporation
written notice of the shareholder's demand at least five (5) business days before the date on which the shareholder wishes to inspect
and copy. A shareholder's agent or attorney, if authorized in writing, has the same inspection and copying rights as the shareholder
represented. The Corporation may impose a reasonable charge, covering the costs of labor and material, for copies of any documents
provided to the shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Additional
Rights of Inspection </U>. Shareholder rights enumerated in Section&nbsp;5 of this Article may also apply to the following corporate
records, provided that the notice requirements of Section&nbsp;5 are met, the shareholder's demand is made in good faith and for
a proper purpose, the shareholder describes with reasonable particularity the shareholder's purpose and the records the shareholder
desires to inspect, and the records are directly connected with the shareholder's purpose: excerpts from minutes of any meeting
of the Board of Directors, records of any action of a committee of the Board of Directors while acting in place of the Board of
Directors on behalf of the Corporation, minutes of any meeting of the shareholders, and records of action taken by the shareholders
or Board of Directors without a meeting, to the extent not subject to inspection under Section 5 of this Article, as well as accounting
records of the Corporation and the record of shareholders. Such inspection and copying is to be done during regular business hours
at a reasonable location specified by the Corporation. The Corporation may impose a reasonable charge, covering the costs of labor
and material, for copies of any documents provided to the shareholder.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 1</U>. <U>Notice
and Waiver of Notice </U>. Subject to the specific and express notice requirements set forth in other provisions of these By-laws,
the Articles of Incorporation, and the Indiana Business Corporation Law, as the same may, from time to time, be amended, notice
may be communicated to any shareholder or director in person, by telephone, telegraph, teletype, or other form of wire or wireless
communication, or by mail. If the foregoing forms of personal notice are deemed to be impracticable, notice may be communicated
in a newspaper of general circulation in the area where published or by radio, television, or other form of public broadcast communication.
Subject to Section&nbsp;4 of ARTICLE&nbsp;II of these By&#45;laws, written notice is effective at the earliest of the following:
(a)&nbsp;when received; (b)&nbsp;if correctly addressed to the address listed in the most current records of the Corporation, five
days after its mailing, as evidenced by the postmark or private carrier receipt; or (c)&nbsp;if sent by registered or certified
United States mail, return receipt requested, on the date shown on the return receipt which is signed by or on behalf of the addressee.
Oral notice is effective when communicated. A written waiver of notice, signed by the person or persons entitled to such notice,
whether before or after the time stated therein, shall be equivalent to the giving of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 2</U>. <U>Depositories
</U>. Funds of the Corporation not otherwise employed shall be deposited in such banks or other depositories as the Board of Directors,
the President or the Treasurer may select or approve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 3</U>. <U>Signing
of Checks, Notes, etc. </U> In addition to and cumulative of, but in no way limiting or restricting, any other provision of these
By&#45;laws which confers any authority relative thereto, all checks, drafts and other orders for the payment of money out of funds
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Corporation and all notes and other
evidence of indebtedness of the Corporation may be signed on behalf of the Corporation, in such manner, and by such officer or
person as shall be determined or designated by the Board of Directors; <U>provided</U>, <U>however</U>, that if, when, after and
as authorized or provided for by the Board of Directors, the signature of any such officer or person may be a facsimile or engraved
or printed, and shall have the same force and effect and bind the Corporation as though such officer or person had signed the same
personally; and, in the event of the death, disability, removal or resignation of any such officer or person, if the Board of Directors
shall so determine or provide, as though and with the same effect as if such death, disability, removal or resignation had not
occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 4</U>. <U>Gender
and Number </U>. Wherever used or appearing in these By&#45;laws, pronouns of the masculine gender shall include the female gender
and the neuter gender, and the singular shall include the plural wherever appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 5</U>. <U>Laws
</U>. Wherever used or appearing in these By&#45;laws, the words &quot;law&quot; or &quot;laws&quot; shall mean and refer to laws
of the State of Indiana, to the extent only that such are expressly applicable, except where otherwise expressly stated or the
context requires that such words not be so limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 6</U>. <U>Headings
</U>. The headings of the Articles and Sections of these By&#45;laws are inserted for convenience of reference only and shall not
be deemed to be a part thereof or used in the construction or interpretation thereof.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">These By&#45;laws may,
from time to time, be added to, changed, altered, amended or repealed or new By&#45;laws may be made or adopted by a majority vote
of the whole Board of Directors at any meeting of the Board of Directors, if the notice or waiver of notice of such meeting shall
have stated that the By&#45;laws are to be amended, altered or repealed at such meeting, or if all directors at the time are present
at such meeting, have waived notice of such meeting, or have consented to such action in writing.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 1in"><U>Section 1.</U> The Indiana
Business Corporation Law. Except as otherwise expressly provided herein, the provisions of the Indiana Business Corporation Law,
as the same may, from time to time be amended, applicable to any of the matters not herein specifically covered by these By-laws,
are hereby incorporated by reference in and made a part of these By-laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 1in"><U>Section 2.</U> Mandatory Classified
Board Structure. The provisions of IC 23-1-33-6 (c) shall not apply to the Corporation. &#8221;</P>

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

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

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

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