<SEC-DOCUMENT>0001104659-20-064224.txt : 20200520
<SEC-HEADER>0001104659-20-064224.hdr.sgml : 20200520
<ACCEPTANCE-DATETIME>20200520160127
ACCESSION NUMBER:		0001104659-20-064224
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200520
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200520
DATE AS OF CHANGE:		20200520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11588
		FILM NUMBER:		20898052

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2019562d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Washington,
D.C. 20549</P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: bold 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">Date of Report (Date of earliest event reported):
<B>May 20, 2020</B></P>

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SAGA COMMUNICATIONS,
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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Florida</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1-11588</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>38-3042953</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="text-align: center; padding: 0; width: 50%"><FONT STYLE="font-size: 10pt"><B>73 Kercheval Avenue Grosse Pointe Farms, MI</B></FONT></TD>
    <TD STYLE="padding: 0; width: 50%; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>48236</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></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;<B>&#9; &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(313) 886-7070</B></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">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:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</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%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Class A Common Stock,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">par value $0.01 per share</P></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">SGA</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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<P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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="padding: 0; width: 1in; text-indent: 0"><B>Item 2.01. </B></TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Completion of Acquisition or Disposition of Assets.</B></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; text-indent: 13.5pt">On May 20, 2020, Saga Communications, Inc.,
a Delaware corporation (the &ldquo;Company&rdquo;), merged with and into its wholly-owned Florida subsidiary, Saga Communications
Reincorporation, Inc. (&ldquo;Saga Florida&rdquo;), pursuant to the Agreement and Plan of Merger, dated May 11, 2020 (the &ldquo;Merger
Agreement&rdquo;), between the parties (the entrance into the Merger Agreement was previously announced in the Current Report on
Form 8-K filed with the Commission on May 12, 2020). Beginning at the effective date of the merger, the name of Saga Florida is
now &ldquo;Saga Communications, Inc.&rdquo; Saga Florida is deemed to be the successor issuer of the Company under Rule 12g-3 of
the Securities Exchange Act of 1934, as amended. A copy of the Merger Agreement was filed as Exhibit 2.1 to the Company&rsquo;s
Current Report on Form 8-K filed with the Commission on May 11, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">The reincorporation of the Company resulted
in a change in the state of incorporation from Delaware to Florida, but did not result in any change in the name, business, management,
fiscal year, accounting, location of the principal executive officers, assets or liabilities of the Company. In addition, the Company&rsquo;s
common stock will continue to trade on NASDAQ under the symbol &ldquo;SGA.&rdquo; Shareholders are not required to exchange Company
shares in connection with the reincorporation because the shares in Saga Florida are deemed to represent an equal number of shares
in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">As of May 20, 2020, the effective date
of the reincorporation, the rights of the Company&rsquo;s shareholders began to be governed by the Florida Business Corporation
Act, the Articles of Incorporation of Saga Communications, Inc. attached as Exhibit 3.1 and the Bylaws of Saga Communications,
Inc. attached as Exhibit 3.2. The form of common stock certificate of Saga Florida is attached as Exhibit 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">Additional information about the reincorporation
and a comparison of the rights of shareholders of the Company and Saga Florida can be found in the Company&rsquo;s Proxy Statement
for the 2020 Annual Meeting of Stockholders (the &ldquo;2020 Proxy Statement&rdquo;), filed with the Securities and Exchange Commission
on April 16, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 1in; text-indent: 0"><B>Item 3.03.&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Material Modification to Rights of Security Holders.</B></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; text-indent: 0.2in">Please see the disclosure set forth under
Item 2.01, which is incorporated by reference into this Item 3.03.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">Please see the disclosure set forth under
Item 2.01, which is incorporated by reference into this Item 5.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 1in; text-indent: 0"><B>Item 9.01.</B></TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Financial Statements and Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.25in; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 0.25in; text-indent: 0">(d)&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Exhibits</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 0.5in; text-indent: 0"><A HREF="tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Articles of Incorporation of Saga Communications, Inc., a Florida corporation</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Bylaws of Saga Communications, Inc., a Florida corporation</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex4-1.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex4-1.htm"><FONT STYLE="font-size: 10pt">Form of Common Stock Certificate </FONT></A></TD></TR>
</TABLE>
<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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0"><B>SAGA COMMUNICATIONS, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 62%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 3%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 35%; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Dated: May 20, 2020</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0">/s/ Samuel D. Bush</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Samuel D. Bush</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Senior Vice President and Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.75in; text-indent: 0"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="padding: 0; width: 0.25in; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of Saga Communications, Inc., a Florida corporation</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit">3.2</A></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Bylaws of Saga Communications, Inc., a Florida corporation</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tm2019562d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Form of Common Stock Certificate </A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<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; text-indent: 0in">&nbsp;</P>

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



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2019562d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</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; text-indent: 0in"><B>ARTICLES OF INCORPORATION
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SAGA COMMUNICATIONS
REINCORPORATION, INC.</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The name of the corporation
is Saga Communications Reincorporation, Inc. (referred to in these Articles of Incorporation (the &ldquo;Articles&rdquo;) as the
 &ldquo;Corporation&rdquo;).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The address of the registered office of
the Corporation in the State of Florida is 1200 South Pine Island Road, Plantation, Florida 33324, and the name of the registered
agent at such address is CT Corporation System<FONT STYLE="font-size: 10pt">. The principal office mailing address of the Corporation
is 73 Kercheval Avenue, Suite 201, Grosse Pointe Farms, Michigan 48236.</FONT></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: center; text-indent: 0in"><B>ARTICLE THREE</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The nature of the business
or purposes of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Florida
Business Corporation Act, as the same exists and may subsequently be amended (the &ldquo;FBCA&rdquo;), and by such statement all
lawful actions and activities shall be within the purposes of the Corporation except for express limitations, if any. The Corporation
shall possess and exercise all the powers and privileges granted by the FBCA, by any other law or by these Articles, together with
any powers incidental thereto as far as such powers and privileges are necessary or convenient to the conduct, promotion, or attainment
of the purposes of the Corporation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1 <U>Authorized
Shares</U>. The total number of shares of capital stock which the Corporation shall have authority to issue is 40,000,000 shares,
consisting of three classes of capital stock;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) 35,000,000
shares of Class A Common Stock, par value $.01 per share (the &ldquo;Class A Shares&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) 3,500,000
shares of Class B Common Stock, par value $.01 per share (the &ldquo;Class B Shares&rdquo;, and together with the Class A Shares,
the &ldquo;Common Shares&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) 1,500,000
shares of Preferred Stock, par value $.01 per share (the &ldquo;Preferred Shares&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2 <U>Designations,
Preferences, etc.</U> The designations, preferences, powers, qualifications, and special or relative rights, or privileges of the
capital stock of the Corporation shall be set forth in ARTICLE FIVE and ARTICLE SIX below.</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: center; text-indent: 0in"><B>ARTICLE FIVE</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1 <U>Identical
Rights</U>. Except as herein otherwise expressly provided in this ARTICLE FIVE, all Common Shares shall be identical and shall
entitle the holders thereof to the same rights and privileges.</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">5.2 <U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) When,
as, and if dividends are declared by the Corporation&rsquo;s Board of Directors, whether payable in cash, in property, or in securities
of the Corporation, the holders of Common Shares shall be entitled to share equally in and to receive, in accordance with the number
of Common Shares held by each such holder, all such dividends, except that if dividends are declared that are payable in Common
Shares, such stock dividends shall be payable at the same rate on each class of Common Shares and shall be payable only in Class
A Shares to holders of Class A Shares and in Class B Shares to holders of Class B Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) Dividends
payable under this Paragraph 5.2 shall be paid to the holders of record of the outstanding Common Shares as their names shall appear
on the stock register of the Corporation on the record date fixed by the Board of Directors in advance of declaration and payment
of each dividend. Any Common Shares issued as a dividend pursuant to this Paragraph 5.2 shall, when so issued, be duly authorized,
validly issued, fully paid and non-assessable, and free of all liens and charges. The Corporation shall not issue fractions of
Common Shares on payment of such dividend but shall issue a whole number of shares to such holder of Common Shares rounded up or
down in the Corporation's sole discretion to the nearest whole number, without compensation to the shareholder whose fractional
share has been rounded down or from any shareholder whose fractional share has been rounded up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) Notwithstanding
anything contained herein to the contrary no dividends on Common Shares shall be declared by the Corporation&rsquo;s Board of Directors
or paid or set apart for payment by the Corporation at any time that such declaration, payment, or setting apart is prohibited
by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3 <U>Stock Splits</U>. The
Corporation shall not in any manner subdivide (by any stock split, reclassification, stock dividend, recapitalization, or otherwise)
or combine the outstanding shares of one class of Common Shares unless the outstanding shares of all classes of Common Shares shall
be proportionately subdivided or combined.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4  <U>Liquidation
Rights</U>. Upon any voluntary or involuntary liquidation, dissolution, or winding-up of the affairs of the Corporation, after
payment shall have been made to holders of outstanding Preferred Shares, if any, of the full amount to which they are entitled
pursuant to these Articles and any resolutions that may be adopted from time to time by the Corporation&rsquo;s Board of Directors,
in accordance with ARTICLE SIX below (for the purpose of fixing the voting rights, designations, preferences, and relative, participating,
optional, or other special rights of any series of Preferred Shares), the holders of Common Shares shall be entitled, to the exclusion
of the holders of Preferred Shares, if any, to share ratably, in accordance with the number of Common Shares held by each such
holder, in all remaining assets of the Corporation available for distribution among the holders of Common Shares, whether such
assets are capital, surplus, or earnings. For the purposes of this Paragraph 5.4, neither the consolidation or merger of the Corporation
with or into any other corporation or corporations in which the shareholders of the Corporation receive capital stock and/or other
securities (including debt securities) of the acquiring corporation (or of the direct or indirect parent corporation of the acquiring
corporation), nor the sale, lease or transfer by the Corporation of all or any part of its assets, nor the reduction of the capital
stock of the Corporation, shall be deemed a voluntary or involuntary liquidation, dissolution, or winding-up of the Corporation
as those terms are used in this Paragraph 5.4.</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">5.5 <U>Voting
Rights</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) The
holders of the Common Shares shall vote as a single class on all matters submitted to a vote of the shareholders, with each Class
A Share entitled to one vote and each Class B Share entitled to ten votes, except (i) for the election of directors, which shall
be governed by subparagraphs (b) and (c) below, (ii) with respect to any Going Private Transaction (as such term is defined below),
which shall be governed by subparagraph (e) below, and (iii) as otherwise provided by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) In
the election of directors, the holders of Class A Shares shall be entitled by class vote, exclusive of all other shareholders,
to elect that number of directors that constitutes twenty-five percent (25%) of the authorized number of the Corporation&rsquo;s
directors, or if such 25% is not a whole number, the nearest whole number of directors that is at least 25% with each Class A Share
entitled to one vote. The holders of Class A Shares shall be entitled by class vote to vote on the removal of any director so elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) Except
as otherwise provided in subparagraph (b) above, the holders of Class A Shares and Class B Shares, voting as a single class, shall
have the right to vote on the election or removal of all directors of the Corporation (other than directors elected pursuant to
subparagraph (b) above and other than any director which the holders of any then outstanding Preferred Stock shall be entitled
to elect), with each Class A Share entitled to one vote, and each Class B Share entitled to ten votes. The holders of Class A Shares
and Class B Shares are not entitled to cumulative votes in the election of any directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) In
the event of the death, removal or resignation of a director elected by the holders of Class A Shares (pursuant to subparagraph
(b) above) prior to the expiration of his term, the vacancy on the Board of Directors created thereby may be filled by a majority
of the directors then in office, although less than a quorum; provided, that any person appointed to fill a vacancy created by
the death, removal or resignation of a director elected by the holders of the Class A Shares (in accordance with subparagraph (b)
above) shall be an &ldquo;Independent Director,&rdquo; as such term is defined in NASDAQ Listing Rule 5605(a)(2), as the same may
be amended from time to time (or if the Class A Shares shall be listed on a different national securities exchange or other trading
system as may be analogously defined by the rules of such exchange or system). A director elected in such manner to fill such vacancy
shall hold office until his successor has been duly elected and qualified at a meeting of the holders of Class A Shares duly called
for such purpose.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) With
respect to any Going Private Transaction (as such term is defined below), the holders of Class A Shares and Class B Shares shall
vote as a single class, with each Class A Share and Class B Share entitled to one vote. For purposes of this Paragraph 5.5, the
term &ldquo;Going Private Transaction&rdquo; shall mean any transaction between the Corporation and (i) Edward K. Christian (the
 &ldquo;Principal Shareholder&rdquo;) or (ii) any Affiliate of the Principal Shareholder (as such term is defined below in Paragraph
5.7(a)), in each case which would qualify as a &ldquo;Rule 13e-3 Transaction,&rdquo; as such term is defined in Rule 13e-3(a)(3),
17 C.F.R. Section 240.13e-3, as amended from time to time, promulgated under the Securities Exchange Act of 1934, as amended; provided,
that, the term &ldquo;affiliate&rdquo; as used in Rule 13e-3(3)(i) shall be deemed to include an &ldquo;Affiliate of the Principal
Shareholder,&rdquo; as such term is defined below in Paragraph 5.7(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f) As
long as any of the Common Shares shall be listed and quoted on the NASDAQ, the Board of Directors of the Corporation shall ensure,
and shall have all powers necessary to ensure, that the membership of the Board of Directors shall at all times include such number
of &ldquo;Independent Directors&rdquo; (as such term is defined in NASDAQ Listing Rule 5605(a)(2), as the same may be amended from
time to time) as shall be required by NASDAQ listing requirements for the Common Shares to be eligible for listing and quotation
on NASDAQ. In the event that the Common Shares shall cease to be listed and quoted on NASDAQ and subsequently are to be listed
and quoted on an exchange or other trading system, the Board of Directors of the Corporation shall ensure, and shall have all powers
necessary to ensure, that the membership of the Board of Directors shall at all times be consistent with the applicable rules and
regulations, if any, for the Common Shares to be eligible for listing and quotation on such exchange or other trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">5.6 <U>No
Preemptive or Subscription Rights</U>. No holder of Common Shares shall be entitled to preemptive or subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.7 <U>Conversion
Rights</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) <U>Automatic
Conversion</U>. Each Class B Share shall convert automatically into one fully paid and non-assessable Class A Share (i) upon its
sale, gift, or other transfer to a party other than the Principal Shareholder or any Affiliate of the Principal Shareholder (as
such term is defined below) or (ii) in the event of a sale, gift or other transfer of a Class B Share to an Affiliate of the Principal
Shareholder, upon the death of the transferor. Each of the foregoing automatic conversion events shall be referred to hereinafter
as an &ldquo;Event of Automatic Conversion.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For purposes
of this Paragraph 5.7, the term &ldquo;Affiliate of the Principal Shareholder&rdquo; shall mean (w) any individual or entity who
or that, directly or indirectly, controls or is controlled by, or is under common control with, the Principal Shareholder, (x)
any corporation or organization (other than the Corporation or a majority-owned subsidiary of the Corporation) of which the Principal
Shareholder is an officer or partner or is, directly or indirectly, the beneficial owner of 10% or more of any class of voting
securities, or in which the Principal Shareholder has a substantial beneficial interest, (y) any trust or other estates in which
a Principal Shareholder has a substantial beneficial interest or as to which the Principal Shareholder serves as trustee or in
a similar fiduciary capacity, or (z) any relative or spouse of the Principal Shareholder, or any relative of such spouse, who has
the same home as the Principal Shareholder or who is a director or an officer of the Corporation or any of its parents or subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) <U>Voluntary
Conversion</U>. Each Class B Share shall be convertible, at the option of its holder, into one fully paid and non-assessable Class
A Share at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) <U>Voluntary
Conversion Procedure</U>. At the time of a voluntary conversion, the holder of Class B Shares shall deliver to the office of the
Corporation or any transfer agent for the Class A Shares (i) the certificate or certificates representing the Class B Shares to
be converted, duly endorsed in blank or accompanied by proper instruments of transfer, and (ii) written notice to the Corporation
stating that such holder elects to convert such share or shares and stating the name and addresses in which each certificate for
Class A Shares issued upon such conversion is to be issued. Conversion shall be deemed to have been effected at the close of business
on the date when such delivery is made to the Corporation of the Class B Shares to be converted, and the person exercising such
voluntary conversion shall be deemed to be the holder of record of the number of Class A Shares issuable upon such conversion at
such time. The Corporation shall promptly deliver certificates evidencing the appropriate number of Class A Shares to such person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) <U>Automatic
Conversion Procedure</U>. Promptly upon the occurrence of an Event of Automatic Conversion such that Class B Shares are converted
automatically into Class A Shares, the holder of such shares shall surrender the certificate or certificates therefore, duly endorsed
in blank or accompanied by proper instruments of transfer, at the office of the Corporation, or of any transfer agent for the Class
A Shares, and shall give written notice to the Corporation, at such office; (i) stating that the shares are being converted pursuant
to an Event of Automatic Conversion into Class A Shares as provided in Paragraph 5.7(a) of this ARTICLE FIVE, (ii) specifying the
Event of Automatic Conversion (and, if the occurrences of such event is within the control of the transferor, stating the transferor&rsquo;s
intent to effect an Event of Automatic Conversion), (iii) identifying the number of Class B Shares being converted, and (iv) setting
out the name or names (with addresses) and denominations in which the certificate or certificates for Class A Shares shall be issued
and shall include instructions for delivery thereof. Delivery of such notice together with the certificates representing the Class
B Shares shall obligate the Corporation to issue such Class A Shares. Thereupon the Corporation or its transfer agent shall promptly
issue and deliver at such stated address to such holder or to the transferee of Class B Shares a certificate or certificates for
the number of Class A Shares to which such holder or transferee is entitled registered in the name of such holder, the designee
of such holder or transferee as specified in such notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the extent
permitted by law, conversion pursuant to an Event of Automatic Conversion shall be deemed to have been affected as of the date
on which the Event of Automatic Conversion occurred (such time being the &ldquo;Conversion Time&rdquo;). The person entitled to
receive the Class A Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Class A
Shares at and as of the Conversion Time, and the right of such person as a holder of Class B Shares shall cease and terminate at
and as of the Conversion Time, in each case without regard to any failure by the holder to deliver the certificates or the notice
required by this subparagraph (d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) <U>Unconverted
Shares; Notice Required</U>. In the event of the conversion of less than all of the Class B Shares evidenced by a certificate surrendered
to the Corporation in accordance with the procedures of this Paragraph 5.7, the Corporation shall execute and deliver to or upon
the written order of the holder of such certificate, without charge to such holder, as new certificate evidencing the number of
Class B Shares not converted. Class B Shares shall not be transferred on the books of the Corporation unless the Corporation shall
have received from the holder thereof the written notice described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f) <U>Reissue
of Shares</U>. Class B Shares that are converted into Class A Shares as provided herein shall be retired and cancelled and shall
not be reissued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g) <U>Reservation</U>.
The Corporation hereby reserves and shall at all times reserve and keep available, out of its authorized and unissued Class A Shares,
for the purposes of effecting conversions, such number of duly authorized Class A Shares as shall from time to time be sufficient
to effect the conversion of all outstanding Class B Shares. The Corporation covenants that all the Class A Shares so issuable shall,
when so issued, be duly and validly issued, fully paid and non-assessable, and free from liens and charges with respect to the
issue. The Corporation will take all such action as may be necessary to ensure that all such Class A Shares may be so issued without
violation of any applicable law or regulation, or of any requirements of any national securities exchange upon which the Class
A Shares may be listed. The Corporation will not take any action that results in any adjustment of the conversion ratio if the
total number of Class A Shares issued and issuable after such action upon conversion of the Class B Shares would exceed the total
number of Class A Shares then authorized by the Corporation&rsquo;s Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">5.8 <U>Consideration
on Merger, Consolidation, etc</U>. In any merger, consolidation, or business combination, the consideration to be received per
share by the holders of Class A Shares and Class B Shares must be identical for each class of stock, except that in any such transaction
in which shares of common stock are to be distributed, such shares may differ as to voting rights to the extent that voting rights
now differ among the Class A Shares and the Class B Shares.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of Preferred
Stock may be issued from time to time in one or more series as may be determined by the Board of Directors. Subject to the provisions
of these Articles and this ARTICLE SIX, the Board of Directors is authorized to determine or alter the rights, preferences, privileges,
and restrictions granted to or imposed upon any wholly unissued series of Preferred Shares and, within the limits and restrictions
stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any such
additional series, to increase or decrease (but not below the number of shares of such series then outstanding) the number of shares
of any such additional series subsequent to the issue of shares of that series.</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">Authorized and unissued
shares of Preferred Stock may be issued with such designations, voting powers, preferences, and relative, participating, optional
or other special rights, and qualifications, limitations and restrictions on such rights, as the Board of Directors may authorize
by resolutions duly adopted prior to the issuance of any shares of such series of preferred stock, including, but not limited to:
(i) the distinctive designation of each series and the number of shares that will constitute such series; (ii) the voting rights,
if any, of shares of such series and whether the shares of any such series having voting rights shall have multiple votes per share;
(iii) the dividend rate on the shares of such series, any restriction, limitation, or condition upon the payment of such dividends,
whether dividends shall be cumulative, and the dates on which dividends are payable; (iv) the prices at which, and the terms and
conditions on which, the shares of such series may be redeemed, if such shares are redeemable; (v) the purchase of sinking fund
provisions, if any, for the purchase or redemption of shares of such series; (vi) any preferential amount payable upon shares of
such series in the event of the liquidation, dissolution, or winding-up of the Corporation, or the distribution of its assets;
and (vii) the prices or rates of conversion at which, the terms and conditions on which, the shares are convertible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any and all shares
issued and for which full consideration has been paid or delivered shall be deemed fully paid stock, and the holder thereof shall
not be liable for any further payment thereon.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provisions
relate to the management of the business and the conduct of the affairs of the Corporation and are inserted for the purpose of
creating, defining, limiting, and regulating the powers of the Corporation and its directors and shareholders:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) The
business and affairs of the Corporation shall be managed by and under the direction of the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) The
number of directors which shall constitute the whole Board of Directors shall be fixed and may be altered from time to time by,
or in the manner provided in, the Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) The
Board of Directors shall have the power to make, alter, amend, or repeal the Bylaws of the Corporation, except to the extent the
Bylaws otherwise provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) All
corporate powers and authority of the Corporation (except as at the time otherwise provided by statute, by these Articles, or by
the Bylaws) shall be vested in and exercised by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) The shareholders
and directors shall have the power, if the Bylaws so provide, to hold their respective meetings within or without the State of
Florida and may (except as otherwise required by statute) keep the Corporation&rsquo;s books outside the State of Florida, at such
places as from time to time may be designated by the Bylaws or the Board of Directors.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A special meeting of
the shareholders of the Corporation for any purpose or purposes may be called at any time by (a) the President or Chairman of the
Board of Directors, (b) by the Board of Directors pursuant to a resolution adopted by a majority of the total number of directors
that the Corporation would have if there were no vacancies on the Board of Directors or (c) the holders of not less than fifty
percent (50%) of all votes entitled to be cast on any issue proposed to be considered at the proposed meeting.</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: center; text-indent: 0in"><B>ARTICLE NINE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>AFFILIATED TRANSACTIONS;
CONTROL-SHARE ACQUISITIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.1 <U>Higher
Voting Threshold for Certain Transactions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) In addition to any affirmative vote required by law or otherwise, and except as expressly provided in this ARTICLE NINE
the affirmative vote of not less than sixty-six and two-thirds percent (66 2/3%) of the Voting Securities (as defined herein),
excluding the Voting Securities beneficially owned by a Related Person (as defined herein) who is party to the Business Combination
(as defined herein), shall be required for the approval or authorization of any Business Combination. Such affirmative vote shall
be required notwithstanding the fact that no vote may be required, or that a lesser percentage may be specified, by law, in these
Articles or in any agreement with any national securities exchange or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) The provisions of Paragraph 9.1(a) of this ARTICLE NINE shall not apply to any Business Combination involving only (x) the
acquisition or issuance by the Corporation or any of its subsidiaries of securities of the Corporation in a transaction in which
all holders of securities of the same class or series (other than a Related Person) are entitled to participate on identical terms
and the Related Person is entitled to participate, if at all, on terms not more favorable than the terms upon which the other holders
of securities of the same class or series are entitled to participate; provided that any such acquisition or issuance is not made
pursuant to an agreement or understanding with the Related Person; or (y) the acquisition of goods or services by or from the Corporation
or any of its subsidiaries on terms no less favorable to the Corporation or such subsidiary, as the case may be, than the terms
on which such goods or services may be acquired in the ordinary course of business by or from a Person (as defined herein) unaffiliated
with the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) The provisions of Paragraph 9.1(a) of this ARTICLE NINE shall not apply to any Business Combination, and such Business Combination
shall require only such affirmative vote, if any, as is required by law or otherwise, if such Business Combination shall have been
approved by a majority (whether such approval is made prior or subsequent to the acquisition of beneficial ownership of the Voting
Securities that caused the Related Person to become a Related Person) of the Disinterested Directors (as defined herein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) The provisions of Paragraph 9.1(a) of this ARTICLE NINE shall not apply to any Business Combination, and such Business Combination
shall require only such affirmative vote, if any, as is required by law or otherwise, if the Related Person: (i) has been the beneficial
owner of at least eighty percent (80%) of the Corporation&rsquo;s outstanding voting shares for at least 5 years preceding the
announcement date or (ii) is the beneficial owner of at least ninety percent (90%) of the outstanding voting shares of the Corporation,
exclusive of shares acquired directly from the Corporation in a transaction not approved by a majority of the Disinterested Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) The provisions of Paragraph 9.1(a) of this ARTICLE NINE shall not apply to any Business Combination, and such Business Combination
shall require only such affirmative vote, if any, as is required by law or otherwise, if all of the following conditions are met:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">(i) The Business Combination shall provide for consideration to be received by all holders of Common Shares in exchange for
all their Common Shares, and the aggregate amount of cash and the Fair Market Value as of the date of consummation of the Business
Combination of consideration other than cash, to be received per share by holders of Common Shares in such Business Combination
shall be at least equal to the higher of the amounts determined under clauses a. and b. below (subject to appropriate adjustment
for any recapitalization, stock dividend, stock split, combination of shares or similar event):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">a. if applicable, the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers&rsquo;
fees) paid by or on behalf of the Related Person for any Common Shares within the two-year period immediately prior to the Announcement
Date (as defined herein); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in">b. the Fair Market Value per share of the Common Shares on the Announcement Date or on the Determination Date, whichever is
higher;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">(ii) The consideration to be received by holders of a particular class or series of outstanding Voting Securities shall be in
cash or in the same form as previously has been paid by or on behalf of the Related Person in connection with its direct or indirect
acquisition of beneficial ownership of shares of such class or series of Voting Securities. If the consideration so paid for shares
of any class or series of Voting Securities varied as to form, the form of consideration for such class or series of Voting Securities
shall be either cash or the form used to acquire beneficial ownership of the largest number of shares of such class or series of
stock previously acquired by the Related Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">(iii) After such Related Person has become a Related Person, such Related Person shall not have received the benefit, directly
or indirectly (except proportionately as a shareholder of the Corporation), of any loans, advances, guarantees, pledges or other
financial assistance or any tax credits or other tax advantages provided by the Corporation, whether in anticipation of or in connection
with such Business Combination or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2 If
any vote of holders of Voting Securities is required for the adoption or approval of any Business Combination, a proxy or information
statement describing the Business Combination and complying with the requirements of the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;) shall be mailed at a date determined by the Disinterested Directors to all shareholders of the
Corporation whether or not such statement is required under the Exchange Act. The statement shall contain any recommendations as
to the advisability of the Business Combination which the Disinterested Directors, or any of them, may choose to state and, if
deemed advisable by the Disinterested Directors, an opinion of an investment banking firm as to the fairness of the terms of such
Business Combination. Such firm shall be selected by the Disinterested Directors and paid a fee for its services by the Corporation
as approved by the Disinterested Directors.</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">9.3 For
purposes of this ARTICLE NINE:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) &ldquo;Affiliate&rdquo; and &ldquo;beneficial owner&rdquo; are used herein as defined in Rule 12b-2 and Rule 13d-3, respectively,
under the Exchange Act. The term &ldquo;Affiliate&rdquo; as used herein shall exclude the Corporation, but shall include the definition
of &ldquo;Associate&rdquo; as contained in Rule 12b-2.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) &ldquo;Announcement Date&rdquo;, with respect to any Business Combination, is the first public announcement of the proposed
Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) A &ldquo;Business Combination&rdquo; is: (i)&nbsp;a merger or consolidation of the Corporation or any of its subsidiaries
with a Related Person; (ii)&nbsp;the sale, lease, exchange, pledge, transfer or other disposition (X)&nbsp;by the Corporation or
any of its subsidiaries of all or a Substantial Part of the Corporation&rsquo;s Assets to a Related Person, or (Y)&nbsp;by a Related
Person of any of its assets, except in the ordinary course of business, to the Corporation or any of its subsidiaries; (iii)&nbsp;the
issuance of shares or other securities of the Corporation or any of its subsidiaries to a Related Person, other than on a pro rata
basis to all holders of Voting Securities of the same class held by the Related Person pursuant to a share split, share dividend
or distribution of warrants or rights; (iv)&nbsp;the adoption of any plan or proposal for the liquidation or dissolution of the
Corporation proposed by or on behalf of a Related Person; (v)&nbsp;any reclassification of securities, recapitalization, merger
or consolidation or other transaction which has the effect, directly or indirectly, of increasing the proportionate share of any
Voting Securities beneficially owned by a Related Person; or (vi)&nbsp;any agreement, contract or other arrangement providing for
any of the foregoing transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) &ldquo;Determination Date&rdquo;, with respect to any Related Person, is the date on which the Related Person became a Related
Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e) A &ldquo;Disinterested Director&rdquo; is a member of the Board of Directors of the Corporation (other than the Related
Person) who was a director prior to the time the Related Person became a Related Person, or any director who was recommended for
election by the Disinterested Directors. Any action to be taken by the Disinterested Directors shall require the affirmative vote
of a majority of the Disinterested Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f) &ldquo;Fair Market Value&rdquo; is: (a)&nbsp;in the case of shares, the highest closing sale price per share during the
30-day period immediately preceding the date in question of such shares on the principal United States securities exchange registered
under the Exchange Act on which such shares are listed; or if no such quotations are available, the fair market value per share
on the date in question of such shares as determined by at least two-thirds of the Disinterested Directors in good faith and (b)&nbsp;in
the case of property other than shares, the fair market value of such property on the date in question as determined in good faith
by at least two-thirds of the Disinterested Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g) A &ldquo;Person&rdquo; is a natural person or a legal entity of any kind, together with any Affiliate of such person or
entity, or any person or entity with whom such person, entity or an Affiliate has any agreement or understanding relating to acquiring,
voting or holding Voting Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h) A &ldquo;Related Person&rdquo; is: (i)&nbsp;any Person which, together with its Affiliates, is the beneficial owner of an
aggregate of fifteen percent (15%) or more of the Common Shares or of the total voting power of all outstanding Voting Securities;
(ii)&nbsp;any officer, director or employee of a Related Person; (iii)&nbsp;any Person which, together with its Affiliates, shall
become, in a transaction or series of transactions not involving a public offering within the meaning of the Securities Act of
1933, as amended, the beneficial owner of Voting Securities of which a Related Person was the beneficial owner at any time during
the two years prior to the time such Person or Affiliate became such beneficial owner and (iv)&nbsp;any Affiliate of any such Person,
provided, that the term &ldquo;Related Person&rdquo; shall not include the Corporation; any savings, employee stock ownership or
other employee benefit plan of the Corporation or any trustee or fiduciary when acting in such capacity with respect to any such
employee benefit plan of the Corporation; or any subsidiary in which all the capital stock, or equity interest, is owned by the
Corporation, by one or more such subsidiaries or by the Corporation and one or more such subsidiaries.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) A &ldquo;Substantial Part of the Corporation&rsquo;s Assets&rdquo; means assets of the Corporation or any of its subsidiaries
in an amount equal to twenty percent (20%) or more of the fair market value, as determined by the Disinterested Directors, of the
total consolidated assets of the Corporation and its subsidiaries taken as a whole as of the end of its most recent fiscal year
ended prior to the time the determination is made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j) &ldquo;Voting Securities&rdquo; means all outstanding Common Shares, with each Class A Share entitled to one vote and each
Class B Share entitled to ten votes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4 The
Corporation elects not to be governed by Section&nbsp;607.0901 (relating to affiliated transactions) or by Section&nbsp;607.0902
(relating to control-share acquisitions) of the FBCA, and the provisions of such statutes shall not apply to the Corporation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation reserves
the right to amend or repeal any provisions contained in these Articles from time to time and at any time in the manner now or
hereafter prescribed in these Articles and by the laws of the State of Florida, and all rights herein conferred upon shareholders
are granted subject to such reservation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provisions
are included for the purpose of ensuring that control and management of the Corporation remains with loyal citizens of the United
States and/or corporations formed under the laws of the United States or any of the states of the United States, as required by
the Communications Act of 1934, as the same may be amended from time to time.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) The
Corporation shall not issue to &ldquo;Aliens&rdquo; (which term shall include (i) a person who is a citizen of a country other
than the United States; (ii) any entity organized under the laws of a government other than the government of the United States
or any state, territory, or possession of the United States; (iii) a government other than the government of the United States
or of any state, territory, or possession of the United States; and (iv) a representative of, or an individual or entity controlled
by, any of the foregoing), either individually or in the aggregate, in excess of twenty-five percent(25%) of the total number of
shares of capital stock of the Corporation outstanding at any time and shall seek not to permit the transfer on the books of the
Corporation of any capital stock to any Alien that would result in the total number of shares of such capital stock held by Aliens
exceeding such twenty-five percent (25%) limit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) No
Alien or Aliens shall be entitled to vote or direct or control the vote of more than twenty-five percent (25%) of (i) the total
number of shares of capital stock of the Corporation outstanding and entitled to vote at any time and from time to time, or (ii)
the total voting power of all shares of capital stock of the Corporation outstanding and entitled to vote at any time and from
time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) No
Alien shall be qualified to act as an officer of the Corporation, and no more than one-fourth of the total number of directors
of the Corporation at any time and from time to time may be Aliens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d) The
Board of Directors of the Corporation shall have all powers necessary to implement the provisions of this ARTICLE ELEVEN.</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: center; text-indent: 0in"><B>ARTICLE TWELVE</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No director of the
Corporation shall be personally liable to the Corporation or its shareholders for monetary damages for breach of fiduciary duty
as a Director; except to the extent such exemption from liability or limitation of liability is not permitted under the FBCA.</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: center; text-indent: 0in"><B>ARTICLE THIRTEEN</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall
indemnify and hold harmless any director, officer, employee or agent of the Corporation from and against any and all expenses and
liabilities that may be imposed upon or incurred by him in connection with, or as a result of, any proceeding in which he may become
involved, as a party or otherwise, by reason of the fact that he is or was such a director, officer, employee or agent of the Corporation
or any subsidiary or parent of the Corporation, whether or not he continues to be such at the time such expenses and liabilities
shall have been imposed or incurred, to the fullest extent permitted by the laws of the State of Florida, as they may be amended
from time to time. Without limiting the foregoing, a director of this Corporation shall not be personally liable to the Corporation
or its shareholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability
or limitation of liability is not permitted under the FBCA.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall
not do, nor shall it cause any act to be done, that would cause it to be in violation of the Communications Act of 1934 or of the
rules and regulations promulgated thereunder, as the same may be amended from time to time.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effective date
of these Articles of Incorporation is April 16, 2020 (the &ldquo;Effective Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&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">[Signature on Following Page]</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
these Articles have been signed this 16<SUP>th</SUP> day of April, 2020.</P>

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

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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">SAGA COMMUNICATIONS REINCORPORATION, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 62%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 5%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 33%; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0">/s/ Samuel D. Bush</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Samuel D. Bush</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Incorporator</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">73 Kercheval Avenue, Suite 201</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">Grosse Pointe Farms, MI 48236</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Having been named
as registered agent to accept service of process for the above stated corporation at the place designated in this certificate,
I am familiar with and accept the appointment as registered agent and agree to act in this capacity.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></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="padding: 0; text-align: justify; text-indent: 0"><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0"><I>CT Corporation System</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 62%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 5%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 33%; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>&nbsp;</I></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>By:&nbsp;&nbsp;</I></TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0"><I>/s/Stephanie Hencz</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>&nbsp;</I></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>Name: </I></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>Stephanie Hencz</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>&nbsp;</I></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>Title:&nbsp;&nbsp;</I></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>Assistant Secretary</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;&nbsp;</I></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm2019562d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit
3.2</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SAGA COMMUNICATIONS
reincorporation, INC.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">BYLAWS</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(April 16, 2020)</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 95%; text-indent: 0"><U>Section</U></TD>
    <TD STYLE="padding: 0; width: 5%; text-align: center; text-indent: 0"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 1. OFFICES</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 1.01. Registered Office and Agent</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 1.02. Other Offices</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 2. MEETINGS OF SHAREHOLDERS</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.01. Place of Meetings</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.02. Annual Meetings</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.03. Special Meetings</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.04. Notice of Meetings</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.05. Quorum</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.06. Organization; Procedure.</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.07. Voting.</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.08. Inspectors</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 2.09. List of Shareholders</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 3. BOARD OF DIRECTORS</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.01. General Powers</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.02. Number, Qualifications and Term of Office</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.03. Election of Directors</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.04. Quorum and Manner of Acting</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.05. Offices, Place of Meeting and Records</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.06. Annual Meeting</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.07. Regular Meetings</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.08. Special Meetings; Notice</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.09. Organization</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.10. Order of Business</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.11. Removal of Directors</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.12. Resignation</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.13. Vacancies</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 3.14. Compensation</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 4. COMMITTEES</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.01. Executive Committee</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.02. Powers</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.03. Procedures; Meetings; Quorum</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.04. Compensation</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.05. Other Board Committees</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.06. Alternates</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 4.07. Additional Committees</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 5. ACTION BY CONSENT</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 5.01. Consent by Directors</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 5.02. Consent by Shareholders</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 6. OFFICERS</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.01. Number</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.02. Election; Qualifications and Term of Office</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">11</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0; width: 95%">Section 6.03. Other Officers</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; width: 5%">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.04. Removal</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">121</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.05. Resignation</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.06. Vacancies</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.07. Chairman of the Board</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.08. President</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.09. Vice President</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.10. Treasurer</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.11. Secretary</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 6.12. Salaries</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 7. INDEMNIFICATION</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 7.01. Indemnity</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 7.02. Procedure for Indemnification of Directors and Officers</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 7.03. Survival; Preservation of Other Rights</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 7.04. Insurance</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 7.05. Severability</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 8. CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 8.01. Execution of Contracts</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 8.02. Loans</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 8.03. Checks, Drafts, etc</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 8.04. Deposits</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 8.05. Proxies in Respect of Securities of Other Corporations</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 9. BOOKS AND RECORDS</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 9.01. Place</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 9.02. Addresses of Shareholders</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 9.03. Record Dates</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 9.04. Audit of Books and Records</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 10. SHARES AND THEIR TRANSFER</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.01. Certificates of Stock</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.02. Certificates of Stock Issued to Aliens</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.03. Legend</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.04. Record</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.05. Transfer of Stock</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.06. Transfer Agent and Registrar; Regulations</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Section 10.07. Lost, Destroyed or Mutilated Certificates</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 11. SEAL</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 12. FISCAL YEAR</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 13. WAIVER OF NOTICE</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">ARTICLE 14. AMENDMENTS</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">18</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SAGA COMMUNICATIONS
reincorporation, INC.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
1.</FONT><BR>
OFFICES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.01. </FONT><U>Registered Office and Agent</U>. The registered
office of the Corporation in the State of Florida shall be at 1200 South Pine Island Road, Plantation, Florida 33324. The name
of the registered agent in charge thereof shall be CT Corporation System. The registered office and registered agent of the Corporation
may be changed from time to time by the Board of Directors in the manner provided by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.02. </FONT><U>Other Offices</U>. The Corporation may also
have an office at such other place or places either within or without the State of Florida as the Board of Directors may from time
to time determine or the business of the Corporation require.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
2.</FONT><BR>
MEETINGS OF SHAREHOLDERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.01. </FONT><U>Place of Meetings</U>. All meetings of the shareholders
of the Corporation shall be held at such place either within or without the State of Florida as shall be fixed by the Board of
Directors and specified in the respective notices or waivers of notice of said meetings.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.02. </FONT><U>Annual Meetings</U>. The annual meeting of the
shareholders of the Corporation for the election of directors and for the transaction of such other business as may come before
the meeting shall be held at the principal office of the Corporation in the State of Florida, or such place as shall be fixed by
the Board of Directors, at ten o&rsquo;clock in the forenoon, local time, on the second Monday in May in each year, if not a legal
holiday at the place where the meeting is to be held, and if a legal holiday, then on the next succeeding business day not a legal
holiday at the same hour. In respect of the annual meeting for any particular year the Board of Directors may, by resolution fix
a different day, time or place (either within or without the State of Florida) for the annual meeting. If the election of directors
shall not be held on the day designated herein or the day fixed by the Board, as the case may be, for any annual meeting, or on
the day of any adjourned session thereof, the Board of Directors shall cause the election to be held at a special meeting as soon
thereafter as conveniently may be. At such special meeting the shareholders may elect the directors and transact other business
with the same force and effect as at an annual meeting duly called and held.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.03. </FONT><U>Special Meetings</U>. A special meeting of the
shareholders may be called as provided in the Articles of Incorporation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.04. </FONT><U>Notice of Meetings</U>. Except as otherwise
required by statute, notice of each annual or special meeting of shareholders shall be given to each shareholder of record entitled
to vote at such meeting not less than ten (10) nor more than sixty (60) days before the day on which the meeting is to be held
by delivering written notice thereof to him personally or by mailing such notice, postage prepaid, addressed to him at his post-office
address last shown on the records of the Corporation or by transmitting notice thereof to him at such address by telegraph, cable
or any other available method. Every such notice shall state the time and place of the meeting and, in the case of a special meeting,
shall state briefly the purposes thereof. Notice of any meeting of shareholders shall not be required to be given to any shareholder
who shall attend such meeting in person or by proxy or who shall in person or by attorney thereunto authorized, waive such notice
in writing or by telegraph, cable or any other available method either before or after such meeting. Notice of any adjourned meeting
of the shareholders shall not be required to be given except when expressly required by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.05. </FONT><U>Quorum</U>. At each meeting of the shareholders,
except as otherwise provided by statute, the Articles of Incorporation or these Bylaws, the holders of record of a majority of
the issued and outstanding shares of stock of the Corporation entitled to vote at such meeting, present in person or represented
by proxy, shall constitute a quorum for the transaction of business. In the absence of a quorum, a majority of the shareholders
present in person or represented by proxy or, in the absence of any shareholders, any officer entitled to preside at, or act as
secretary of, such meeting, shall have the power to adjourn the meeting from time to time, until the shareholders holding the requisite
amount of stock shall be present or represented. At any such adjourned meeting at which a quorum shall be present any business
may be transacted which might have been transacted at the meeting as originally called.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.06. </FONT><U>Organization; Procedure</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) </FONT>At every meeting of the shareholders, the presiding officer of the meeting shall be the Chairman of the Board, or,
in the absence of a Chairman, the President, or in the absence of both the Chairman and the President, the presiding officer shall
be a person designated by the Chairman prior to the meeting of shareholders. The presiding officer of a meeting of shareholders
shall determine the order of business and the conduct of discussion at the meeting, and in the absence of the Secretary or any
Assistant Secretary, shall appoint a person to act as recording secretary of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT>At any annual meeting of shareholders, only such business shall be conducted as shall have been brought before the
meeting (i) by or at the direction of the Board of Directors or (ii) by any shareholder of the Corporation who is entitled to vote
with respect thereto and who complies with the notice procedures set forth in this Section 2.06(b). For business to be properly
brought before an annual meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the Secretary
of the Corporation. To be timely, a shareholder&rsquo;s notice must be delivered or mailed to and received at the principal executive
offices of the Corporation not less than ninety (90) days prior to the anniversary of the preceding year&rsquo;s annual meeting;
provided, however, that in the event that the date of the annual meeting is advanced by more than twenty (20) days, or delayed
by more than sixty (60) days from such anniversary date, notice by the shareholder to be timely must be so delivered not later
than the close of business on the later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following
the day on which notice of the date of the annual meeting was mailed or public announcement of the date of such meeting is first
made. A shareholder&rsquo;s notice to the Secretary shall set forth as to each matter such shareholder proposes to bring before
the annual meeting (i) 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, (ii) the name and address, as they appear on the Corporation&rsquo;s books, of
the shareholder who proposed such business, (iii) the class and number of shares of the Corporation&rsquo;s capital stock that
are beneficially owned by such shareholder and (iv) any material interest of such shareholder in such business. Notwithstanding
anything in these Bylaws to the contrary, no business shall be brought before or conducted at an annual meeting except in accordance
with the provisions of this Section 2.06(b). The officer of the Corporation or other person presiding over the annual meeting shall,
if the facts so warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance
with the provisions of this Section 2.06(b) and, if he should so determine, he shall so declare to the meeting and any such business
so determined to be not properly brought before the meeting shall not be transacted.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d) </FONT>Only persons who are nominated in accordance with the procedures set forth in these Bylaws shall be eligible for
election as directors. Nominations of persons for election to the Board of Directors of the Corporation may be made at an annual
meeting of shareholders at which directors are to be elected only (i) by or at the direction of the Board of Directors or (ii)
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 2.06(d). Such nominations, other than those made by or at the direction of the Board of Directors,
shall be made by timely notice in writing to the Secretary of the Corporation. To be timely, a shareholder's notice shall be delivered
or mailed to and received at the principal executive offices of the Corporation not less than ninety (90) days prior to the date
of the meeting. Such shareholder's notice shall set forth (i) as to each person whom such shareholder proposes to nominate for
election or re-election as a director, all 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 14A under the Securities Exchange
Act of 1934, as amended (including such person's written consent to being named in the proxy statement as a nominee and to serving
as a director if elected); and (ii) as to the shareholder giving the notice: (x) the name and address, as they appear on the Corporation's
books, of such shareholder and (y) the class and number of shares of the Corporation's capital stock that are beneficially owned
by such shareholder. At the request of the Board of Directors, any person nominated by the Board of Directors for election as a
director shall furnish to the Secretary of the Corporation that information required to be set forth in a shareholder's notice
of nomination which pertains to the nominee. No person shall be eligible for election as a director of the Corporation unless nominated
in accordance with the provisions of this Section 2.06(d). The officer of the Corporation or other person presiding at the meeting
shall, if the facts so warrant, determine that a nomination was not made in accordance with such provisions and, if he or she should
so determine, he or she 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.07. </FONT><U>Voting</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) </FONT>Except as otherwise provided by law or by the Articles of Incorporation or these Bylaws, at every meeting of the
shareholders each shareholder shall be entitled to one vote, in person or by proxy, for each share of capital stock of the Corporation
registered in his names on the books of the Corporation:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i) </FONT>on the date fixed pursuant to Section 9.03 of these Bylaws as the record date for the determination of shareholders
entitled to vote at such meeting; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii) </FONT>if no such record date has been fixed, then the record date shall be at the close of business on the day next preceding
the day on which notice of such meeting is given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT>No Alien or Aliens (as such term is defined in Article Eleven of the Articles of Incorporation) shall be entitled
to vote or otherwise direct or control the vote of more than twenty-five percent (25%) of (i) the capital stock of the Corporation
entitled to vote at any time and from time to time, or (ii) the total voting power of all shares of capital stock of the Corporation
outstanding and entitled to vote at any time and from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c) </FONT>Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held. In the case of stock
held jointly by two or more executors, administrators, guardians, conservators, trustees or other fiduciaries, such fiduciaries
may designate in writing one or more of their number to represent such stock and vote the shares so held, unless there is a provision
to the contrary in the instrument, if any, defining their powers and duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d) </FONT>Persons whose stock is pledged shall be entitled to vote thereon until such stock is transferred on the books of
the Corporation to the pledgee, and thereafter only the pledgee shall be entitled to vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e) </FONT>Any shareholder entitled to vote may do so in person or by his proxy appointed by instrument in writing subscribed
by such shareholder or by his attorney thereunto duly authorized, or by a telegram, cable or any other available method delivered
to the secretary of the meeting; provided, however, that no proxy shall be voted after three years from its date, unless said proxy
provides for a longer period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f) </FONT>At all meetings of the shareholders, all matters (except where other provision is made by law or by the Articles
of Incorporation or by these Bylaws) shall be decided by the vote of a majority in interest of the shareholders entitled to vote
thereon, present in person or by proxy, at such meeting, a quorum being present.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.08. </FONT><U>Inspectors</U>. The chairman of the meeting
may at any time appoint one or more inspectors to serve at a meeting of the shareholders. Such inspectors shall decide upon the
qualifications of voters, accept and count the votes for and against the questions presented, report the results of such votes,
and subscribe and deliver to the secretary of the meeting a certificate stating the number of shares of stock issued and outstanding
and entitled to vote thereon and the number of shares voted for and against the questions presented. The inspectors need not be
shareholders of the Corporation, and any director or officer of the Corporation may be an inspector on any question other than
a vote for or against his election to any position with the Corporation or on any other question in which he may be directly interested.
Before acting as herein provided each inspector shall subscribe an oath faithfully to execute the duties of an inspector with strict
impartiality and according to the best of his ability.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.09. </FONT><U>List of Shareholders</U>. It shall be the duty
of the Secretary or other officer of the Corporation who shall have charge of its stock ledger to prepare and make, or cause to
be prepared and made, at least ten days before every meeting of the shareholders, a complete list of the shareholders entitled
to vote thereat, arranged in alphabetical order and showing the address of each shareholder and the number of shares registered
in the name of shareholder. Such list shall be open during ordinary business hours to the examination of any shareholder for any
purpose germane to the meeting for a period of at least ten days prior to the election, either at a place within the city where
the meeting is to be held, which place shall be specified in the notice of the meeting or, if not so specified, at the place where
the meeting is to be held. Such list shall be produced and kept at the time and place of the meeting during the whole time thereof
and may be inspected by any shareholder who is present. Upon the willful neglect or refusal of the directors to produce such list
at any meeting for the election of directors they shall be ineligible for election to any office at such meeting. The stock ledger
shall be conclusive evidence as to who are the shareholders entitled to examined the stock ledger and the list of shareholders
required by this Section 2.09 on the books of the Corporation or to vote in person or by proxy at any meeting of shareholders.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
3.</FONT><BR>
BOARD OF DIRECTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.01. </FONT><U>General Powers</U>. The business, property and
affairs of the Corporation shall be managed by the Board of Directors.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.02. </FONT><U>Number, Qualifications and Term of Office</U>.
The number of directors of the Corporation which shall constitute the whole Board of Directors shall be such number, not less than
four (4) as from time to time shall be fixed by the Board of Directors. A director need not be a shareholder. Each director shall
hold office until the annual meeting of the shareholders next following his election and until his successor shall have been duly
elected and shall qualify, or until his death, or until he shall resign, or until he shall have been removed in the manner hereinafter
provided.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.03. </FONT><U>Election of Directors</U>. Except as otherwise
provided by the Articles of Incorporation, at each annual meeting of the shareholders for the election of directors at which a
quorum is present, the persons, not exceeding the authorized number of directors, receiving the greatest number of votes of the
shareholders entitled to vote thereon, present in person or by proxy, shall be the directors. In the case of any increase in the
number of directors, the additional director or directors may be elected either at the meeting of the Board of Directors or of
the shareholders at which such increase is voted, or at any subsequent annual, regular or special meeting of the Board of Directors
or shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.04. </FONT><U>Quorum and Manner of Acting</U>. Except as otherwise
provided by statute or by the Articles of Incorporation, a majority of the directors at the time in office shall constitute a quorum
for the transaction of business at any meeting and the affirmative action of a majority of the directors present at any meeting
at which a quorum is present shall be required for the taking of any action by the Board of Directors. In the event one or more
of the directors shall be disqualified to vote at such meeting, then the required quorum shall be reduced by one for each such
director so disqualified; provided, however, that in no event shall the quorum as adjusted be less than one third of the total
number of directors. In the absence of a quorum at any meeting of the Board such meeting need not be held; or a majority of the
directors present thereat or, if no director be present, the Secretary may adjourn such meeting from time to time until a quorum
shall be present. Notice of any adjourned meeting need not be given.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.05. </FONT><U>Offices, Place of Meeting and Records</U>. The
Board of Directors may hold meetings, have an office or offices and keep the books and records of the Corporation at such place
or places within or without the State of Florida as the Board may from time to time determine. The place of meeting shall be specified
or fixed in the respective notice or waivers of notice thereof, except where otherwise provided by statute, by the Articles of
Incorporation or these Bylaws.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.06. </FONT><U>Annual Meeting</U>. The Board of Directors shall
meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable following
each annual election of directors. Such meeting shall be called and held at the place and time specified in the notice or waiver
of notice thereof as in the case of a special meeting of the Board of Directors.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.07. </FONT><U>Regular Meetings</U>. Regular meetings of the
Board of Directors shall be held at such places and at such times as the Board shall from time to time by resolution determine.
If any day fixed for a regular meeting shall be a legal holiday at the place where the meeting is to be held, then the meeting
which would otherwise be held on that day shall be held at said place at the same hour on the next succeeding business day. Notice
of regular meetings need not be given; <I>provided, however</I>, that if the Board of Directors shall fix or change the time or
place of any regular meeting, notice of such action shall be mailed promptly, or sent by telegram, telex, facsimile or cable, to
each director who shall not have been present at the meeting at which such action was taken, addressed to him at his usual place
of business, or shall be delivered to him personally. Notice of such action need not be given to any director who attends the first
regular meeting after such action is taken without protesting the lack of notice to him, prior to or at the commencement of such
meeting, or to any director who submits a signed waiver of notice, whether before or after such meeting.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.08. </FONT><U>Special Meetings; Notice</U>. Special meetings
of the Board of Directors shall be held whenever called by the President or the Chairman or by any two of the directors. Notice
of each such meeting shall be mailed to each director, addressed to him at his residence or usual place of business, at least two
days before the day on which the meeting is to be held, or shall be sent to him at his residence or at such place of business by
telegraph, cable or other available means, or shall be delivered personally or by telephone, not later than one day before the
day on which the meeting is to be held. Each such notice shall state the time and place of the meeting but need not state the purpose
thereof except as otherwise expressly herein provided. Notice of any such meeting need not be given to any director, however if
waived by him in writing or by telegraph, cable or other available means, or if he shall be present at such meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.09. </FONT><U>Organization</U>. At each meeting of the Board
of Directors the President or Chairmen or, in his or their absence, a director chosen by a majority of the directors present shall
act as chairman. The Secretary or, in his absence an Assistant Secretary or, in the absence of the Secretary and all Assistant
Secretaries, a person whom the chairman of such meeting shall appoint shall act as secretary of such meeting and keep the minutes
thereof.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.10. </FONT><U>Order of Business</U>. At all meetings of the
Board of Directors business shall be transacted in the order determined by the Board.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.11. </FONT><U>Removal of Directors</U>. Except as otherwise
provided in the Articles of Incorporation or in these Bylaws, any director may be removed, either with or without cause, at any
time, by the affirmative vote of the holders of record of a majority of the issued and outstanding stock entitled to vote for the
election of directors of the Corporation given at a special meeting of the shareholders called and held for the purpose; and the
vacancy in the Board caused by any such removal may be filled by such shareholders at such meeting in the manner hereinafter provided
or, if the shareholders at such meeting shall fail to fill such vacancy, as in these Bylaws provided.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.12. </FONT><U>Resignation</U>. Any director of the Corporation
may resign at any time by delivering a written notice of his resignation to the Board of Directors, the President or Chairman,
or the Secretary of the Corporation. Such resignation shall take effect at the date of receipt of such notice or at any later time
specified therein; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it
effective.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.13. </FONT><U>Vacancies</U>. Any vacancy in the Board of Directors
caused by death, resignation, removal, disqualification, an increase in the number of directors, or any other cause may be filled
by majority action of the remaining directors then in office, though less than a quorum, or by the shareholders of the Corporation
at the next annual meeting or any special meeting called for the purpose, and each director so elected shall hold office until
the next annual election of directors and until his successor shall be duly elected and qualified or until his death or until he
shall resign or shall have been removed in the manner herein provided.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.14. </FONT><U>Compensation</U>. Each director, in consideration
of his serving as such, shall be entitled to receive from the Corporation such amount per annum or such fees for attendance at
directors&rsquo; meetings, or both, as the Board of Directors shall from time to time determine, together with reimbursement for
the reasonable expenses incurred by him in connection with the performance of his duties; provided that nothing herein contained
shall be construed to preclude any director from serving the Corporation or its subsidiaries in any other capacity and receiving
proper compensation therefore.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
4.</FONT><BR>
COMMITTEES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.01. </FONT><U>Executive Committee</U>. The Board of Directors
may, by resolution or resolutions passed by a majority of the whole Board, appoint an Executive Committee to consist of not less
than two members of the Board of Directors, including the President or Chairman, and shall designate one of the members as its
chairman. Notwithstanding any limitation on the size of the Executive Committee, the Committee may invite members of the Board
to attend one at a time at its meetings. For the purpose of the meeting he so attends, the invited director shall be entitled to
vote on matters considered at such meeting and shall receive the Executive Committee fee for such attendance. At any time one additional
director may be invited to an Executive Committee meeting in addition to the rotational invitee and in such case such additional
invitee shall also be entitled to vote on matters considered at such meeting and shall receive the Executive Committee fee for
such attendance .</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">Each member of the
Executive Committee shall hold office, so long as he shall remain a director, until the first meeting of the Board of Directors
held after the next annual meeting of the Board of Directors held after the next annual election of directors and until his successor
is duly appointed and qualified. The chairman of the Executive Committee or, in his absence, a member of the Committee chosen by
a majority of the members present shall preside at meetings of the Executive Committee and the Secretary or an Assistant Secretary
of the Corporation, or such other person as the Executive Committee shall from time to time determine, shall act as secretary of
the Executive Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors,
by action of the majority of the whole Board, shall fill vacancies in the Executive Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.02. </FONT><U>Powers</U>. During the intervals between the
meetings of the Board of Directors, the Executive Committee shall have and may exercise all the powers of the Board of Directors
in all cases in which specific directions shall not have been given by the Board of Directors.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.03. </FONT><U>Procedures; Meetings; Quorum</U>. The Executive
Committee shall fix its own rules of procedure subject to the approval of the Board of Directors, and shall meet at such times
and at such place or places as may be provided by such rules. At every meeting of the Executive Committee the presence of a majority
of all the members shall be necessary to constitute a quorum and the affirmative vote of a majority of the members present shall
be necessary for the adoption by it of any resolution. In the absence of a quorum at any meeting of the Executive Committee such
meeting need not be held, or a majority of the members present thereat or, if no members be present, the secretary of the meeting
may adjourn such meeting from time to time until a quorum be present.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.04. </FONT><U>Compensation</U>. Each member of the Executive
Committee shall be entitled to receive from the Corporation such fee, if any, as shall be fixed by the Board of Directors, together
with reimbursement for the reasonable expenses incurred by him in connection with the performance of his duties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.05. </FONT><U>Other Board Committees</U>. The Board of Directors
may from time to time, by resolution passed by a majority of the whole Board, designate one or more committees in addition to the
Executive Committee, each committee to consist of two or more of the directors of the Corporation. Any such committee, to the extent
provided in the resolution or in the Bylaws of the Corporation, shall have and may exercise the powers of the Board of Directors
in the management of the business and affairs of the Corporation.</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">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 to change the members of any committee at any time, to fill vacancies
and to discharge any such committee, either with or without cause, at any time.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.06. </FONT><U>Alternates</U>. The President or Chairmen may
designate one or more directors as alternate members of any committee who may act in the place and stead of members who temporarily
cannot attend any such meeting.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.07. </FONT><U>Additional Committees</U>. The Board of Directors
may from time to time create such additional committees of directors, officers, employees or other persons designated by it (or
any combination of such persons) for the purpose of advising the Board, the Executive Committee and the officers and employees
of the Corporation in all such matters as the Board shall deem advisable and with such functions and duties as the Board shall
by resolutions prescribe.</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">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 the power to change the members of any committee at any time, to fill
vacancies and to discharge any such committee, either with or without cause, at any time.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
5.</FONT><BR>
ACTION BY CONSENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
5.01. </FONT><U>Consent by Directors</U>. Any action required
or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if
prior to such action a written consent thereto is signed by all members of the Board or of such committee, as the case may be,
and such written consent is filed with the minutes of the proceedings of the Board of such committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
5.02. </FONT><U>Consent by Shareholders</U>. Any action required
or permitted to be taken at any meeting of the shareholders may be taken without a meeting upon the written consent of the holders
of shares of stock entitled to vote who hold the number of shares which in the aggregate are at least equal to the percentage of
the total vote required by statute or the Articles of Incorporation or these Bylaws for the proposed corporate action.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) </FONT>In order that the Corporation may determine the shareholders entitled to consent to corporate action in writing without
a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution
fixing the record date is adopted by the Board of Directors, and which date shall not be more than ten (10) days after the date
upon which the resolution fixing the record date is adopted by the Board of Directors. Any shareholder of record seeking to have
the shareholders authorize or take corporate action by written consent shall, by written notice to the Secretary, request the Board
of Directors to fix a record date. The Board of Directors shall promptly, but in all events within ten (10) days after the date
on which such a request is received, adopt a resolution fixing the record date (unless a record date has previously been fixed
by the Board of Directors pursuant to the first sentence of this Section 5.02(a)). If no record date has been fixed by the Board
of Directors pursuant to the first sentence of this Section 5.02(a) or otherwise within ten (10) days of the date on which such
a request is received, the record date for determining shareholders entitled to consent to corporate action in writing without
a meeting, when no prior action by the Board of Directors is required by applicable law, shall be the first date on which a signed
written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered
office in Florida, its principal place of business, or to any officer or agent of the Corporation having custody of the book in
which proceedings of meetings of shareholders are recorded. Delivery shall be by hand or by certified or registered mail, return
receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required
by applicable law, the record date for determining shareholders entitled to consent to corporate action in writing without a meeting
shall be at the close of business on the date on which the Board of Directors adopts the resolution taking such prior action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT>In the event of the delivery, in the manner provided by Section 5.02(a), to the Corporation of the requisite written
consent or consents to take corporate action and/or any related revocation or revocations, the Corporation shall engage independent
inspectors of elections for the purpose of performing promptly a ministerial review of the validity of the consents and revocations.
For the purpose of permitting the inspectors to perform such review, no action by written consent without a meeting shall be effective
until such date as the independent inspectors certify to the Corporation that the consents delivered to the Corporation in accordance
with Section 5.02(a) represent at least the minimum number of votes that would be necessary to take the corporate action. Nothing
contained in this Section 5.02(b) shall in any way be construed to suggest or imply that the Board of Directors or any shareholder
shall not be entitled to contest the validity of any consent revocation thereof, whether before or after such certification by
the independent inspectors, or to take any other action (including, without limitation, the commencement, prosecution, or defense
of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c) </FONT>Every written consent shall bear the date of signature of each shareholder who signs the consent and no written consent
shall be effective to take the corporate action referred to therein unless, within sixty (60) days of the earliest dated written
consent received in accordance with Section 5.02(a), a written consent or consents signed by a sufficient number of holders to
take such action are delivered to the Corporation in the manner prescribed in Section 5.02(a).</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
6.</FONT><BR>
OFFICERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.01. </FONT><U>Number</U>. The principal officers of the Corporation
shall be a President, a Treasurer and a Secretary. In addition, there may be such other or subordinate officers, agents and employees
as may be appointed in accordance with the provisions of Section 6.03. Any two or more offices may be held by the same person,
except that the office of Secretary shall be held by a person other than the person holding the office of President.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.02. </FONT><U>Election; Qualifications and Term of Office</U>.
Each officer of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 6.03, shall
be elected annually by the Board of Directors and shall hold office until his successor shall have been duly elected and qualified,
or until his death, or until he shall have resigned or shall have been removed in the manner herein provided. The President shall
be and remain a director. No Alien shall be qualified to act as an officer of the Corporation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.03. </FONT><U>Other Officers</U>. The Corporation may have
such other officers, agents, and employees as the Board of Directors may deem necessary, including a Chairman, one or more Vice
Presidents, a Controller, one or more Assistant Controllers, one or more Assistant Treasurers and one or more Assistant Secretaries,
each of whom shall hold office for such period, have such authority, and perform such duties as the Board of Directors, any committee
of the Board designated by it to so act, or the President or Chairman may from time to time determine. The Board of Directors may
delegate to any principal officer the power to appoint or remove any such subordinate officers, agents or employees.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.04. </FONT><U>Removal</U>. Any officer may be removed, either
with or without cause, by the vote of a majority of the whole Board of Directors or, except in the case of any officer elected
by the Board of Directors, by any committee of officers upon whom the power of removal may be conferred by the Board of Directors.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.05. </FONT><U>Resignation</U>. Any officer may resign at any
time by giving written notice to the Board of Directors, or the Chairman, the President or the Secretary of the Corporation. Any
such resignation shall take effect at the date of receipt of such notice or at any later time specified therein; and, unless otherwise
specified therein, the acceptance of such resignation shall not be necessary to make it effective.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.06. </FONT><U>Vacancies</U>. A vacancy in any office because
of death, resignation, removal, disqualification or any other cause shall be filled for the unexpired portion of the term in the
manner prescribed in these Bylaws for regular election or appointment to such office.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.07. </FONT><U>Chairman of the Board</U>. The Chairman of the
Board shall be a director and shall preside at all meetings of the Board of Directors and shareholders. Subject to determination
by the Board of Directors, the Chairman shall have general executive powers and such specific powers and duties as from time to
time may be conferred or assigned by the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.08. </FONT><U>President</U>. Subject to definition by the
Board of Directors, he shall have general executive powers and such specific powers and duties as from time to time may be conferred
upon or assigned to him by the Board of Directors or any committee of the Board designated by it to so act, or by the President.
In the absence of the Chairman, the President shall preside at all meetings of the shareholders.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.09. </FONT><U>Vice President</U>. Each Vice President shall
have such powers and perform such duties as the Board of Directors or the Executive Committee may from time to time prescribe or
as shall be assigned to him by the President.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.10. </FONT><U>Treasurer</U>. The Treasurer shall have charge
and custody of, and be responsible for, all funds and securities of the Corporation, and shall deposit all such funds to the credit
of the Corporation in such banks, trust companies or other depositories as shall be selected in accordance with the provisions
of these Bylaws; he shall disburse the funds of the Corporation as may be ordered by the Board of Directors or the Executive Committee,
making proper vouchers for such disbursements, and shall render to the Board of Directors or the shareholders, whenever the Board
may require him so to do, a statement of all his transactions as Treasurer and of the financial condition of the Corporation; and,
in general, he shall perform all the duties as from time to time may be assigned to him by the Board of Directors or any committee
of the Board designated by it so to act, or by the President or Chairman.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.11. </FONT><U>Secretary</U>. The Secretary shall record or
cause to be recorded in books provided for the purpose the minutes of the meetings of the shareholders, the Board of Directors,
and all committees of which a secretary shall not have been appointed; shall see that all notices are duly given in accordance
with the provisions of these Bylaws and as required by law; shall be custodian of all corporate records (other than financial)
and of the seal of the Corporation and see that the seal is affixed to all documents the execution of which on behalf of the Corporation
under its seal is duly authorized in accordance with the provisions of these Bylaws; shall keep, or cause to be kept, the list
of shareholders as required by Section 2.09, which include the post-office addresses of the shareholders and the number of shares
held by them, respectively, and shall make or cause to be made, all proper changes therein, shall see that the books, reports,
statements, certificates and all other documents and records required by law are properly kept and filed; and, in general, shall
perform all duties incident to the office of Secretary and such other duties as may from time to time be assigned to him by the
Board of Directors, the Executive Committee or the President.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.12. </FONT><U>Salaries</U>. The salaries of the principal
officers of the Corporation shall be fixed from time to time by the Board of Directors or a special committee thereof, and none
of such officers shall be prevented from receiving a salary by reason of the fact that he is a director of the corporation.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
7.</FONT><BR>
INDEMNIFICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
7.01. </FONT><U>Indemnity</U>. Each person who at any time is,
or shall have been, a director or officer of the Corporation, and is threatened to be or is made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he
is, or was, a director, officer, employee or agent of the Corporation, or is or has served at the request of the Corporation as
a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be
indemnified against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him or on his behalf in connection with such action, suit or proceeding to the full extent permitted under, and in
accordance with the procedures and limitations set forth in, the Florida Business Corporation Act, as the same exists and may subsequently
be amended (the &ldquo;FBCA&rdquo;), as from time to time amended. The foregoing right of indemnification shall in no way be exclusive
of any other rights of indemnification to which such director, officer, employee or agent may be entitled, under any Bylaw, agreement,
vote of shareholders or disinterested directors or otherwise, and shall continue as to a person who has ceased to be a director,
officer, employee or agent and shall inure to the benefit of 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
7.02. </FONT><U>Procedure for Indemnification of Directors and
Officers</U>. Any indemnification of a director or officer of the Corporation under Section 7.01, or advance of costs, charges
and expenses to a director or officer permitted by Section 7.01 of this Article, shall be made promptly, and in any event within
thirty days, upon the written request of the director or officer. If a determination by the Corporation that the director or officer
is entitled to indemnification pursuant to this Article is required, and the Corporation fails to respond within sixty (60) days
to a written request for indemnity, the Corporation shall be deemed to have approved such request. If the Corporation denies a
written request for indemnity or advancement of expenses, in whole or in part, or if payment in full pursuant to such request is
not made within thirty (30) days, the right to indemnification or advances as granted by this Article shall be enforceable by the
director or officer in any court of competent jurisdiction. Such person&rsquo;s costs and expenses incurred in connection with
successfully establishing his right to indemnification, in whole or in part, in any such action shall also be indemnified by the
Corporation. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of costs,
charges and expenses where the required undertaking, if any, has been received by the Corporation) that the claimant has not met
the standard of conduct set forth in the FBCA, but the burden of proving such defense shall be on the Corporation. Neither the
failure of the Corporation (including its Board of Directors, its independent legal counsel, and its shareholders) to have made
a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because
he has met the applicable standard of conduct set forth in the FBCA, nor the fact that there has been an actual determination by
the Corporation (including its Board of Directors, its independent legal counsel, and its shareholders) that the claimant has not
met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met
the applicable standard of conduct.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
7.03. </FONT><U>Survival; Preservation of Other Rights</U>.
The foregoing indemnification provisions shall be deemed to be a contract between the Corporation and each director, officer, employee
and agent who serves in any such capacity at any time while these provision as well as the relevant provisions of the FBCA are
in effect and any repeal or modification thereof shall not affect any right or obligation then existing with respect to any state
of facts then or previously existing or any action, suit or proceeding previously or thereafter brought or threatened based in
whole or in part upon any such state of facts. Such a &ldquo;contract right&rdquo; may not be modified retroactively without the
consent of such director, officer, employee or agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indemnification
provided by this Article VII shall not be deemed exclusive of any other rights to which those indemnified may be entitled under
any Bylaw, agreement, vote of shareholders or disinterested directors or otherwise, 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 a director,
officer, employee or 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
7.04. </FONT><U>Insurance</U>. The Corporation shall purchase
and maintain insurance on behalf of any person who is or was or has agreed to become a director or officer of the Corporation,
or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against him and incurred by him or on his behalf 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, provided that such insurance is available on acceptable terms.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
7.05. </FONT><U>Severability</U>. If this Article or any portion
hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify
each director or officer and may indemnify each employee or agent of the Corporation as to costs, charges and expenses (including
attorneys fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil,
criminal, administrative or investigative, including an action by or in the right of the Corporation, to the fullest extent permitted
by any applicable portion of this Article that shall not have been invalidated and to the fullest extent permitted by applicable
law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
8.</FONT><BR>
CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8.01. </FONT><U>Execution of Contracts</U>. Unless the Board
of Directors shall otherwise determine, the President or Chairman, any Vice President, the Treasurer, the Secretary or any Assistant
Secretary, may enter into any contract or execute any contract or other instrument, the execution of which is not otherwise specifically
provided for, in the name and on behalf of the Corporation. The Board of Directors, or any committee designated thereby with power
so to act, except as otherwise provided in these Bylaws, may authorize any other or additional officer or officers or agent or
agents of the Corporation, and such authority may be general or confined to specific instances. Unless authorized so to do by these
Bylaws or by the Board of Directors or by any such committee, no officer, agent or employee shall have any power or authority to
bind the Corporation by any contract or engagement or to pledge its credit or to render it liable pecuniarily for any purpose or
to any amount.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8.02. </FONT><U>Loans</U>. No loan shall be contracted on behalf
of the Corporation, and no evidence of indebtedness shall be issued, endorsed or accepted in its name, unless authorized by the
Board of Directors or Executive Committee or any committee of the Board designated by it so to act. Such authority may be general
or confined to specific instances. When so authorized, the officer or officers thereunto authorized may effect loans and advances
at any time for the Corporation from any bank, trust company or other institution, or from any firm, corporation or individual,
and for such loans and advances may make, execute and deliver promissory notes or other evidences of indebtedness of the Corporation,
and, when authorized as aforesaid, as security for the payment of any and all loans, advances, indebtedness and liabilities of
the Corporation, may mortgage, pledge, hypothecate or transfer any real or personal property at any time owned or held by the Corporation,
and to that end execute instruments of mortgage or pledge or otherwise transfer such property.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8.03. </FONT><U>Checks, Drafts, etc</U>. All checks, drafts,
bills or exchange or other orders for the payment of money, obligations, notes, or other evidence of indebtedness, bills of lading,
warehouse receipts and insurance certificates of the Corporation, shall be signed or endorsed by such officer or officers, agent
or agents, attorney or attorneys, employee or employees, of the Corporation as shall from time to time be determined by resolution
of the Board of Directors or Executive Committee or any committee of the Board designated by it so to act.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8.04. </FONT><U>Deposits</U>. All funds of the Corporation not
otherwise employed shall be deposited from time to time to the credit of the Corporation is such banks, trust companies or other
depositaries as the Board of Directors or Executive Committee or any committee of the Board designated by it so to act may from
time to time designate, or as may be designated by any officer or officers or agent or agents of the Corporation to whom such power
may be delegated by the Board of Directors or Executive Committee or any committee of the Board designated by it so to act and,
for the purpose of such deposit and for the purposes of collection for the account of the Corporation may be endorsed, assigned
and delivered by any officer, agent or employee of the Corporation or in such other manner as may from time to time be designated
or determined by resolution of the Board of Directors or Executive Committee or any committee of the Board designated by it so
to act.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8.05. </FONT><U>Proxies in Respect of Securities of Other Corporations</U>.
Unless otherwise provided by resolution adopted by the Board of Directors or Executive Committee or any committee of the Board
designated by it to so act, the Chairman or President or any Vice President may from time to time appoint an attorney or attorneys
or agent or agents of the Corporation, in the name and on behalf of the Corporation, to cast the votes which the Corporation may
be entitled to cast as the holder of stock or other securities in any other corporation, association or trust any of whose stock
or other securities may be held by the Corporation, at meetings of the holders of the stock or other securities of such other corporation,
association or trust, or to consent in writing, in the name of the Corporation as such holder, to any action by such other corporation,
association or trust, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such
consent, and may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal, or
otherwise, all such written proxies or other instruments as he may deem necessary or proper in the premises.</P>

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
9.</FONT><BR>
BOOKS AND RECORDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
9.01. </FONT><U>Place</U>. The books and records of the Corporation
may be kept at such places within or without the State of Florida as the Board of Directors may from time to time determine. The
stock record books and the blank stock certificate books shall be kept by the Secretary or by any other officer or agent designated
by the Board of Directors.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
9.02. </FONT><U>Addresses of Shareholders</U>. Each shareholder
shall furnish to the Secretary of the Corporation or to the transfer agent of the Corporation an address at which notices of meetings
and all other corporate notices may be served upon or mailed to him, and if any shareholder shall fail to designate such address,
corporate notices may be served upon him by mail, postage prepaid, to him at his post-office address last known to the Secretary
or to the transfer agent of the Corporation or by transmitting a notice thereof to him at such address by telegraph, cable or other
available method.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
9.03. </FONT><U>Record Dates</U>. The Board of Directors may
fix in advance a date, not exceeding fifty (50) days preceding the date of any meeting of shareholders, or the date for the payment
of any dividend, or the date for the allotment of any rights, or the date when any change or conversion or exchange of capital
stock of the Corporation shall go into effect, or a date in connection with obtaining such consent, as a record date for the determination
of the shareholders entitled to notice of, and to vote at, any such meeting or any adjournment thereof, or entitled to receive
payment of any such dividend, or to any such allotment of rights, or to exercise the rights in respect of any change, conversion
or exchange or capital stock of the Corporation, or to give such consent, and in each such case such shareholders and only such
shareholders as shall be shareholders of record on the date so fixed shall be entitled to notice of, or to vote at, such meeting
and any adjournment thereof, or to receive payment of such dividend, or to receive such allotment of rights, or to exercise such
rights or to give such consent, as the case may be, notwithstanding any transfer of any stock on the books of the Corporation after
any such record date fixed as aforesaid.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
9.04. </FONT><U>Audit of Books and Records</U>. The books and
accounts of the Corporation shall be audited at least once in each fiscal year by certified public accountants of good standing
selected by the Board of Directors.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
10.</FONT><BR>
SHARES AND THEIR TRANSFER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.01. </FONT><U>Certificates of Stock</U>. Every owner of stock of the Corporation
shall be entitled to have a certificate certifying the number of shares owned by him in the Corporation and designating the class
of stock to which such shares belong, which shall otherwise be in such form as the Board of Directors shall prescribe. Every such
certificate shall be signed by the Chairman, President or a Vice President, and the Treasurer or any Assistant Treasurer or the
Secretary or any Assistant Secretary of the Corporation; provided, however, that where such certificate is signed or countersigned
by a transfer agent or registrar the signatures of such officers of the Corporation and the seal of the Corporation may be in facsimile
form. In case any officer or officers who shall have signed, or whose facsimile signature or signatures shall have been used on,
any such certificate or certificates shall cease to be such officer or officers of the Corporation, whether because of death, resignation
or otherwise, before such certificate or certificates shall have been delivered by the Corporation, such certificate or certificates
may nevertheless be issued and delivered by the Corporation as though the person or persons who signed such certificate or whose
facsimile signature or signatures shall have been used thereof had not ceased to be such officer or officers of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.02. </FONT><U>Certificates of Stock Issued to Aliens</U>. Every owner of stock of
the Corporation who is identified as an Alien (as defined in Article Eleven of the Articles of Incorporation) shall receive that
form of certificate designated as a &ldquo;foreign share certificate.&rdquo; Each foreign share certificate shall certify the number
of shares of stock owned in the Corporation by the Alien and shall designate the class of stock to which such shares belong, and
shall otherwise be in such form as the Board of Directors shall prescribe. Every such certificate shall be signed by the Chairman,
President or a Vice President, and the Treasurer or any Assistant Treasurer or the Secretary or any Assistant Secretary of the
Corporation; provided, however, that where such certificate is signed or countersigned by a transfer agent or registrar the signatures
of such officers of the Corporation and the seal of the Corporation may be in facsimile form. In case any officer or officers who
shall have signed, or whose facsimile signature or signatures shall have been used on, any such certificate or certificates shall
cease to be such officer or officers of the Corporation, whether because of death, resignation or otherwise, before such certificate
or certificates shall have been delivered by the Corporation, such certificate or certificates may nevertheless be issued and delivered
by the Corporation as though the person or persons who signed such certificate or whose facsimile signature or signatures shall
have been used thereof had not ceased to be such officer or officers of the Corporation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.03. </FONT><U>Legend</U>. Every certificate of stock shall have a restriction noted
conspicuously on the certificate and shall set forth on either the face or back of the certificate a legend informing the holder
of the certificate that the shares of stock represented by the certificate shall not be transferred to any Alien if, as a result
of such transfer, an Alien, either individually or in the aggregate, would hold in excess of twenty-five percent (25%) of the total
number of outstanding shares of capital stock of the Corporation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.04. </FONT><U>Record</U>. A record shall be kept of the name of the person, firm
or corporation owning the stock represented by each certificate for stock of the Corporation issued, the number of shares represented
by each such certificate, and the date thereof, and, in case of cancellation, the date of cancellation. The person in whose name
shares of stock stand on the books of the Corporation shall be deemed the owner thereof for all purposes as regards the Corporation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.05. </FONT><U>Transfer of Stock</U>. Transfers of shares of the stock of the Corporation
shall be made only on the books of the Corporation by the registered holder thereof, or by his attorney thereunto authorized, and
on the surrender of the certificate or certificates for such shares properly endorsed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.06. </FONT><U>Transfer Agent and Registrar; Regulations</U>. The Corporation shall,
if and whenever the Board of Directors or Executive Committee shall so determine, maintain one or more transfer offices or agencies,
each in charge of a transfer agent designated by the Board of Directors, where the shares of the capital stock of the Corporation
shall be directly transferable, and also if and whenever the Board of Directors shall so determine, maintain one or more registry
offices, each in charge of a registrar designated by the Board of Directors, where such shares of stock shall be registered. The
Board of Directors may make such rules and regulations as it may deem expedient, not inconsistent with these Bylaws, concerning
the issue, transfer and registration of certificates for shares of the capital stock of the Corporation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.07. </FONT><U>Lost, Destroyed or Mutilated Certificates</U>. In case of the alleged
loss or destruction or the mutilation of a certificate representing capital stock of the Corporation, a new certificate may be
issued in place thereof, in the manner and upon such terms as the Board of Directors may prescribe.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
11.</FONT><BR>
SEAL</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
shall provide a corporate seal, which shall be in the form of a circle and shall bear the name of the Corporation.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
12.</FONT><BR>
FISCAL YEAR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fiscal year of
the Corporation shall commence on the first day of January, except as otherwise provided from time to time by the Board of Directors.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
13.</FONT><BR>
WAIVER OF NOTICE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever any notice
whatever is required to be given by statute, these Bylaws or the Articles of Incorporation, a waiver thereof in writing, signed
by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
14.</FONT><BR>
AMENDMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These Bylaws may be
amended, altered or repealed: (a) by resolution adopted by a majority of the total number of directors that the Corporation would
have if there were no vacancies on the Board of Directors at any regular or special meeting of the Board if, in the case of a special
meeting only, notice of such amendment, alteration or repeal is contained in the notice or waiver of notice of such meeting; or
(b) by the affirmative vote of the holders of at least 66-2/3% of the outstanding shares of stock of the Corporation entitled to
vote on the election of directors at any annual meeting of the shareholders.</P>

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



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<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>tm2019562d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">NUMBER</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">SHARES</TD></TR>
</TABLE>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT=""></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; font: 10pt Times New Roman, Times, Serif; text-align: left">CLASS __ COMMON STOCK</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 20%; font: 10pt Times New Roman, Times, Serif">CUSIP 786598 30 0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">$.01 PAR VALUE</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">SEE REVERSE FOR CERTAIN <BR>
DEFINITIONS</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; text-align: center">INCORPORATED UNDER THE LAWS OF THE STATE
OF FLORIDA</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>This certifies that ____________________<BR></I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>is the registered holder of ________________</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FULLY PAID AND NON-ASSESSABLE SHARES OF
THE CLASS __ COMMON STOCK OF</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>SAGA COMMUNICATIONS, INC. (the &ldquo;Corporation&rdquo;)
transferable on the books of the Corporation by the holder of record hereof in person or by duly authorized attorney, upon surrender
of this certificate properly endorsed or assigned. The Corporation has more than one class of stock authorized to be issued. The
Corporation will furnish without charge to each shareholder upon written request a copy of the full text of the preferences, voting
powers, qualifications and special and relative rights of the shares of each class of stock (and any series thereof) authorized
to be issued by the Corporation as set forth in the Articles of Incorporation and amendments thereto filed with the Secretary of
State of the State of Florida. This certificate and the shares represented hereby are issued and shall be subject to all of the
provisions of the laws of the State of Florida, the Articles of Incorporation, the Bylaws of the Corporation and any amendments
thereto, to all of which the holder, by acceptance hereof, assents. This certificate is not valid unless countersigned by the Transfer
Agent and registered by the Registrar.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></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-indent: 0.5in"><I>Witness the facsimile seal of the Corporation
and signatures of its duly authorized officers.</I></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">COMPUTERSHARE</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">TRANSFER AGENT</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">AND REGISTRAR</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Edward
    K. Christian</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Samuel
    D. Bush</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">AUTHORIZED
    SIGNATURE</FONT></TD><TD STYLE="white-space: nowrap; width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">PRESIDENT,
    CHIEF</FONT></TD><TD STYLE="white-space: nowrap; width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SENIOR VICE
    PRESIDENT,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EXECUTIVE OFFICER</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">TREASURER AND CHIEF</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">AND CHAIRMAN</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">FINANCIAL OFFICER</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"></P>

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<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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Reverse of Certificate]</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"><B>SAGA COMMUNICATIONS, INC.</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">The following provisions set forth certain
limitations with respect to the transfer of shares of Class __ Common Stock represented by this Certificate. Pursuant to the Communications
Act of 1934, as amended, the Corporation shall not issue to &ldquo;Aliens&rdquo; (which term shall include (i) a person who is
a citizen of a country other than the United States; (ii) any entity organized under the laws of a government other than the government
of the United States or any state, territory, or possession of the United States; (iii) a government other than the government
of the United States or of any state, territory, or possession of the United States; and (iv) a representative of, or an individual
or entity controlled by, any of the foregoing), either individually or in the aggregate, in excess of 25% of the total number of
shares of capital stock of the Corporation outstanding at any time and shall seek not to permit the transfer on the books of the
Corporation of any capital stock to any Alien that would result in the total number of shares of such capital stock held by Aliens
exceeding such 25% limit. The Corporation will furnish to any shareholder, upon request and without charge, copies of the Articles
of Incorporation, Bylaws and any applicable resolutions of the Board of Directors of the Corporation adopted for the purpose of
ensuring that control of the Corporation remains with loyal citizens of the United States as required by the Communications Act
of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following abbreviations, when used in
the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">TEN
    COM&nbsp; </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&ndash;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">as
    tenants in common</FONT></TD><TD COLSPAN="2" STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">UNIF
                                 GIFT MIN ACT &ndash;</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;Custodian&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">UNIF
    TRAN MIN ACT &ndash;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;Custodian&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left; width: 5%"><FONT STYLE="font-size: 8pt">TEN
    ENT </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left; width: 21%"><FONT STYLE="font-size: 8pt">as
    tenants by the entireties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 14%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 6%"><FONT STYLE="font-size: 8pt">(Cust)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 6%"><FONT STYLE="font-size: 8pt">(Minor)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 6%"><FONT STYLE="font-size: 8pt">(Cust)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 6%"><FONT STYLE="font-size: 8pt">(Minor)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">JT
    TEN </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&ndash;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">as
    joint tenants with right of survivorship</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">and
    not as tenants in common</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">under
    Uniform Gifts to Minors</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="3" STYLE="text-align: left; white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 8pt">under
                                         Uniform Transfers to Minors</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">TOD </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">transfer
    on death direction in event of</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">Act</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">Act</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">owner
    &rsquo;s death, to person named on face</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; white-space: nowrap"><FONT STYLE="font-size: 8pt">(State)</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.25in; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">(State)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">subjecty
    to STA TOD rules</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</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; text-align: center">Additional abbreviations may also be used
though not in the above list.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For Value Received, __________________________
hereby sell, assign and transfer unto</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left; width: 30%"><FONT STYLE="font-size: 10pt">PLEASE INSERT SOCIAL SECURITY
    OR OTHER</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">IDENTIFYING NUMBER OF ASSIGNEE</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(PLEASE PRINT OR TYPEWRITE ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 98%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;Shares</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of the Class __ Common Stock represented by the within
Certificate, and do hereby irrevocable constitute and appoint</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left; padding-bottom: 1pt; width: 98%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;Attorney</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">to transfer the said shares on the books
of the within named Corporation with full power of substitution in the premises.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 30%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">In presence of</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">NOTICE:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">THE SIGNATURE TO THIS
    ASSIGNMENT MUST<BR> CORRESPOND WITH THE NAME OF THE<BR> SHAREHOLDER(S) AS WRITTEN UPON THE<BR> FACE OF THE CERTIFICATE IN
    EVERY<BR> PARTICULAR WITHOUT ALTERATION OR<BR> ENLARGEMENT OR ANY CHANGE<BR> WHATEVER.</FONT></TD></TR>
</TABLE>




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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
