<SEC-DOCUMENT>0001387131-20-007565.txt : 20200814
<SEC-HEADER>0001387131-20-007565.hdr.sgml : 20200814
<ACCEPTANCE-DATETIME>20200814171324
ACCESSION NUMBER:		0001387131-20-007565
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200813
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200814
DATE AS OF CHANGE:		20200814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		201106541

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cvu-8k_081320.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
8-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): <B>August 13, 2020</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>CPI
    AEROSTRUCTURES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    Name of Registrant as Specified in Charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-11398</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11-2520310</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
                                         or Other Jurisdiction</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
        Incorporation)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
        Number)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
                                         Employer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
        No.)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>91
    Heartland Boulevard, Edgewood, New York</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11717</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
telephone number, including area code: <B>(631) 586-5200</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
    Name or Former Address, if Changed Since Last Report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (<U>see</U> General Instruction A.2. below):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                         communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
                                         material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="padding-top: 2pt; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36%; padding: 2pt 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD STYLE="width: 25%; padding: 2pt 5.4pt; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol(s)</FONT></TD>
    <TD STYLE="width: 39%; padding: 2pt 5.4pt; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 2pt 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CVU</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE
    American</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 13, 2020, the Board of Directors of CPI Aerostructures, Inc. (the &ldquo;Company&rdquo;) amended and restated the Company&rsquo;s
bylaws (&ldquo;Amended Bylaws&rdquo;) to create a new position of non-executive Vice Chairperson of the Board of Directors, clarify
that notices of shareholder meetings must include notice of the means of electronic communication by which shareholders may participate
in the meeting and vote or grant proxies, if applicable, and to revise all pronouns to be gender-neutral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended Bylaws are attached hereto as Exhibit 3.1 and are incorporated by reference herein. The foregoing summary of the Amended
Bylaws is qualified in its entirety by reference to the full text of the Amended Bylaws.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         9.01</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
                                         Statements and Exhibits.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
    No.</U></FONT></TD>
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex3-1.htm">3.1</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex3-1.htm">Amended and Restated Bylaws of the Company.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    August 14, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CPI AEROSTRUCTURES, INC.</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Douglas McCrosson</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
    McCrosson</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TYPE>EX-3.1
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<FILENAME>ex3-1.htm
<DESCRIPTION>AMENDED AND RESTATED BYLAWS OF THE COMPANY
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><A HREF="cvu-8k_081320.htm">CPI AEROSTRUCTURES, INC. 8-K</A></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 3.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Adopted: April 27,
1998</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B> Article IV, Section 4 amended October 28, 2004</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Article V, Sections 1 &amp; 3 amended November
6, 2007</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Amended August 13, 2020</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 1.  <U>Principal office</U>.
The principal office of the Corporation within the State of New York shall initially be in the City of Ronkonkoma, County of Suffolk.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 2. <U>Other offices</U>. The
Corporation may also have an office other than said principal office at such place or places, either within or without the State
of New York, as the Board of Directors shall from time to time determine as the business of the Corporation may require.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 1. <U>Place of Meetings</U>.
All meetings of the shareholders for the election of directors or for any other purpose shall be held in the city of Ronkonkoma,
State of New York, at such place as may be fixed from time to time by the Board of Directors, or at such other place, either within
or without the State of New York, as shall be designated from time to time by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 2.  <U>Annual Meeting</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 properly come before the meeting, commencing with the year subsequent to the year of incorporation, shall be held at such
date and time as shall be designated from time to time by the Board of Directors and stated in the notice of meeting or in a duly
executed waiver thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 3. <U>Special Meetings</U>.
Special meetings of the shareholders, unless otherwise prescribed by statute, may be called at any time by the Board of Directors
or the Chairperson of the Board, if one shall have been elected, or the President.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 4. <U>Notice of Meeting</U>.
Notice of the place, date and hour of holding of each annual and special meeting of the shareholders, the means of electronic communications,
if any, by which shareholders and proxyholders may participate in proceedings of the meeting and vote or grant proxies at such
meeting, and, unless it is the annual meeting, the purpose or purposes thereof, shall be given personally or by mail in a postage
prepaid envelope, not less than ten or more than fifty days before the date of such meeting, to each shareholder entitled to vote
at such meeting, and, if mailed, it shall be directed to such shareholder at his, her, or its address as it appears on the record
of shareholders, unless the shareholder shall have filed with the Secretary of the Corporation a written request that notices be
mailed at some other address, in which case it shall be directed to the shareholder at such other address. Any such notice for
any meeting other than the annual meeting shall indicate that it is being issued at the direction of the Board of Directors, the
Chairperson of the Board or the President. Notice need not be given to any shareholder who submits a written waiver of notice signed
either before or after the meeting, in person or by proxy. Attendance of a shareholder at a meeting shall constitute a waiver of
notice of such meeting, except when the shareholder attends the meeting for the express purpose of objecting at the beginning of
the meeting to the transaction of any business because the meeting is not lawfully called or convened. Unless the Board of Directors
shall fix a new record date for an adjourned meeting, notice of such adjourned meeting need not be given if the time and place
to which the meeting shall be adjourned were announced at the meeting at which the adjournment is taken.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 5. <U>Quorum</U>. At all meetings
of the shareholders, the holders of a majority of the shares of the Corporation issued and outstanding and entitled to vote thereat
shall be present in person or by proxy to constitute a quorum for the transaction of business, except as otherwise provided by
statute. In the absence of a quorum, the holders of a majority of the shares present in person or by proxy and entitled to vote
may adjourn the meeting from time to time. At any such adjourned meeting at which a quorum may 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: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 6.  <U>Organization</U>. At
each meeting of the shareholders, the Chairperson of the Board, if one shall have been elected, or in his or her absence or if
one shall not have elected, the President, shall act as chair of the meeting. The Secretary, or in his or her absence or inability
to act, the person whom the chair of the meeting shall appoint secretary of the meeting, shall act as secretary of the meeting
and keep the minutes thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 7. <U>Order of Business</U>.
The order of business at all meetings of the shareholders shall be as determined by the chair of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 8.  <U>Voting</U>. Except as
otherwise provided by statute or the Certificate of Incorporation, each holder of record of shares of the Corporation having voting
power shall be entitled at each meeting of the shareholders to one vote for each share standing in his, her, or its name on the
record of shareholders of the Corporation:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
the date fixed pursuant to the provisions of Section 6 of Article V of these By-Laws as the record date for the determination of
the shareholders who shall be entitled to notice of and to vote at such meeting; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
no such record date shall have been so fixed, then at the close of business on the day next preceding the day on which notice thereof
shall be given.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each shareholder entitled to vote at any meeting
of the shareholders may authorize another person or persons to act for him, her, or it by a proxy signed by such shareholder or
his, her or its attorney-in-fact. Any such proxy shall be delivered to the secretary of such meeting at or prior to the time designated
in the order of business for so delivering such proxies. Except as otherwise provided by statute or the Certificate of Incorporation
or these By-Laws, any corporate action to be taken by vote of the shareholders shall be authorized by a majority of the votes cast
at a meeting of shareholders by the holders of shares present in person or represented by proxy and entitled to vote on such action.
Unless required by statute, or determined by the chair of the meeting to be advisable, the vote on any question need not be by
ballot. On a vote by ballot, each ballot shall be signed by the shareholder voting, or by his, her, or its proxy, if there be such
proxy, and shall state the number of shares voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 9. <U>Nominations For Directors</U>.
Nominations for the election of directors may be made by the Board of Directors or by any shareholder entitled to vote for the
election of directors in accordance with the procedures set forth herein. Any shareholder entitled to vote for the election of
directors at a meeting may nominate a person or person for election as directors only if written notice of such shareholder&rsquo;s
intent to make such nomination is given, either by personal delivery or by United States mail, postage prepaid, to the secretary
of the Corporation not later than 120 days in advance of the date of the Corporation&rsquo;s proxy statement released to shareholders
in connection with the previous year&rsquo;s annual meeting of shareholders or if no annual meeting was held in the previous year
then by the end of the fiscal year to which the annual meeting in which the nomination will be made relates. Each notice of a shareholder&rsquo;s
intent to make such nomination shall set forth: (i) the name and address of the shareholder who intends to make the nomination
and the person or person to be nominated; (ii) a representation that the shareholder is a holder of record of the stock of the
Corporation entitled to vote at the meeting and intends to appear in person or by proxy at the meeting to nominate the person or
persons specified in the notice; (iii) a description of all arrangements and understandings between the shareholder and each nominee
and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made
by the shareholder; (iv) such other information regarding each nominee proposed by the shareholder as would have been required
to be included in a proxy statement filing pursuant to the proxy rules of the Securities and Exchange Commission had each nominee
been nominated, or intended to be nominated, by the Board of Directors; and (v) the written consent of each nominee to serve as
a Director of the Corporation if so elected. The chair of any meeting of shareholders to elect directors and the Board of Directors
may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedures.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 10. <U>Business To Be Transacted
at Annual Meetings</U>. At each annual meeting, the shareholders shall elect the directors whose terms of office shall expire at
such meeting. At any such annual meeting any further proper business may be transacted. To be properly brought before an annual
meeting, business must be (i) specified in the notice of the meeting (or any supplement thereto) given by or at the direction of
the Board, (ii) otherwise properly brought before the meeting in accordance with these By-Laws or as prescribed by statute, or
(iii) otherwise properly brought before the meeting by a shareholder in accordance with the procedures set forth herein. For business
to be properly brought before an annual meeting by a shareholder, the shareholder must have given written notice thereof, either
by personal delivery or by United States mail, postage prepaid, to the Secretary of the Corporation, not later than 120 days in
advance of the date of the Corporation&rsquo;s proxy statement released to shareholders in connection with the previous year&rsquo;s
annual meeting of shareholders or if no annual meeting was held in the previous year then by the end of the fiscal year for which
the annual meeting in which the proposal will be made relates. Any such notice shall set forth as to each matter the shareholder
proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the meeting and
the reasons for conducting such business at the meeting and, in the event that such business includes a proposal to amend either
the Certificate of Incorporation or By-Laws of the Corporation, the language of the proposed amendment, (ii) the name and address
of the shareholder proposing such business, (iii) a representation disclosing (a) the number of shares beneficially owned by such
shareholder, (b) the length of time such shares have been held by the shareholder, (c) that the shareholder will continue to own
such securities through the annual meeting, and (d) that the shareholder intends to appear in person or by proxy at the meeting
to propose such business, and (iv) any material interest of the shareholder in such business. Shareholders wishing to nominate
directors for election must comply with the additional requirements of Section 9 above. No business shall be conducted at an annual
meeting of shareholders except in accordance with this Section and the chair of any annual meeting of shareholders may refuse to
permit any business to be brought before an annual meeting without compliance with the foregoing procedures.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 11. <U>List of Shareholders</U>.
A list of shareholders as of the record date, certified by the Secretary of the Corporation or by the transfer agent for the Corporation,
shall be produced at any meeting of the shareholders upon the request of any shareholder made at or prior to such meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 12. <U>Inspectors</U>. The Board
of Directors may, in advance of any meeting of shareholders, appoint one or more inspectors to act at such meeting or any adjournment
thereof. If inspectors are not selected in advance of a meeting or any of the inspectors so appointed shall fail to appear or act,
the chair of the meeting shall, acting on his or her own or on the request of any shareholder entitled to vote at such meeting,
appoint one or more inspectors. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an
oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his or
her ability. The inspectors shall determine the number of shares outstanding and the voting power of each, the number of shares
represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or
consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all
votes, ballots or consents, determine the results, and do such acts as are proper to conduct the election or vote with fairness
to all shareholders. On request of the chair of the meeting or any shareholder entitled to vote thereat, the inspectors shall make
a report in writing of any challenge, request or matter determined by them and shall execute a certificate of any fact found by
them. No director or candidate for the office of director shall act as an inspector of an election of directors. Inspectors need
not be shareholders.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 1. <U>General Powers</U>. The
business and affairs of the Corporation shall be managed under the direction of the Board of Directors. The Board of Directors
may exercise all such authority and powers of the Corporation and do all such lawful acts and things as are not by Statute or the
Certificate of Incorporation directed or required to be exercised or done by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 2.  <U>Number, Qualifications,
Election and Term of Office</U>. The number of directors may be fixed, from time to time, by the affirmative vote of a majority
of the entire Board of Directors or by action of the shareholders of the Corporation; provided, however, that the number of directors
shall not be less than three, except that when all the shares of the Corporation are owned beneficially by less than three shareholders,
the number of directors may be less than three but not less than the number of shareholders. Any decrease in the number of directors
shall be effective at the time of the next succeeding annual meeting of the shareholders unless there shall be vacancies in the
Board of Directors, in which case such decrease may become effective at any time prior to the next succeeding annual meeting to
the extent of the number of such vacancies. All the directors shall be at least eighteen years of age. Directors need not be shareholders.
Except as otherwise provided by statute or these By-Laws, the directors (other than members of the initial Board of Directors)
shall be elected at the annual meeting of the shareholders. At each meeting of the shareholders for the election of directors at
which a quorum is present, the person receiving a plurality of the votes cast at such election shall be elected. Each director
shall hold office until the next annual meeting of the shareholders in which his or her class expires and until his or her successor
shall have been elected and qualified, or until his or her death, or until he or she shall have resigned, or have been removed,
as hereinafter provided in these By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 3. <U>Classification of Directors</U>.
The directors of the Company shall be divided into three (3) classes. The terms of office of the directors initially classified
shall be as follows: that of the first class shall expire at the next annual meeting of shareholders, the second class at the second
succeeding annual meeting, and the third class at the third succeeding annual meeting. Thereafter, directors will be elected to
hold office until the third succeeding annual meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 4. <U>Place of Meetings</U>.
Meetings of the Board of Directors shall be held at the principal office of the Corporation in the State of New York or at such
other place, within or without such State, as the Board of Directors may from time to time determine or shall be specified in the
notice of any such meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 5. <U>First 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 after each annual meeting of the shareholders, on the same day and at the same place where such annual meeting
shall be held. Notice of such meeting need not be given. Such meeting may be held at any other time or place (within or without
the State of New York) which shall be specified in a notice thereof given as hereinafter provided in Section 8 of this Article
III.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 6. <U>Regular Meetings</U>.
Regular meetings of the Board of Directors shall be held at such time and place as the Board of Directors may fix. 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 the same hour on the next succeeding business day. Notice of regular meetings of the Board
of Directors need not be given except as otherwise required by statute or these By-Laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 7. <U>Special Meetings</U>.
Special meetings of the Board of Directors may be called by the Chairperson of the Board, if one shall have been elected, or by
two or more directors of the Corporation or by the President.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 8. <U>Notice of Meetings</U>.
Notice of each special meeting of the Board of Directors (and of each regular meeting for which notice shall be required) shall
be given by the Secretary as hereinafter provided in this Section 8, in which notice shall be stated the time and place of the
meeting. Except as otherwise required by these By-Laws, such notice need not state the purposes of such meeting. Notice to each
director shall be addressed to him or her at his or her residence or usual place of business and mailed by first-class mail, at
least two days before the day on which such meeting is to be held, or shall be sent addressed to him or her at such place by telegraph,
cable, telex, telecopier, email or other electronic transmission, or other similar means, or be delivered to him or her personally
or be given to him or her by telephone, or other similar means, at least twenty-four hours before the time at which such meeting
is to be held. Notice of any such meeting need not be given to any director who shall, either before or after the meeting, submit
a signed waiver of notice or who shall attend such meeting without protesting, prior to or at its commencement, the lack of notice
to him or her.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 9. <U>Quorum and Manner of Acting.</U>
A majority of the entire Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board
of Directors, and, except as otherwise expressly required by statute or the Certificate of Incorporation or these By-Laws, the
act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors.
In the absence of a quorum at any meeting of the Board of Directors, a majority of the directors present thereat may adjourn such
meeting to another time and place. Notice of the time and place of any such adjourned meeting shall be given to the directors unless
such time and place were announced at the meeting at which the adjournment was taken, to the other directors. At any adjourned
meeting at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally
called. The directors shall act only as a Board and the individual directors shall have no power as such.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 10. <U>Organization</U>. At
each meeting of the Board of Directors, the Chairperson of the Board, if one shall have been elected, or, in the absence of the
Chairperson of the Board or if one shall not have been elected, the President (or, in his or her absence, another director chosen
by a majority of the directors present) shall act as chair of the meeting and preside thereat. The Secretary (or, in his or her
absence, any person who shall be an Assistant Secretary, if any of them shall be present at such meeting, appointed by the chair
of the meeting) shall act as secretary of the meeting and keep the minutes thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 11. <U>Resignations</U>. Any
director of the Corporation may resign at any time by giving written notice of his or her resignation to the Board of Directors
or the Chairperson of the Board or the President or the Secretary. Any such resignation shall take effect at the time specified
therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. Unless otherwise
specified herein, the acceptance of such resignation shall not be necessary to make it effective.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 12. <U>Vacancies</U>. Subject
to any express provision of the Certificate of Incorporation, any vacancy in the Board of Directors, whether arising from death,
resignation, removal, an increase in the number of directors or any other cause, may be filled by the vote of a majority of the
directors then in office, though less than a quorum, or by the shareholders at the next annual meeting thereof or at a special
meeting thereof. Each director so elected shall hold office until the next meeting of the shareholders in which the election of
directors is in the regular order of business and until his or her successor shall have been elected and qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 13. <U>Removal of Directors</U>.
Except as otherwise provided by statute, any director may be removed, for cause, at any time, by a majority of the shareholders
or by the Board of Directors, at a special meeting thereof convened in accordance with the provisions of these By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 14. <U>Compensation</U>. The
Board of Directors shall have authority to fix the compensation, including fees and reimbursement of expenses, of directors for
services to the Corporation in any capacity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 15. <U>Committees.</U> The Board
of Directors may, by resolution passed by a majority of the entire Board of directors, designate one or more committees, including
an executive committee, each committee to consist of three or more of the directors of the Corporation. The Board of Directors
may designate one or more directors as alternate members of any committee, who may replace any absent member at any meeting of
the committee. Except to the extent restricted by statute or the Certificate of Incorporation, each such committee, to the extent
provided in the resolution creating it, shall have and may exercise all the authority of the Board of Directors. Each such committee
shall serve at the pleasure of the Board of Directors and have such name as may be determined from time to time by resolution adopted
by the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 16.  <U>Action by Consent</U>.
Unless restricted by the Certificate of Incorporation, any action required or permitted to be taken by the Board of Directors or
any committee thereof may be taken without a meeting if all members of the Board of Directors or such committee consent in writing
to the adoption of a resolution authorizing the action. The resolution and the written consents thereto by the Members of the Board
of Directors or such committee shall be filed with the minutes of the proceedings of the Board of Directors or much committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 17. <U>Telephonic Meeting</U>.
Unless restricted by the Certificate of Incorporation, any one or more members of the Board of Directors or any committee thereof
may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communication
equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall
constitute presence in person at a meeting.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 1. <U>Number and Qualifications</U>.
The officers of the Corporation shall be elected by the Board of Directors and shall include the President, Chief Executive Officer,
Chief Financial Officer, one or more Vice Presidents, the Secretary, and the Treasurer. If the Board of Directors wishes, it may
also elect as an officer of the Corporation a Chairperson of the Board and may elect other officers (including one or more Assistant
Treasurers and one or more Assistant Secretaries), as may be necessary or desirable for the business of the Corporation. Any two
or more offices may be held by the same person, except the offices of President and Secretary; provided, however, that such two
offices may be held by the same person if all of the outstanding shares of the Corporation are owned by such person. Each officer
shall hold office until the first meeting of the Board of Directors following the next annual meeting of the shareholders, and
until his or her successor shall have been elected and shall have qualified, or until his or her death, or until he or she shall
have resigned or have been removed, as hereinafter provided in these By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 2. <U>Resignations</U>. Any
officer of the Corporation may resign at any time by giving written notice of his or her resignation to the Board of Directors
or the Chairperson of the Board or the President or the Secretary. Any such resignation shall take effect at the time specified
therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. Unless otherwise
specified therein, the acceptance of any such resignation shall not be necessary to make it effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 3. <U>Removal</U>. Any officer
of the Corporation may be removed, either with or without cause, at any time, by the Board of Directors at any meeting thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 4. <U>Chairperson of the Board</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Chairperson of the Board</U>. The Chairperson of the Board, if one shall have been elected, shall be a member of the
Board, an officer of the Corporation and, if present, shall preside at each meeting of the Board of Directors or the shareholders.
He or she shall advise and counsel with the President, and in his or her absence with other executives of the Corporation, and
shall perform such other duties as may from time to time be assigned to him or her by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Executive Chairperson of the Board</U>. In lieu of an executive Chairperson of the Board described in (a) above,
a non-executive Chairperson of the Board, who shall be a member of the Board but not an officer of the Corporation, may be elected
and, if present, shall preside at each meeting of the Board of Directors or the shareholders. He or she shall advise and counsel
with the President, and in his or her absence with other executives of the Corporation, and shall perform such other duties as
may from time to time be assigned to him or her by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Chairperson Emeritus</U>. In addition to a Chairperson of the Board described in Section 4(a) above or a non-executive
Chairperson described in Section 4(b) above, a Chairperson Emeritus, who shall be a member of the Board, may be elected and shall
perform such duties as may from time to time be assigned to him or her by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Executive Vice Chairperson of the Board</U>. The Non-Executive Vice Chairperson of the Board, if one shall have been
elected, shall be a member of the Board, not an officer of the Corporation and, if present in the absence of the Chairperson, shall
preside at the meeting of the Board of Directors or the shareholders. The Non-Executive Vice Chairperson shall advise and counsel
the President, and in the President&rsquo;s absence the other executives of the Corporation, and shall perform such other duties
as may from time to time be assigned to him or her by the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 5. <U>The President</U>. The
President shall be the Chief Operating Officer of the Corporation. He or she shall in the absence of the Chairperson of the Board
or if a Chairperson of the Board shall not have been elected, preside at each meeting of the Board of Directors or the shareholders.
He or she shall perform all duties incident to the office of President and chief operating officer and such other duties as may
from time to time be assigned to him or her by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 6. <U>Chief Executive Officer</U>.
The Chief Executive Officer shall be a principal executive officer of the Corporation. He or she shall perform all duties incident
to the office of Chief Executive officer and such other duties as may from time to time be assigned to him or her by the Board
of Directors. If a Chief Executive Officer shall not have been appointed, the Chairperson of the Board shall be the Chief Executive
Officer or if a Chairperson of the Board shall not have been elected, then the President shall be the Chief Executive Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 7. <U>Vice-President</U>. Each
Vice-President shall perform all such duties as from time to time may be assigned to him or her by the Board of Directors, the
President or the Chief Executive Officer. At the request of the President, Chief Executive Officer, or in their absence or in event
of their inability or refusal to act, the Vice-Presidents in the order determined by the Board of Directors (or if there be no
such determination, then the Vice Presidents in the order of their election), shall perform the duties of the President or Chief
Executive Officer, and, when so acting, shall have the powers of and be subject to the restrictions placed upon the President or
Chief Executive Officer in respect to the performance of such duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 8. <U>Chief Financial Officer</U>.
The Chief Financial Officer shall be responsible for the Corporation's overall financial condition and shall adopt and supervise
applicable policies and procedures. He or she shall establish credit and collection policies, establish appropriate inventory levels,
review compensation and fringe Benefits for key employees, create internal control systems, enter and maintain the Corporation's
commercial and investment banking relationships and shall seek positive financial public relations for the Corporation. At the
request of the Board of Directors, the Chief Financial Officer shall render to the Board of Directors and account of the financial
condition of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 9. <U>Treasurer</U>. The Treasurer
shall:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have
charge and custody of, and be responsible for, all the funds and securities of the Corporation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;keep
full and accurate accounts of receipts and disbursements in books belonging to the Corporation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposit
all moneys and other valuables to the credit of the Corporation in such depositories as may be designated by the Board of Directors
or pursuant to its direction;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receive,
and give receipts for, moneys due and payable to the Corporation from any source whatsoever;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disburse
the funds of the Corporation and supervise the investments of its funds, taking proper vouchers therefor;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;render
to the Board of Directors, whenever the Board of Directors may require, an account of the financial condition of the Corporation;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
general, perform all duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him
or her by the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;keep
or cause to be kept in one or more books provided for the purpose, the minutes of all meetings of the Board of Directors, the committees
of the Board of Directors and the shareholders;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;see
that all notices are duly given in accordance with the provisions of these By-Laws and as required by law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be
custodian of the records and the seal of the Corporation and affix and attest the seal to all certificates for shares of the Corporation
(unless the seal of the Corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the
seal to all other documents to be executed on behalf of the Corporation under its seal;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;see
that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly
kept and filed; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
general, perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him
or her by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 11. <U>The Assistant Treasurer</U>.
The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors
(or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event
of his or her inability or refusal to act, perform the duties and exercise the powers of the Treasurer and shall perform such other
duties as from time to time may be assigned by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 12. <U>The Assistant Secretary</U>.
The Assistant Secretary, or if there shall be more than one, the Assistant Secretaries in the order determined by the Board of
Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or
in the event of his or her inability or refusal to act, perform the duties and exercise the powers of the Secretary and shall perform
such other duties as from time to time may be assigned by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 13. <U>Officers&rsquo; Bond
or Other Security</U>. If required by the Board of Directors, any office of the Corporation shall give a bond or other security
for the faithful performance of his or her duties, in such amount and with such surety or sureties as the Board of Directors may
require.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 14. <U>Compensation</U>. The
compensation of the officers of the Corporation for their services as such officers shall be fixed from time to time by the Board
of Directors. An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or
she is also a director of the Corporation.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 1. <U>Share Certificates</U>.
The shares of the Corporation shall be represented by certificates; provided that the Board of Directors may provide by resolution
or resolutions that some or all of any or all classes or series of the Corporation&rsquo;s shares shall be in uncertificated form.
The certificates representing shares shall be in such form as shall be approved by the Board of Directors, shall be signed in the
name of the Corporation by the Chairperson of the Board or the President or a Vice-President and by the Secretary, an Assistant
Secretary, the Treasurer or an Assistant Treasurer and shall be sealed with the seal of the Corporation (which seal may be a facsimile,
engraved or printed); provided, however, that where any such certificate is countersigned by a transfer agent, or is registered
by a registrar (other than the Corporation or one of its employees), the signatures of the Chairperson of the Board, President,
Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer upon such certificates may be facsimiles, engraved
or printed. In case any officer who shall have signed any such certificate shall have ceased to be such officer before such certificate
shall be issued, it may nevertheless be issued by the Corporation with the same effect as if such officer were still in office
at the date of their issue. When the Corporation is authorized to issue shares of more than one class, there shall be set forth
upon the face or back of the certificate, or the certificate shall have a statement that the Corporation will furnish to any shareholder
upon request and without charge, a full statement of the designation, relative rights, preferences, and limitations of the shares
of each authorized class and, if the Corporation is authorized to issue any class of preferred shares in series, the designation,
relative rights, preferences and limitations of each such series so far as the same have been fixed and the authority of the Board
of Directors to designate and fix the relative rights, preferences and limitation of other series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 2. <U>Books of Account and Record
of Shareholders</U>. There shall be kept correct and complete books and records of account of all the business and transactions
of the Corporation. There shall also be kept, at the office of the Corporation, in the State of New York, or at the office of its
transfer agent in said State, a record containing the names and addresses of all shareholders of the Corporation, the number of
shares held by each, and the dates when they became the holders of record thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 3. <U>Transfer of Shares.</U>
Transfers of shares of the Corporation shall be made on the records of the Corporation only upon authorization by the registered
holder thereof, or by his, her, or its attorney thereunto authorized by power of attorney duly executed and filed with the Secretary
or with a transfer agent, and, for certificated shares, on surrender of the certificate or certificates for such shares properly
endorsed or accompanied by a duly executed stock transfer power and the payment of all taxes thereon or, for uncertificated shares,
on submission of written instruction to the Corporation containing such information as the Corporation or its agents may prescribe.
No transfer of uncertificated stock shall be valid as against the Corporation for any purpose until it shall have been entered
in the stock records of the Corporation by an entry showing from and to whom transferred. The person in whose name shares shall
stand on the record of shareholders of the Corporation shall be deemed the owner thereof for all purposes as regards the Corporation.
Whenever any transfer of shares shall be made for collateral security and not absolutely and written notice thereof shall be given
to the Secretary or to a transfer agent, such fact shall be noted on the records of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 4. <U>Transfer Agents and Registrars</U>.
The Board of Directors may appoint, or authorize any officer or officers to appoint, one or more transfer agents and one or more
registrars and may require all certificates for shares of stock to bear the signature of any of them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 5. <U>Regulations</U>. The Board
of Directors may make such additional rules and regulations, not inconsistent with these By-Laws, as it may deem expedient concerning
the issue, transfer and registration of certificates for shares of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 6. <U>Fixing of Record Date</U>.
The Board of Directors may fix, in advance, a date not more than fifty nor less than ten days before the date then fixed for the
holding of any meeting of the shareholders or before the last day on which the consent or dissent of the shareholders may be effectively
expressed for any purpose without a meeting, as the time as of which the shareholders entitled to notice of and to vote at such
meeting or whose consent or dissent is required or may be expressed for any purpose, as the case may be, shall be determined, and
all persons who were shareholders of record of voting shares at such time, and no others, shall be entitled to notice of and to
vote at such meeting or to express their consent or dissent, as the case may be. The Board of Directors may fix, in advance, a
date not more than fifty nor less than ten days preceding the date fixed for the payment of any dividend or the making of any distribution
or the allotment of rights to subscribe for securities of the Corporation, or for the delivery of evidences of rights or evidences
of interests arising out of any change, conversion or exchange of shares or other securities, as the record date for the determination
of the shareholders entitled to receive any such dividend, distribution, allotment, rights or interests, and in such case only
the shareholders of record at the time so fixed shall be entitled to receive such dividend, distribution, allotment, rights or
interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 7. <U>Lost, Destroyed or Mutilated
Certificates</U>. The holder of any certificate representing shares of the Corporation shall immediately notify the Corporation
of any loss, destruction or mutilation of such certificate in the place of any certificate theretofore issued by it, which the
owner thereof shall allege to have been lost or destroyed or which shall have been mutilated. The Board of Directors may, in its
discretion, require such owner or his, her, or its legal representatives to give to the Corporation a bond in such sum, limited
or unlimited, and in such form and with such surety or sureties as the Board of Directors in its absolute discretion shall determine,
to indemnify the Corporation against any claim that may be made against it on account of the alleged loss or destruction of any
such certificate, or the issuance of such new certificate.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On the terms, to the extent,
and subject to the conditions prescribed by statute and by such rules and regulations, not inconsistent with statute, as the Board
of Directors may in its discretion impose in general or particular cases or classes of cases, (a) the Corporation shall indemnify
any person made, or threatened to be made, a party to an action or proceeding, civil or criminal, including an action by or in
the right of any other corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee
benefit plan or other enterprise which any director or officer of the Corporation served in any capacity at the request of the
Corporation, by reason of the fact that such director, or the director&rsquo;s testator or intestate, is or was a director or officer
of the Corporation, or served such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
in any capacity, against judgments, fines, amounts paid in settlement and reasonable expenses, including attorney's fees, actually
and necessarily incurred as a result of such action or proceeding, or any appeal therein, and (b) the Corporation may pay, in advance
of final disposition of any such action or proceeding, expenses incurred by such person in defending such action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On the terms, to the extent,
and subject to the conditions prescribed by statute and by such rules and regulations, not inconsistent with statute, as the Board
of Directors may in its discretion impose in general or particular cases or classes of cases, (a) the Corporation shall indemnify
any person made a party to an action by or in the right of the Corporation to procure a judgment in its favor, by reason of the
fact that such director, or the director&rsquo;s testator or intestate, is or was a director or officer of the Corporation, against
the reasonable expenses, including attorney's fees, actually and necessarily incurred by him or her in connection with an appeal
therein, and (b) the Corporation may pay, in advance of final disposition of any such action or proceeding, expenses incurred by
such person in defending such action or proceeding.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 1. <U>Dividends</U>. Subject
to statute and the Certificate of Incorporation, dividends upon the shares of the Corporation may be declared by the Board of Directors
at any regular or special meeting. Dividends may be paid in cash, in property or in shares of the Corporation, unless otherwise
provided by statute or the Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 2.  <U>Reserves</U>. Before
payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as
the Board of Directors may, from time to time, in its absolute discretion, think proper as a reserve or reserves to meet contingencies,
or for equalizing dividends, or for repairing or maintaining any property of the Corporation or for such other purpose as the Board
of Directors may think conducive to the interests of the Corporation. The Board of Directors may modify or abolish any such reserves
in the manner in which it was created.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 3. <U>Seal</U>. The seal of
the Corporation shall be in such form as shall be approved by the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 4.  <U>Fiscal Year</U>. The
first fiscal year of the Corporation shall begin on January&nbsp;1, but may thereafter be changed by resolution of the Board of
Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 5. <U>Checks, Notes, Drafts,
etc.</U> All checks, notes, drafts, or other orders for the payment of money of the Corporation shall be signed, endorsed or accepted
in the name of the Corporation by such officers, person or persons as from time to time may be designated by the Board of Directors
or by an officer or officers authorized by the Board of Directors to make such designation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 6. <U>Execution of Contracts,
Deeds, etc.</U> The Board of Directors may authorize any officer or officers, agent or agents, in the name and on behalf of the
Corporation to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts and other obligations or instruments,
and such authority may be general or confined to specific instances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> SECTION 7. <U>Voting of Stocks in Other
Corporations</U>. Unless otherwise provided by resolution of the Board of Directors, the Chairperson of the Board or the President,
from time to time, may (or may appoint one or more attorneys or agents to) cast the votes which the Corporation may be entitled
to cast as a shareholder or otherwise in any other Corporation, any of whose shares or securities may be held by the Corporation,
at meetings of the holders of the shares or other securities of such other Corporation, or to consent in writing to any action
by any such other Corporation. In the event one or more attorneys or agents are appointed, the Chairperson of the Board or the
President may instruct the person or persons so appointed as to the manner of casting such votes or giving such consent. The Chairperson
of the Board or the President may, or may instruct the attorneys or agents appointed to, execute or cause to be executed in the
name and on behalf of the Corporation and under its seal or otherwise, such written proxies, consents, waivers or other instruments
as may be necessary or proper in the premises.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These By-Laws may be amended
or repealed or new By-Laws may be adopted at any annual or special meeting of shareholders at which a quorum is present or represented,
by the vote of the holders of shares entitled to vote in the election of directors provided that notice of the proposed amendment
or repeal or adoption of new By-Laws is contained in the notice of such meeting. These By-Laws may also be amended or repealed
or new By-Laws may be adopted by the Board at any regular or special meeting of the Board of Directors. If any By-Law regulating
an impending election of directors is adopted, amended or repealed by the Board of Directors, there shall be set forth in the notice
of the next meeting of the shareholders for the election of directors the By-Law so adopted, amended or repealed, together with
a concise statement of the changes made. By-Laws adopted by the Board of Directors may be amended or repealed by the shareholders.</P>



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

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