Exhibit
3.2
AMENDED AND
RESTATED Bylaws
of
SKYWARD SPECIALTY INSURANCE GROUP, INC.
Effective
as of January 18, 2023
ARTICLE
I
CORPORATE OFFICES
1.1
Registered Office. The address of the registered office of Skyward Specialty Insurance Group, Inc. (the “Corporation”)
in the State of Delaware, and the name of its registered agent at such address, shall be as set forth in the Corporation’s certificate
of incorporation, as the same may be amended and/or restated from time to time (the “Certificate of Incorporation”)
1.2
Other Offices. The Corporation may have an office or offices other than its registered office at such place or places, either
within or outside the State of Delaware, as the Board of Directors of the Corporation (the “Board”) may from
time to time determine or the business of the Corporation may require.
ARTICLE
II
STOCKHOLDERS
2.1
Place of Meetings. All meetings of stockholders shall be held at such place (if any) within or without the State of Delaware
as may be determined from time to time by the Board or, if not determined by the Board, by the Chairperson of the Board, the President
or the Chief Executive Officer; provided that the Board may, in its sole discretion, determine that any meeting of stockholders shall
not be held at any place but shall be held solely by means of remote communication in accordance with Section 2.13.
2.2
Annual Meeting. The annual meeting of stockholders for the election of directors and for the transaction of such other business
as may properly be brought before the meeting shall be held on a date to be fixed by the Board at a time to be fixed by the Board and
stated in the notice of the meeting.
2.3
Special Meetings. Subject to the Certificate of Incorporation, the rights of the holders of any series of preferred stock
then outstanding and to the requirements of applicable law, special meetings of the stockholders of the Corporation may be called only
by the Board acting pursuant to a resolution adopted by a majority of the total number of authorized directors (whether or not there exist
any vacancies in previously authorized directorships at the time any such resolution is presented to the Board for adoption), the Chairperson
of the Board, or the Chief Executive Officer and may not be called by any other person or persons. Any business transacted at any special
meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of the meeting.
2.4
Notice of Meetings.
(a)
Written notice of each meeting of stockholders, whether annual or special, shall be given not less than 10 nor more than 60 days
before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting as of the record date fixed by
the Board for determining the stockholders entitled to notice of the meeting, except as otherwise provided herein or required by the General
Corporation Law of the State of Delaware (the “DGCL”) or the Certificate of Incorporation. The notice of any
meeting shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any, by which stockholders
and proxy holders may be deemed to be present in person and vote at such meeting. The notice of a special meeting shall state, in addition,
the purpose or purposes for which the meeting is called.
(b)
Notice to stockholders shall be delivered in writing or in any other manner permitted by the DGCL. If mailed, such notice shall
be delivered by postage prepaid envelope directed to each stockholder at such stockholder’s address as it appears in the records
of the Corporation and shall be deemed given when deposited in the United States mail. Without limiting the manner by which notices of
meetings otherwise may be given effectively to stockholders, any such notice may be given by electronic transmission in the manner provided
in Section 232 of the DGCL. An affidavit of the secretary or an assistant secretary or of the transfer agent or other agent of the Corporation
that the notice has been given by personal delivery, by mail, or by a form of electronic transmission shall, in the absence of fraud,
be prima facie evidence of the facts stated therein.
(c)
Notice of any meeting of stockholders need not be given to any stockholder if waived by such stockholder either in a writing signed
by such stockholder or by electronic transmission, whether such waiver is given before or after such meeting is held. If such a waiver
is given by electronic transmission, the electronic transmission must either set forth or be submitted with information from which it
can be determined that the electronic transmission was authorized by the stockholder.
2.5
Voting List. The officer who has charge of the stock ledger of the Corporation shall prepare, at least 10 days before each
meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; the list shall reflect the stockholders
entitled to vote as of the tenth day before the meeting date, arranged in alphabetical order for each class of stock and showing the mailing
address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required
to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination
of any stockholder, for any purpose germane to the meeting, for a period of at least 10 days prior to the meeting: (a) on a reasonably
accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting,
(b) during ordinary business hours at the principal place of business of the Corporation or (c) in any other manner provided by law. If
the meeting is to be held at a place, the list shall be produced and kept at the time and place of the meeting during the whole time of
the meeting, and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication,
such list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic
network, and the information required to access such list shall be provided with the notice of the meeting. The stock ledger shall be
the only evidence as to the stockholders who are entitled to examine the list required by this Section 2.5 or to vote in person or by
proxy at any meeting of stockholders.
2.6
Quorum. Except as otherwise provided by law or these Bylaws, the holders of a majority of the shares of the capital stock
of the Corporation entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum for the transaction
of business. Where a separate class vote by a class or classes or series is required, a majority of the shares of such class or classes
or series present in person or represented by proxy shall constitute a quorum entitled to take action with respect to that vote on that
matter.
2.7
Adjournments. Any meeting of stockholders may be adjourned to any other time and to any other place at which a meeting of
stockholders may be held under these Bylaws by the chairperson of the meeting or, in the absence of such person, by any officer entitled
to preside at or to act as secretary of such meeting, or by the holders of a majority of the shares of stock present or represented at
the meeting and entitled to vote, although less than a quorum. When a meeting is adjourned to another place, date or time, written notice
need not be given of the adjourned meeting if the date, time and place, if any, thereof, and the means of remote communication, if any,
by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting, are announced at the
meeting at which the adjournment is taken; provided, however, that if the date of any adjourned meeting is more than 30 days after the
date for which the meeting was originally noticed, or if the Board fixes a new record date for determining the stockholders entitled to
vote at the adjourned meeting in accordance with Section 5.5, written notice of the place, if any, date and time of the adjourned meeting
and the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote
at such adjourned meeting, shall be given in conformity herewith. At the adjourned meeting, the Corporation may transact any business
which might have been transacted at the original meeting.
2.8
Voting and Proxies. Each stockholder shall have one vote for each share of stock entitled to vote held of record by such
stockholder and a proportionate vote for each fractional share so held, unless otherwise provided by law or in the Certificate of Incorporation.
Each stockholder of record entitled to vote at a meeting of stockholders may vote in person or may authorize any other person or persons
to vote or act for such stockholder by a written proxy executed by the stockholder or the stockholder’s authorized agent or by an
electronic transmission permitted by law and delivered to the Secretary of the Corporation. Any copy, facsimile transmission or other
reliable reproduction of the writing or electronic transmission created pursuant to this section may be substituted or used in lieu of
the original writing or electronic transmission for any and all purposes for which the original writing or transmission could be used,
provided that such copy, facsimile transmission or other reproduction shall be a complete reproduction of the entire original writing
or electronic transmission.
2.9
Action at Meeting.
(a)
At any meeting of stockholders for the election of one or more directors at which a quorum is present, the election shall be determined
by a plurality of the votes cast by the stockholders entitled to vote at the election.
(b)
All other matters shall be determined by a majority in voting power of the shares present in person or represented by proxy and
entitled to vote on the matter (or if there are two or more classes of stock entitled to vote as separate classes, then in the case of
each such class, a majority of the shares of each such class present in person or represented by proxy and entitled to vote on the matter
shall decide such matter), provided that a quorum is present, except when a different vote is required by express provision of law, the
Certificate of Incorporation or these Bylaws.
(c)
All voting, including on the election of directors, but excepting where otherwise required by law, may be by a voice vote; provided,
that upon demand therefor by a stockholder entitled to vote or the stockholder’s proxy, a vote by ballot shall be taken. Each ballot
shall state the name of the stockholder or proxy voting and such other information as may be required under the procedure established
for the meeting. The Corporation may, and to the extent required by law, shall, in advance of any meeting of stockholders, appoint one
or more inspectors to act at the meeting and make a written report thereof. The Corporation may designate one or more persons as an alternate
inspector to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the person
presiding at the meeting may, and to the extent required by law, shall, appoint one or more inspectors to act at the meeting. Each inspector,
before entering upon the discharge of his duties, shall take and sign an oath to faithfully execute the duties of inspector with strict
impartiality and according to the best of his ability.
2.10
Stockholder Business (Other Than the Election of Directors).
(a)
Only such business (other than nominations for election of directors, which is governed by Section 3.16 of these Bylaws) shall
be conducted as shall have been properly brought before an annual meeting. To be properly brought before an annual meeting, business must
be either (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board, (ii) otherwise
properly brought before the meeting by or at the direction of the Board, or (iii) otherwise properly brought before the meeting by
a stockholder who (A) is a stockholder of record (and, with respect to any beneficial owner, if different, on whose behalf such business
is proposed, only if such beneficial owner is the beneficial owner of shares of the Corporation) both at the time of giving the notice
provided for in this Section 2.10 and at the time of the meeting, (B) is entitled to vote at the meeting and (C) has complied with the
notice procedures set forth in this Section 2.10 as to such business. For any business to be properly brought before an annual meeting
by a stockholder (other than nominations for election of directors, which is governed by Section 3.16 of these Bylaws), it must be a proper
matter for stockholder action under the DGCL, and the stockholder must have given timely notice thereof in writing to the Secretary of
the Corporation. To be timely, a stockholder’s notice shall be in writing and must be received at the Corporation’s principal
executive offices not later than ninety (90) days nor earlier than one hundred twenty (120) days prior to the first anniversary of the
date of the preceding year’s annual meeting as first specified in the Corporation’s notice of meeting (without regard to any
postponements or adjournments of such meeting after such notice was first sent), provided, however, that if no annual meeting was held
in the previous year or the date of the annual meeting is advanced by more than thirty (30) days, or delayed (other than as a result of
adjournment) by more than thirty (30) days from the anniversary of the previous year’s annual meeting, notice by the stockholder
to be timely must be received not later than the close of business on the later of the ninetieth (90th) day prior to such annual
meeting or the tenth (10th) day following the date on which public announcement of the date of such meeting is first made.
“Public announcement” for purposes hereof shall have the meaning set forth in Section 3.16(c) of these Bylaws.
In no event shall the public announcement of an adjournment or postponement of an annual meeting commence a new time period (or extend
any time period) for the giving of a stockholder’s notice as described above. For business to be properly brought before a special
meeting by a stockholder, the business must be limited to the purpose or purposes set forth in a request under Section 2.3.
(b)
A stockholder’s notice to the Secretary of the Corporation shall set forth (i) as to each matter the stockholder proposes
to bring before the annual meeting, a brief description of the business desired to be brought before the annual meeting and the text of
the proposal or business, including the text of any resolutions proposed for consideration and in the event that such business includes
a proposal to amend the Bylaws of the Corporation, the language of the proposed amendment, and (ii) as to the stockholder giving
the notice and the beneficial owner, if any, on whose behalf the proposal is being made, and any of their respective affiliates or associates
(each within the meaning of Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
or others acting in concert therewith (each, a “Proposing Person”), (A) the name and address, as they appear
on the Corporation’s books, of the stockholder proposing such business and of any other Proposing Person, (B) the class or
series and number of shares of the Corporation which are owned beneficially and of record by the stockholder and any other Proposing Person
as of the date of the notice, and a representation that the stockholder will notify the Corporation in writing within five (5) business
days after the record date for voting at the meeting of the class or series and number of shares of the Corporation owned beneficially
and of record by the stockholder and any other Proposing Person as of the record date for voting at the meeting, (C) a representation
that the stockholder intends to appear in person or by proxy at the meeting to propose the business specified in the notice, (D) any
material interest of the stockholder and any other Proposing Person in such business, (E) the following information regarding the
ownership interests of the stockholder and any other Proposing Person which shall be supplemented in writing by the stockholder not later
than ten (10) days after the record date for voting at the meeting to disclose such interests as of such record date: (1) a description
of any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a
settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole
or in part from the value of any class or series of shares of the Corporation, any derivative or synthetic arrangement having the characteristics
of a long position in any class or series of shares of the Corporation, or any contract, derivative, swap or other transaction or series
of transactions designed to produce economic benefits and risks that correspond substantially to the ownership of any class or series
of shares of the Corporation, including due to the fact that the value of such contract, derivative, swap or other transaction or series
of transactions is determined by reference to the price, value or volatility of any class or series of shares of the Corporation, whether
or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Corporation,
through the delivery of cash or other property, or otherwise, and without regard to whether the stockholder of record or any other Proposing
Person may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right (a “Derivative
Instrument”) directly or indirectly owned beneficially by such stockholder or other Proposing Person, and any other direct
or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation;
(2) a description of any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder or other
Proposing Person has a right to vote any shares of any security of the Corporation; (3) a description of any agreement, arrangement,
understanding, relationship or otherwise, including any repurchase or similar so-called “stock borrowing” agreement or arrangement,
engaged in, directly or indirectly, by such stockholder or other Proposing Person, the purpose or effect of which is to mitigate loss
to, reduce the economic risk (of ownership or otherwise) of any class or series of the shares of the Corporation by, manage the risk of
share price changes for, or increase or decrease the voting power of, such stockholder or other Proposing Person with respect to any class
or series of the shares of the Corporation, or which provides, directly or indirectly, the opportunity to profit or share in any profit
derived from any decrease in the price or value of any class or series of the shares of the Corporation (“Short Interests”);
(4) a description of any rights to dividends on the shares of the Corporation owned beneficially by such stockholder or other Proposing
Person that are separated or separable from the underlying shares of the Corporation; (5) a description of any proportionate interest
in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such
stockholder or other Proposing Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner;
(6) a description of any performance-related fees (other than an asset-based fee) to which such stockholder or other Proposing Person
is entitled based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, as of the date
of such notice, including, without limitation, any such interests held by members of such stockholder’s or other Proposing Person’s
immediate family sharing the same household; (7) a description of any significant equity interests or any Derivative Instruments
or Short Interests in any principal competitor of the Corporation held by such stockholder or other Proposing Person; and (8) a description
of any direct or indirect interest of such stockholder or other Proposing Person in any contract with the Corporation, any affiliate of
the Corporation or any principal competitor of the Corporation (including, in any such case, any employment agreement, collective bargaining
agreement or consulting agreement), and (F) any other information relating to such stockholder or other Proposing Person, if any,
that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies
for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to Section 14 of the Exchange
Act and the rules and regulations promulgated thereunder.
(c)
Unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the
annual meeting of stockholders to present the proposed business, such proposed business shall not be transacted, notwithstanding that
proxies in respect of such vote may have been received by the Corporation. For purposes of this section, to be considered a qualified
representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or authorized by
a writing executed by such stockholder (or a reliable reproduction or electronic transmission of the writing) delivered to the Corporation
prior to the making of such proposal at such meeting by such stockholder stating that such person is authorized to act for such stockholder
as proxy at the meeting of stockholders.
(d)
Notwithstanding the foregoing provisions of this Section 2.10, a stockholder shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 2.10; provided however,
that any references in this Section 2.10 to the Exchange Act or the rules and regulations promulgated thereunder are not intended to and
shall not limit any requirements applicable to proposals as to any business to be considered pursuant to this Section 2.10. Nothing in
this Section 2.10 shall be deemed to affect any rights (i) of stockholders to request inclusion of proposals in the Corporation’s
proxy statement pursuant to Rule 14a-8 under the Exchange Act or (ii) of the holders of any series of preferred stock if and to the extent
provided for under law, the Certificate of Incorporation or these Bylaws.
(e)
Notwithstanding any provisions to the contrary, the notice requirements set forth in subsections (a) and (b) above shall be deemed
satisfied by a stockholder if the stockholder has notified the Corporation of the stockholder’s intention to present a proposal
at an annual meeting in compliance with applicable rules and regulations promulgated under the Exchange Act and such stockholder’s
proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for such annual meeting.
2.11
Conduct of Business. At every meeting of the stockholders, the Chairperson of the Board, or, in his absence, the Chief Executive
Officer, or, in his absence, such other person as may be appointed by the Board, shall act as chairperson. The Secretary of the Corporation
or a person designated by the chairperson of the meeting shall act as secretary of the meeting. Unless otherwise approved by the chairperson
of the meeting, attendance at the stockholders’ meeting is restricted to stockholders of record, persons authorized in accordance
with Section 2.8 of these Bylaws to act by proxy, and officers of the Corporation.
The chairperson of the meeting
shall call the meeting to order, establish the agenda, and conduct the business of the meeting in accordance therewith or, at the chairperson’s
discretion, the business of the meeting may be conducted otherwise in accordance with the wishes of the stockholders in attendance. The
date and time of the opening and closing of the polls for each matter upon which the stockholders will vote at the meeting shall be announced
at the meeting.
The chairperson shall also
conduct the meeting in an orderly manner, rule on the precedence of, and procedure on, motions and other procedural matters, and exercise
discretion with respect to such procedural matters with fairness and good faith toward all those entitled to take part. Without limiting
the foregoing, the chairperson may (a) restrict attendance at any time to bona fide stockholders of record and their proxies and other
persons in attendance at the invitation of the presiding officer or Board, (b) restrict use of audio or video recording devices at the
meeting, and (c) impose reasonable limits on the amount of time taken up at the meeting on discussion in general or on remarks by any
one stockholder. Should any person in attendance become unruly or obstruct the meeting proceedings, the chairperson shall have the power
to have such person removed from the meeting. Notwithstanding anything in the Bylaws to the contrary, no business shall be conducted at
a meeting except in accordance with the procedures set forth in Section 2.10, this Section 2.11 and Section 3.12. The chairperson
of the meeting, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall have the power
and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case
may be, in accordance with the provisions of Section 2.10, this Section 2.11 and Section 3.12, and if he or she should so determine
that any proposed nomination or business is not in compliance with such sections, he or she shall so declare to the meeting that such
defective nomination or proposal shall be disregarded.
2.12
Stockholder Action Without Meeting. Any action required or permitted to be taken by the stockholders of the Corporation
must be effected at a duly called annual or special meeting of stockholders of the Corporation and may be effected by unanimous consent
in writing by the stockholders; provided, however, that any action required or permitted to be taken by the holders of preferred stock,
voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior
notice and without a vote, to the extent expressly so provided by the applicable certificate of designation relating to such series of
preferred stock.
2.13
Meetings by Remote Communication. If authorized by the Board, and subject to such guidelines and procedures as the Board
may adopt, stockholders and proxy holders not physically present at a meeting of stockholders may, by means of remote communication, participate
in the meeting and be deemed present in person and vote at the meeting, whether such meeting is to be held at a designated place or solely
by means of remote communication, provided that (a) the Corporation shall implement reasonable measures to verify that each person
deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxy holder, (b) the Corporation
shall implement reasonable measures to provide such stockholders and proxy holders a reasonable opportunity to participate in the meeting
and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially
concurrently with such proceedings, and (c) if any stockholder or proxy holder votes or takes other action at the meeting by means
of remote communication, a record of such vote or other action shall be maintained by the Corporation.
ARTICLE
III
BOARD OF DIRECTORS
3.1
General Powers. The business and affairs of the Corporation shall be managed by or under the direction of a Board, who may
exercise all of the powers of the Corporation except as otherwise provided by law or the Certificate of Incorporation. In the event of
a vacancy on the Board, the remaining directors, except as otherwise provided by law, may exercise the powers of the full Board until
the vacancy is filled.
3.2
Election. Subject to the rights of the holders of any series of preferred stock to
elect directors under specified circumstances, members of the Board shall be elected by a plurality of the votes of the shares
present in person or represented by proxy at the meeting and entitled to vote in the election of directors; provided that, whenever
the holders of any class or series of capital stock of the Corporation are entitled to elect one or more directors pursuant to the provisions
of the Certificate of Incorporation (including, but not limited to, any duly authorized certificate of designation), such directors shall
be elected by a plurality of the votes of such class or series present in person or represented by proxy at the meeting and entitled to
vote in the election of such directors. Elections of directors need not be by written ballot.
3.3
Number and Term. Subject to the rights
of the holders of any series of preferred stock to elect directors under specified circumstances, the number of directors shall initially
be eight (8) and, thereafter, shall be fixed from time to time exclusively by the Board pursuant to a resolution adopted by a majority
of the total number of authorized directors (whether or not there exist any vacancies in previously authorized directorships at the time
any such resolution is presented to the Board for adoption).
3.4
Resignations. Any director may resign at any time upon notice given in writing or by electronic transmission to the Board,
the Chairperson of the Board, the Chief Executive Officer of the Corporation or the Secretary. The resignation shall take effect at the
time specified therein, and if no time is specified, at the time of its receipt. The acceptance of a resignation shall not be necessary
to make it effective unless otherwise expressly provided in the resignation.
3.5
Removal. Subject to the rights of the holders of any series of preferred stock to
elect directors under specified circumstances, directors may only be removed for cause and only upon the affirmative vote of the
holders of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all of the then outstanding shares of the capital
stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.
3.6
Vacancies and Newly Created Directorships. Except as otherwise provided by applicable law, vacancies occurring in any directorship
(whether by death, resignation, retirement, disqualification, removal or other cause) and newly created directorships resulting from any
increase in the number of directors shall be filled in accordance with the Certificate of Incorporation. Any director elected to fill
a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been
chosen and until his or her successor shall be duly elected and qualified, or until his or her earlier death, resignation, retirement,
disqualification or removal.
3.7
Regular Meetings. Regular meetings of the Board may be held without notice at such time and place, either within or without
the State of Delaware, as shall be determined from time to time by the Board; provided that any director who is absent when such
a determination is made shall be given notice of the determination. A regular meeting of the Board may be held without notice immediately
after and at the same place as the annual meeting of stockholders.
3.8
Special Meetings. Special meetings of the Board may be called by the Chairperson of the Board, the Chief Executive Officer,
the President or a majority of the directors then in office and may be held at any time and place, within or without the State of Delaware.
3.9
Notice of Special Meetings. Notice of any special meeting of directors shall be given to each director by whom it is not
waived by the Secretary or by the officer or one of the directors calling the meeting. Notice shall be duly given to each director by
(a) giving notice to such director in person or by telephone, electronic transmission or voice message system at least 24 hours in
advance of the meeting, (b) sending a facsimile to such director’s last known facsimile number, or delivering written notice
by hand to such director’s last known business or home address, at least 24 hours in advance of the meeting, or (c) mailing
written notice to such director’s last known business or home address at least three days in advance of the meeting. A notice or
waiver of notice of a meeting of the Board need not specify the purposes of the meeting. Unless otherwise indicated in the notice thereof,
any and all business may be transacted at a special meeting.
3.10
Participation in Meetings by Telephone Conference Calls or Other Methods of Communication. Directors or any members of any
committee designated by the directors may participate in a meeting of the Board or such committee by means of conference telephone or
other communications equipment by means of which all persons participating in the meeting can hear each other, and participation by such
means shall constitute presence in person at such meeting.
3.11
Quorum; Adjournment. A majority of the total number of authorized directors shall constitute a quorum at any meeting of
the Board. In the absence of a quorum at any such meeting, a majority of the directors present may adjourn the meeting from time to time
without further notice other than announcement at the meeting, until a quorum shall be present. Interested directors may be counted in
determining the presence of a quorum at a meeting of the Board or at a meeting of a committee which authorizes a particular contract or
transaction.
3.12
Action at Meeting. At any meeting of the Board at which a quorum is present, the vote of a majority of those present shall
be sufficient to take any action, unless a different vote is specified by law, the Certificate of Incorporation or these Bylaws.
3.13
Action by Written Consent. Any action required or permitted to be taken at any meeting of the Board or of any committee
of the Board may be taken without a meeting if all members of the Board or committee, as the case may be, consent to the action in writing
or by electronic transmission, and the writings or electronic transmissions are filed with the minutes of proceedings of the Board or
committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes
are maintained in electronic form.
3.14
Committees. The Board may designate one or more committees, each committee to consist of one or more of the directors of
the Corporation, with such lawfully delegated powers and duties as it therefor confers; provided that, the committee membership
of each committee designated by the Board will comply with the applicable rules of the exchange on which any securities of the Corporation
are listed. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified
member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members of the committee
present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint
another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent
provided in the resolution of the Board and subject to the provisions of the DGCL, shall have and may exercise all the powers and authority
of the Board in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed
to all papers which may require it. Each such committee shall keep minutes and make such reports as the Board may from time to time request.
Except as the Board may otherwise determine, any committee may make rules for the conduct of its business, but unless otherwise provided
by such rules, its business shall be conducted as nearly as possible in the same manner as is provided in these Bylaws for the Board.
Unless otherwise provided in the Certificate of Incorporation, these Bylaws or the resolutions of the Board designating the committee,
a committee may create one or more subcommittees, each subcommittee consists of one or more members of the committee, and delegate to
a subcommittee any or all of the powers and authority of the committee.
3.15
Compensation of Directors. Directors may be paid such compensation for their services and such reimbursement for expenses
of attendance at meetings as the Board may from time to time determine. No such payment shall preclude any director from serving the Corporation
or any of its parent or subsidiary Corporations in any other capacity and receiving compensation for such service.
3.16
Nomination of Director Candidates. Subject to the rights of holders of any class or series of preferred stock then outstanding,
nominations for the election of directors at an annual meeting may be made by (i) the Board or a duly authorized committee thereof or
(ii) by any stockholder of the Corporation who is a stockholder of record at the time of giving the notice provided for in paragraphs
(b) and (c) of this Section 3.16, who is entitled to vote at the meeting and who complies with the procedures set forth in this Section
3.16.
(a)
All nominations by stockholders must be made pursuant to timely notice given in writing to the Secretary of the Corporation. To
be timely, a stockholder’s nomination for a director to be elected at an annual meeting must be received at the Corporation’s
principal executive offices not later than ninety (90) days nor earlier than one hundred twenty (120) days prior to the first anniversary
of the date of the preceding year’s annual meeting as first specified in the Corporation’s notice of meeting (without regard
to any postponements or adjournments of such meeting after such notice was first sent), provided, however, that if no annual meeting was
held in the previous year or the date of the annual meeting is advanced by more than thirty (30) days or delayed (other than as a result
of adjournment) by more than thirty (30) days from the first anniversary of the previous year’s annual meeting, notice by the stockholder
to be timely must be received not later than the close of business on the later of the ninetieth (90th) day prior to such annual
meeting or the tenth (10th) day following the date on which public announcement of the date of such meeting is first made.
Each such notice shall set forth (i) as to the stockholder and the beneficial owner, if any, on whose behalf the nomination is being
made, and any of their respective affiliates or associates or others acting in concert therewith (each, a “Nominating Person”),
the name and address, as they appear on the Corporation’s books, of the stockholder who intends to make the nomination and of any
other Nominating Person, (ii) the class or series and number of shares of the Corporation which are owned beneficially and
of record by the stockholder and any other Nominating Person as of the date of the notice, and a representation that the stockholder will
notify the Corporation in writing within five (5) business days after the record date for voting at the meeting of the class or series
and number of shares of the Corporation owned beneficially and of record by the stockholder and any other Nominating Person as of the
record date for voting at the meeting, (iii) a representation that the stockholder intends to appear in person or by proxy at the
meeting to nominate the nominee specified in the notice, (iv) the following information regarding the ownership interests of the
stockholder and any other Nominating Person, which shall be supplemented in writing by the stockholder not later than ten (10) days after
the record date for notice of the meeting to disclose such interests as of such record date: (A) a description of any Derivative
Instrument directly or indirectly owned beneficially by such stockholder or other Nominating Person, and any other direct or indirect
opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation; (B) a
description of any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder or other Nominating
Person has a right to vote any shares of any security of the Corporation; (C) a description of any Short Interests in any securities
of the Corporation directly or indirectly owned beneficially by such stockholder or other Nominating Person; (D) a description of
any rights to dividends on the shares of the Corporation owned beneficially by such stockholder or other Nominating Person that are separated
or separable from the underlying shares of the Corporation; (E) a description of any proportionate interest in shares of the Corporation
or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such stockholder or other Nominating
Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner; (F) a description of
any performance-related fees (other than an asset-based fee) to which such stockholder or other Nominating Person is entitled based on
any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, as of the date of such notice, including,
without limitation, any such interests held by members of such stockholder’s or other Nominating Person’s immediate family
sharing the same household; (G) a description of any significant equity interests or any Derivative Instruments or Short Interests
in any principal competitor of the Corporation held by such stockholder or other Nominating Person; and (H) a description of any
direct or indirect interest of such stockholder or other Nominating Person in any contract with the Corporation, any affiliate of the
Corporation or any principal competitor of the Corporation (including, in any such case, any employment agreement, collective bargaining
agreement or consulting agreement), (v) a description of all arrangements or understandings between the stockholder or other Nominating
Person 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 stockholder, (vi) a description of all direct and indirect compensation and other material monetary agreements,
arrangements and understandings during the past three years, and any other material relationships, between or among such stockholder and
any other Nominating Person, on the one hand, and each nominee, and his respective affiliates and associates, or others acting in concert
therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404
promulgated under Regulation S-K if the stockholder and any Nominating Person, if any, or any affiliate or associate thereof or person
acting in concert therewith, were the “registrant” for purposes of such rule and the nominee were a director or executive
officer of such registrant, (vii) such other information regarding each nominee as would be required to be included in a proxy statement
filed pursuant to the proxy rules of the SEC, had the nominee been nominated, or intended to be nominated, by the Board, and (viii) the
signed consent of each nominee to serve as a director of the Corporation if so elected. In no event shall the public announcement of an
adjournment or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a stockholder’s
notice as described above. Notwithstanding the second sentence of this Section 3.16(b), in the event that the number of directors to be
elected at an annual meeting is increased and there is no public announcement by the Corporation naming the nominees for the additional
directorships at least 100 days prior to the one-year anniversary of the date of the preceding year’s annual meeting as first specified
in the Corporation’s notice of meeting (without regard to any postponements or adjournments of such meeting after such notice was
first sent), a stockholder’s notice required by this Section 3.16(b) shall also be considered timely, but only with respect to nominees
for the additional directorships, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not
later than the close of business on the 10th day following the day on which such public announcement is first made by the Corporation.
(b)
Subject to the rights of holders of any class or series of preferred stock then outstanding, nominations of persons for election
to the Board may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s
notice of meeting (i) by or at the direction of the Board or a committee thereof or (ii) by any stockholder who complies with the notice
procedures set forth in this Section 3.16 and who is a stockholder of record at the time such notice is delivered to the Secretary of
the Corporation. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors
to the Board, any such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as are specified
in the Corporation’s notice of meeting, if the stockholder’s notice as required by Section 3.12(a) is delivered to the Secretary
at the principal executive offices of the Corporation not earlier than ninety (90) days prior to such special meeting and not later than
the close of business on the later of the sixtieth (60th) day prior to such special meeting or the tenth (10th)
day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the
Board to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a special meeting
commence a new time period (or extend any time period) for the giving of a stockholder’s notice as described above.
(c)
For purposes of these Bylaws, “public announcement” shall mean disclosure in a press release reported
by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed or furnished by the
Corporation with the SEC pursuant to Section 13, 14 or 15(d) of the Exchange Act.
(d)
Only those persons who are nominated in accordance with the procedures set forth in this section shall be eligible for election
as directors at any meeting of stockholders. The Chairperson of the Board or Secretary may, if the facts warrant, determine that a notice
received by the Corporation relating to a nomination proposed to be made does not satisfy the requirements of this Section 3.16 (including
if the stockholder does not provide the updated information required under Section 3.12(b) to the Corporation within five (5) business
days following the record date for the meeting), and if it be so determined, shall so declare and any such nomination shall not be introduced
at such meeting of stockholders, notwithstanding that proxies in respect of such vote may have been received. The chairperson of the meeting
shall have the power and duty to determine whether a nomination brought before the meeting was made in accordance with the procedures
set forth in this section, and, if any nomination is not in compliance with this section (including if the stockholder does not provide
the updated information required under Section 3.12(b) to the Corporation within five (5) business days following the record date
for the meeting), to declare that such defective nomination shall be disregarded, notwithstanding that proxies in respect of such vote
may have been received. Unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not
appear at the annual meeting or a special meeting of stockholders of the Corporation to present a nomination, such nomination shall be
disregarded, notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this Section
3.16, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of
such stockholder or authorized by a writing executed by such stockholder (or a reliable reproduction or electronic transmission of the
writing) delivered to the Corporation prior to the making of such nomination at such meeting by such stockholder stating that such person
is authorized to act for such stockholder as proxy at the meeting of stockholders.
(e)
Notwithstanding the foregoing provisions of this Section 3.16, a stockholder shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 3.16; provided however,
that any references in this Section 3.16 to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit
any requirements applicable to nominations to be considered pursuant to this Section 3.16. Nothing in this Section 3.16 shall be deemed
to affect any rights of the holders of any series of preferred stock if and to the extent provided for under law, the Certificate of Incorporation
or these Bylaws.
3.17
Reliance on Books and Records. A member of the Board, or a member of any committee designated by the Board shall, in the
performance of such members’ duties, be fully protected in relying in good faith upon records of the Corporation and upon such information,
opinions, reports or statements presented to the Corporation by any of the Corporation’s officers or employees, or committees of
the Board, or by any other person as to matters the member reasonably believes are within such other person’s professional or expert
competence and who has been selected with reasonable care by or on behalf of the Corporation.
ARTICLE
IV
Officers
4.1
Enumeration. The officers of the Corporation shall consist of a Chief Executive Officer, a President, a Secretary, a Treasurer,
a Chief Financial Officer and such other officers with such other titles as the Board shall determine, including, at the discretion of
the Board, a Chairperson of the Board and one or more Vice Presidents and Assistant Secretaries. The Board may appoint such other officers
as it may deem appropriate.
4.2
Election. Officers shall be elected annually by the Board at its first meeting following the annual meeting of stockholders.
Officers may be appointed by the Board at any other meeting.
4.3
Qualification. No officer need be a stockholder. Any two or more offices may be held by the same person.
4.4
Tenure. Except as otherwise provided by law, by the Certificate of Incorporation or by these Bylaws, each officer shall
hold office until such officer’s successor is elected and qualified, unless a different term is specified in the vote appointing
the officer, or until such officer’s earlier death, resignation or removal.
4.5
Resignation and Removal. Any officer may resign by delivering his written resignation to the Corporation at its principal
office or to the President or Secretary. Such resignation shall be effective upon receipt unless it is specified to be effective at some
other time or upon the happening of some other event. Any officer elected by the Board may be removed at any time, with or without cause,
by the Board.
4.6
Chairperson of the Board. The Board may appoint a Chairperson of the Board. If the Board appoints a Chairperson of the Board,
the Chairperson of the Board shall perform such duties and possess such powers as are assigned to the Chairperson by the Board and these
Bylaws. Unless otherwise provided by the Board, the Chairperson of the Board shall preside at all meetings of the Board.
4.7
Chief Executive Officer. The Chief Executive Officer of the Corporation shall, subject to the direction of the Board, have
general supervision, direction and control of the business and the officers of the Corporation. The Chief Executive Officer shall preside
at all meetings of the stockholders and, in the absence or nonexistence of a Chairperson of the Board, at all meetings of the Board. The
Chief Executive Officer shall have the general powers and duties of management usually vested in the chief executive officer of a Corporation,
including general supervision, direction and control of the business and supervision of other officers of the Corporation, and shall have
such other powers and duties as may be prescribed by the Board or these Bylaws.
4.8
President. Subject to the direction of the Board and such supervisory powers as may be given by these Bylaws or the Board
to the Chairperson of the Board or the Chief Executive Officer, if such titles be held by other officers, the President shall have general
supervision, direction and control of the business and supervision of other officers of the Corporation. Unless otherwise designated by
the Board, the President shall be the Chief Executive Officer of the Corporation. The President shall have such other powers and duties
as may be prescribed by the Board or these Bylaws. The President shall have power to sign stock certificates, contracts and other instruments
of the Corporation which are authorized and shall have general supervision and direction of all of the other officers, employees and agents
of the Corporation, other than the Chairperson of the Board and the Chief Executive Officer.
4.9
Vice Presidents. Any Vice President shall perform such duties and possess such powers as the Board, the Chief Executive
Officer or the President may from time to time prescribe. In the event of the absence, inability or refusal to act of the President, the
Vice President (or if there shall be more than one, the Vice Presidents in the order determined by the Board) shall perform the duties
of the President and when so performing shall have all the powers of and be subject to all the restrictions upon the President. The Board
may assign to any Vice President the title of Executive Vice President, Senior Vice President or any other title selected by the Board.
4.10
Secretary and Assistant Secretaries. The Secretary shall perform such duties and shall have such powers as the Board or
the President may from time to time prescribe. In addition, the Secretary shall perform such duties and have such powers as are set forth
in these Bylaws and as are incident to the office of the Secretary, including, without limitation, the duty and power to give notices
of all meetings of stockholders and special meetings of the Board, to keep a record of the proceedings of all meetings of stockholders
and the Board, to maintain a stock ledger and prepare lists of stockholders and their addresses as required, to be custodian of corporate
records and the corporate seal and to affix and attest to the same on documents.
Any Assistant Secretary shall
perform such duties and possess such powers as the Board, the Chief Executive Officer, the President or the Secretary may from time to
time prescribe. In the event of the absence, inability or refusal to act of the Secretary, the Assistant Secretary (or if there shall
be more than one, the Assistant Secretaries in the order determined by the Board) shall perform the duties and exercise the powers of
the Secretary.
In the absence of the Secretary
or any Assistant Secretary at any meeting of stockholders or directors, the person presiding at the meeting shall designate a temporary
secretary to keep a record of the meeting.
4.11
Treasurer. The Treasurer shall perform such duties and have such powers as are incident to the office of treasurer, including
without limitation, the duty and power to keep and be responsible for all funds and securities of the Corporation, to maintain the financial
records of the Corporation, to deposit funds of the Corporation in depositories as authorized, to disburse such funds as authorized, to
make proper accounts of such funds, and to render as required by the Board accounts of all such transactions and of the financial condition
of the Corporation.
4.12
Chief Financial Officer. The Chief Financial Officer shall perform such duties and shall have such powers as may from time
to time be assigned to the Chief Financial Officer by the Board, the Chief Executive Officer or the President. Unless otherwise designated
by the Board, the Chief Financial Officer shall be the Treasurer of the Corporation.
4.13
Salaries. Officers of the Corporation shall be entitled to such salaries, compensation or reimbursement as shall be fixed
or allowed from time to time by the Board.
4.14
Delegation of Authority. The Board may from time to time delegate the powers or duties of any officer to any other officers
or agents, notwithstanding any provision hereof.
ARTICLE
V
Capital Stock
5.1
Issuance of Stock. Subject to the provisions of the Certificate of Incorporation, the whole or any part of any unissued
balance of the authorized capital stock of the Corporation or the whole or any part of any unissued balance of the authorized capital
stock of the Corporation held in its treasury may be issued, sold, transferred or otherwise disposed of by vote of the Board in such manner,
for such consideration and on such terms as the Board may determine.
5.2
Stock Certificates. The shares of stock of the Corporation shall be represented by certificates, provided that the Board
may provide by resolution or resolutions that some or all of any class or series of stock of the Corporation shall be uncertificated shares;
provided, however, that no such resolution shall apply to shares represented by a certificate until such certificate is surrendered to
the Corporation. Every holder of stock of the Corporation represented by certificates, and, upon written request to the Corporation’s
transfer agent or registrar, any holder of uncertificated shares, shall be entitled to have a certificate, in such form as may be prescribed
by law and by the Board, certifying the number and class of shares of stock owned by such stockholder in the Corporation. Each such certificate
shall be signed by, or in the name of the Corporation by, the Chairperson or Vice Chairperson, if any, of the Board, or the President
or a Vice President, and the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation. Any or
all of the signatures on the certificate may be a facsimile.
Each certificate for shares
of stock which are subject to any restriction on transfer pursuant to the Certificate of Incorporation, the Bylaws, applicable securities
laws or any agreement among any number of stockholders or among such holders and the Corporation shall have conspicuously noted on the
face or back of the certificate either the full text of the restriction or a statement of the existence of such restriction.
5.3
Transfers. Except as otherwise established by rules and regulations adopted by the Board, and subject to applicable law,
shares of stock may be transferred on the books of the Corporation: (i) in the case of shares represented by a certificate, by the surrender
to the Corporation or its transfer agent of the certificate representing such shares properly endorsed or accompanied by a written assignment
or power of attorney properly executed, and with such proof of authority or authenticity of signature as the Corporation or its transfer
agent may reasonably require; and (ii) in the case of uncertificated shares, upon the receipt of proper transfer instructions from the
registered owner thereof. Except as may be otherwise required by law, the Certificate of Incorporation or the Bylaws, the Corporation
shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the
payment of dividends and the right to vote with respect to such stock, regardless of any transfer, pledge or other disposition of such
stock until the shares have been transferred on the books of the Corporation in accordance with the requirements of these Bylaws.
5.4
Lost, Stolen or Destroyed Certificates. The Corporation may issue a new certificate in place of any previously issued certificate
alleged to have been lost, stolen, or destroyed, or it may issue uncertificated shares if the shares represented by such certificate have
been designated as uncertificated shares in accordance with Section 5.2, upon such terms and conditions as the Board may prescribe, including
the presentation of reasonable evidence of such loss, theft or destruction and the giving of such indemnity as the Board may require for
the protection of the Corporation or any transfer agent or registrar.
5.5
Record Dates. The Board may fix in advance a record date for the determination of the stockholders entitled to vote at any
meeting of stockholders. Such record date shall not precede the date on which the resolution fixing the record date is adopted and shall
not be more than 60 nor less than 10 days before the date of such meeting.
If no record date is fixed
by the Board, the record date for determining the stockholders entitled to notice of or to vote at a meeting of stockholders shall be
the close of business on the day before the date on which notice is given, or, if notice is waived, the close of business on the day before
the date on which the meeting is held.
A determination of stockholders
of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however,
that the Board may fix a new record date for the determination of stockholders entitled to vote at the adjourned meeting, and in such
case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that
fixed for the determination of stockholders entitled to vote in accordance with the foregoing provisions.
The Board may fix in advance
a record date (a) for the determination of stockholders entitled to receive payment of any dividend or other distribution or allotment
of any rights in respect of any change, concession or exchange of stock, or (b) for the purpose of any other lawful action. Any such record
date shall not precede the date on which the resolution fixing the record date is adopted and shall not be more than 60 days prior to
the action to which such record date relates. If no record date is fixed by the Board, the record date for determining stockholders entitled
to express consent to corporate action in writing without a meeting when no prior action by the Board is necessary shall be the date on
which the first written consent is expressed. The record date for determining stockholders for any other purpose shall be the close of
business on the day on which the Board adopts the resolution relating to such purpose.
ARTICLE
VI
General Provisions
6.1
Fiscal Year. The fiscal year of the Corporation shall be as fixed by the Board.
6.2
Waiver of Notice. Whenever any notice whatsoever is required to be given by law, by the Certificate of Incorporation or
by these Bylaws, a waiver of such notice either in writing signed by the person entitled to such notice or such person’s duly authorized
attorney, or by electronic transmission or any other method permitted under the DGCL, whether before, at or after the time stated in such
waiver, or the appearance of such person or persons at such meeting in person or by proxy, shall be deemed equivalent to such notice.
Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting shall constitute waiver
of notice except attendance for the sole purpose of objecting to the timeliness or manner of notice.
6.3
Actions with Respect to Securities of Other Corporations. Except as the Board may otherwise designate, the Chief Executive
Officer or President or any officer of the Corporation authorized by the Chief Executive Officer or President shall have the power to
vote and otherwise act on behalf of the Corporation, in person or by proxy, and may waive notice of, and act as, or appoint any person
or persons to act as, proxy or attorney-in-fact to this Corporation (with or without power of substitution) at any meeting of stockholders
or shareholders (or with respect to any action of stockholders) of any other Corporation or organization, the securities of which may
be held by this Corporation and otherwise to exercise any and all rights and powers that this Corporation may possess by reason of this
Corporation’s ownership of securities in such other Corporation or other organization.
6.4
Evidence of Authority. A certificate by the Secretary, or an Assistant Secretary, or a temporary Secretary, as to any action
taken by the stockholders, directors, a committee or any officer or representative of the Corporation shall as to all persons who rely
on the certificate in good faith be conclusive evidence of such action.
6.5
Certificate of Incorporation. All references in these Bylaws to the Certificate of Incorporation shall be deemed to refer
to the Certificate of Incorporation of the Corporation, as amended and in effect from time to time.
6.6
Severability. Any determination that any provision of these Bylaws is for any reason inapplicable, illegal or ineffective
shall not affect or invalidate any other provision of these Bylaws.
6.7
Pronouns. All pronouns used in these Bylaws shall be deemed to refer to the masculine, feminine or neuter, singular or plural,
as the identity of the person or persons may require.
6.8
Notices. Except as otherwise specifically provided herein or required by law, all notices required to be given to any stockholder,
director, officer, employee or agent of the Corporation shall be in writing and may in every instance be effectively given by hand delivery
to the recipient thereof, by depositing such notice in the mails, postage paid, or by sending such notice by commercial courier service,
or by facsimile or other electronic transmission, provided that notice to stockholders by electronic transmission shall be given in the
manner provided in Section 232 of the DGCL. Any such notice shall be addressed to such stockholder, director, officer, employee or
agent at his, her or its last known address as the same appears on the books of the Corporation. The time when such notice shall be deemed
to be given shall be the time such notice is received by such stockholder, director, officer, employee or agent, or by any person accepting
such notice on behalf of such person, if delivered by hand, facsimile, other electronic transmission or commercial courier service, or
the time such notice is dispatched, if delivered through the mails. Without limiting the manner by which notice otherwise may be given
effectively, notice to any stockholder shall be deemed given: (a) if by facsimile, when directed to a number at which the stockholder
has consented to receive notice; (b) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented
to receive notice; (c) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting,
upon the later of (i) such posting and (ii) the giving of such separate notice; (d) if by any other form of electronic transmission, when
directed to the stockholder; and (e) if by mail, when deposited in the mail, postage prepaid, directed to the stockholder at such stockholder’s
address as it appears on the records of the Corporation.
6.9
Reliance Upon Books, Reports and Records. Each director, each member of any committee designated by the Board, and each
officer of the Corporation shall, in the performance of such individual’s duties, be fully protected in relying in good faith upon
the books of account or other records of the Corporation as provided by law, including reports made to the Corporation by any of its officers,
by an independent certified public accountant, or by an appraiser selected with reasonable care.
6.10
Time Periods. In applying any provision of these Bylaws which require that an act be done or not done a specified number
of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall
be used, the day of the doing of the act shall be excluded, and the day of the event shall be included.
6.11
Facsimile Signatures. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in
these Bylaws, facsimile signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board or
a committee thereof.
6.12
Voting of Securities Owned by the Corporation. All stock and other securities of other Corporations owned or held by the
Corporation for itself, or for other parties in any capacity, shall be voted, and all proxies with respect thereto shall be executed,
by the person authorized so to do by resolution of the Board, or, in the absence of such authorization, the Chief Executive Officer, the
President, or any Vice President.
ARTICLE
VII
Amendments
7.1
By the Board. Except as otherwise set forth in these Bylaws, these Bylaws may be altered, amended or repealed or new Bylaws
may be adopted only in accordance with Article X of the Certificate of Incorporation.
7.2
By the Stockholders. Except as otherwise set forth in these Bylaws, and subject to the
Certificate of Incorporation, these Bylaws may be altered, amended or repealed or new Bylaws may
be adopted by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all of
the shares of capital stock of the Corporation issued and outstanding and entitled to vote generally in any election of directors, voting
together as a single class. Such vote may be held at any annual meeting of stockholders, or at any special meeting of stockholders
provided that notice of such alteration, amendment, repeal or adoption of new Bylaws shall have been stated in the notice of such special
meeting.
ARTICLE
VIII
Indemnification of Directors and Officers
8.1
Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is involved in
any action, suit or proceeding, whether civil, criminal, administrative or investigative (“proceeding”), by
reason of the fact that such person or a person of whom he or she is the legal representative, is or was a director or officer of the
Corporation or is or was serving at the request of the Corporation as a director or officer of another Corporation, or as a controlling
person of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the
basis of such proceeding is alleged action in an official capacity as a director or officer, or in any other capacity while serving as
a director or officer, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the DGCL, as the
same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation
to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment) against all expenses,
liability and loss reasonably incurred or suffered by such person in connection therewith and such indemnification shall continue as to
a person who has ceased to be a director or officer and shall inure to the benefit of his heirs, executors and administrators; provided,
that except as provided in Section 8.2 of this Article VIII, the Corporation shall indemnify any such person seeking indemnity
in connection with a proceeding (or part thereof) initiated by such person only if (a) such indemnification is expressly required
to be made by law, (b) the proceeding (or part thereof) was authorized by the Board, (c) such indemnification is provided by
the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the DGCL, or (d) the proceeding (or
part thereof) is brought to establish or enforce a right to indemnification or advancement under an indemnity agreement or any other statute
or law or otherwise as required under Section 145 of the DGCL. The rights hereunder shall be contract rights and shall include the
right to be paid reasonable expenses and attorneys’ fees incurred in defending any such proceeding in advance of its final disposition;
provided, that the payment of such expenses incurred by a director or officer of the Corporation in his capacity as a director or officer
(and not in any other capacity in which service was or is tendered by such person while a director or officer, including, without limitation,
service to an employee benefit plan) in advance of the final disposition of such proceeding, shall be made only upon delivery to the Corporation
of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it should be determined ultimately
by final judicial decision from which there is no further right to appeal that such director or officer is not entitled to be indemnified
under this section or otherwise.
8.2
Right of Claimant to Bring Suit. If a claim under Section 8.1 is not paid in full by the Corporation within sixty (60)
days after a written claim has been received by the Corporation, or twenty (20) days in the case of a claim for advancement of expenses,
the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if such suit
is not frivolous or brought in bad faith, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall
be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in
advance of its final disposition where the required undertaking, if any, has been tendered to this Corporation) that the claimant has
not met the standards of conduct which make it permissible under the DGCL for the Corporation to indemnify the claimant for the amount
claimed. Neither the failure of the Corporation (including its Board, independent legal counsel, or its stockholders) to have made a determination
prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because the claimant has
met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its Board, independent
legal counsel or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that claimant has not met the applicable standard of conduct. In any suit brought by the Corporation to recover
an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a
final judicial decision from which there is no further right to appeal that the indemnitee has not met any applicable standard for indemnification
set forth in the DGCL. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder,
or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that
the indemnitee is not entitled to be indemnified, or to such advancement of expenses, shall be on the Corporation.
8.3
Indemnification of Employees and Agents. The Corporation may, to the extent authorized from time to time by the Board, grant
rights to indemnification, and to the advancement of related expenses, to any employee or agent of the Corporation to the fullest extent
of the provisions of this Article VIII with respect to the indemnification of and advancement of expenses to directors and officers of
the Corporation.
8.4
Non-Exclusivity of Rights. The rights conferred on any person in this Article VIII shall not be exclusive of any other right
which such persons may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, Bylaw, agreement, vote
of stockholders or disinterested directors or otherwise.
8.5
Indemnification Contracts. The Board is authorized to enter into a contract with any director, officer, employee or agent
of the Corporation, or any person serving at the request of the Corporation as a director, officer, employee or agent of another Corporation,
partnership, joint venture, trust or other enterprise, including employee benefit plans, providing for indemnification rights equivalent
to or, if the Board so determines, greater than, those provided for in this Article VIII.
8.6
Insurance. The Corporation shall maintain insurance to the extent reasonably available, at its expense, to protect itself
and any such director, officer, employee or agent of the Corporation or another Corporation, partnership, joint venture, trust or other
enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against
such expense, liability or loss under the DGCL.
8.7
Effect of Amendment. Any amendment, repeal or modification of any provision of this Article VIII shall not adversely
affect any right or protection of an indemnitee or his successor in respect of any act or omission occurring prior to such amendment,
repeal or modification.
8.8
Reliance. Persons who after the date of the adoption of this provision become or remain directors or officers of the Corporation
or who, while a director or officer of the Corporation, become or remain a director, officer, employee or agent of a subsidiary, shall
be conclusively presumed to have relied on the rights to indemnity, advance of expenses and other rights contained in this Article VIII
in entering into or continuing such service. The rights to indemnification and to the advance of expenses conferred in this Article VIII
shall apply to claims made against an indemnitee arising out of acts or omissions which occurred or occur both prior and subsequent to
the adoption hereof.
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