Exhibit 3.1
ELANCO
ANIMAL HEALTH
INCORPORATED
AMENDED AND RESTATED BYLAWS
Adopted as of
February 22, 2022
(Effective February 22, 2022)
ELANCO ANIMAL HEALTH INCORPORATED
AMENDED AND RESTATED BYLAWS
INDEX
Page
| Article I The Shareholders |
1 |
| Section 1.1. Annual Meetings |
1 |
| Section 1.2. Special Meetings |
1 |
| Section 1.3. Time, Place, and Conduct of Meetings |
1 |
| Section 1.4. Notice of Meetings |
1 |
| Section 1.5. Quorum |
1 |
| Section 1.6. Voting |
1 |
| Section 1.7. Voting Lists |
2 |
| Section 1.8. Fixing of Record Date |
2 |
| Section 1.9. Notice of Shareholder Business |
2 |
| Section 1.10. Notice of Shareholder Nominees |
4 |
| Section 1.11. Inclusion of Shareholder Director Nominations in the Corporation’s Proxy Materials |
6 |
| Article II Board of Directors |
12 |
| Section 2.1. General Powers |
12 |
| Section 2.2. Number and Qualifications |
12 |
| Section 2.3. Classes of Directors and Terms |
13 |
| Section 2.4. Election of Directors |
13 |
| Section 2.5. Meetings of Directors |
13 |
| Section 2.6. Quorum and Manner of Acting |
14 |
| Section 2.7. Resignations |
14 |
| Section 2.8. Removal of Directors |
14 |
| Section 2.9. Action without a Meeting |
14 |
| Section 2.10. Chairman of the Board of Directors |
14 |
| Section 2.11. Committees |
14 |
| Section 2.12. Transactions with Corporation |
14 |
| Section 2.13. Compensation of Directors |
15 |
| Article III Officers |
15 |
| Section 3.1. Chief Executive Officer |
15 |
| Section 3.2. Chief Financial Officer |
15 |
| Section 3.3. Secretary and Assistant Secretaries |
15 |
| Section 3.4. Treasurer |
15 |
| Section 3.5. Other Officers |
16 |
| Section 3.6. Term of Office |
16 |
| Section 3.7. Resignation |
16 |
| Section 3.8. Removal |
16 |
| Section 3.9. Vacancies |
16 |
| Article IV Execution of Instruments and Deposit of Corporate Funds |
16 |
| Section 4.1. Execution of Instruments Generally |
16 |
| Section 4.2. Notes, Checks, Other Instruments |
16 |
| Section 4.3. Proxies |
17 |
| Article V Shares |
17 |
| Section 5.1. Certificates for Shares |
17 |
| Section 5.2. Transfer of Shares |
17 |
| Section 5.3. Regulations |
17 |
| Section 5.4. Transfer Agents and Registrars |
18 |
| Section 5.5. Lost or Destroyed Certificates |
18 |
| Article VI Indemnification |
18 |
| Section 6.1. Right to Indemnification |
18 |
| Section 6.2. Insurance, Contracts and Funding |
18 |
| Section 6.3. Non-Exclusive Rights; Applicability to Certain Proceedings |
19 |
| Section 6.4. Advancement of Expenses |
19 |
| Section 6.5. Procedures; Presumptions and Effect of Certain Proceedings; Remedies |
19 |
| Section 6.6. Certain Definitions |
21 |
| Section 6.7. Indemnification of Agents |
21 |
| Section 6.8. Effect of Amendment or Repeal |
21 |
| Section 6.9. Severability |
21 |
| Article VII Miscellaneous |
21 |
| Section 7.1. Corporate Seal |
21 |
| Section 7.2. Fiscal Year |
21 |
| Section 7.3. Exclusive Forum |
21 |
AMENDED AND RESTATED
BYLAWS
of
ELANCO ANIMAL HEALTH INCORPORATED
(an Indiana Corporation)
Article
I
The Shareholders
Section
1.1. Annual
Meetings. The annual meeting of the shareholders of the Corporation for the election of directors and for the transaction of such
other business as properly may come before the meeting shall be held on such date and at such time as shall be designated by resolution
of the Board of Directors from time to time. Failure to hold an annual meeting of the shareholders at such designated time shall not affect
otherwise valid corporate acts or work a forfeiture or dissolution of the Corporation. The Chairman or the Board of Directors may postpone,
reschedule or cancel any annual meeting previously called by the Board of Directors.
Section
1.2. Special
Meetings. Special meetings of the shareholders may be called at any time only by the Board of Directors or the Chairman of the Board
of Directors. The Chairman or the Board of Directors may postpone, reschedule or cancel any special meeting previously called by the Board
of Directors or the Chairman.
Section
1.3. Time,
Place, and Conduct of Meetings. Subject to Section 1.1, each meeting of the shareholders shall be held at such time of day and at
such place or no place, solely by means of remote communication, as may be fixed by the Board of Directors, either within or without the
State of Indiana, as shall be determined by the Board of Directors. Each adjourned meeting of the shareholders shall be held at such time
and place as may be provided in the motion for adjournment. The chairman of each meeting shall have sole authority to decide questions
relating to the conduct of that meeting.
Section
1.4. Notice
of Meetings. The Secretary shall cause a written or printed notice of the place, day and hour and the purpose or purposes of each
meeting of the shareholders to be delivered or mailed (which may include by facsimile or other form of electronic communication) at least
ten (10) but not more than sixty (60) days prior to the meeting, to each shareholder of record entitled to vote at the meeting, at the
shareholder’s address as the same appears on the records maintained by the Corporation. Notice of any such shareholders meeting
may be waived by any shareholder by delivering a written waiver to the Secretary before or after such meeting. Attendance at any meeting
in person or by proxy when the instrument of proxy sets forth in reasonable detail the purpose or purposes for which the meeting is called,
shall constitute a waiver of notice thereof. Notice of any adjourned meeting of the shareholders of the Corporation shall not be required
to be given unless otherwise required by statute.
Section
1.5. Quorum.
At any meeting of the shareholders, a majority of the outstanding shares entitled to vote on a matter at such meeting, represented in
person or by proxy, shall constitute a quorum for action on that matter. In the absence of a quorum, the chairman of the meeting or the
holders of a majority of the shares entitled to vote present in person or by proxy or if no shareholder entitled to vote is present in
person or by proxy any officer entitled to preside at or act as Secretary of such meeting, may adjourn such meeting from time to time,
until a quorum shall be present. 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.
Section
1.6. Voting.
Except as otherwise provided by statute or by the Articles of Incorporation of the Corporation (as amended, restated or otherwise modified
from time to time, the “Articles of Incorporation”), at each meeting of the shareholders each holder of shares entitled to
vote shall have the right to one vote for each share standing in the shareholder’s name on the books of the Corporation on the record
date fixed for the meeting under Section 1.8. Each shareholder entitled to vote shall be entitled to vote in person or by proxy executed
in writing (which shall include facsimile) or transmitted by electronic submission by the shareholder or a duly authorized attorney in
fact. Unless otherwise specified in the Articles of Incorporation or by applicable statute, the vote of shareholders approving any matter,
other than the election of directors, shall require that the votes cast in favor of the matter exceed the votes cast opposing the matter
at a meeting at which a quorum is present. In the event that more than one group of shares is entitled to vote as a separate voting group,
the vote of each group shall be considered and decided separately. Directors shall be elected by a plurality of the votes properly cast,
as set forth in Article 13 of the Articles of Incorporation.
Section
1.7. Voting
Lists. The Secretary shall make or cause to be made, after a record date for a meeting of shareholders has been fixed under Section
1.8 and at least five (5) days before such meeting, a complete list of the shareholders entitled to vote at such meeting, arranged in
alphabetical order, with the address of each such shareholder and the number of shares so entitled to vote held by each. The Corporation
shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be on
file at the principal office of the Corporation and subject to inspection on written demand by any shareholder entitled to vote at the
meeting; provided that (i) the shareholder’s demand is made in good faith for a proper purpose; (ii) the shareholder describes
with reasonable particularity the shareholder’s purpose; and (iii) the list is directly connected with the shareholder’s
purpose. Such list shall be produced and kept open at the time and place of the meeting and subject to the inspection of any such shareholder
during the holding of such meeting or any adjournment. Except as otherwise required by law, such list shall be the only evidence as to
who are the shareholders entitled to vote at any meeting of the shareholders. In the event that more than one group of shares is entitled
to vote as a separate voting group at the meeting, there shall be a separate listing of the shareholders of each group.
Section
1.8. Fixing
of Record Date. For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any
adjournment thereof, or entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other
proper purpose, the Board of Directors shall fix in advance a date as the record date for any such determination of shareholders, not
more than seventy (70) days prior to the date on which the particular action requiring this determination of shareholders is to be
taken. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section,
the determination shall, to the extent permitted by law, apply to any adjournment thereof.
Section
1.9. Notice
of Shareholder Business.
(a)
At an annual meeting of the shareholders, the only items of business that shall be conducted are those which are proper subjects
for action by the shareholders under Indiana law and which have been properly brought before the meeting. To be properly brought before
an annual meeting, business must be (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction
of the Board of Directors, (ii) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or
(iii) otherwise properly brought before the meeting by a shareholder in accordance with this Section 1.9. Except for proposals properly
made in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (as
so amended and inclusive of such rules and regulations, the “Exchange Act”), and included in the notice of meeting given by
or at the direction of the Board of Directors, the foregoing clause (iii) shall be the exclusive means by which a shareholder may
propose business to be brought before the meeting. For any item of business (other than nomination of a person for election as a director
which is subject to Section 1.10) to be properly brought before an annual meeting by a shareholder, the shareholder proposing the item
of business (a “proposing shareholder”) must (A) be a record owner of shares of the Corporation’s common stock
both at the time of giving the notice provided for in this Section 1.9 and at the time of the meeting, (B) be entitled to vote at
the meeting, (C) have the legal right and authority to make the proposal for consideration at the meeting, (D) have given a
notice which is timely as required by subsection (b) and in proper form as required by subsection (c), and (E) appear at the
meeting in person or by a designated representative to present the item of business.
(b)
To be timely, a proposing shareholder’s notice must be delivered to or mailed and received by the Secretary at the principal
executive offices of the Corporation not later than the close of business on the date that is no less than ninety (90) calendar days nor
more than one hundred twenty (120) calendar days in advance of the anniversary date of the Corporation’s last annual meeting of
shareholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting
has been changed by more than thirty (30) days from the anniversary date of the Corporation’s last annual meeting of shareholders,
notice by the proposing shareholder to be timely must be so received not later than the close of business on the later of one hundred
twenty (120) calendar days in advance of such annual meeting or, if later, ten (10) calendar days following the date on which public disclosure
of the date of the meeting is first made. For purposes of this Section 1.9 and Section 1.10, “public disclosure” means disclosure
in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange
Commission pursuant to Sections 13, 14, or 15(d) of the Exchange Act. No adjournment or postponement of an annual meeting or announcement
thereof shall commence a new time period for the giving of a timely notice as described above.
(c)
To be in proper form, a proposing shareholder’s notice to the Secretary shall set forth (i) the name and record address
of the proposing shareholder(s); (ii) the class and number of the Corporation’s shares which are beneficially owned by the
proposing shareholder(s) and Shareholder Associated Persons (as defined below); (iii) a brief description of any derivative instrument
(as defined in IND. CODE §23-1-20-6.5 as in effect on August 8, 2019) or other agreement, arrangement, or understanding (including
any swaps, warrants, short positions, profits interests, options, hedging transactions, or borrowed or loaned shares) with respect to
the Corporation’s shares, engaged in, directly or indirectly by the proposing shareholder(s) and Shareholder Associated Persons,
where the purpose or effect of such instrument, agreement, arrangement or understanding is to increase or decrease such shareholders’
or Shareholder Associated Persons’ ability to share in the profits derived from any increase in the value of the Corporation’s
shares, mitigate economic exposure to changes in value of the shares, and/or increase or decrease the voting power of such shareholder(s)
or Shareholder Associated Person(s); and (iv) as to each item of business being proposed (A) a brief description of the business
to be brought before the annual meeting; (B) the reasons for conducting such business at the annual meeting; (C) the text of
the proposal or business (including the text of any resolutions or amendments to the Articles of Incorporation or these Bylaws proposed
for consideration); (D) any material interest of the proposing shareholder(s) and Shareholder Associated Persons in such business;
(E) a brief description of all agreements, arrangements or understandings between or among the proposing shareholder(s) and Shareholder
Associated Person(s) or between or among any proposing shareholder or Shareholder Associated Person and any other person or entity in
connection with such business; (F) a representation whether the proposing shareholder or Shareholder Associated Person intends to
deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation’s outstanding shares required
to approve the proposal and/or otherwise to solicit proxies from shareholders in support of the proposal; and (G) any other information
relating to each such person that would be required to be disclosed in a proxy statement or other filing required to be made in connection
with the solicitation of proxies by each such person with respect to the proposed business to be brought by each such person before the
annual meeting pursuant to Section 14 of the Exchange Act, and the rules and regulations promulgated thereunder. For purposes of this
Section 1.9 and Section 1.10, the term “beneficial ownership” shall have the meaning specified in IND. CODE §23-1-20-3.5
as in effect on August 8, 2019, and the term “Shareholder Associated Person” of any shareholder means (i) any person
controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner of shares of stock of
the Corporation owned of record or beneficially by such shareholder and on whose behalf the proposal or nomination, as applicable, is
made, and (iii) any person controlling, controlled by or under common control with, or acting in concert with, any such person referred
to in the preceding clauses (i) and (ii).
(d)
A proposing shareholder shall further update and supplement such notice, if necessary, so that the information provided or required
to be provided in the notice shall be true, correct and complete in all material respects (i) as of the record date for the meeting
and (ii) as of the date that is ten (10) business days prior to the meeting or any adjournment thereof. Such updates shall be delivered
to or mailed and received by the Secretary at the principal executive offices of the Corporation (A) in the case of the update required
under subsection (i), not later than five (5) business days after the record date, and (B) in the case of the update required under
subsection (ii), not later than seven (7) business days prior to the meeting or any adjournment thereof.
(e)
No business shall be conducted at any annual meeting of shareholders except in accordance with the procedures set forth in this
Section 1.9. The chairman of an annual meeting shall, if the facts warrant, determine and declare to the meeting that business was not
properly brought before the meeting in accordance with the provisions of this Section 1.9, and if the chairman should so determine, he
or she shall so declare to the meeting any such business not properly brought before the meeting shall not be transacted, notwithstanding
that proxies may have been solicited in respect of such business.
(f)
The requirements of this Section 1.9 shall apply to any item of business to be brought before a meeting of shareholders (other
than the election of directors and any proposal properly made pursuant to Rule 14a-8 of the Exchange Act) regardless of whether the business
is presented to shareholders directly at the meeting or by means of an independently financed proxy solicitation. The requirements of
this Section 1.9 are included to provide the Corporation notice of a shareholder’s intention to bring business before a meeting
and shall not be construed as imposing upon any shareholder the requirement to seek approval from the Corporation as a condition precedent
to bringing any such business before a meeting. Notwithstanding the foregoing provisions of this Section 1.9, a shareholder shall also
comply with all applicable requirements of the Exchange Act with respect to business to be brought before a meeting of shareholders that
is subject to this Section 1.9; provided, however, that any references in these Bylaws to the Exchange Act or the rules promulgated thereunder
are not intended to and shall not limit the requirements applicable to business to be brought before a meeting of shareholders pursuant
to these Bylaws.
(g)
At any special meeting of the shareholders, only such business shall be conducted as shall have been brought before the meeting
by or at the direction of the Board of Directors or the Chairman of the Board of Directors.
Section
1.10. Notice
of Shareholder Nominees.
(a)
Only persons who are nominated by or at the direction of the Board of Directors or by shareholders in accordance with the procedures
set forth in this Section 1.10 shall be eligible for election as Directors, except as may be otherwise provided in the Articles of Incorporation
with respect to the right of holders of preferred stock of the Corporation to nominate and elect a specified number of directors in certain
circumstances. Nominations of persons for election to the Board of Directors in accordance with this Section 1.10 may be made (i) at
or prior to a meeting of shareholders by or at the direction of the Board of Directors or by any nominating committee or person appointed
by or at the direction of the Board of Directors, and (ii) at an annual meeting of shareholders or a special meeting of shareholders
(but only if the election of Directors is a matter specified in the notice of special meeting) by any shareholder entitled to vote for
the election of Directors at the meeting who complies with the notice procedures set forth in this Section 1.10 (a “nominating shareholder”).
Such nominations shall be made pursuant to a notice which is timely as required by subsection (b) and in proper form as required
by subsection (c) and any person proposed to be nominated (a “proposed nominee”) must be eligible for election as required
by subsection (e).
(b)
To be timely, a nominating shareholder’s notice, if it relates to an annual meeting of shareholders, must be delivered to
or mailed and received by the Secretary at the principal executive offices of the Corporation not later than the close of business on
the date that is not less than ninety (90) calendar days nor more than one hundred twenty (120) calendar days in advance of the anniversary
date of the Corporation’s last annual meeting of shareholders; provided, however, that in the event that no annual meeting was held
in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the anniversary date of the
Corporation’s last annual meeting of shareholders, notice by the nominating shareholder to be timely must be so received not later
than the close of business on the later of one hundred twenty (120) calendar days in advance of such annual meeting or, if later, ten
(10) calendar days following the date on which public disclosure of the date of the meeting is first made. No adjournment or postponement
of an annual meeting or announcement thereof shall commence a new time period for the giving of a timely notice as described above. If
the nominating shareholder notice of a proposed nominee relates to a special meeting of shareholders at which directors are to be elected
pursuant to the Corporation’s notice of meeting, it must be delivered to or mailed and received by the Secretary of the Corporation
at the principal executive offices of the Corporation not less than ninety (90) calendar days in advance of the date of the special meeting,
or, if later, the tenth (10th) calendar day after public disclosure of the date of the special meeting is made.
(c)
To be in proper form for purposes of this Section 1.10, a nominating shareholder’s notice shall set forth: (i) the name
and record address of the nominating shareholder(s) and their Shareholder Associated Person(s) (ii) the class and number of the Corporation’s
shares which are beneficially owned by the nominating shareholder(s) and the Shareholder Associated Person(s), (iii) a brief description
of any derivative instrument (as defined in Section 1.9(c)(iii)) or any other agreement, arrangement, or understanding engaged in, directly
or indirectly, by the nominating shareholder(s) and the Shareholder Associated Person(s) with respect to the Corporation’s shares,
(iv) as to each proposed nominee, (A) the proposed nominee’s name, age, business address and residence address; (B) the
proposed nominee’s principal occupation or employment; (C) the class and number of the Corporation’s shares which are
beneficially owned by the proposed nominee; (D) a brief description of any derivative instrument (as defined in Section 1.9(c)(iii))
or any other agreement, arrangement, or understanding engaged in, directly or indirectly, by the proposed nominee with respect to the
Corporation’s shares; (E) a brief description of all material agreements, arrangements, understandings or relationships, including
all direct or indirect compensatory arrangements, between or among the proposed nominee, the nominating shareholder(s) or any of the Shareholder
Associated Person(s); (F) a representation whether the nominating shareholder or any of the Shareholder Associated Person(s) intends
to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation’s outstanding shares
required to elect the proposed nominee and/or otherwise to solicit proxies from shareholders in support of the nomination; and (G) any
other information relating to the proposed nominee that is required to be disclosed in solicitations of proxies for election of directors,
or is otherwise required, in each case pursuant to Section 14 of the Exchange Act (including without limitation the proposed nominee’s
written consent to being named in the proxy statement as a nominee and to serving as a director if elected).
(d)
A nominating shareholder shall further update and supplement such notice, if necessary, so that the information provided or required
to be provided in the notice shall be true, correct and complete in all material respects (i) as of the record date for the meeting
and (ii) as of the date that is ten (10) business days prior to the meeting or any adjournment thereof. Such updates shall be delivered
to or mailed and received by the Secretary at the principal executive offices of the Corporation (A) in the case of the update required
under subsection (i), not later than five (5) business days after the record date, and (B) in the case of the update required under subsection
(ii), not later than seven (7) business days prior to the meeting or any adjournment thereof.
(e)
To be eligible as a director of the Corporation, a proposed nominee must deliver (in accordance with the time periods prescribed
for delivery of notice under paragraph (b) of this Section 1.10) to the Secretary at the principal executive offices of the Corporation
a written questionnaire with respect to the background and qualification of the proposed nominee, including without limitation as to the
independence of the proposed nominee (which questionnaire shall be provided by the Secretary upon written request) and a written representation
and agreement (in the form provided by the Secretary upon written request) that the proposed nominee (i) is not and will not become
a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or
entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a “voting
commitment”) that has not been disclosed to the Corporation or (B) any voting commitment that could limit or interfere with
such person’s ability to comply, if elected as a director of the Corporation, with such person’s fiduciary duties under applicable
law, (ii) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than
the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action
as a director that has not been disclosed therein, and (iii) agrees, if elected, to serve as a member of the Board of Directors for
the entire term and would be in compliance, if elected as a director of the Corporation, and will comply with all applicable codes of
conduct, corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation
and other guidelines and policies applicable to members of the Board of Directors.
(f)
The Corporation may require any proposed nominee to furnish such other information (i) as may reasonably be required by the
Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation under applicable
listing rules or (ii) that could be material to a reasonable shareholder’s understanding of the independence or lack of independence
of such proposed nominee.
(g)
The chairman of the meeting may, if the facts warrant, determine and declare to the meeting that a nomination was not so declared
in accordance with the procedures prescribed by these Bylaws, and if the chairman should so determine, he or she shall so declare to the
meeting and the defective nomination shall be disregarded, notwithstanding that proxies in respect of such nomination may have been received
by the Corporation. The requirements of this Section 1.10 are included to provide the Corporation notice of a shareholder’s intention
to nominate a proposed nominee and shall not be construed as imposing upon any shareholder the requirement to seek approval from the Corporation
as a condition precedent to nominating any such proposed nominee for a meeting of shareholders. Notwithstanding the foregoing provisions
of this Section 1.10, a shareholder shall also comply with all applicable requirements of the Exchange Act with respect to the nomination
of any director that is subject to this Section 1.10; provided, however, that any references in these Bylaws to the Exchange Act or the
rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations to be considered pursuant
to these Bylaws. Nothing in this Section 1.10 shall be deemed to affect any rights of the holders of any series of preferred stock of
the Corporation to elect directors pursuant to any applicable provisions of the Articles of Incorporation.
Section
1.11. Inclusion
of Shareholder Director Nominations in the Corporation’s Proxy Materials. Subject to the terms and conditions set forth in these
Bylaws, the Corporation shall include in its proxy materials for an annual meeting of shareholders the name, together with the Required
Information (as defined below), of any person nominated for election (the “Shareholder Nominee”) to the Board of Directors
by a shareholder or group of shareholders that satisfy the requirements of this Section 1.11, including qualifying as an Eligible Shareholder
(as defined in paragraph (D) below) and that expressly requests at the time of providing the written notice required by this Section 1.11
(a “Proxy Access Notice”) to have its nominee included in the Corporation’s proxy materials pursuant to this Section
1.11. For the purposes of this Section 1.11:
(1) “Voting Stock” shall mean outstanding
shares of capital stock of the Corporation entitled to vote generally for the election of Directors;
(2) “Constituent Holder” shall mean
any shareholder, collective investment fund included within a Qualifying Fund (as defined in paragraph (E) below) or beneficial holder
whose share ownership is counted for the purposes of qualifying as holding the Proxy Access Request Required Shares (as defined in paragraph
(E) below) or qualifying as an Eligible Shareholder (as defined in paragraph (E) below);
(3) “affiliate” and “associate”
shall have the meanings ascribed thereto in Rule 405 under the Securities Act of 1933; provided, however, that the
term “partner” as used in the definition of “associate” shall not include any limited partner that is not involved
in the management of the relevant partnership; and
(4) a shareholder (including any Constituent Holder)
shall be deemed to “own” only those outstanding shares of Voting Stock as to which the shareholder itself (or such Constituent
Holder itself) possesses both (a) the full voting and investment rights pertaining to the shares and (b) the full economic interest in
(including the opportunity for profit and risk of loss on) such shares. The number of shares calculated in accordance with the foregoing
clauses (a) and (b) shall be deemed not to include (and to the extent any of the following arrangements have been entered into by affiliates
of the shareholder (or of any Constituent Holder), shall be reduced by) any shares (x) sold by such shareholder or Constituent Holder
(or any of either’s affiliates) in any transaction that has not been settled or closed, including any short sale, (y) borrowed by
such shareholder or Constituent Holder (or any of either’s affiliates) for any purposes or purchased by such shareholder or Constituent
Holder (or any of either’s affiliates) pursuant to an agreement to resell, or (z) subject to any option, warrant, forward contract,
swap, contract of sale, other derivative or similar agreement entered into by such shareholder or Constituent Holder (or any of either’s
affiliates), whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value
of Voting Stock, in any such case which instrument or agreement has, or is intended to have, or if exercised by either party thereto would
have, the purpose or effect of (i) reducing in any manner, to any extent or at any time in the future, such shareholder’s or Constituent
Holder’s (or either’s affiliate’s) full right to vote or direct the voting of any such shares, and/or (ii) hedging,
offsetting or altering to any degree gain or loss arising from the full economic ownership of such shares by such shareholder or Constituent
Holder (or either’s affiliate), other than any such arrangements solely involving an exchange listed multi-industry market index
fund in which Voting Stock represents at the time of entry into such arrangement less than 10% of the proportionate value of such index.
A shareholder (including any Constituent Holder) shall “own” shares held in the name of a nominee or other intermediary so
long as the shareholder itself (or such Constituent Holder itself) retains the right to instruct how the shares are voted with respect
to the election of Directors and the right to direct the disposition thereof and possesses the full economic interest in the shares. A
shareholder’s (including any Constituent Holder’s) ownership of shares shall be deemed to continue during any period (i) in
which shares have been loaned in the ordinary course of business if the person claiming ownership may recall such loaned shares on no
more than three business days’ notice and has recalled such loaned shares as of the date of the Proxy Access Notice and holds such
shares through the date of the annual meeting of shareholders or (ii) any voting power over such shares has been delegated by means of
a proxy, power of attorney or other instrument or arrangement which in all such cases is revocable at any time by the shareholder. The
terms “owned,” “owning” and other variations of the word “own” shall have correlative meanings.
(a) For purposes of this Section 1.11, the “Required Information” that the Corporation will include in its proxy statement
is (1) the information concerning the Shareholder Nominee and the Eligible Shareholder that the Corporation determines is required to
be disclosed in the Corporation’s proxy statement by the regulations promulgated under the Exchange Act; and (2) if the Eligible
Shareholder so elects, a Statement (as defined in paragraph (F) below). The Corporation shall also include the name of the Shareholder
Nominee in its proxy card. For the avoidance of doubt, and any other provision of these Bylaws notwithstanding, the Corporation may in
its sole discretion solicit against, and include in the proxy statement its own statements or other information relating to, any Eligible
Shareholder and/or Shareholder Nominee, including any information provided to the Corporation with respect to the foregoing.
(b) To
be timely, a shareholder’s Proxy Access Notice must be delivered to or mailed and received by the Secretary at the principal executive
offices of the Corporation within the time periods applicable to shareholder notices of nominations pursuant to Section 1.10 of these
Bylaws. In no event shall any adjournment or postponement of an annual meeting, the date of which has been announced by the Corporation,
commence a new time period for the giving of a Proxy Access Notice.
(c) The
number of Shareholder Nominees (including Shareholder Nominees that were submitted by an Eligible Shareholder for inclusion in the Corporation’s
proxy materials pursuant to this Section 1.11 but either are subsequently withdrawn or that the Board of Directors decides to nominate
as Board of Directors’ nominees or otherwise appoint to the Board of Directors) appearing in the Corporation’s proxy materials
with respect to an annual meeting of shareholders shall not exceed the greater of (rounded down to the nearest whole number) (x) two
(2) and (y) the largest whole number that does not exceed 20% of the number of directors in office as of the last day on which a Proxy
Access Notice may be delivered in accordance with the procedures set forth in this Section 1.11 (such greater number, the “Permitted
Number”); provided, however, that the Permitted Number shall not exceed the number of directors to be elected at
such annual meeting and the Permitted Number shall be reduced by:
(1)
the number of directors in office or director candidates that in either case will be included in the Corporation’s proxy
materials with respect to such annual meeting as an unopposed (by the Corporation) nominee pursuant to any agreement, arrangement or other
understanding with any shareholder or group of shareholders (other than any such agreement, arrangement or understanding entered into
in connection with an acquisition of Voting Stock, by such shareholder or group of shareholders, from the Corporation), other than any
such director referred to in this clause (1) who at the time of such annual meeting will have served as a director continuously, as a
nominee of the Board of Directors, for at least two (2) annual meetings, but only to the extent the Permitted Number after such reduction
with respect to this clause (1) equals or exceeds one; and
(2)
the number of directors in office that will be included in the Corporation’s proxy materials with respect to such annual
meeting for whom access to the Corporation’s proxy materials was previously provided pursuant to this Section 1.11, other than any
such director referred to in this clause (2) who at the time of such annual meeting will have served as a director continuously, as a
nominee of the Board of Directors, for at least two (2) annual meetings;
provided, further, that in the event
the Board of Directors resolves to reduce the size of the Board of Directors effective on or prior to the date of the annual meeting,
the Permitted Number shall be calculated based on the number of directors in office as so reduced. In the event that the number of Shareholder
Nominees submitted by Eligible Shareholders pursuant to this Section 1.11 exceeds the Permitted Number, each Eligible Shareholder will
select one Shareholder Nominee for inclusion in the Corporation’s proxy materials until the Permitted Number is reached, going in
order of the amount (largest to smallest) of shares of Voting Stock each Eligible Shareholder disclosed as owned in its Proxy Access Notice
submitted to the Corporation. If the Permitted Number is not reached after each Eligible Shareholder has selected one (1) Shareholder
Nominee, this selection process will continue as many times as necessary, following the same order each time, until the Permitted Number
is reached.
(d) An
“Eligible Shareholder” is one or more shareholders of record who own and have owned, or are acting on behalf of one or more
beneficial owners who own and have owned (in each case as defined above), in each case continuously for at least three (3) years as of
both the date that the Proxy Access Notice is received by the Corporation pursuant to this Section 1.11, and as of the record date for
determining shareholders eligible to vote at the annual meeting, at least three percent (3%) of the aggregate voting power of the Voting
Stock (the “Proxy Access Request Required Shares”), and who continue to own the Proxy Access Request Required Shares at all
times between the date such Proxy Access Notice is received by the Corporation and the date of the applicable annual meeting, provided
that the aggregate number of shareholders, and, if and to the extent that a shareholder is acting on behalf of one or more beneficial
owners, of such beneficial owners, whose share ownership is counted for the purpose of satisfying the foregoing ownership requirement
shall not exceed twenty (20). Two or more collective investment funds that are (I) part of the same family of funds and sponsored by
the same employer or (II) a “group of investment companies” as such term is defined in Section 12(d)(1)(G)(ii) of the Investment
Company Act of 1940 (each of the foregoing, a “Qualifying Fund”) shall be treated as one shareholder for the purpose of determining
the aggregate number of shareholders in this paragraph (D), provided that each fund included within a Qualifying Fund otherwise meets
the requirements set forth in this Section 1.11. No shares may be attributed to more than one group constituting an Eligible Shareholder
under this Section 1.11 (and, for the avoidance of doubt, no shareholder may be a member of more than one group constituting an Eligible
Shareholder). A record holder acting on behalf of one or more beneficial owners will not be counted separately as a shareholder with
respect to the shares owned by beneficial owners on whose behalf such record holder has been directed in writing to act, but each such
beneficial owner will be counted separately, subject to the other provisions of this paragraph (D), for purposes of determining the number
of shareholders whose holdings may be considered as part of an Eligible Shareholder’s holdings. For the avoidance of doubt, Proxy
Access Request Required Shares will qualify as such if and only if the beneficial owner of such shares as of the date of the Proxy Access
Notice has itself individually beneficially owned such shares continuously for the three-year (3 year) period ending on that date and
through the other applicable dates referred to above (in addition to the other applicable requirements being met).
(e) No
later than the final date when a nomination pursuant to this Section 1.11 may be timely delivered to the Corporation, an Eligible Shareholder
(including each Constituent Holder) must provide the following information in writing to the Secretary of the Corporation:
(1) with
respect to each Constituent Holder, the name and address of, and number of shares of Voting Stock owned by, such person;
(2) one
or more written statements from the record holder of the shares (and from each intermediary through which the shares are or have been
held during the requisite three-year (3 year) holding period) verifying that, as of a date within seven (7) calendar days prior to the
date the Proxy Access Notice is delivered to the Corporation, such person owns, and has owned continuously for the preceding three (3)
years, the Proxy Access Request Required Shares, and such person’s agreement to provide:
(i)
within ten (10) days after the record date for the annual meeting, written statements from the record holder and intermediaries
verifying such person’s continuous ownership of the Proxy Access Request Required Shares through the record date, together with
any additional information reasonably requested to verify such person’s ownership of the Proxy Access Request Required Shares; and
(ii)
immediate notice if the Eligible Shareholder ceases to own any of the Proxy Access Request Required Shares prior to the date of
the applicable annual meeting of shareholders;
(3) any
information relating to such Eligible Shareholder (including any Constituent Holder) and their respective affiliates or associates or
others acting in concert therewith, and any information relating to such Eligible Shareholder’s Shareholder Nominee(s), in each
case that would be required to be disclosed in a proxy statement and form of proxy or other filings required to be made in connection
with solicitations of proxies for the election of such Shareholder Nominee(s) in a contested election pursuant to Section 14 of the Exchange
Act and the rules and regulations promulgated thereunder;
(4) a
description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the
past three (3) years, and any other material relationships, between or among the Eligible Shareholder (including any Constituent Holder)
and its or their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each of such Eligible
Shareholder’s Shareholder Nominee(s), and his or her 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 Eligible Shareholder (including any Constituent Holder), or any affiliate or associate thereof or person
acting in concert therewith, were the “registrant” for purposes of such rule and the Shareholder Nominee were a director
or executive officer of such registrant;
(5) a representation that such person:
(i)
acquired the Proxy Access Request Required Shares in the ordinary course of business and not with the intent to change or influence
control of the Corporation, and does not presently have any such intent;
(ii)
has not nominated and will not nominate for election to the Board of Directors at the annual meeting any person other than the
Shareholder Nominee(s) being nominated pursuant to this Section 1.11;
(iii)
has not engaged and will not engage in, and has not and will not be a “participant” in another person’s, “solicitation”
within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the annual meeting
other than its Shareholder Nominee(s) or a nominee of the Board of Directors;
(iv)
has not and will not distribute to any shareholder any form of proxy for the annual meeting other than the form distributed by
the Corporation; and
(v)
has provided and will provide facts, statements and other information in all communications with the Corporation and its shareholders
that are and will be true and correct in all material respects and do not and will not omit to state a material fact necessary in order
to make the statements made, in light of the circumstances under which they were made, not misleading, and has otherwise complied and
will otherwise comply with all applicable laws, rules and regulations in connection with any actions taken pursuant to this Section 1.11;
(6) in the case of a nomination by a group of shareholders that together is such an Eligible Shareholder, the designation by all group
members of one group member that is authorized to act on behalf of all members of the nominating shareholder group with respect to the
nomination and matters related thereto, including withdrawal of the nomination; and
(7) an
undertaking that such person agrees to:
(i)
assume all liability stemming from, and indemnify and hold harmless the Corporation and each of its directors, officers, and employees
individually against any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal,
administrative or investigative, against the Corporation or any of its directors, officers or employees arising out of any legal or regulatory
violation arising out of the Eligible Shareholder’s communications with the shareholders of the Corporation or out of the information
that the Eligible Shareholder (including such person) provided to the Corporation; and
(ii)
file with the Securities and Exchange Commission any solicitation by the Eligible Shareholder of shareholders of the Corporation
relating to the annual meeting at which the Shareholder Nominee will be nominated.
(iii)
In addition, no later than the final date when a nomination pursuant to this Section 1.11 may be delivered to the Corporation,
a Qualifying Fund whose share ownership is counted for purposes of qualifying as an Eligible Shareholder must provide to the Secretary
of the Corporation documentation reasonably satisfactory to the Board of Directors that demonstrates that the funds included within the
Qualifying Fund satisfy the definition thereof. In order to be considered timely, any information required by this Section 1.11 to be
provided to the Corporation must be supplemented (by delivery to the Secretary of the Corporation) (1) no later than ten (10) days following
the record date for the applicable annual meeting, to disclose the foregoing information as of such record date, and (2) no later than
the fifth day before the annual meeting, to disclose the foregoing information as of the date that is no earlier than ten (10) days prior
to such annual meeting. For the avoidance of doubt, the requirement to update and supplement such information shall not permit any Eligible
Shareholder or other person to change or add any proposed Shareholder Nominee or be deemed to cure any defects or limit the remedies (including
without limitation under these Bylaws) available to the Corporation relating to any defect.
(f) The
Eligible Shareholder may provide to the Secretary of the Corporation, at the time the information required by this Section 1.11 is originally
provided, a written statement for inclusion in the Corporation’s proxy statement for the annual meeting, not to exceed five hundred
(500) words, in support of the candidacy of such Eligible Shareholder’s Shareholder Nominee (the “Statement”). Notwithstanding
anything to the contrary contained in this Section 1.11, the Corporation may omit from its proxy materials any information or Statement
that it, in good faith, believes:
(i)
would violate any applicable law, rule, regulation or listing standard;
(ii)
is not true and correct in all material respects or omits to state a material fact necessary in order to make the statements
made, in light of the circumstances under which they were made, not misleading; or
(iii)
directly or indirectly impugns the character, integrity or personal reputation of, or directly or indirectly makes charges
concerning improper, illegal or immoral conduct or associations, without factual foundation, with respect to any person.
(g) No
later than the final date when a nomination pursuant to this Section 1.11 may be delivered to the Corporation, each Shareholder Nominee
must:
(i) provide an executed agreement, in a form deemed satisfactory by the Board of Directors or its designee (which form shall
be provided by the Corporation reasonably promptly upon written request of a shareholder), that such Shareholder Nominee:
(A)
consents to being named in the Corporation’s proxy statement and form of proxy card (and will not agree to be named
in any other person’s proxy statement or form of proxy card) as a nominee and to serving as a director of the Corporation if elected;
(B)
agrees, if elected, to adhere to the Corporation’s Corporate Governance Guidelines any other Corporation policies
and guidelines applicable to directors; and
(C)
is not and will not become a party to any compensatory, payment or other financial agreement, arrangement or understanding
with any person or entity in connection with his or her nomination, service or action as a director of the Corporation, or any agreement,
arrangement or understanding with any person or entity as to how the Shareholder Nominee would vote or act on any issue or question as
a director, in each case that has not been disclosed to the Corporation;
(ii)
complete, sign and submit all questionnaires, representations and agreements required by these Bylaws or of the Corporation’s
directors generally; and
(iii)
provide such additional information as necessary to permit the Board of Directors to determine if such Shareholder Nominee:
(A)
is independent under the listing standards of the New York Stock Exchange (“NYSE”), any applicable rules of
the Securities and Exchange Commission and any publicly disclosed standards used by the Board of Directors in determining and disclosing
the independence of the Corporation’s directors;
(B)
has any direct or indirect relationship with the Corporation other than those relationships that have been deemed categorically
immaterial pursuant to the standards used by the Corporation for determining director independence;
(C)
would, by serving on the Board of Directors, violate or cause the Corporation to be in violation of these Bylaws, the Corporation’s
Articles of Incorporation, the rules and listing standards of the NYSE or any applicable law, rule or regulation; and
(D)
is or has been subject to any event specified in Item 401(f) of Regulation S-K (or successor rule) of the Securities and
Exchange Commission.
(E)
In the event that any information or communications provided by the Eligible Shareholder (or any Constituent Holder) or
the Shareholder Nominee to the Corporation or its shareholders ceases to be true and correct in all material respects or omits a material
fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading, each Eligible Shareholder
or Shareholder Nominee, as the case may be, shall promptly notify the Secretary of the Corporation of any defect in such previously provided
information and of the information that is required to correct any such defect; it being understood for the avoidance of doubt that providing
any such notification shall not be deemed to cure any such defect or limit the remedies (including without limitation under these Bylaws)
available to the Corporation relating to any such defect.
(h) Any
Shareholder Nominee who is included in the Corporation’s proxy materials for a particular annual meeting of shareholders but either
(1) withdraws from or becomes ineligible or unavailable for election at that annual meeting (other than by reason of such Shareholder
Nominee’s death or disability), or (2) does not receive votes cast in favor of the Shareholder Nominee’s election of at least
twenty (20)% of the shares represented in person or by proxy at the annual meeting, will be ineligible to be a Shareholder Nominee pursuant
to this Section 1.11 for the next two annual meetings. Any Shareholder Nominee who is included in the Corporation’s proxy statement
for a particular annual meeting of shareholders, but subsequently is determined not to satisfy the eligibility requirements of this Section
1.11 or any other provision of these Bylaws, the Corporation’s Articles of Incorporation or other applicable regulation any time
before the annual meeting of shareholders, will not be eligible for election at the relevant annual meeting of shareholders and no other
nominee may be substituted by the Eligible Shareholder who nominated such Nominee.
(i) The
Corporation shall not be required to include, pursuant to this Section 1.11, a Shareholder Nominee in its proxy materials for any annual
meeting of shareholders, or, if the proxy statement already has been filed, to allow the nomination of a Shareholder Nominee, and no
vote on such Shareholder Nominee will occur, notwithstanding that proxies in respect of such vote may have been received by the Corporation:
(i)
who is not independent under the listing standards of the NYSE, any applicable rules of the Securities and Exchange Commission
and any publicly disclosed standards used by the Board of Directors in determining and disclosing independence of the Corporation’s
directors, in each case as determined by the Board of Directors, who does not meet the audit committee independence requirements under
the rules of any stock exchange on which the Corporation’s securities are traded and applicable securities laws, who
is not a “non-employee director” for the purposes of Rule 16b-3 under the Exchange Act (or any successor rule), or who is
not independent for the purposes of the requirements under the FDIC Improvement Act related to designation as an “outside director”;
(ii)
whose service as a member of the Board of Directors would violate or cause the Corporation to be in violation of these Bylaws,
the Corporation’s Articles of Incorporation, the rules and listing standards of the NYSE, or any applicable law, rule or regulation;
(iii)
who is or has been, within the past three years, an officer or director of a competitor, as defined in Section 8 of
the Clayton Antitrust Act of 1914;
(iv)
whose then-current or within the preceding ten (10) years’ business or personal interests place such Shareholder Nominee
in a conflict of interest with the Corporation or any of its subsidiaries that would cause such Shareholder Nominee to violate any fiduciary
duties of directors established pursuant to Indiana law, as determined by the Board of Directors;
(v)
who is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been
convicted in such a criminal proceeding within the past ten (10) years;
(vi)
who is subject to any order of the type specified in Rule 506(d) of Regulation D promulgated under the Securities Act;
(vii)
if the Eligible Shareholder (or any Constituent Holder) or applicable Shareholder Nominee otherwise breaches or fails to
comply in any material respect with its obligations pursuant to this Section 1.11 or any agreement, representation or undertaking required
by this Section 1.11;
(viii)
if the Eligible Shareholder ceases to be an Eligible Shareholder for any reason, including but not limited to not owning
the Proxy Access Request Required Shares through the date of the applicable annual meeting; or
(ix)
if the Corporation receives a notice pursuant to Section 1.10 of these Bylaws that a shareholder intends to nominate a candidate
for director at the annual meeting of shareholders;
For the purposes of this paragraph, clauses (i)
and (ii) and, to the extent related to a breach or failure by the Shareholder Nominee, clause (iii) will result in the exclusion from
the proxy materials pursuant to this Section 1.11 of the specific Shareholder Nominee to whom the ineligibility applies, or, if the proxy
statement already has been filed, the ineligibility of such Shareholder Nominee to be nominated; provided, however, that clause
(iv) and, to the extent related to a breach or failure by an Eligible Shareholder (or any Constituent Holder), clause (iii) will result
in the Voting Stock owned by such Eligible Shareholder (or Constituent Holder) being excluded from the Proxy Access Request Required Shares
(and, if as a result the Proxy Access Notice shall no longer have been filed by an Eligible Shareholder, the exclusion from the proxy
materials pursuant to this Section 1.11 of all of the applicable shareholder’s Shareholder Nominees from the applicable annual meeting
of shareholders or, if the proxy statement has already been filed, the ineligibility of all of such shareholder’s Shareholder Nominees
to be nominated).
Article
II
Board of Directors
Section
2.1. General
Powers. The property, affairs and business of the Corporation shall be managed under the direction of the Board of Directors. In addition
to the powers and authorities by these Bylaws expressly conferred upon them, the Board of Directors may exercise all such powers of the
Corporation and do all such lawful acts and things as are not by statute or by the Articles of Incorporation or by these Bylaws required
to be exercised or done by the shareholders.
Section
2.2. Number
and Qualifications. The number of directors which shall constitute the Board of Directors shall be nine (9), which number may be either
increased or diminished by resolution adopted by not less than a majority of the directors then in office; provided that the number may
not be diminished below five (5), and no reduction in number shall have the effect of shortening the term of any incumbent director. In
the event that the holders of shares of preferred stock become entitled to elect a certain number of directors, the number of directors
and the minimum number of directors shall be increased by such number. Neither ownership of stock of the Corporation nor residence in
the State of Indiana shall be required as a qualification for a director.
Section
2.3. Classes
of Directors and Terms. The classes of directors and terms shall be divided into three classes as nearly equal in number as possible.
Except as provided in Article 9 of the Articles of Incorporation fixing one, two and three year terms for the initial classified board,
each class of directors shall be elected for a term of three (3) years. In the event of vacancy, either by death, resignation, or removal
of a director, or by reason of an increase in the number of directors, each replacement or new director shall serve for the balance of
the term of the class of the director he or she succeeds or, in the event of an increase in the number of directors, of the class to which
he or she is assigned. All directors elected for a term shall continue in office until the election and qualification of their respective
successors, their death, their resignation in accordance with Section 2.7, their removal in accordance with Section 2.8, or if there has
been a reduction in the number of directors until the end of their respective terms. The classes and terms of the directors shall not
be governed by IND. CODE §23-1- 33-6(c).
Section
2.4. Election
of Directors. Subject to the rights of the holders of preferred stock to elect any directors voting separately as a class or series,
at each meeting of shareholders, the directors to be elected at the meeting shall be chosen by the plurality of the votes cast by the
holders of shares entitled to vote in the election at the meeting, provided a quorum is present. For purposes of this Section 2.4, a “plurality
of the votes cast” shall mean that the individuals with the highest number of votes are elected as directors up to the maximum number
of directors to be elected.
The election of directors by the shareholders shall
be by written ballot if directed by the chairman of the meeting or if the number of nominees exceeds the number of directors to be elected.
Any vacancy on the Board of Directors shall be
filled by the affirmative vote of a majority of the remaining directors.
If the holders of preferred stock are entitled
to elect any directors voting separately as a class or series, those directors shall be elected by a plurality of the votes cast by the
holders of shares of preferred stock entitled to vote in the election at the meeting, provided a quorum of the holders of shares of preferred
stock is present.
Section
2.5. Meetings
of Directors.
(a)
Annual Meeting. Unless otherwise provided by resolution of the Board of Directors, the annual meeting of the Board of Directors
shall be held at the place of and immediately following the annual meeting of shareholders, for the purpose of organization, the election
of officers and the transaction of such other business as properly may come before the meeting. No notice of the meeting need be given,
except in the case an amendment to the Bylaws is to be considered.
(b)
Regular Meetings. The Board of Directors by resolution may provide for the holding of regular meetings and may fix the times and
places (within or outside the State of Indiana) at which those meetings shall be held. Notice of regular meetings need not be given except
when an amendment to the Bylaws is to be considered. Whenever the time or place of regular meetings shall be fixed or changed, notice
of this action shall be mailed promptly to each director not present when the action was taken, addressed to the director at his or her
residence or usual place of business.
(c)
Special Meetings. Special meetings of the Board of Directors may be called by the Chairman of the Board and shall be called by
the Secretary at the request of a majority of the directors then in office. Except as otherwise required by statute, notice of each special
meeting shall be mailed to each director at his or her residence or usual place of business at least three (3) days before the day on
which the meeting is to be held, or shall be sent to the director at such place by facsimile transmission or other form of electronic
communication or personally delivered, not later than twelve (12) hours in advance of when the meeting is to be held. The notice shall
state the time and place (which may be within or outside the State of Indiana) of the meeting but, unless otherwise required by statute,
the Articles of Incorporation or the Bylaws, need not state the purposes thereof.
Notice of any meeting need not be given to any
director, however, who shall attend the meeting, or who shall waive notice thereof, before, at the time of, or after the meeting, in a
writing signed by the director and delivered to the Corporation. No notice need be given of any meeting at which every member of the Board
of Directors shall be present.
Section
2.6. Quorum
and Manner of Acting. A majority of the actual number of directors established pursuant to Section 2.2, from time to time, shall be
necessary to constitute a quorum for the transaction of any business except the filling of vacancies on the Board of Directors under Section
2.4 or voting on a conflict of interest transaction under Section 2.12. The act of a majority of the directors present at a meeting at
which a quorum is present, shall be the act of the Board of Directors, unless the act of a greater number is required by statute, by the
Articles of Incorporation, or by the Bylaws. Any or all directors may participate in a meeting of the Board of Directors or any committee
thereof by means of a conference telephone or similar communications equipment by which all persons participating in the meeting may simultaneously
hear each other, and participation in this manner shall constitute presence in person at the meeting. In the absence of a quorum, a majority
of the directors present may adjourn the meeting from time to time until a quorum shall be present. No notice of any adjourned meeting
need be given.
Section
2.7. Resignations.
Any director may resign at any time by giving written notice of resignation to the Board of Directors, the Chairman of the Board, the
Chief Executive Officer, or the Secretary. Unless otherwise specified in the written notice, the resignation shall take effect upon receipt
thereof and unless otherwise specified in it, the acceptance of the resignation shall not be necessary to make it effective.
Section
2.8. Removal
of Directors. Any director, other than a director elected by holders of preferred stock voting as a class, may be removed from office
at any time but only for cause and only upon the affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the votes
entitled to be cash by holders of all of the outstanding shares of Voting Stock (as defined in Article 9(e) of the Articles of Incorporation),
voting together as a single class.
Section
2.9. Action
without a Meeting. Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof
may be taken without a meeting, if taken by all members of the Board of Directors or such committee, as the case may be, evidenced by
a written consent signed by all such members and effective on the date, either prior or subsequent to the date of the consent, specified
in the written consent, or if no effective date is specified in the written consent, the date on which the consent is filed with the minutes
of proceedings of the Board of Directors or committee.
Section
2.10. Chairman
of the Board of Directors. The Chairman of the Board shall preside at all meetings of the shareholders and of the Board of Directors,
if present, and shall have such powers and perform such duties as are assigned to him or her by the Bylaws and by the Board of Directors.
At any time in which the Chairman of the Board is unable to discharge the powers and duties of the office, then until such time as the
Board shall appoint a new Chairman or determines that the Chairman is able to resume office, temporary authority to perform such duties
and exercise such powers shall be granted to the Chief Executive Officer, or if he or she is unable to perform such duties and exercise
such powers, to the Board’s presiding or lead director (if one shall have been previously selected).
Section
2.11. Committees.
The Board of Directors may designate from among its members one or more committees. Such committees shall have those powers of the Board
of Directors which may by law be delegated to such committees and are specified by resolution of the Board of Directors or by committee
charters approved by the Board of Directors.
Section
2.12. Transactions
with Corporation. No transactions with the Corporation in which one or more of its directors has a direct or indirect interest shall
be either void or voidable solely because of such interest if any one of the following is true:
(a)
the material facts of the transaction and the director’s interest are disclosed or known to the Board of Directors or committee
which authorizes, approves, or ratifies the transaction by the affirmative vote or consent of a majority of the directors (or committee
members) who have no direct or indirect interest in the transaction and, in any event, of at least two directors (or committee members);
(b)
the material facts of the transaction and the director’s interest are disclosed or known to the shareholders entitled to
vote and they authorize, approve or ratify such transaction by vote; or
(c)
the transaction is fair to the Corporation.
If a majority of the directors or committee members
who have no direct or indirect interest in the transaction vote to authorize, approve, or ratify the transaction, a quorum is present
for purposes of taking action under subsection (a) of this section. The presence of, or a vote cast by, a director with a direct
or indirect interest in the transaction does not affect the validity of any actions taken under subsection (a) of this section.
Section
2.13. Compensation
of Directors. The Board of Directors is empowered and authorized to fix and determine the compensation of directors and additional
compensation for such additional services any of such directors may perform for the Corporation.
Article
III
Officers
Section
3.1. Chief
Executive Officer. The Board of Directors shall appoint a Chief Executive Officer to serve at the pleasure of the Board of Directors.
The Chief Executive Officer shall have general supervisory responsibility over the business of the Corporation and shall see that all
orders and resolutions of the Board of Directors are carried into effect. He or she shall be the primary executive officer of the Corporation
and shall execute all bonds, mortgages, contracts and other instruments of the Corporation requiring a seal, under the seal of the Corporation,
except where required or permitted by law to be otherwise signed and executed and except that the other officers of the Corporation may
sign and execute documents when so authorized by these Bylaws, the Board of Directors or the Chief Executive Officer. In the absence or
disability of the Chairman of the Board, the Chief Executive Officer shall preside at all meetings of the stockholders and the Board of
Directors. The Chief Executive Officer shall also perform such other duties and may exercise such other powers as from time to time may
be assigned to him or her by these Bylaws or by the Board of Directors.
Section
3.2. Chief
Financial Officer. The Board of Directors shall appoint a Chief Financial Officer of the Corporation to serve at the pleasure of the
Board of Directors. The Chief Financial Officer shall, subject to the control of the Board of Directors, have the responsibility for maintaining
the financial records of the Corporation. He or she shall render from time to time an account of the financial condition of the Corporation.
The Chief Financial Officer shall also perform such other duties and may exercise such other powers as from time to time may be assigned
to him or her by these Bylaws.
Section
3.3. Secretary
and Assistant Secretaries. The Board of Directors shall appoint a Secretary of the Corporation to serve at the pleasure of the Board
of Directors. The Secretary of the Corporation shall (a) keep minutes of all meetings of the shareholders and of the Board of Directors,
(b) authenticate records of the Corporation, (c) give, or cause to be given, notice of all meetings of the shareholders and
special meetings of the Board of Directors, and (d) in general, have such powers and perform such other duties as may be assigned
to him or her by these Bylaws, as may from time to time be assigned to him or her by the Board of Directors or the Chief Executive Officer
and as may be incident to the office of Secretary of the Corporation. If the Secretary shall be unable or shall refuse to cause to be
given notice of all meetings of the shareholders and special meetings of the Board of Directors, and if there be no Assistant Secretary,
then the Board of Directors may choose another officer to cause such notice to be given. The Secretary shall have custody of the seal
of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument
requiring it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary.
The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest to the affixing
by such officer’s signature. The Secretary shall see that all books, reports, statements certificates and other documents and records
required by law to be kept or filed are properly kept or filed, as the case may be.
Section
3.4. Treasurer.
The Treasurer, if any, shall perform such duties and shall have such powers as may from time to time be assigned by the Board of Directors
or the Chief Executive Officer. In addition, 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 deposit funds of the Corporation in depositories selected in accordance with these Bylaws, to disburse such funds as authorized by
the Board of Directors or the Chief Executive Officer, to make proper accounts of such funds, and to render as required by the Board of
Directors statements of all such transactions and of the financial condition of the Corporation.
Section
3.5. Other
Officers. At any meeting of the Board of Directors, the Board of Directors may elect a President (who may or may not be the Chief
Executive Officer), Vice Presidents (who may be designated as Executive Vice Presidents, Senior Vice Presidents or have other similar
titles), Assistant Treasurers, Assistant Secretaries or such other officers of the Corporation as the Board of Directors may deem necessary,
to serve at the pleasure of the Board of Directors. Other officers elected by the Board of Directors shall have such powers and perform
such duties as may be assigned to such officers by or pursuant to authorization of the Board of Directors or by the Chief Executive Officer.
Any two (2) or more offices may be held by the same person. The Board of Directors may delegate to any officer the power to appoint any
such officers or agents and to prescribe their respective terms of office, powers and duties.
Section
3.6. Term
of Office. Each officer shall hold office until his or her successor shall have been duly elected and shall have qualified or until
his or her death or until he or she shall resign, but, subject to the requirements of the Articles of Incorporation, any officer may be
removed in the manner provided in Section 3.8 of these Bylaws.
Section
3.7. Resignation.
Any officer may resign at any time by giving written notice of such resignation to the Board of Directors, the Chairman of the Board,
the Chief Executive Officer or the Secretary of the Corporation. Unless otherwise specified in such written notice, such resignation shall
take effect upon receipt thereof and unless otherwise specified in it, the acceptance of the resignation shall not be necessary to make
it effective.
Section
3.8. Removal.
Officers of the Corporation may be removed or suspended, either for or without cause, at any meeting of the Board of Directors called
for the purpose, by the vote of a majority of the actual number of directors elected and qualified. The officers and agents elected or
appointed in accordance with the provisions of Sections 3.1-3.5 may be removed or suspended, either for or without cause, at any meeting
of the Board of Directors at which a quorum be present, by the vote of a majority of the directors present at such meeting, by any officer
upon whom such power of removal or suspension shall have been conferred by the Board of Directors, or by any officer to whom the power
to appoint such officer has been delegated by the Board of Directors pursuant to Section 3.5. Any removal or suspension shall be without
prejudice to the contract rights, if any, of the person so removed or suspended.
Section
3.9. Vacancies.
A vacancy in any office by reason of death, resignation, removal, disqualification or any other cause, may be filled by the Board of Directors
or by an officer authorized under these Bylaws to appoint a person to serve in such office.
Article
IV
Execution of Instruments and Deposit of Corporate Funds
Section
4.1. Execution
of Instruments Generally. All deeds, contracts, and other instruments requiring execution by the Corporation may be signed by the
Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Treasurer
or Assistant Secretary of the Corporation. Authority to sign any deed, contract, or other instrument requiring execution by the Corporation
may be conferred by the Board of Directors upon any person or persons whether or not such person or persons be officers of the Corporation.
Such person or persons may delegate, from time to time, by instrument in writing, all or any part of such authority to any other person
or persons if authorized so to do by the Board of Directors.
Section
4.2. Notes,
Checks, Other Instruments. All notes, drafts, acceptances, checks, endorsements, and all evidences of indebtedness of the Corporation
whatsoever, shall be signed by such officer or officers or such agent or agents of the Corporation and in such manner as the Board of
Directors from time to time may determine. Endorsements for deposit to the credit of the Corporation in any of its duly authorized depositories
shall be made in such manner as the Board of Directors from time to time may determine.
Section
4.3. Proxies.
Proxies, powers of attorney, or consents to vote with respect to shares or units of other corporations or other entities owned by or standing
in the name of the Corporation may be executed and delivered from time to time on behalf of the Corporation by the Chairman of the Board,
the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary or by any other person or persons thereunto authorized by the Board of Directors. Persons with authority to execute proxies,
powers of attorney, or consents under this Section 4.3 may delegate that authority unless prohibited by the Board of Directors.
Article
V
Shares
Section
5.1. Certificates
for Shares. Shares in the Corporation may be issued in book-entry form or evidenced by certificates. However, every holder of shares
in the Corporation shall be entitled upon request to have a certificate evidencing the shares owned by the shareholder, signed in the
name of the Corporation by the Chairman of the Board, the Chief Executive Officer, President or a Vice President and the Secretary or
an Assistant Secretary, certifying the number of shares owned by the shareholder in the Corporation. The signatures of such officers,
the signature of the transfer agent and registrar, and the Seal of the Corporation may be facsimiles. In case any officer or employee
who shall have signed, or whose facsimile signature or signatures shall have been used on, any certificate shall cease to be an officer
or employee of the Corporation before the certificate shall have been issued and delivered by the Corporation, the certificate may nevertheless
be adopted by the Corporation and be issued and delivered as though the person or persons who signed the certificate or whose facsimile
signature or signatures shall have been used thereon had not ceased to be such officer or employee of the Corporation; and the issuance
and delivery by the Corporation of any such certificate shall constitute an adoption thereof. Every certificate shall state on its face
(or in the case of book-entry shares, the statements evidencing ownership of such shares shall state) the name of the Corporation and
that it is organized under the laws of the State of Indiana, the name of the person to whom it is issued, and the number and class of
shares and the designation of the series, if any, the certificate represents, and shall state conspicuously on its front or back that
the Corporation will furnish the shareholder, upon written request and without charge, a summary of the designations, relative rights,
preferences and limitations applicable to each class and the variations in rights, preferences and limitations determined for each series
(and the authority of the Board of Directors to determine variations for future series). Every certificate (or book-entry statement) shall
state whether such shares have been fully paid and are non-assessable. If any such shares are not fully paid, the certificate (or book-entry
statement) shall be legibly stamped to indicate the percentum which has been paid up, and as further payments are made thereon, the certificate
shall be stamped (or book- entry statement updated) accordingly. Subject to the foregoing provisions, certificates representing shares
in the Corporation shall be in such form as shall be approved by the Board of Directors. There shall be entered upon the stock books of
the Corporation at the time of the issuance or transfer of each share the number of the certificates representing such share (if any),
the name of the person owning the shares represented thereby, the class of such share and the date of the issuance or transfer thereof.
Section
5.2. Transfer
of Shares. Transfer of shares of the Corporation shall be made on the books of the Corporation by the holder of record thereof, or
by the shareholder’s attorney thereunto duly authorized in writing and filed with the Secretary of the Corporation or any of its
transfer agents, and on surrender of the certificate or certificates (if any) representing such shares. The Corporation and its transfer
agents and registrars shall be entitled to treat the holder of record of any share or shares the absolute owner thereof for all purposes,
and accordingly shall not be bound to recognize any legal, equitable or other claim to or interest in such share or shares on the part
of any other person whether or not it or they shall have express or other notice thereof, except as otherwise expressly provided by the
statutes of the State of Indiana. Shareholders shall notify the Corporation in writing of any changes in their addresses from time to
time.
Section
5.3. Regulations.
Subject to the provisions of this Article V, the Board of Directors may make such rules and regulations as it may deem expedient concerning
the issuance, transfer and regulation of certificates for shares or book-entry shares of the Corporation.
Section
5.4. Transfer
Agents and Registrars. The Board of Directors may appoint one or more transfer agents, one or more registrars, and one or more agents
to act in the dual capacity of transfer agent and registrar with respect to the certificates representing shares and the book-entry shares
of the Corporation.
Section
5.5. Lost
or Destroyed Certificates. The holders of any shares of the Corporation shall immediately notify the Corporation or one of its transfer
agents and registrars of any loss or destruction of the certificate representing the same. The Corporation may issue a new certificate
in the place of any certificate theretofore issued by it alleged to have been lost or destroyed upon such terms and under such regulations
as may be adopted by the Board of Directors or the Secretary, and the Board of Directors or Secretary may require the owner of the lost
or destroyed certificate or the owner’s legal representatives to give the Corporation a bond in such form and for such amount as
the Board of Directors or Secretary may direct, and with such surety or sureties as may be satisfactory to the Board of Directors or the
Secretary to indemnify the Corporation and its transfer agents and registrars against any claim that may be made against it or any such
transfer agent or registrar on account of the alleged loss or destruction of any such certificate or the issuance of such new certificate.
A new certificate may be issued without requiring any bond when, in the judgment of the Board of Directors or the Secretary, it is proper
so to do.
Article
VI
Indemnification
Section
6.1. Right
to Indemnification.
(a)
The Corporation shall, to the fullest extent permitted by applicable law now or hereafter in effect, indemnify any person who is
or was a director, officer or employee of the Corporation (“Eligible Person”) and who is or was involved in any manner (including,
without limitation, as a party or a witness) or is threatened to be made so involved in any threatened, pending or completed investigation,
claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (including, without limitation, any action,
suit or proceeding by or in the right of the Corporation to procure a judgment in its favor) (a “Proceeding”) by reason of
the fact that such Eligible Person is or was a director, officer or employee of the Corporation or is or was serving at the request of
the Corporation as a director, officer, partner, member, manager, trustee, employee, fiduciary or agent of another corporation, partnership,
joint venture, limited liability company, trust or other enterprise (including, without limitation, any employee benefit plan) (a “Covered
Entity”), against all expenses (including attorneys’ fees), judgments, fines or penalties (including excise taxes assessed
with respect to an employee benefit plan) and amounts paid in settlement actually and reasonably incurred by such Eligible Person in connection
with such Proceeding.
(b)
Notwithstanding Section 6.1(a), the Corporation shall not be obligated to indemnify an Eligible Person with respect to a Proceeding
(or part thereof) commenced by such Eligible Person, except with respect to (i) a judicial adjudication or arbitration commenced
by the Eligible Person under Section 6.5(e) or (f), as to which the rights to indemnification are provided pursuant Section 6.5(h), or
(ii) a Proceeding (or part thereof) that was authorized or consented to by the Board of Directors of the Corporation.
(c)
In the event a Proceeding arises out of an Eligible Person’s service to a Covered Entity, the indemnification provided by
the Corporation under this Article VI shall be secondary to and not pari passu with any indemnification provided by the Covered Entity.
However, the Corporation may provide indemnification to the Eligible Person in the first instance, in which case the Corporation shall
be subrogated to the extent of such payment to the rights of the Eligible Person with respect to the indemnification provided by the Covered
Entity and any insurance coverage maintained by the Covered Entity on behalf of the Eligible Person.
(d)
Any right of an Eligible Person to indemnification shall be a contract right and shall include the right to receive, prior to the
conclusion of any Proceeding, advancement of any expenses incurred by the Eligible Person in connection with such Proceeding in accordance
with Section 6.4.
Section
6.2. Insurance,
Contracts and Funding. The Corporation may purchase and maintain insurance to protect itself and any Eligible Person against any expense,
judgments, fines and amounts paid in settlement as specified in Section 6.1 or incurred by any Eligible Person in connection with any
Proceeding referred to in such section, to the fullest extent permitted by applicable law now or hereafter in effect. The Corporation
may enter into agreements with any director, officer, employee or agent of the Corporation or any director, officer, employee, fiduciary
or agent of any Covered Entity supplemental to or in furtherance of the provisions of this Article VI and may create a trust fund or use
other means (including, without limitation, a letter of credit) to ensure the payment of such amounts as may be necessary to effect indemnification
and advancement of expenses as provided in this Article VI.
Section
6.3. Non-Exclusive
Rights; Applicability to Certain Proceedings. The rights provided in this Article VI shall not be exclusive of any other rights to
which any Eligible Person may otherwise be entitled, and the provisions of this Article VI shall inure to the benefit of the heirs and
legal representatives of any Eligible Person and shall be applicable to Proceedings commenced or continuing after the adoption of this
Article VI, whether arising from acts or omissions occurring before or after such adoption.
Section
6.4. Advancement
of Expenses.
(a)
Except as provided under Sections 6.4(b) and (c) below, all reasonable expenses incurred by or on behalf of an Eligible Person
in connection with any Proceeding shall be advanced to the Eligible Person by the Corporation within sixty (60) days after the receipt
by the Corporation of a statement or statements from the Eligible Person complying with this section and Section 6.5 requesting such advance
or advances from time to time, whether prior to or after final disposition of such Proceeding, unless a determination has been made pursuant
to Section 6.5 that such Eligible Person is not entitled to indemnification. Any such statement or statements shall reasonably evidence
the expenses incurred by the Eligible Person and shall include (i) a written representation that, in connection with the matters
giving rise to the Proceeding, the Eligible Person was acting in good faith and in what he or she believed to be the best interests of
the Corporation or at least not opposed to the best interests of the Corporation, and (ii) a written affirmation or undertaking to
repay advances if it is ultimately determined that the Eligible Person is not entitled to indemnification under this Article VI.
(b)
Notwithstanding Section 6.4(a), advancement of expenses shall not be mandatory, but shall be permissive at the discretion of the
Corporation, for expenses incurred after the Eligible Person’s conviction by a trial court of competent jurisdiction of, or plea
of guilty or nolo contendere or its equivalent to, a crime arising from the circumstances giving rise to the Proceeding.
(c)
Notwithstanding Section 6.4(a), advancement of expenses shall not be mandatory, but shall be permissive at the discretion of the
Corporation, for expenses incurred by or on behalf of Eligible Persons for judicial adjudications or arbitrations under Section 6.5(e)
or (f).
Section
6.5. Procedures;
Presumptions and Effect of Certain Proceedings; Remedies. In furtherance, but not in limitation, of the foregoing provisions, the
following procedures, presumptions and remedies shall apply with respect to and the right to indemnification and advancement of expenses
under this Article VI.
(a)
To obtain indemnification under this Article VI, an Eligible Person shall submit to the Secretary of the Corporation a written
request, including such documentation and information as is reasonably available to the Eligible Person and reasonably necessary to determine
whether and to what extent the Eligible Person is entitled to indemnification (the “Supporting Documentation”). The determination
of the Eligible Person’s entitlement to indemnification shall be made not later than sixty (60) days after receipt by the Corporation
of the written request together with the Supporting Documentation. The Secretary of the Corporation shall, promptly upon receipt of such
request, advise the Board in writing of the Eligible Person’s request.
(b)
An Eligible Person’s entitlement to indemnification under this Article VI shall be determined in one of the following methods,
such method to be selected by the Board of Directors, regardless of whether there are any Disinterested Directors (as hereinafter defined):
(i) by a majority vote of the Disinterested Directors, if they constitute a quorum of the Board; (ii) if a quorum of the Board
consisting of Disinterested Directors is not obtainable, by a committee designated by the Board consisting of two (2) or more Disinterested
Directors, (iii) by a written opinion of Special Counsel (as hereinafter defined) if a quorum of the Board consisting of Disinterested
Directors is not obtainable or, even if obtainable, a majority of such Disinterested Directors so directs; (iii) by the shareholders
of the Corporation (but only if a majority of the Disinterested Directors, if they constitute a quorum of the Board, presents the issue
of entitlement to the shareholders for their determination); or (iv) as provided in subsection (d).
(c)
In the event the determination of entitlement is to be made by Special Counsel, a majority of the Disinterested Directors shall
select the Special Counsel, but only Special Counsel to which the Eligible Person does not reasonably object.
(d)
In any event, if the person or persons empowered under subsection (b) to determine entitlement shall not have been appointed
or shall not have made a determination within sixty (60) days (120 days in the case of a determination to be made by shareholders) after
receipt by the Corporation of the request therefor together with the Supporting Documentation, the Eligible Person shall be deemed to
be, and shall be, entitled to indemnification and advancement of expenses unless (i) the Eligible Person misrepresented or failed
to disclose a material fact in making the request for indemnification or in the Supporting Documentation or (ii) such indemnification
is prohibited by law. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, adversely affect the right of an Eligible Person to indemnification
or create a presumption that the Eligible Person did not act in good faith and in a manner which the Eligible Person reasonably believed
to be in or not opposed to the best interests of the Corporation and, with respect to any criminal proceeding, that the Eligible Person
had reasonable cause to believe that his or her conduct was unlawful.
(e)
In the event that a determination is made that the Eligible Person is not entitled to indemnification (i) the Eligible Person
shall be entitled to seek an adjudication of his or her entitlement to such indemnification either, at the Eligible Person’s sole
option, in (A) an appropriate court of the State of Indiana or any other court of competent jurisdiction or (B) an arbitration
to be conducted in Indianapolis, Indiana, by a single arbitrator pursuant to the rules of the American Arbitration Association; and (ii) in
any such judicial proceeding or arbitration the Eligible Person shall not be prejudiced by reason of the prior determination pursuant
to this Section 6.5.
(f)
If a determination shall have been made or deemed to have been made that the Eligible Person is entitled to indemnification, the
Corporation shall be obligated to pay the amounts incurred by the Eligible Person within ten (10) days after such determination has been
made or deemed to have been made and shall be conclusively bound by such determination unless (i) the Eligible Person misrepresented
or failed to disclose a material fact in making the request for indemnification or in the Supporting Documentation or (ii) such indemnification
is prohibited by law. In the event that (A) any advancement of expenses is not timely made pursuant to Section 6.4 or (B) payment
of indemnification is not made within ten (10) days after a determination of entitlement to indemnification has been made, the Eligible
Person shall be entitled to seek judicial enforcement of the Corporation’s obligation, to pay to the Eligible Person such advancement
of expenses or indemnification. Notwithstanding the foregoing, the Corporation may bring an action, in an appropriate court in the State
of Indiana or any other court of competent jurisdiction, contesting the right of the Eligible Person to receive indemnification hereunder
due to the occurrence of an event described in clause (i) or (ii) of this subsection (f) (a “Disqualifying Event”);
provided, however, that in any such action the Corporation shall have the burden of proving the occurrence of such Disqualifying Event.
(g)
The Corporation shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section
6.5 that the procedures and presumptions of this Article VI are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Corporation is bound by the provisions of this Article VI.
(h)
In the event that the Eligible Person seeks a judicial adjudication of or an award in arbitration to enforce his or her rights
under, or to recover damages for breach of this Article VI, the Eligible Person shall be entitled to recover from the Corporation, and
shall be indemnified by the Corporation, against, any expenses actually and reasonably incurred by the Eligible Person in connection with
such adjudication or arbitration if the Eligible Person prevails in such adjudication or arbitration. If it shall be determined in such
judicial adjudication or arbitration that the Eligible Person is entitled to receive part but not all of the indemnification or advancement
of expenses sought, the expenses incurred by the Eligible Person in connection with such judicial adjudication or arbitration shall be
prorated accordingly.
Section
6.6. Certain
Definitions. For purposes of this Article VI:
(a)
“Disinterested Director” means a Director who is not or was not a party to the Proceeding in respect of which indemnification
is sought by the Eligible Person.
(b)
“Special Counsel” means a law firm or a member of a law firm that neither presently is, nor in the past five years
has been, retained to represent any other party to the Proceeding giving rise to a claim for indemnification under this Article VI. In
addition, any person who, under applicable standards of professional conduct, would have a conflict of interest in representing either
the Corporation or the Eligible Person in an action to determine the Eligible Person’s rights under this Article VI may not act
as Special Counsel.
Section
6.7. Indemnification
of Agents. Notwithstanding any other provisions of this Article VI, the Corporation may, consistent with the provisions of applicable
law, indemnify any person other than a director, officer or employee of the Corporation who is or was an agent of the Corporation and
who is or was involved in any manner (including, without limitation, as party or a witness) or is threatened to be made so involved in
any threatened, pending or completed Proceeding by reasons of the fact that such person is or was an agent of the Corporation or, at the
request of the Corporation, a director, officer, partner, member, manager, employee, fiduciary or agent of a Covered Entity against all
expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person
in connection with such Proceeding. The Corporation may also advance expenses incurred by such person in connection with any such Proceeding,
consistent with the provisions of applicable law.
Section
6.8. Effect
of Amendment or Repeal. Neither the amendment or repeal of, nor the adoption of a provision inconsistent with, any provision of this
Article VI shall adversely affect the rights of any Eligible Person under this Article VI with respect to any Proceeding commenced or
threatened prior to such amendment, repeal or adoption of an inconsistent provision without the written consent of such Eligible Person.
Section
6.9. Severability.
If any of this Article VI shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Article VI (including, without limitation, all portions of any Section of this
Article VI containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Article VI (including,
without limitation, all portions of any Section of this Article VI containing any such provision held to be invalid, illegal or unenforceable,
that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal or unenforceable.
Article
VII
Miscellaneous
Section
7.1. Corporate
Seal. The Seal of the Corporation shall consist of a circular disk around the circumference of which shall appear the words:
“ELANCO ANIMAL HEALTH INCORPORATED, GREENFIELD,
INDIANA”.
Section
7.2. Fiscal
Year. The fiscal year of the Corporation shall begin on the first day of January in each year and shall end on the thirty-first day
of the following December.
Section
7.3. Exclusive
Forum. Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law,
a state court located within Hancock County, Indiana or Marion County, Indiana or, if no such state court has jurisdiction, the federal
district court for the Southern District of Indiana, shall be the sole and exclusive forum for (i) any derivative action or proceeding
brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director or officer
or other employee or shareholder of the Corporation (iii) any action asserting a claim against the Corporation or any director or
officer or other employee of the corporation arising pursuant to any provision of the Indiana Business Corporation Law, as amended from
time to time, or the Articles of Incorporation or these Bylaws (as either may be amended from time to time), (iv) any action to interpret,
apply, enforce or determine the validity of the Articles of Incorporation or these Bylaws or (v) any action asserting a claim governed
by the internal affairs doctrine.
* * *
