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Exhibit 3.4
AMENDED AND RESTATED BYLAWS
OF
AMERISERV FOOD COMPANY
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TABLE OF CONTENTS
ARTICLE I - OFFICES
Section 1. Registered Office .......................................... 1
Section 2. Other Offices .............................................. 1
ARTICLE II - STOCKHOLDERS
Section 1. Place of Meetings .......................................... 1
Section 2. Annual Meeting ............................................. 1
Section 3. List of Stockholders ....................................... 1
Section 4. Special Meetings ........................................... 2
Section 5. Notice ..................................................... 2
Section 6. Quorum ..................................................... 2
Section 7. Voting ..................................................... 2
Section 8. Method of Voting ........................................... 2
Section 9. Record Date ................................................ 3
Section 10. Action by Consent .......................................... 3
ARTICLE III - BOARD OF DIRECTORS
Section 1. Management ................................................. 3
Section 2. Qualification; Election; Term .............................. 3
Section 3. Number ..................................................... 4
Section 4. Removal .................................................... 4
Section 5. Vacancies .................................................. 4
Section 6. Place of Meetings .......................................... 4
Section 7. Annual Meeting ............................................. 4
Section 8. Regular Meetings ........................................... 4
Section 9. Special Meetings ........................................... 4
Section 10. Quorum ..................................................... 5
Section 11. Interested Directors ....................................... 5
Section 12. Committees ................................................. 5
Section 13. Action by Consent .......................................... 5
Section 14. Compensation of Directors .................................. 6
ARTICLE IV - NOTICE
Section 1. Form of Notice ............................................. 6
Section 2. Waiver ..................................................... 6
ARTICLE V - OFFICERS AND AGENTS
Section 1. In General ................................................. 6
Section 2. Election ................................................... 6
Section 3. Other Officers and Agents .................................. 6
Section 4. Compensation ............................................... 7
Section 5. Term of Office and Removal ................................. 7
Section 6. Employment and Other Contracts ............................. 7
Section 7. Chairman of the Board of Directors ......................... 7
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Section 8. President .................................................. 7
Section 9. Vice Presidents ............................................ 7
Section 10. Secretary .................................................. 8
Section 11. Assistant Secretaries ...................................... 8
Section 12. Treasurer .................................................. 8
Section 13. Assistant Treasurers ....................................... 8
Section 14. Bonding .................................................... 8
ARTICLE VI- CERTIFICATES REPRESENTING SHARES
Section 1. Form of Certificates ....................................... 8
Section 2. Lost Certificates .......................................... 9
Section 3. Transfer of Shares ......................................... 9
Section 4. Registered Stockholders .................................... 9
ARTICLE VII- GENERAL PROVISIONS
Section 1. Dividends .................................................. 10
Section 2. Reserves ................................................... 10
Section 3. Telephone and Similar Meetings ............................. 10
Section 4. Books and Records .......................................... 10
Section 5. Fiscal Year ................................................ 10
Section 6. Seal ....................................................... 10
Section 7. Advances of Expenses ....................................... 11
Section 8. Indemnification ............................................ 11
Section 9. Insurance .................................................. 12
Section 10. Resignation ................................................ 12
Section 11. Amendment of Bylaws ........................................ 12
Section 12. Invalid Provisions ......................................... 12
Section 13. Relation to the Certificate of Incorporation ............... 12
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AMENDED AND RESTATED BYLAWS
OF
AMERISERV FOOD COMPANY
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office and registered agent of
AmeriServ Food Company (the "Corporation") will be as from time to time set
forth in the Corporation's Certificate of Incorporation or in any certificate
filed with the Secretary of State of the State of Delaware, and the appropriate
county Recorder or Recorders, as the case may be, to amend such information.
Section 2. Other Offices. The Corporation may also have offices at such
other places both within and without the State of Delaware as the Board of
Directors may from time to time determine or the business of the Corporation may
require.
ARTICLE II
STOCKHOLDERS
Section 1. Place of Meetings. All meetings of the stockholders for the
election of Directors will be held at such place, within or without the State of
Delaware, as may be fixed from time to time by the Board of Directors. Meetings
of stockholders for any other purpose may be held at such time and place, within
or without the State of Delaware, as may be stated in the notice of the meeting
or in a duly executed waiver of notice thereof.
Section 2. Annual Meeting. An annual meeting of the stockholders will be
held at such time as may be determined by the Board of Directors, at which
meeting the stockholders will elect a Board of Directors, and transact such
other business as may properly be brought before the meeting.
Section 3. List of Stockholders. At least ten days before each meeting of
stockholders, a complete list of the stockholders entitled to vote at said
meeting, arranged in alphabetical order, with the address of and the number of
voting shares registered in the name of each, will be prepared by the officer or
agent having charge of the stock transfer books. Such list will be open to the
examination of any stockholder, for any purpose germane to the meeting, during
ordinary business hours, for a period of at least ten days prior to the meeting,
either at a place within the city where the meeting is to be held, which place
will be specified in the notice of the meeting, or if not so specified at the
place where the meeting is to be held. Such list will be produced and kept open
at the time and place of the meeting during the whole time thereof, and will be
subject to the inspection of any stockholder who may be present.
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Section 4. Special Meetings. Special meetings of the stockholders, for any
purpose or purposes, unless otherwise prescribed by law, the Certificate of
Incorporation or these Bylaws, may be called by the Chairman of the Board, the
President or the Board of Directors. Business transacted at all special meetings
will be confined to the purposes stated in the notice of the meeting unless all
stockholders entitled to vote are present and consent.
Section 5. Notice. Written or printed notice stating the place, day and
hour of any meeting of the stockholders and, in case of a special meeting, the
purpose or purposes for which the meeting is called, will be delivered not less
than ten nor more than sixty days before the date of the meeting, either
personally or by mail, by or at the direction of the Chairman of the Board, the
President, the Secretary, or the officer or person calling the meeting, to each
stockholder of record entitled to vote at the meeting. If mailed, such notice
will be deemed to be delivered when deposited in the United States mail,
addressed to the stockholder at his address as it appears on the stock transfer
books of the Corporation, with postage thereon prepaid.
Section 6. Quorum. At all meetings of the stockholders, the presence in
person or by proxy of the holders of a majority of the shares issued and
outstanding and entitled to vote will be necessary and sufficient to constitute
a quorum for the transaction of business except as otherwise provided by law,
the Certificate of Incorporation or these Bylaws. If, however, such quorum is
not present or represented at any meeting of the stockholders, the stockholders
entitled to vote thereat, present in person or represented by proxy, will have
power to adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum is present or represented. If the
adjournment is for more than 30 days, or if after the adjournment a new record
date is fixed for the adjourned meeting, a notice of the adjourned meeting will
be given to each stockholder of record entitled to vote at the meeting. At such
adjourned meeting at which a quorum is present or represented, any business may
be transacted that might have been transacted at the meeting as originally
notified.
Section 7. Voting. When a quorum is present at any meeting of the
Corporation's stockholders, the vote of the holders of a majority of the shares
entitled to vote on, and voted for or against, any matter will decide any
questions brought before such meeting, unless the question is one upon which, by
express provision of law, the Certificate of Incorporation or these Bylaws, a
different vote is required, in which case such express provision will govern and
control the decision of such question. The stockholders present in person or by
proxy at a duly organized meeting may continue to transact business until
adjournment, notwithstanding the withdrawal of enough stockholders to leave less
than a quorum.
Section 8. Method of Voting. Each outstanding share of the Corporation's
capital stock, regardless of class, will be entitled to one vote on each matter
submitted to a vote at a meeting of stockholders, except to the extent that the
voting rights of the shares of any class or classes are limited or denied by the
Certificate of Incorporation, as amended from time to time. At any meeting of
the stockholders, every stockholder having the right to vote will be entitled to
vote in person, or by proxy appointed by an instrument in writing subscribed by
such stockholder and bearing a date not more than three years prior to such
meeting, unless such instrument provides for a longer period. Each proxy will be
revocable unless expressly provided therein to be
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irrevocable and if, and only as long as, it is coupled with an interest
sufficient in law to support an irrevocable power. A proxy may be made
irrevocable regardless of whether the interest with which it is coupled is an
interest in the stock itself or an interest in the Corporation generally. Such
proxy will be filed with the Secretary of the Corporation prior to or at the
time of the meeting. Voting on any question or in any election, other than for
directors, may be by voice vote or show of hands unless the presiding officer
orders, or any stockholder demands, that voting be by written ballot.
Section 9. Record Date. The Board of Directors may fix in advance a record
date for the purpose of determining stockholders entitled to notice of or to
vote at a meeting of stockholders, which record date will not precede the date
upon which the resolution fixing the record date is adopted by the Board of
Directors, and which record date will not be less than ten nor more than sixty
days prior to such meeting. In the absence of any action by the Board of
Directors, the close of business on the date next preceding the day on which the
notice is given will be the record date, or, if notice is waived, the close of
business on the day next preceding the day on which the meeting is held will be
the record date.
Section 10. Action by Consent. Any action required or permitted by law, the
Certificate of Incorporation or these Bylaws to be taken at a meeting of the
stockholders of the Corporation may be taken without a meeting if a consent or
consents in writing, setting forth the action so taken, is signed by the holders
of outstanding stock having not less than the minimum number of votes that would
be necessary to authorize or take such action at a meeting at which all shares
entitled to vote thereon were present and voted and will be delivered to the
Corporation by delivery to its registered office in Delaware, its principal
place of business or an officer or agent of the Corporation having custody of
the minute book.
ARTICLE III
BOARD OF DIRECTORS
Section 1. Management. The business and affairs of the Corporation will be
managed by or under the direction of its Board of Directors who may exercise all
such powers of the Corporation and do all such lawful acts and things as are not
by law, by the Certificate of Incorporation or by these Bylaws directed or
required to be exercised or done by the stockholders.
Section 2. Qualification; Election; Term. None of the Directors need be a
stockholder of the Corporation or a resident of the State of Delaware. The
Directors shall be classified, with respect to the time for which they severally
hold office, into three classes (Class A, Class B and Class C), as nearly equal
in number as possible, as determined by the Board of Directors, one class to
hold office initially for a term expiring at the annual meeting of stockholders
to be held in 1996, another class to hold office initially for a term expiring
at the annual meeting of stockholders to be held in 1997 and another class to
hold office for a term expiring at the annual meeting of stockholders to be held
in 1998, with members of each class to hold office until whichever of the
following occurs first: his successor is elected and qualified, his resignation,
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his removal from office by the stockholders or his death. At each annual meeting
of stockholder of the Corporation, the successors to the class of directors
whose term expires at the meeting shall be elected to hold office for a term
expiring at the annual meeting of stockholders held in the third year following
the year of their election. Directors shall be elected by a plurality of the
votes of the shares present in person or represented by proxy and entitled to
vote on the election of Directors at any annual or special meeting of
stockholders. Such election shall be by written ballot.
Section 3. Number. The number of Directors of the Corporation will be at
least one and not more than eleven. The number of Directors authorized will be
fixed as the Board of Directors may from time to time designate, or if no such
designation has been made, the number of Directors will be the same as the
number of members of the initial Board of Directors as set forth in the
Certificate of Incorporation.
Section 4. Removal. Any Director may be removed only for cause, at any
special meeting of stockholders by the affirmative vote of a majority in number
of shares of the stockholders present in person or represented by proxy at such
meeting and entitled to vote for the election of such Director; provided that
notice of the intention to act upon such matter has been given in the notice
calling such meeting.
Section 5. Vacancies. Newly created directorships resulting from any
increase in the authorized number of Directors and any vacancies occurring in
the Board of Directors caused by death, resignation, retirement,
disqualification or removal from office of any Directors or otherwise, may be
filled by the vote of a majority of the Directors then in office, though less
than a quorum, or a successor or successors may be chosen at a special meeting
of the stockholders called for that purpose, and each successor Director so
chosen will hold office until the next election of the class for which such
Director has been chosen or until whichever of the following occurs first: his
successor is elected and qualified, his resignation, his removal from office by
the stockholders or his death.
Section 6. Place of Meetings. Meetings of the Board of Directors, regular
or special, may be held at such place within or without the State of Delaware as
may be fixed from time to time by the Board of Directors.
Section 7. Annual Meeting. The first meeting of each newly elected Board of
Directors will be held without further notice immediately following the annual
meeting of stockholders and at the same place, unless by unanimous consent, the
Directors then elected and serving change such time or place.
Section 8. Regular Meetings. Regular meetings of the Board of Directors may
be held without notice at such time and place as is from time to time determined
by resolution of the Board of Directors.
Section 9. Special Meetings. Special meetings of the Board of Directors may
be called by the Chairman of the Board or the President on oral or written
notice to each Director, given
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either personally, by telephone, by telegram or by mail; special meetings will
be called by the Chairman of the Board, President or Secretary in like manner
and on like notice on the written request of at least two Directors. The purpose
or purposes of any special meeting will be specified in the notice relating
thereto.
Section 10. Quorum. At all meetings of the Board of Directors the presence
of a majority of the number of Directors fixed by these Bylaws will be necessary
and sufficient to constitute a quorum for the transaction of business, and the
affirmative vote of at least a majority of the Directors present at any meeting
at which there is a quorum will be the act of the Board of Directors, except as
may be otherwise specifically provided by law, the Certificate of Incorporation
or these Bylaws. If a quorum is not present at any meeting of the Board of
Directors, the Directors present thereat may adjourn the meeting from time to
time without notice other than announcement at the meeting, until a quorum is
present.
Section 11. Interested Directors. No contract or transaction between the
Corporation and one or more of its Directors or officers, or between the
Corporation and any other corporation, partnership, association or other
organization in which one or more of the Corporation's Directors or officers are
directors or officers or have a financial interest, will be void or voidable
solely for this reason, solely because the Director or officer is present at or
participates in the meeting of the Board of Directors or committee thereof that
authorizes the contract or transaction, or solely because his or their votes are
counted for such purpose, if: (i) the material facts as to his relationship or
interest and as to the contract or transaction are disclosed or are known to the
Board of Directors or the committee, and the Board of Directors or committee in
good faith authorizes the contract or transaction by the affirmative vote of a
majority of the disinterested Directors, even though the disinterested Directors
be less than a quorum, (ii) the material facts as to his relationship or
interest and as to the contract or transaction are disclosed or are known to the
stockholders entitled to vote thereon, and the contract or transaction is
specifically approved in good faith by vote of the stockholders or (iii) the
contract or transaction is fair as to the Corporation as of the time it is
authorized, approved or ratified by the Board of Directors, a committee thereof
or the stockholders. Common or interested directors may be counted in
determining the presence of a quorum at a meeting of the Board of Directors or
of a committee that authorizes the contract or transaction.
Section 12. Committees. The Board of Directors may, by resolution passed by
a majority of the entire Board, designate committees, each committee to consist
of two or more Directors of the Corporation, which committees will have such
power and authority and will perform such functions as may be provided in such
resolution. Such committee or committees will have such name or names as may be
designated by the Board and will keep regular minutes of their proceedings and
report the same to the Board of Directors when required.
Section 13. Action by Consent. Any action required or permitted to be taken
at any meeting of the Board of Directors or any committee of the Board of
Directors may be taken without such a meeting if a consent or consents in
writing, setting forth the action so taken, is signed by all the members of the
Board of Directors or such committee, as the case may be.
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Section 14. Compensation of Directors. Directors will receive such
compensation for their services and reimbursement for their expenses as the
Board of Directors, by resolution, may establish; provided that nothing herein
contained will be construed to preclude any Director from serving the
Corporation in any other capacity and receiving compensation therefor.
ARTICLE IV
NOTICE
Section 1. Form of Notice. Whenever by law, the Certificate of
Incorporation or of these Bylaws, notice is to be given to any Director or
stockholder, and no provision is made as to how such notice will be given, such
notice may be given in writing, by mail, postage prepaid, addressed to such
Director or stockholder at such address as appears on the books of the
Corporation. Any notice required or permitted to be given by mail will be deemed
to be given at the time the same is deposited in the United States mails.
Section 2. Waiver. Whenever any notice is required to be given to any
stockholder or Director of the Corporation as required by law, the Certificate
of Incorporation or these Bylaws, a waiver thereof in writing signed by the
person or persons entitled to such notice, whether before or after the time
stated in such notice, will be equivalent to the giving of such notice.
Attendance of a stockholder or Director at a meeting will constitute a waiver of
notice of such meeting, except where such stockholder or Director attends for
the express purpose of objecting, at the beginning of the meeting, to the
transaction of any business on the ground that the meeting has not been lawfully
called or convened.
ARTICLE V
OFFICERS AND AGENTS
Section 1. In General. The officers of the Corporation will be elected by
the Board of Directors and will be a President, a Vice President, a Secretary
and a Treasurer. The Board of Directors may also elect a Chairman of the Board,
additional Vice Presidents, Assistant Vice Presidents and one or more Assistant
Secretaries and Assistant Treasurers. Any two or more offices may be held by the
same person.
Section 2. Election. The Board of Directors, at its first meeting after
each annual meeting of stockholders, will elect the officers, none of whom need
be a member of the Board of Directors.
Section 3. Other Officers and Agents. The Board of Directors may also elect
and appoint such other officers and agents as it deems necessary, who will be
elected and appointed for such terms and will exercise such powers and perform
such duties as may be determined from time to time by the Board.
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Section 4. Compensation. The compensation of all officers and agents of the
Corporation will be fixed by the Board of Directors or any committee of the
Board, if so authorized by the Board.
Section 5. Term of Office and Removal. Each officer of the Corporation will
hold office until his death, his resignation or removal from office, or the
election and qualification of his successor whichever occurs first. Any officer
or agent elected or appointed by the Board of Directors may be removed at any
time, for or without cause, by the affirmative vote of a majority of the entire
Board of Directors, but such removal will not prejudice the contract rights, if
any, of the person so removed. If the office of any officer becomes vacant for
any reason, the vacancy may be filled by the Board of Directors.
Section 6. Employment and Other Contracts. The Board of Directors may
authorize any officer or officers or agent or agents to enter into any contract
or execute and deliver any instrument in the name or on behalf of the
Corporation, and such authority may be general or confined to specific
instances. The Board of Directors may, when it believes the interest of the
Corporation will best be served thereby, authorize executive employment
contracts that will have terms no longer than ten years and contain such other
terms and conditions as the Board of Directors deems appropriate. Nothing herein
will limit the authority of the Board of Directors to authorize employment
contracts for shorter terms.
Section 7. Chairman of the Board of Directors. If the Board of Directors
has elected a Chairman of the Board, he will preside at all meetings of the
stockholders and the Board of Directors. Except where by law the signature of
the President is required, the Chairman will have the same power as the
President to sign all certificates, contracts and other instruments of the
Corporation. During the absence or disability of the President, the Chairman
will exercise the powers and perform the duties of the President.
Section 8. President. The President will be the chief executive officer of
the Corporation and, subject to the control of the Board of Directors, will
supervise and control all of the business and affairs of the Corporation. He
will, in the absence of the Chairman of the Board, preside at all meetings of
the stockholders and the Board of Directors. The President will have all powers
and perform all duties incident to the office of President and will have such
other powers and perform such other duties as the Board of Directors may from
time to time prescribe.
Section 9. Vice Presidents. Each Vice President will have the usual and
customary powers and perform the usual and customary duties incident to the
office of Vice President, and will have such other powers and perform such other
duties as the Board of Directors or any committee thereof may from time to time
prescribe or as the President may from time to time delegate to him. In the
absence or disability of the President and the Chairman of the Board, a Vice
President designated by the Board of Directors, or in the absence of such
designation the Vice Presidents in the order of their seniority in office, will
exercise the powers and perform the duties of the President.
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Section 10. Secretary. The Secretary will attend all meetings of the
stockholders and record all votes and the minutes of all proceedings in a book
to be kept for that purpose. The Secretary will perform like duties for the
Board of Directors and committees thereof when required. The Secretary will
give, or cause to be given, notice of all meetings of the stockholders and
special meetings of the Board of Directors. The Secretary will keep in safe
custody the seal of the Corporation. The Secretary will be under the supervision
of the President. The Secretary will have such other powers and perform such
other duties as the Board of Directors may from time to time prescribe or as the
President may from time to time delegate to him.
Section 11. Assistant Secretaries. The Assistant Secretaries in the order
of their seniority in office, unless otherwise determined by the Board of
Directors, will, in the absence or disability of the Secretary, exercise the
powers and perform the duties of the Secretary. They will have such other powers
and perform such other duties as the Board of Directors may from time to time
prescribe or as the President may from time to time delegate to them.
Section 12. Treasurer. The Treasurer will have responsibility for the
receipt and disbursement of all corporate funds and securities, will keep full
and accurate accounts of such receipts and disbursements, and will deposit or
cause to be deposited all moneys and other valuable effects in the name and to
the credit of the Corporation in such depositories as may be designated by the
Board of Directors. The Treasurer will render to the Directors whenever they may
require it an account of the operating results and financial condition of the
Corporation, and will have such other powers and perform such other duties as
the Board of Directors may from time to time prescribe or as the President may
from time to time delegate to him.
Section 13. Assistant Treasurers. The Assistant Treasurers in the order of
their seniority in office, unless otherwise determined by the Board of
Directors, will, in the absence or disability of the Treasurer, exercise the
powers and perform the duties of the Treasurer. They will have such other powers
and perform such other duties as the Board of Directors may from time to time
prescribe or as the President may from time to time delegate to them.
Section 14. Bonding. The Corporation may secure a bond to protect the
Corporation from loss in the event of defalcation by any of the officers, which
bond may be in such form and amount and with such surety as the Board of
Directors may deem appropriate.
ARTICLE VI
CERTIFICATES REPRESENTING SHARES
Section 1. Form of Certificates. Certificates, in such form as may be
determined by the Board of Directors, representing shares to which stockholders
are entitled will be delivered to each stockholder. Such certificates will be
consecutively numbered and will be entered in the stock book of the Corporation
as they are issued. Each certificate will state on the face thereof the holder's
name, the number, class of shares, and the par value of such shares or a
statement
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that such shares are without par value. They will be signed by the President or
a Vice President and the Secretary or an Assistant Secretary, and may be sealed
with the seal of the Corporation or a facsimile thereof. If any certificate is
countersigned by a transfer agent, or an assistant transfer agent or registered
by a registrar, either of which is other than the Corporation or an employee of
the Corporation, the signatures of the Corporation's officers may be facsimiles.
In case any officer or officers who have signed, or whose facsimile signature or
signatures have been used on such certificate or certificates, ceases to be such
officer or officers of the Corporation, whether because of death, resignation or
otherwise, before such certificate or certificates have been delivered by the
Corporation or its agents, such certificate or certificates may nevertheless be
adopted by the Corporation and be issued and delivered as though the person or
persons who signed such certificate or certificates or whose facsimile signature
or signatures have been used thereon had not ceased to be such officer or
officers of the Corporation.
Section 2. Lost Certificates. The Board of Directors may direct that a new
certificate be issued in place of any certificate theretofore issued by the
Corporation alleged to have been lost or destroyed, upon the making of an
affidavit of that fact by the person claiming the certificate to be lost or
destroyed. When authorizing such issue of a new certificate, the Board of
Directors, in its discretion and as a condition precedent to the issuance
thereof, may require the owner of such lost or destroyed certificate, or his
legal representative, to advertise the same in such manner as it may require
and/or to give the Corporation a bond, in such form, in such sum, and with such
surety or sureties as it may direct as indemnity against any claim that may be
made against the Corporation with respect to the certificate alleged to have
been lost or destroyed. When a certificate has been lost, apparently destroyed
or wrongfully taken, and the holder of record fails to notify the Corporation
within a reasonable time after such holder has notice of it, and the Corporation
registers a transfer of the shares represented by the certificate before
receiving such notification, the holder of record is precluded from making any
claim against the Corporation for the transfer of a new certificate.
Section 3. Transfer of Shares. Shares of stock will be transferable only on
the books of the Corporation by the holder thereof in person or by such holder's
duly authorized attorney. Upon surrender to the Corporation or the transfer
agent of the Corporation of a certificate representing shares duly endorsed or
accompanied by proper evidence of succession, assignment or authority to
transfer, it will be the duty of the Corporation or the transfer agent of the
Corporation to issue a new certificate to the person entitled thereto, cancel
the old certificate and record the transaction upon its books.
Section 4. Registered Stockholders. The Corporation will be entitled to
treat the holder of record of any share or shares of stock as the holder in fact
thereof and, accordingly, will not be bound to recognize any equitable or other
claim to or interest in such share or shares on the part of any other person,
whether or not it has express or other notice thereof, except as otherwise
provided by law.
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ARTICLE VII
GENERAL PROVISIONS
Section 1. Dividends. Dividends upon the outstanding shares of the
Corporation, subject to the provisions of the Certificate of Incorporation, if
any, may be declared by the Board of Directors at any regular or special
meeting. Dividends may be declared and paid in cash, in property, or in shares
of the Corporation, subject to the provisions of the General Corporation Law of
the State of Delaware and the Certificate of Incorporation. The Board of
Directors may fix in advance a record date for the purpose of determining
stockholders entitled to receive payment of any dividend, such record date will
not precede the date upon which the resolution fixing the record date is
adopted, and such record date will not be more than sixty days prior to the
payment date of such dividend. In the absence of any action by the Board of
Directors, the close of business on the date upon which the Board of Directors
adopts the resolution declaring such dividend will be the record date.
Section 2. Reserves. There may be created by resolution of the Board of
Directors out of the surplus of the Corporation such reserve or reserves as the
Directors from time to time, in their discretion, deem proper to provide for
contingencies, or to equalize dividends, or to repair or maintain any property
of the Corporation, or for such other purpose as the Directors may deem
beneficial to the Corporation, and the Directors may modify or abolish any such
reserve in the manner in which it was created. Surplus of the Corporation to the
extent so reserved will not be available for the payment of dividends or other
distributions by the Corporation.
Section 3. Telephone and Similar Meetings. Stockholders, directors and
committee members may participate in and hold meetings by means of conference
telephone or similar communications equipment by which all persons participating
in the meeting can hear each other. Participation in such a meeting will
constitute presence in person at the meeting, except where a person participates
in the meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business on the ground that the meeting has
not been lawfully called or convened.
Section 4. Books and Records. The Corporation will keep correct and
complete books and records of account and minutes of the proceedings of its
stockholders and Board of Directors, and will keep at its registered office or
principal place of business, or at the office of its transfer agent or
registrar, a record of its stockholders, giving the names and addresses of all
stockholders and the number and class of the shares held by each.
Section 5. Fiscal Year. The fiscal year of the Corporation will be fixed by
resolution of the Board of Directors.
Section 6. Seal. The Corporation may have a seal, and the seal may be used
by causing it or a facsimile thereof to be impressed or affixed or reproduced or
otherwise. Any officer of the Corporation will have authority to affix the seal
to any document requiring it.
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Section 7. Advances of Expenses. The Corporation will advance to its
directors and officers expenses incurred by them in connection with any
"Proceeding," which term includes any threatened, pending or completed action,
suit or proceeding, whether brought by or in the right of the Corporation or
otherwise and whether of a civil, criminal, administrative or investigative
nature (including all appeals therefrom), in which a director or officer may be
or may have been involved as a party or otherwise, by reason of the fact that he
is or was a director or officer of the Corporation, by reason of any action
taken by him or of any inaction on his part while acting as such, or by reason
of the fact that he is or was serving at the request of the Corporation as a
director, officer, trustee, employee or agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise
("Official," which term also includes directors and officers of the Corporation
in their capacities as directors and officers of the Corporation), whether or
not he is serving in such capacity at the time any liability or expense is
incurred; provided that the Official undertakes to repay all amounts advanced
unless:
(i) in the case of all Proceedings other than a Proceeding by or in
the right of the Corporation, the Official establishes to the satisfaction
of the disinterested members of the Board of Directors that he acted in
good faith or in a manner he reasonably believed to be in or not opposed to
the best interests of the Corporation and, with respect to any criminal
proceeding, that he did not have reasonable cause to believe his conduct
was unlawful; provided that the termination of any such Proceeding by
judgment, order of court, settlement, conviction, or upon a plea of nolo
contendere or its equivalent, shall not by itself create a presumption as
to whether the Official acted in good faith or in a manner he reasonably
believed to be in or not opposed to the best interests of the Corporation
and, with respect to any criminal proceeding, as to whether he had
reasonable cause to believe his conduct was unlawful; or
(ii) in the case of a Proceeding by or in the right of the
Corporation, the Official establishes to the satisfaction of the
disinterested members of the Board of Directors that he acted in good faith
or in a manner he reasonably believed to be in or not opposed to the best
interests of the Corporation; provided that if in such a Proceeding the
Official is adjudged to be liable to the Corporation, all amounts advanced
to the Official for expenses must be repaid except to the extent that the
court in which such adjudication was made shall determine upon application
that despite such adjudication, in view of all the circumstances, the
Official is fairly and reasonably entitled to indemnity for such expenses
as the court may deem proper.
Section 8. Indemnification. The Corporation will indemnify its directors to
the fullest extent permitted by the General Corporation Law of the State of
Delaware and may, if and to the extent authorized by the Board of Directors, so
indemnify its officers and any other person whom it has the power to indemnify
against any liability, reasonable expense or other matter whatsoever.
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Section 9. Insurance. The Corporation may at the discretion of the Board of
Directors purchase and maintain insurance on behalf of the Corporation and any
person whom it has the power to indemnify pursuant to law, the Certificate of
Incorporation, these Bylaws or otherwise.
Section 10. Resignation. Any director, officer or agent may resign by
giving written notice to the President or the Secretary. Such resignation will
take effect at the time specified therein or immediately if no time is specified
therein. Unless otherwise specified therein, the acceptance of such resignation
will not be necessary to make it effective.
Section 11. Amendment of Bylaws. These Bylaws may be altered, amended, or
repealed at any meeting of the Board of Directors at which a quorum is present,
by the affirmative vote of a majority of the Directors present at such meeting.
Section 12. Invalid Provisions. If any part of these Bylaws is held invalid
or inoperative for any reason, the remaining parts, so far as possible and
reasonable, will be valid and operative.
Section 13. Relation to the Certificate of Incorporation. These Bylaws are
subject to, and governed by, the Certificate of Incorporation of the
Corporation.
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