Bylaws – Advent Software, Inc.

AMENDED AND RESTATED

BYLAWS

ADVENT SOFTWARE, INC.

(a Delaware corporation)

(As of September 14, 2011)

AMENDED AND RESTATED

BYLAWS

ADVENT SOFTWARE, INC.

(a Delaware corporation)

TABLE OF CONTENTS

		Page

ARTICLE I CORPORATE OFFICES		1

1.1	REGISTERED OFFICE	1
1.2	OTHER OFFICES	1

ARTICLE II MEETINGS OF STOCKHOLDERS		1

2.1	PLACE OF MEETINGS	1
2.2	ANNUAL MEETING	2
2.3	SPECIAL MEETING	6
2.4	NOTICE OF STOCKHOLDERS’ MEETINGS	7
2.5	MANNER OF GIVING NOTICE; AFFIDAVIT OF NOTICE	7
2.6	QUORUM	8
2.7	ADJOURNED MEETING; NOTICE	8
2.8	VOTING	8
2.9	VALIDATION OF MEETINGS; WAIVER OF NOTICE; CONSENT	9
2.10	STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING	9
2.11	RECORD DATE FOR STOCKHOLDER NOTICE; VOTING	9
2.12	PROXIES	10
2.13	ORGANIZATION	10
2.14	LIST OF STOCKHOLDERS ENTITLED TO VOTE	11
2.15	INSPECTORS OF ELECTION	11

ARTICLE III DIRECTORS		12

3.1	POWERS	12
3.2	NUMBER OF DIRECTORS	12
3.3	ELECTION AND TERM OF OFFICE OF DIRECTORS	12
3.4	RESIGNATION AND VACANCIES	12
3.5	REMOVAL OF DIRECTORS	14

TABLE OF CONTENTS

(Continued)

		Page

3.6	PLACE OF MEETINGS; MEETINGS BY TELEPHONE	14
3.7	REGULAR MEETINGS	14
3.8	SPECIAL MEETINGS; NOTICE	14
3.9	QUORUM	15
3.10	WAIVER OF NOTICE	15
3.11	ADJOURNMENT	15
3.12	NOTICE OF ADJOURNMENT	15
3.13	BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING	15
3.14	FEES AND COMPENSATION OF DIRECTORS	16
3.15	APPROVAL OF LOANS TO OFFICERS	16

ARTICLE IV COMMITTEES		16

4.1	COMMITTEES OF DIRECTORS	16
4.2	MEETINGS AND ACTION OF COMMITTEES	17
4.3	COMMITTEE MINUTES	17

ARTICLE V OFFICERS		17

5.1	OFFICERS	17
5.2	ELECTION OF OFFICERS	18
5.3	TERMS OF OFFICE AND COMPENSATION	18
5.4	ADMINISTRATIVE OFFICERS	18
5.5	REMOVAL AND RESIGNATION OF OFFICERS	18
5.6	VACANCIES IN OFFICES	19
5.7	CHAIRMAN OF THE BOARD	19
5.8	CHIEF EXECUTIVE OFFICER	19
5.9	PRESIDENT	19
5.10	VICE PRESIDENTS	19
5.11	SECRETARY	20
5.12	CHIEF FINANCIAL OFFICER	20
5.13	ASSISTANT SECRETARY	21
5.14	AUTHORITY AND DUTIES OF OFFICERS	21

ARTICLE VI INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND OTHER AGENTS		21

6.1	INDEMNIFICATION OF DIRECTORS AND OFFICERS	21

TABLE OF CONTENTS

(Continued)

		Page

6.2	INDEMNIFICATION OF OTHERS	22
6.3	INSURANCE	22
6.4	EXPENSES	22
6.5	NON-EXCLUSIVITY OF RIGHTS	23
6.6	SURVIVAL OF RIGHTS	23
6.7	AMENDMENTS	23

ARTICLE VII RECORDS AND REPORTS		24

7.1	MAINTENANCE AND INSPECTION OF RECORDS	24
7.2	INSPECTION BY DIRECTORS	24
7.3	REPRESENTATION OF SHARES OF OTHER CORPORATIONS	24
7.4	CERTIFICATION AND INSPECTION OF BYLAWS	24

ARTICLE VIII GENERAL MATTERS		25

8.1	RECORD DATE FOR PURPOSES OTHER THAN NOTICE AND VOTING	25
8.2	CHECKS; DRAFTS; EVIDENCES OF INDEBTEDNESS	25
8.3	FISCAL YEAR	25
8.4	CORPORATE CONTRACTS AND INSTRUMENTS: HOW EXECUTED	25
8.5	STOCK CERTIFICATES; TRANSFER; PARTLY PAID SHARES	26
8.6	SPECIAL DESIGNATION ON CERTIFICATES	26
8.7	LOST CERTIFICATES	27
8.8	TRANSFER AGENTS AND REGISTRARS	27
8.9	CONSTRUCTION; DEFINITIONS	27
8.10	PROVISIONS ADDITIONAL TO PROVISIONS OF LAW	27
8.11	PROVISIONS CONTRARY TO PROVISIONS OF LAW	28
8.12	NOTICES	28

ARTICLE IX NOTICE BY ELECTRONIC TRANSMISSION		28

9.1	NOTICE BY ELECTRONIC TRANSMISSION	28
9.2	DEFINITION OF ELECTRONIC TRANSMISSION	29
9.3	INAPPLICABILITY	29

ARTICLE X AMENDMENTS		29

iii

AMENDED AND RESTATED

BYLAWS

ADVENT SOFTWARE, INC.

(a Delaware corporation)

ARTICLE I

CORPORATE OFFICES

1.1 REGISTERED OFFICE

The registered office of the corporation shall be in the City of Wilmington,
County of New Castle, State of Delaware. The name of the registered agent of the
corporation at such location is The Corporation Trust Company.

1.2 OTHER OFFICES

The Board of Directors may at any time establish branch or subordinate
offices at any place or places where the corporation is qualified to do
business.

ARTICLE II

MEETINGS OF STOCKHOLDERS

2.1 PLACE OF MEETINGS

Meetings of stockholders shall be held at any place within or outside the
State of Delaware as shall be designated from time to time by the Board of
Directors and stated in the notice of the meeting or in a duly executed waiver
of notice thereof. The Board of Directors may determine that a meeting shall not
be held at any specific place, but may instead be held solely by means of remote
communication as authorized in Section 211 of the General Corporation Law of
Delaware. In the absence of any such designation, stockholders’ meetings shall
be held at the principal executive office of the corporation.

2.2 ANNUAL MEETING

(a) The annual meeting of stockholders shall be held each year on a date and
at a time designated by the Board of Directors and stated in the notice of the
meeting. Each director shall be elected by the vote of the majority of the votes
cast with respect to the director at any meeting for the election of directors
at which a quorum is present, provided that the directors shall be elected by
the vote of a plurality of the votes cast for the nominees at any meeting for
the election of directors where, as of the date that is one day before the date
that the corporation first files its definitive proxy statement (regardless of
whether or not thereafter revised or supplemented) with the Securities and
Exchange Commission, the number of nominees exceeds the number of directors to
be elected at the meeting; for purposes of this sentence, a majority of the
votes cast means that the number of shares voted “for” a director must exceed
the number of votes cast “against” that director.

(b) At an annual meeting of the stockholders, only such business shall be
conducted as shall have been properly brought before the meeting. To be properly
brought before an annual meeting, business must be: (A) specified in the notice
of meeting (or any supplement thereto) given by or at the direction of the Board
of Directors, (B) otherwise properly brought before the meeting by or at the
direction of the Board of Directors, or (C) brought by a stockholder of the
corporation who (1) is a stockholder of record at the time of the giving of the
notice required by this Section 2.2(b) and on the record date for the
determination of stockholders entitled to vote at the annual meeting and (2) has
timely complied in proper written form with the notice procedures set forth in
this Section 2.2(b). In addition, for business to be properly brought before an
annual meeting by a stockholder, such business must be a proper matter for
stockholder action pursuant to these bylaws and applicable law. For the
avoidance of doubt, clause (C) above shall be the exclusive means for a
stockholder to bring business before an annual meeting of stockholders.

(i) To comply with clause (C) of Section 2.2(b) above, a stockholder’s notice
must set forth all information required under this Section 2.2(b) and must be
timely received by the secretary of the corporation. To be timely, a
stockholder’s notice must be delivered to or mailed and received by the
secretary of the corporation not less than 45 calendar days nor earlier than 75
calendar days before the one-year anniversary of the date on which the
corporation first mailed its proxy materials or a notice of availability of
proxy materials (whichever is earlier) in connection with the previous year’s
annual meeting of stockholders; 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 date contemplated at the
time of the previous year’s proxy statement, notice by the stockholder 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 ten
(10) calendar days following the date on which Public Announcement (as defined
below) of the date of the meeting is first made. In no event shall an
adjournment or postponement of an annual meeting commence a new time period for
the giving of a stockholder’s notice as described above. “Public Announcement”
shall mean disclosure in a press release reported by the Dow Jones New Service,
Associated Press or a comparable national news service or in a

document publicly filed by the corporation with the Securities and Exchange
Commission pursuant to Section 13, 14 or 15(d) of the Securities Exchange Act of
1934, as amended, or any successor thereto (the “1934 Act”).

(ii) To be in proper written form, a stockholder’s notice to the secretary
shall set forth as to each matter of business the stockholder proposes to bring
before the annual meeting: (A) a brief description of the business desired to be
brought before the annual meeting and the reasons for conducting such business
at the annual meeting, (B) the name and address, as they appear on the
corporation’s books, of the stockholder proposing such business and any
Stockholder Associated Person (as defined below), (C) the class and number of
shares of the corporation which are beneficially owned by the stockholder or any
Stockholder Associated Person and a representation that the stockholder is a
holder of record of stock of the corporation entitled to vote at such meeting,
(D) any derivative positions held or beneficially held by the stockholder or any
Stockholder Associated Person, (E) whether and the extent to which any hedging
or other transaction or series of transactions has been entered into by or on
behalf of such stockholder or any Stockholder Associated Person with respect to
any securities of the corporation, and a description of any other agreement,
arrangement or understanding (including any short position or any borrowing or
lending of shares), the effect or intent of which is to mitigate loss to, or to
manage the risk or benefit from share price changes for, or to increase or
decrease the voting power of, such stockholder or any Stockholder Associated
Person with respect to any securities of the corporation, (F) any material
interest of the stockholder or a Stockholder Associated Person in such business,
(G) any other information relating to such stockholder or Stockholder Associated
Person that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with the solicitation of proxies for
the proposal pursuant to Section 14 of the Exchange Act, and (H) a statement
whether either such stockholder or any Stockholder Associated Person will
deliver a proxy statement and form of proxy to holders of at least the
percentage of the corporation’s voting shares required under applicable law to
carry the proposal (such information provided and statements made as required by
clauses (A) through (H) to constitute a “Business Solicitation Statement”). In
addition, to be in proper written form, a stockholder’s notice to the secretary
must be supplemented not later than ten days following the record date to
disclose the information contained in clauses (C), (D) and (E) above as of the
record date. A “Stockholder Associated Person” of any stockholder shall mean (A)
any person controlling, directly or indirectly, or acting in concert with, such
stockholder, (B) any beneficial owner of shares of stock of the corporation
owned of record or beneficially by such stockholder and on whose behalf the
proposal or nomination, as the case may be, is being made, or (C) any person
controlling, controlled by or under common control with such person referred to
in the preceding clauses (A) and (B).

(iii) Without exception, no business shall be conducted at any annual meeting
except in accordance with the procedures set forth in this paragraph (b). In
addition, business proposed to be brought by a stockholder may not be brought
before the annual meeting if such stockholder or a Stockholder Associated
Person, as applicable, takes action contrary to the representations made in the
Business Solicitation Statement applicable to such business or if the Business
Solicitation Statement applicable to such business contains an untrue statement
of a material fact or omits to state a material fact necessary to make the
statements therein not

misleading. The chairman of the annual meeting shall, if the facts warrant,
determine and declare at the meeting that business was not properly brought
before the meeting and in accordance with the provisions of this paragraph (b),
and, if he or she should so determine, he or she shall so declare at the meeting
that any such business not properly brought before the meeting shall not be
conducted.

(c) Notwithstanding anything in these bylaws to the contrary, only persons
who are nominated in accordance with the procedures set forth in this Section
2.2(c) shall be eligible for election as directors. Nominations of persons for
election to the Board of Directors of the corporation may be made at an annual
meeting of stockholders only (A) by or at the direction of the Board of
Directors or (B) by a stockholder of the corporation who (1) was a stockholder
of record at the time of the giving of the notice required by this Section
2.2(c) and on the record date for the determination of stockholders entitled to
vote at the annual meeting and (2) has complied with the notice procedures set
forth in this Section 2.2(c). In addition to any other applicable requirements,
for a nomination to be made by a stockholder, the stockholder must have given
timely notice thereof in proper written form to the secretary of the
corporation.

(i) To comply with clause (B) of Section 2.2(c) above, a nomination to be
made by a stockholder must set forth all information required under this Section
2.2(c) and must be received by the secretary of the corporation at the principal
executive offices of the corporation at the time set forth in, and in accordance
with, the final three sentences of Section 2.2(b)(i) above.

(ii) To be in proper written form, such stockholder’s notice shall set forth:

1) as to each person (a “nominee”), whom the stockholder proposes to nominate
for election or re:election as a director: (A) the name, age, business address
and residence address of such nominee, (B) the principal occupation or
employment of such nominee, (C) the class and number of shares of the
corporation which are beneficially owned by such nominee and any derivative
positions held or beneficially held by such nominee, (D) whether and the extent
to which any hedging or other transaction or series of transactions has been
entered into by or on behalf of such nominee with respect to any securities of
the corporation, and a description of any other agreement, arrangement or
understanding (including any short position or any borrowing or lending of
shares), the effect or intent of which is to mitigate loss to, or to manage the
risk or benefit of share price changes for, or to increase or decrease the
voting power of, such nominee with respect to any securities of the corporation,
(E) a description of all arrangements or understandings between the stockholder
and each nominee and any other person or persons (naming such person or persons)
pursuant to which the nominations are to be made by the stockholder, (F) a
written statement executed by the nominee acknowledging that as a director of
the corporation, the nominee will owe a fiduciary duty under Delaware law with
respect to the corporation and its stockholders, (G) any other information
relating to such nominee that is required to be disclosed in solicitations of
proxies for elections of directors, or is otherwise required, in each case
pursuant to the proxy rules of the 1934 Act (including without limitation such
nominee’s written consent to being named in the proxy statement, if any, as a
nominee and to serving as a

director if elected), and (H) a written statement from each proposed nominee
as to whether such proposed nominee, if elected, intends to tender, promptly
following such proposed nominee’s election or re-election, an irrevocable
resignation effective upon such proposed nominee’s failure to receive the
required vote for re-election at any meeting at which such proposed nominee
would face re-election and upon acceptance of such resignation by the Board of
Directors, in accordance with the corporation’s Policy of the Board of Directors
on Director Elections; and

2) as to such stockholder giving notice, (A) the information required to be
provided pursuant to paragraph (b) of this Section 2.2 (except that references
therein to proposals of business shall instead refer to nominations of directors
for purposes of this Section 2.2(c)), and (B) a statement whether either such
stockholder or Stockholder Associated Person will deliver a proxy statement and
form of proxy to holders of a number of the corporation’s voting shares
reasonably believed by such stockholder or Stockholder Associated Person to be
necessary to elect such nominee(s) (such information provided and statements
made as required by clauses (A) and (B) above shall constitute a “Nominee
Solicitation Statement”).

3) At the request of the Board of Directors, any person nominated by a
stockholder for election as a director shall furnish to the secretary of the
corporation (A) that information required to be set forth in the stockholder’s
notice of nomination which pertains to the nominee as of a date subsequent to
the date on which the notice of such person’s nomination was given, (B) such
other information as may reasonably be required by the corporation to determine
the eligibility of such person to serve as a director of the corporation or that
could be material to a reasonable stockholder’s understanding of the
independence, or lack thereof, of such nominee and (C) a written statement from
such proposed nominee as to whether such proposed nominee, if elected, intends
to tender, promptly following such proposed nominee’s election or re-election,
an irrevocable resignation effective upon such proposed nominee’s failure to
receive the required vote for re-election at any meeting at which such proposed
nominee would face re-election and upon acceptance of such resignation by the
Board of Directors, in accordance with the corporation’s Policy of the Board of
Directors on Director Elections; in the absence of the furnishing of such
information or statement if requested, such stockholder’s nomination shall not
be considered in proper form pursuant to this Section 2.2.

4) Without exception, no person shall be eligible for election as a director
of the corporation at an annual meeting of stockholders unless nominated in
accordance with the procedures set forth in this Section 2.2(c). In addition, a
nominee shall not be eligible for election or re-election if a stockholder or
Stockholder Associated Person, as applicable, takes action contrary to the
representations made in the Nominee Solicitation Statement applicable to such
nominee or if the Nominee Solicitation Statement applicable to such nominee
contains an untrue statement of a material fact or omits to state a material
fact necessary to make the statements therein not misleading. The chairman of
the annual meeting shall, if the facts warrant, determine and declare at the
meeting that a nomination was not made in accordance with the procedures
prescribed by these Bylaws, and if he or she should so determine, he or she
shall so declare at the meeting, and the defective nomination shall be
disregarded.

(d) In addition to the foregoing requirements of this Section 2.2, a
stockholder shall also comply with all applicable requirements of state law and
of the 1934 Act and the rules and regulations thereunder with respect to the
matters set forth in this Section 2.2, including, with respect to business a
stockholder intends to bring before the annual meeting that involves a proposal
that such stockholder requests to be included in the corporation’s proxy
statement, the requirements of Rule 14a-8 (or any successor provision) under the
1934 Act. Nothing in this Section 2.2 shall be deemed to affect any right of the
corporation to omit a proposal from the corporation’s proxy statement pursuant
to Rule 14a-8 (or any successor provision) under the 1934 Act.

2.3 SPECIAL MEETING

(a) A special meeting of the stockholders may be called at any time by the
Board of Directors acting pursuant to a resolution adopted by a majority of the
Whole Board (as defined below) or by the chief executive officer, but such
special meetings may not be called by any other person or persons. For purposes
of this Section 2.3, the term “Whole Board” shall mean the total number of
authorized directors whether or not there exist any vacancies in previously
authorized directorships. The Board of Directors acting pursuant to a resolution
adopted by a majority of the Whole Board may cancel, postpone or reschedule any
previously scheduled special meeting at any time, before or after the notice for
such meeting has been sent to the stockholders.

(b) The notice of a special meeting shall include the purpose for which the
meeting is called. Only such business shall be considered at a special meeting
of stockholders as shall have been brought before the meeting by or at the
direction of the Whole Board or by the president and chief executive officer.
Nothing contained in this Section 2.3(b) shall be construed as limiting, fixing,
or affecting the time when a meeting of stockholders called by action of the
Board of Directors may be held.

(c) For a special meeting of stockholders at which directors are to be
elected pursuant to Section 2.3(a) and (b), nominations of persons for election
to the Board of Directors shall be made only (1) by or at the direction of the
Board of Directors or (2) by any stockholder of the corporation who (A) is a
stockholder of record at the time of the giving of the notice required by this
Section 2.3(c) and on the record date for the determination of stockholders
entitled to vote at the special meeting and (B) delivers a timely written notice
of the nomination to the secretary of the corporation that includes the
information set forth in Section 2.2(c)(ii) above. To be timely, such notice
must be received by the secretary at the principal executive offices of the
corporation not later than the close of business on the later of the 90th day
prior to such special meeting or the tenth day following the day on which Public
Announcement is first made of the date of the special meeting and of the
nominees proposed by the Board of Directors to be elected at such meeting. A
person shall not be eligible for election or re-election as a director at a
special meeting unless the person is nominated (i) by or at the direction of the
Board of Directors or (ii) by a stockholder in accordance with the notice
procedures set forth in this Section 2.3(c). In addition, a nominee shall not be
eligible for election or re-election if a stockholder or Stockholder Associated

Person, as applicable, takes action contrary to the representations made in
the Nominee Solicitation Statement applicable to such nominee or if the Nominee
Solicitation Statement applicable to such nominee contains an untrue statement
of a material fact or omits to state a material fact necessary to make the
statements therein not misleading. The chairman of the special meeting shall, if
the facts warrant, determine and declare at the meeting that a nomination or
business was not made in accordance with the procedures prescribed by these
bylaws, and if the chairman should so determine, he or she shall so declare at
the meeting, and the defective nomination or business shall be disregarded. The
voting procedure for any such director election shall be as set forth in the
second sentence of Section 2.2(a).

(d) In addition to the foregoing requirements of this Section 2.3, a
stockholder shall also comply with all applicable requirements of state law and
of the 1934 Act and the rules and regulations thereunder with respect to the
matters set forth in this Section 2.3.

2.4 NOTICE OF STOCKHOLDERS’
MEETINGS

All notices of meetings of stockholders shall be sent or otherwise given in
accordance with Section 2.5 of these Bylaws not less than ten (10) (or, if sent
by third-class mail pursuant to Section 2.5 of these Bylaws, thirty (30)) nor
more than sixty (60) days before the date of the meeting. The notice shall
specify the place, if any, date and hour of the meeting, the means of remote
communication, if any, by which stockholders and proxy holders may be deemed to
be present in person and vote at such meeting, and (i) in the case of a special
meeting, the purpose or purposes for which the meeting is called (no business
other than that specified in the notice may be transacted) or (ii) in the case
of the annual meeting, those matters which the Board of Directors, at the time
of giving the notice, intends to present for action by the stockholders (but any
proper matter may be presented at the meeting for such action, subject to the
provisions of these Bylaws, the Certificate of Incorporation, and applicable
law). The notice of any meeting at which directors are to be elected shall
include the name of any nominee or nominees who, at the time of the notice, the
board intends to present for election.

2.5 MANNER OF GIVING NOTICE; AFFIDAVIT OF
NOTICE

Written notice of any meeting of stockholders shall be given either (i)
personally, (ii) by private courier, (iii) by first or third-class United States
mail, (iv) by other written communication, or (v) by other electronic or
wireless means. Notices not personally delivered shall be sent charges prepaid
and shall be addressed to the stockholder at the address of that stockholder
appearing on the books of the corporation or given by the stockholder to the
corporation for the purpose of notice. Notice shall be deemed to have been given
at the time when delivered personally or by courier or deposited in the mail or
sent by other means of written communication or other electronic or wireless
means.

An affidavit of the mailing or other means of giving any notice of any
stockholders’ meeting, executed by the secretary or an assistant secretary, or
of any transfer agent or any other agent of the corporation giving the notice,
shall be prima facie evidence of the giving of such notice.

2.6 QUORUM

The holders of a majority in voting power of the stock issued and outstanding
and entitled to vote thereat, present in person or represented by proxy, shall
constitute a quorum at all meetings of the stockholders for the transaction of
business except as otherwise provided by statute or by the Certificate of
Incorporation. If, however, such quorum is not present or represented at any
meeting of the stockholders, then either (i) the chairman of the meeting or (ii)
the stockholders entitled to vote thereat, present in person or represented by
proxy, shall have power to adjourn the meeting in accordance with Section 2.7 of
these Bylaws.

When a quorum is present at any meeting, the vote of the holders of a
majority of the stock having voting power present in person or represented by
proxy shall decide any question brought before such meeting, unless the question
is one upon which, by express provision of the laws of the State of Delaware or
of the Certificate of Incorporation or these Bylaws, a different vote is
required, in which case such express provision shall govern and control the
decision of the question.

If a quorum is initially present, the stockholders may continue to transact
business until adjournment, notwithstanding the withdrawal of enough
stockholders to leave less than a quorum, if any action taken is approved by a
majority of the stockholders initially constituting the quorum.

2.7 ADJOURNED MEETING; NOTICE

Whether or not a quorum is present at a meeting of stockholders, the chairman
of the meeting shall have power to adjourn the meeting from time to time to
another time or place, without notice other than announcement at the meeting of
the time and place by which stockholders and proxy holders may be deemed to be
present in person and vote at such adjourned meeting When a meeting is adjourned
to another time and place, unless these Bylaws otherwise require, notice need
not be given of the adjourned meeting if the time and place thereof are
announced at the meeting at which the adjournment is taken. At the adjourned
meeting the corporation may transact any business that might have been
transacted at the original meeting. If the adjournment is for more than thirty
(30) days, or if after the adjournment a new record date is fixed for the
adjourned meeting, a notice of the adjourned meeting shall be given to each
stockholder of record entitled to vote at the meeting.

2.8 VOTING

The stockholders entitled to vote at any meeting of stockholders shall be
determined in accordance with the provisions of Section 2.11 of these Bylaws,
subject to the provisions of Sections 217 and 218 of the General Corporation Law
of Delaware (relating to voting rights of fiduciaries, pledgors and joint
owners, and to voting trusts and other voting agreements).

Except as may be otherwise provided in the Certificate of Incorporation or
these Bylaws, each stockholder shall be entitled to one vote for each share of
capital stock held by such stockholder.

2.9 VALIDATION OF MEETINGS; WAIVER OF NOTICE;
CONSENT

The transactions of any meeting of stockholders, either annual or special,
however called and noticed, and wherever held, shall be as valid as though they
had been taken at a meeting duly held after regular call and notice, if a quorum
be present either in person or by proxy, and if, either before or after the
meeting, each person entitled to vote, who was not present in person or by
proxy, signs a written waiver of notice or a consent to the holding of the
meeting or an approval of the minutes thereof. The waiver of notice or consent
or approval need not specify either the business to be transacted or the purpose
of any annual or special meeting of stockholders. All such waivers, consents,
and approvals shall be filed with the corporate records or made a part of the
minutes of the meeting.

Attendance by a person at a meeting shall also constitute a waiver of notice
of and presence at that meeting, except when the person objects at the beginning
of the meeting to the transaction of any business because the meeting is not
lawfully called or convened. Attendance at a meeting is not a waiver of any
right to object to the consideration of matters required by law to be included
in the notice of the meeting but not so included, if that objection is expressly
made at the meeting.

2.10 STOCKHOLDER ACTION BY WRITTEN CONSENT
WITHOUT A MEETING

Any action required or permitted to be taken by the stockholders of the
corporation must be taken at a duly called annual or special meeting of
stockholders of the corporation, and the power of stockholders to consent in
writing to the taking of any action, without a duly called meeting and vote, is
specifically denied. Notwithstanding the foregoing sentence, the holders of any
class or series of preferred stock shall be entitled to take action by written
consent to such extent, if any, as may be provided in the terms of such class or
series of preferred stock.

2.11 RECORD DATE FOR STOCKHOLDER NOTICE;
VOTING

For purposes of determining the stockholders entitled to notice of any
meeting or to vote thereat, the Board of Directors may fix, in advance, a record
date, which shall not precede the date upon which the resolution fixing the
record date is adopted by the Board of Directors and which shall not be more
than sixty (60) days nor less than ten (10) days before the date of any such
meeting, and in such event only stockholders of record on the date so fixed are
entitled to notice and to vote, notwithstanding any transfer of any shares on
the books of the corporation after the record date, except as otherwise provided
in the Certificate of Incorporation, by these Bylaws, by agreement or by
applicable law.

If the Board of Directors does not so fix a record date, the record date for
determining stockholders entitled to notice of or to vote at a meeting of
stockholders shall be at the close of business on the business day next
preceding the day on which notice is given, or, if notice is waived, at the
close of business on the business day next preceding the day on which the
meeting is held.

A determination of stockholders of record entitled to notice of or to vote at
a meeting of stockholders shall apply to any adjournment of the meeting unless
the Board of Directors fixes a new record date for the adjourned meeting, but
the Board of Directors shall fix a new record date if the meeting is adjourned
for more than thirty (30) days from the date set for the original meeting.

The record date for any purpose other than acting by written consent or
determining entitlement to vote at a meeting of stockholders shall be as
provided in Section 8.1 of these Bylaws.

2.12 PROXIES

Every person entitled to vote for directors, or on any other matter, shall
have the right to do so either in person or by one or more agents authorized by
a written proxy signed by the person and filed with the secretary of the
corporation, but no such proxy shall be voted or acted upon after three (3)
years from its date, unless the proxy provides for a longer period. A proxy
shall be deemed signed if the stockholder’s name is placed on the proxy (whether
by manual signature, typewriting, telegraphic transmission, facsimile or
otherwise) by the stockholder or the stockholder’s attorney-in-fact. The
revocability of a proxy that states on its face that it is irrevocable shall be
governed by the provisions of Section 212(e) of the General Corporation Law of
Delaware (relating to the irrevocability of proxies).

A written proxy may be in the form of an electronic transmission as described
in Article IX hereof which sets forth or is submitted with information from
which it can be determined that the electronic transmission was authorized by
the person.

2.13 ORGANIZATION

The chairman of the board, or in the absence of the chairman, the president,
shall call the meeting of the stockholders to order, and shall act as chairman
of the meeting. In the absence of the chairman of the board, the president, and
all of the vice presidents, the stockholders shall appoint a chairman for such
meeting. The chairman of any meeting of stockholders shall determine the order
of business and the procedures at the meeting, including such matters as the
regulation of the manner of voting and the conduct of business. The secretary of
the corporation shall act as secretary of all meetings of the stockholders, but
in the absence of the secretary at any meeting of the stockholders, the chairman
of the meeting may appoint any person to act as secretary of the meeting.

The Board of Directors of the corporation shall be entitled to make such
rules or regulations for the conduct of meetings of stockholders as it shall
deem necessary, appropriate or convenient. Subject to such rules and regulations
of the Board of Directors, if any, the chairman of the meeting shall have the
right and authority to prescribe such rules, regulations and procedures and to
do all such acts as, in the judgment of such chairman, are necessary,
appropriate or convenient for the proper conduct of the meeting, including,
without limitation, establishing an agenda or order of business for the meeting,
rules and procedures for maintaining order at the meeting and the safety of
those present, limitations on participation in such meeting to stockholders of
record of the corporation and their duly authorized and constituted proxies, and
such other persons as the chairman shall permit, restrictions on entry to the
meeting after the time fixed for the

commencement thereof, limitations on the time allotted to questions or
comments by participants and regulation of the opening and closing of the polls
for balloting and matters which are to be voted on by ballot. Unless and to the
extent determined by the Board of Directors or the chairman of the meeting,
meetings of stockholders shall not be required to be held in accordance with
rules of parliamentary procedure.

2.14 LIST OF STOCKHOLDERS ENTITLED TO
VOTE

The officer who has charge of the stock ledger of the corporation shall
prepare and make, at least ten (10) days before every meeting of stockholders, a
complete list of the stockholders entitled to vote at the meeting, arranged in
alphabetical order, and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. The corporation shall not
be required to include electronic mail addresses or other electronic contact
information on such list. Such list shall be open to the examination of any
stockholder, for any purpose germane to the meeting, during ordinary business
hours, for a period of at least ten (10) days prior to the meeting, either: (i)
on a reasonably accessible electronic network, provided that the information
required to gain access to such list is provided with the notice of the meeting,
or (ii) during ordinary business hours, at the corporation’s principal executive
office. In the event that the corporation determines to make the list available
on an electronic network, the corporation may take reasonable steps to ensure
that such information is available only to stockholders of the corporation. If
the meeting is to be held at a place, then the list shall be produced and kept
at the time and place of the meeting during the whole time thereof, and may be
inspected by any stockholder who is present. If the meeting is to be held solely
by means of remote communication, then the list shall also be open to the
examination of any stockholder during the whole time of the meeting on a
reasonably accessible electronic network, and the information required to access
such list shall be provided with the notice of the meeting. The stock ledger
shall be the only evidence as to who are the stockholders entitled to examine
the stock ledger, the list of stockholders or the books of the corporation, or
to vote in person or by proxy at any meeting of stockholders and of the number
of shares held by each such stockholder.

2.15 INSPECTORS OF ELECTION

Before any meeting of stockholders, the Board of Directors shall appoint an
inspector or inspectors of election to act at the meeting or its adjournment.
The number of inspectors shall be either one (1) or three (3). If any person
appointed as inspector fails to appear or fails or refuses to act, then the
chairman of the meeting may, and upon the request of any stockholder or a
stockholder’s proxy shall, appoint a person to fill that vacancy.

Such inspectors shall:

(i) determine the number of shares outstanding and the voting power of each,
the number of shares represented at the meeting, the existence of a quorum, and
the authenticity, validity, and effect of proxies;

(ii) receive votes, ballots or consents;

(iii) hear and determine all challenges and questions in any way arising in
connection with the right to vote;

(iv) count and tabulate all votes or consents;

(v) determine when the polls shall close;

(vi) determine the result; and

(vii) do any other acts that may be proper to conduct the election or vote
with fairness to all stockholders.

ARTICLE III

DIRECTORS

3.1 POWERS

Subject to the provisions of the General Corporation Law of Delaware and to
any limitations in the Certificate of Incorporation or these Bylaws relating to
action required to be approved by the stockholders or by the outstanding shares,
the business and affairs of the corporation shall be managed and all corporate
powers shall be exercised by or under the direction of the Board of Directors.

3.2 NUMBER OF DIRECTORS

The Board of Directors shall consist of seven (7) members. The number of
directors may be changed by an amendment to this bylaw, duly adopted by the
Board of Directors or by the stockholders, or by a duly adopted amendment to the
Certificate of Incorporation.

3.3 ELECTION AND TERM OF OFFICE OF
DIRECTORS

Except as provided in Section 3.4 of these Bylaws, directors elected at each
annual meeting or special meeting of stockholders as provided in Section 2.2 or
2.3 respectively shall be elected to hold office until the expiration of the
term for which they are elected, and until their successors have been duly
elected and qualified; except that if any such election shall not be so held,
such election shall take place at a stockholders’ meeting called and held in
accordance with the General Corporation Law of Delaware. The term of office of a
director shall begin immediately after election. Directors need not be
stockholders unless so required by the Certificate of Incorporation or these
Bylaws, wherein other qualifications for directors may be prescribed.

3.4 RESIGNATION AND VACANCIES

Any director may resign effective on giving notice in writing or by
electronic transmission to the chairman of the board, the president, the
secretary or the Board of Directors, unless the notice

specifies a later time for that resignation to become effective. If the
resignation of a director is effective at a future time, the Board of Directors
may elect a successor to take office when the resignation becomes effective.
Each director so elected shall hold office until the expiration of the term of
office of the director whom he has replaced and until a successor has been
elected and qualified.

Unless otherwise provided in the Certificate of Incorporation or by these
Bylaws, vacancies in the Board of Directors may be filled by a majority of the
remaining directors, even if less than a quorum, or by a sole remaining
director; however, a vacancy created by the removal of a director by the vote of
the stockholders or by court order may be filled only by the affirmative vote of
a majority of the voting power of shares represented and voting at a duly held
meeting at which a quorum is present (which shares voting affirmatively also
constitute a majority of the required quorum). Each director so elected shall
hold office until the expiration of the term of office of the director whom he
has replaced and until a successor has been elected and qualified.

Unless otherwise provided in the Certificate of Incorporation or these
Bylaws:

(i) Vacancies and newly created directorships resulting from any increase in
the authorized number of directors elected by all of the stockholders having the
right to vote as a single class may be filled by a majority of the directors
then in office, although less than a quorum, or by a sole remaining director.

(ii) Whenever the holders of any class or classes of stock or series thereof
are entitled to elect one or more directors by the provisions of the Certificate
of Incorporation, vacancies and newly created directorships of such class or
classes or series may be filled by a majority of the directors elected by such
class or classes or series thereof then in office, or by a sole remaining
director so elected.

(iii) If at any time, by reason of death or resignation or other cause, the
corporation should have no directors in office, then any officer or any
stockholder or an executor, administrator, trustee or guardian of a stockholder,
or other fiduciary entrusted with like responsibility for the person or estate
of a stockholder, may call a special meeting of stockholders in accordance with
the provisions of the Certificate of Incorporation or these Bylaws, or may apply
to the Court of Chancery for a decree summarily ordering an election as provided
in Section 211 of the General Corporation Law of Delaware (relating to meetings
of stockholders).

If, at the time of filling any vacancy or any newly created directorship, the
directors then in office constitute less than a majority of the whole board (as
constituted immediately prior to any such increase), then the Court of Chancery
may, upon application of any stockholder or stockholders holding at least ten
(10%) percent of the total number of the shares at the time outstanding having
the right to vote for such directors, summarily order an election to be held to
fill any such vacancies or newly created directorships, or to replace the
directors chosen by the directors then in office as aforesaid, which election
shall be governed by the provisions of Section 211 of the General Corporation
Law of Delaware (relating to meetings of stockholders) as far as applicable.

3.5 REMOVAL OF DIRECTORS

Unless otherwise restricted by statute, by the Certificate of Incorporation
or by these Bylaws, any directors or the entire Board of Directors may be
removed, with or without cause, by the holders of a majority of the shares then
entitled to vote at an election of directors.

3.6 PLACE OF MEETINGS; MEETINGS BY
TELEPHONE

Regular meetings of the Board of Directors may be held at any place within or
outside the State of Delaware that has been designated from time to time by
resolution of the board. In the absence of such a designation, regular meetings
shall be held at the principal executive office of the corporation. Special
meetings of the board may be held at any place within or outside the State of
Delaware that has been designated in the notice of the meeting or, if not stated
in the notice or if there is no notice, at the principal executive office of the
corporation.

Any meeting of the board, regular or special, may be held by conference
telephone or other communication equipment, so long as all directors
participating in the meeting can hear one another; and all such participating
directors shall be deemed to be present in person at the meeting.

3.7 REGULAR MEETINGS

Regular meetings of the Board of Directors may be held without notice at such
time as shall from time to time be determined by the Board of Directors. If any
regular meeting day shall fall on a legal holiday, then the meeting shall be
held at the same time and place on the next succeeding full business day.

3.8 SPECIAL MEETINGS; NOTICE

Special meetings of the Board of Directors for any purpose or purposes may be
called at any time by the chairman of the board, the president, the chief
executive officer, the secretary or any director.

Notice of the time and place of special meetings shall be delivered
personally or by telephone to each director sent by first-class mail, facsimile,
electronic mail, or other electronic or wireless means, charges prepaid,
addressed to each director at that director’s address as it is shown on the
records of the corporation. If the notice is mailed, it shall be deposited in
the United States mail at least four (4) days before the time of the holding of
the meeting. If the notice is delivered personally or by telephone, facsimile,
electronic mail or other electronic or wireless means, it shall be delivered
personally or by telephone, facsimile, electronic mail or by other electronic or
wireless means at least twenty-four (24) hours before the time of the holding of
the meeting. Any oral notice given personally or by telephone may be
communicated either to the director or to a person at the office of the director
who the person giving the notice has reason to believe will promptly communicate
it to the director. The notice need not specify the purpose or the place of the
meeting, if the meeting is to be held at the principal executive office of the
corporation. Moreover, a notice of special meeting

need not state the purpose of such meeting, and, unless indicated in the
notice thereof, any and all business may be transacted at a special meeting.

3.9 QUORUM

A majority of the authorized number of directors shall constitute a quorum
for the transaction of business, except to adjourn as provided in Section 3.12
of these Bylaws. Every act or decision done or made by a majority of the
directors present at a duly held meeting at which a quorum is present shall be
regarded as the act of the Board of Directors, subject to the provisions of the
Certificate of Incorporation and applicable law.

A meeting at which a quorum is initially present may continue to transact
business notwithstanding the withdrawal of directors, if any action taken is
approved by at least a majority of the quorum for that meeting.

3.10 WAIVER OF NOTICE

Notice of a meeting need not be given to any director (i) who signs a waiver
of notice, whether before or after the meeting, or (ii) who attends the meeting
other than for the express purpose of objecting at the beginning of the meeting
to the transaction of any business because the meeting is not lawfully called or
convened. All such waivers shall be filed with the corporate records or made
part of the minutes of the meeting. A waiver of notice need not specify the
purpose of any regular or special meeting of the Board of Directors.

3.11 ADJOURNMENT

A majority of the directors present, whether or not constituting a quorum,
may adjourn any meeting of the board to another time and place.

3.12 NOTICE OF ADJOURNMENT

Notice of the time and place of holding an adjourned meeting of the board
need not be given unless the meeting is adjourned for more than twenty-four (24)
hours. If the meeting is adjourned for more than twenty-four (24) hours, then
notice of the time and place of the adjourned meeting shall be given before the
adjourned meeting takes place, in the manner specified in Section 3.9 of these
Bylaws, to the directors who were not present at the time of the adjournment.

3.13 BOARD ACTION BY WRITTEN CONSENT WITHOUT A
MEETING

Any action required or permitted to be taken by the Board of Directors may be
taken without a meeting, provided that all members of the board individually or
collectively consent in writing or by electronic transmission to that action.
Such action by written consent or electronic transmission shall have the same
force and effect as a unanimous vote of the Board of Directors. Such written
consent and any counterparts thereof or electronic transmission or transmissions
shall be filed with the minutes of the proceedings of the Board of Directors.

3.14 FEES AND COMPENSATION OF
DIRECTORS

Directors and members of committees may receive such compensation, if any,
for their services and such reimbursement of expenses as may be fixed or
determined by resolution of the Board of Directors or a committee of the Board
of Directors to whom such responsibility has been duly delegated. This Section
3.15 shall not be construed to preclude any director from serving the
corporation in any other capacity as an officer, agent, employee or otherwise
and receiving compensation for those services; provided, however, that (i) the
corporation shall have a majority of directors who qualify as “independent” as
defined by the Marketplace Rules of the Nasdaq Stock Market (the “Nasdaq
Rules”), (ii) that a sufficient number of the members of the corporation’s Audit
Committee, Corporate Governance and Nominating Committee, and Compensation
Committee shall also qualify as “independent” under the Nasdaq Rules applicable
to each such committee, and (iii) that members of the corporation’s Audit
Committee may not receive compensation from the corporation other than for
service as a board and committee member.

3.15 APPROVAL OF LOANS TO OFFICERS

Subject to the last sentence of this paragraph, the corporation may lend
money to, or guarantee any obligation of, or otherwise assist any employee of
the corporation or any of its subsidiaries, whenever, in the judgment of the
directors, such loan, guaranty or assistance may reasonably be expected to
benefit the corporation. The loan, guaranty or other assistance may be with or
without interest and may be unsecured, or secured in such manner as the Board of
Directors shall approve, including, without limitation, a pledge of shares of
stock of the corporation. Nothing contained in this section shall be deemed to
deny, limit or restrict the powers of guaranty or warranty of the corporation at
common law or under any statute. Notwithstanding the foregoing, the corporation
may not make any new loan to any director or executive officer or make any
material modification to any existing loan.

ARTICLE IV

COMMITTEES

4.1 COMMITTEES OF DIRECTORS

The Board of Directors may, by resolution adopted by a majority of the
authorized number of directors, designate one (1) or more committees, each
consisting of one (1) or more of the directors, to serve at the pleasure of the
board. The board may designate one (1) or more directors as alternate members of
any committee, who may replace any absent or disqualified member at any meeting
of the committee. The appointment of members or alternate members of a committee
requires the vote of a majority of the authorized number of directors. Any
committee, to the extent provided in the resolution of the board, shall have and
may exercise all the powers and authority of the board, but no such committee
shall have the power or authority to (i) approve or adopt or recommend to the
stockholders any action or matter that requires the approval of the
stockholders, (ii) amend the Certificate of Incorporation (except that such
committee may, to the extent authorized in the

resolution or resolutions providing for the issuance of shares of stock
adopted by the Board of Directors as provided in Section 151(a) of the General
Corporation Law of Delaware, fix the designations and any of the preferences or
rights of such shares relating to dividends, redemption, dissolution, any
distribution of assets of the corporation or the conversion into, or the
exchange of such shares for, shares of any other class or classes or any other
series of the same or any other class or classes of stock of the corporation),
or (iii) adopt, amend, or repeal any Bylaw of the corporation.

4.2 MEETINGS AND ACTION OF
COMMITTEES

Meetings and actions of committees shall be governed by, and held and taken
in accordance with, the following provisions of Article III of these Bylaws:
Section 3.6 (place of meetings; meetings by telephone), Section 3.8 (regular
meetings), Section 3.9 (special meetings; notice), Section 3.10 (quorum),
Section 3.11 (waiver of notice), Section 3.12 (adjournment), Section 3.13
(notice of adjournment) and Section 3.14 (board action by written consent
without meeting), with such changes in the context of those bylaws as are
necessary to substitute the committee and its members for the Board of Directors
and its members; provided, however, that the time of regular meetings of
committees may be determined either by resolution of the Board of Directors or
by resolution of the committee, that special meetings of committees may also be
called by resolution of the Board of Directors, and that notice of special
meetings of committees shall also be given to all alternate members, who shall
have the right to attend all meetings of the committee. The Board of Directors
may adopt rules for the government of any committee not inconsistent with the
provisions of these Bylaws.

4.3 COMMITTEE MINUTES

Each committee shall keep regular minutes of its meetings and report the same
to the Board of Directors when required.

ARTICLE V

OFFICERS

5.1 OFFICERS

The Corporate Officers of the corporation shall be a chief executive officer,
a president, a secretary and a chief financial officer. The corporation may also
have, at the discretion of the Board of Directors, a chairman of the board and
one or more vice presidents (however denominated) who may be designated by the
Board of Directors as Corporate Officers. The corporation may also have such
Administrative Officers as may be appointed in accordance with the provisions of
Section 5.4 of these Bylaws. The corporation may also appoint other officers who
shall not be either Corporate or Administrative Officers. Any number of offices
may be held by the same person.

5.2 ELECTION OF OFFICERS

The Corporate Officers of the corporation shall be chosen by the Board of
Directors, subject to the rights, if any, of an officer under any contract of
employment, and shall hold their respective offices for such terms as the Board
of Directors may from time to time determine. Each officer shall hold office
until such officer’s successor is elected and qualified or until such officer’s
earlier resignation or removal.

5.3 TERMS OF OFFICE AND
COMPENSATION

The term of office and salary of each of Corporate Officer and the manner and
time of the payment of such salary shall be fixed and determined by the Board of
Directors and may be altered by said Board from time to time at its pleasure,
subject to the rights, if any, of said officers under any contract of
employment.

5.4 ADMINISTRATIVE OFFICERS

In addition to the Corporate Officers of the corporation as provided in
Section 5.1 of these Bylaws, the Board of Directors may appoint such other
Administrative Officers as the business of the corporation may require, each of
whom shall hold office for such period, have such power and authority, and
perform such duties as are provided in these Bylaws or as the Board of Directors
or the chief executive officer, if so empowered, may from time to time
determine. In the performance of such duties and the exercise of such powers,
however, such Administrative Officers shall have limited authority to act on
behalf of the corporation as the Board of Directors or the chief executive
officer shall establish, including but not limited to limitations on the dollar
amount and on the scope of agreements or commitments that may be made by such
Administrative Officers on behalf of the corporation, which limitations may not
be exceeded by such individuals or altered without further approval by the Board
of Directors or the chief executive officer, if so empowered.

5.5 REMOVAL AND RESIGNATION OF
OFFICERS

Subject to the rights, if any, of an officer under any contract of
employment, any officer may be removed, with or without cause, by the
affirmative vote of a majority of the Board of Directors at any regular or
special meeting of the board. In addition, any Administrative Officer may be
removed from such position by any Corporate Officer.

Any Corporate Officer may resign at any time by giving written notice to the
corporation. Any resignation shall take effect at the date of the receipt of
that notice or at any later time specified in that notice and, unless otherwise
specified in that notice, the acceptance of the resignation shall not be
necessary to make it effective. Any resignation is without prejudice to the
rights, if any, of the corporation under any contract to which the Corporate
Officer is a party.

Any Administrative Officer designated and appointed by the Board of Directors
may be removed, either with or without cause, at any time by the chief executive
officer or any Corporate

Officer. Any Administrative Officer may resign at any time by giving written
notice to the chief executive officer or to the secretary of the corporation.

5.6 VACANCIES IN OFFICES

A vacancy in any office because of death, resignation, removal,
disqualification or any other cause shall be filled in the manner prescribed in
these Bylaws for regular appointments to that office.

5.7 CHAIRMAN OF THE BOARD

The Chairman of the Board shall, if present, preside at meetings of the Board
of Directors and exercise such other powers and perform such other duties as may
from time to time be assigned to him or her by the Board of Directors or as may
be prescribed by these Bylaws. If there is no chairman of the board, then the
chief executive officer of the corporation shall have the powers and duties
prescribed in Section 5.7 of these Bylaws.

5.8 CHIEF EXECUTIVE OFFICER

Subject to such supervisory powers, if any, as may be given by the Board of
Directors to the Chairman of the Board, if there be such an officer, the chief
executive officer of the corporation shall, subject to the control of the Board
of Directors, have general supervision, direction and control of the business
and the officers of the corporation. He or she shall preside at all meetings of
the stockholders and, in the absence or non-existence of a chairman of the
board, at all meetings of the Board of Directors. He or she shall have the
general powers and duties of management usually vested in the chief executive
officer of a corporation, and shall have such other powers and perform such
other duties as may be prescribed by the Board of Directors or these bylaws.

5.9 PRESIDENT

Subject to such supervisory powers, if any, as may be given by the Board of
Directors to the chairman and chief executive officer, if there be such an
officer, the president of the corporation shall, subject to the control of the
Board of Directors, have general supervision over the operation of the
corporation, including the general powers and duties of management usually
vested in the office of president of a corporation, and shall have such other
powers and perform such other duties as may be prescribed by the Board of
Directors or these Bylaws.

5.10 VICE PRESIDENTS

In the absence or disability of the president, and if there is no chairman of
the board or chief executive officer, the vice presidents who have been
designated as Corporate Officers, if any, in order of their rank as fixed by the
Board of Directors or, if not ranked, a vice president designated by the Board
of Directors, shall perform all the duties of the president and when so acting
shall have all the powers of, and be subject to all the restrictions upon, the
president. The vice presidents shall have such other powers and perform such
other duties as from time to time may be prescribed for

them respectively by the Board of Directors, these Bylaws, the chief
executive officer, the president or the chairman of the board.

Employees of the corporation may hold the title of vice president (however
denominated), but shall not be Corporate Officers or Administrative Officers
unless designated as such in accordance with Sections 5.2 and 5.4 hereof,
respectively.

5.11 SECRETARY

The secretary shall keep or cause to be kept, at the principal executive
office of the corporation or such other place as the Board of Directors may
direct, a book of minutes of all meetings and actions of the Board of Directors,
committees of directors and stockholders. The minutes shall show the time and
place of each meeting, whether regular or special (and, if special, how
authorized and the notice given), the names of those present at directors’
meetings or committee meetings, the number of shares present or represented at
stockholders’ meetings and the proceedings thereof.

The secretary shall keep, or cause to be kept, at the principal executive
office of the corporation or at the office of the corporation’s transfer agent
or registrar, as determined by resolution of the Board of Directors, a share
register or a duplicate share register, showing the names of all stockholders
and their addresses, the number and classes of shares held by each, the number
and date of certificates evidencing such shares and the number and date of
cancellation of every certificate surrendered for cancellation.

The secretary shall give, or cause to be given, notice of all meetings of the
stockholders and of the Board of Directors required to be given by law or by
these Bylaws. He or she shall keep the seal of the corporation, if one be
adopted, in safe custody and shall have such other powers and perform such other
duties as may be prescribed by the Board of Directors or by these Bylaws.

5.12 CHIEF FINANCIAL OFFICER

The chief financial officer shall keep and maintain, or cause to be kept and
maintained, adequate and correct books and records of accounts of the properties
and business transactions of the corporation, including accounts of its assets,
liabilities, receipts, disbursements, gains, losses, capital, retained earnings
and shares. The books of account shall at all reasonable times be open to
inspection by any director for a purpose reasonably related to his position as a
director.

The chief financial officer shall deposit all money and other valuables in
the name and to the credit of the corporation with such depositaries as may be
designated by the Board of Directors. He or she shall disburse the funds of the
corporation as may be ordered by the Board of Directors, shall render to the
president and directors, whenever they request it, an account of all of his or
her transactions as chief financial officer and of the financial condition of
the corporation, and shall have such other powers and perform such other duties
as may be prescribed by the Board of Directors or these Bylaws.

5.13 ASSISTANT SECRETARY

The assistant secretary, if any, or, if there is more than one, the assistant
secretaries in the order determined by the Board of Directors (or if there be no
such determination, then in the order of their election) shall, in the absence
of the secretary or in the event of his or her inability or refusal to act,
perform the duties and exercise the powers of the secretary and shall perform
such other duties and have such other powers as the Board of Directors may from
time to time prescribe.

5.14 AUTHORITY AND DUTIES OF
OFFICERS

In addition to the foregoing powers, authority and duties, all officers of
the corporation shall respectively have such authority and powers and perform
such duties in the management of the business of the corporation as may be
designated from time to time by the Board of Directors.

ARTICLE VI

INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND
OTHER AGENTS

6.1 INDEMNIFICATION OF DIRECTORS AND
OFFICERS

The corporation shall, to the maximum extent and in the manner permitted by
the General Corporation Law of Delaware as the same now exists or may hereafter
be amended, indemnify any person against expenses (including attorneys’ fees),
judgments, fines, and amounts paid in settlement actually and reasonably
incurred in connection with any threatened, pending or completed action, suit,
or proceeding in which such person was or is a party or is threatened to be made
a party by reason of the fact that such person is or was a director or officer
of the corporation; provided, however, that the corporation may modify the
extent of such indemnification by individual contracts with its directors and
officers and, provided further, that the corporation shall not be required to
indemnify any director or officer in connection with any proceeding (or part
thereof) initiated by such person unless (i) such indemnification is expressly
required to be made by law, (ii) the proceeding was authorized in advance by the
Board of Directors of the corporation, (iii) such indemnification is provided by
the corporation, in its sole discretion, pursuant to the powers vested in the
corporation under the General Corporation Law of Delaware or (iv) such
indemnification is required to be made pursuant to an individual contract. For
purposes of this Section 6.1, a “director” or “officer” of the corporation shall
mean any person (i) who is or was a director, Corporate Officer or
Administrative Officer of the corporation or (ii) who was a director or officer
of a corporation which was a predecessor corporation of the corporation.

The rights conferred on any person by this Article VI shall not be exclusive
of any other rights which such person may have or hereafter acquire under any
statute, provision of the corporation’s Certificate of Incorporation, these
Bylaws, agreement, vote of the stockholders or disinterested directors or
otherwise.

Any repeal or modification of the foregoing provisions of this Article VI
shall not adversely affect any right or protection hereunder of any person in
respect of any act or omission occurring prior to the time of such repeal or
modification.

6.2 INDEMNIFICATION OF OTHERS

The corporation shall have the power, to the maximum extent and in the manner
permitted by the General Corporation Law of Delaware as the same now exists or
may hereafter be amended, to indemnify any person (other than directors and
officers, as such terms are defined in Section 6.1 above) against expenses
(including attorneys’ fees), judgments, fines, and amounts paid in settlement
actually and reasonably incurred in connection with any threatened, pending or
completed action, suit, or proceeding, in which such person was or is a party or
is threatened to be made a party by reason of the fact that such person is or
was an employee or agent of the corporation. For purposes of this Section 6.2,
an “employee” or “agent” of the corporation (other than a director or officer,
as such terms are defined in Section 6.1 above) shall mean any person (i) who is
or was an employee or agent of the corporation, (ii) who is or was serving at
the request of the corporation as an employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, or (iii) who was an
employee or agent of a corporation which was a predecessor corporation of the
corporation or of another enterprise at the request of such predecessor
corporation.

6.3 INSURANCE

The corporation may purchase and maintain insurance on behalf of any person
who is or was a director, officer, employee or agent of the corporation, or is
or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise against any liability asserted against him or her and incurred
by him or her in any such capacity, or arising out of his or her status as such,
whether or not the corporation would have the power to indemnify him or her
against such liability under the provisions of the General Corporation Law of
Delaware.

6.4 EXPENSES

The corporation shall advance to any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative, by
reason of the fact that he or she is or was a director, Corporate Officer or
Administrative Officer of the corporation, prior to the final disposition of the
proceeding, promptly following request therefor, all expenses incurred by any
such director or officer in connection with such proceeding, upon receipt of an
undertaking by or on behalf of such person to repay said amounts if it should be
determined ultimately that such person is not entitled to be indemnified under
these Bylaws or otherwise; provided, however, that the corporation shall not be
required to advance expenses to any such director or officer in connection with
any proceeding (or part thereof) initiated by such person unless the proceeding
was authorized in advance by the Board of Directors of the corporation.

Notwithstanding the foregoing, unless otherwise determined pursuant to
Section 6.5, no advance shall be made by the corporation to a director,
Corporate Officer or Administrative Officer of the corporation or other person
entitled to indemnification pursuant to these bylaws (except by reason of the
fact that such officer is or was a director of the corporation in which event
this paragraph shall not apply) in any action, suit or proceeding, whether
civil, criminal, administrative or investigative, if a determination is
reasonably and promptly made (i) by the Board of Directors by a majority vote of
a quorum consisting of directors who were not parties to the proceeding, or (ii)
if such quorum is not obtainable, or, even if obtainable, a quorum of
disinterested directors so directs, by independent legal counsel in a written
opinion, that the facts known to the decision-making party at the time such
determination is made demonstrate clearly and convincingly that such person
acted in bad faith or in a manner that such person did not believe to be in or
not opposed to the best interests of the corporation.

6.5 NON-EXCLUSIVITY OF RIGHTS

The rights conferred on any person by this Article VI shall not be exclusive
of any other right which such person may have or hereafter acquire under any
statute, provision of the Certificate of Incorporation, Bylaws, agreement, vote
of stockholders or disinterested directors or otherwise, both as to action in
his official capacity and as to action in another capacity while holding office.
The corporation is specifically authorized to enter into individual contracts
with any or all of its directors, officers, employees or agents, including any
person who is or was serving at the request of the corporation as an employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, respecting indemnification and advances, to the fullest extent not
prohibited by the General Corporation Law of Delaware.

6.6 SURVIVAL OF RIGHTS

The rights conferred on any person by this Article VI shall continue as to a
person who has ceased to be a director, officer, employee or other agent and
shall inure to the benefit of the heirs, executors and administrators of such a
person.

6.7 AMENDMENTS

Any repeal or modification of this Article VI shall only be prospective and
shall not affect the rights under this Article VI in effect at the time of the
alleged occurrence of any action or omission to act that is the cause of any
proceeding against any agent of the corporation.

ARTICLE VII

RECORDS AND REPORTS

7.1 MAINTENANCE AND INSPECTION OF
RECORDS

The corporation shall, either at its principal executive office or at such
place or places as designated by the Board of Directors, keep a record of its
stockholders listing their names and addresses and the number and class of
shares held by each stockholder, a copy of these Bylaws as amended or otherwise
altered to date, accounting books and other records of its business and
properties.

Any stockholder of record, in person or by attorney or other agent, shall,
upon written demand under oath stating the purpose thereof, have the right
during the usual hours for business to inspect for any proper purpose the
corporation’s stock ledger, a list of its stockholders, and its other books and
records and to make copies or extracts therefrom. A proper purpose shall mean a
purpose reasonably related to such person’s interest as a stockholder. In every
instance where an attorney or other agent is the person who seeks the right to
inspection, the demand under oath shall be accompanied by a power of attorney or
such other writing that authorizes the attorney or other agent to so act on
behalf of the stockholder. The demand under oath shall be directed to the
corporation at its registered office in Delaware or at its principal place of
business.

7.2 INSPECTION BY DIRECTORS

Any director shall have the right to examine the corporation’s stock ledger,
a list of its stockholders and its other books and records for a purpose
reasonably related to his or her position as a director.

7.3 REPRESENTATION OF SHARES OF OTHER
CORPORATIONS

The chairman of the board, if any, the chief executive officer, the
president, any vice president, the chief financial officer, the secretary or any
assistant secretary of this corporation, or any other person authorized by the
Board of Directors or the president or a vice president, is authorized to vote,
represent and exercise on behalf of this corporation all rights incident to any
and all shares of the stock of any other corporation or corporations standing in
the name of this corporation. The authority herein granted may be exercised
either by such person directly or by any other person authorized to do so by
proxy or power of attorney duly executed by such person having the authority.

7.4 CERTIFICATION AND INSPECTION OF
BYLAWS

The original or a copy of these Bylaws, as amended or otherwise altered to
date, certified by the secretary, shall be kept at the corporation’s principal
executive office and shall be open to inspection by the stockholders of the
corporation, at all reasonable times during office hours.

ARTICLE VIII

GENERAL MATTERS

8.1 RECORD DATE FOR PURPOSES OTHER THAN NOTICE
AND VOTING

For purposes of determining the stockholders entitled to receive payment of
any dividend or other distribution or allotment of any rights or the
stockholders entitled to exercise any rights in respect of any change,
conversion or exchange of stock, or for the purpose of any other lawful action
other than as provided for in Article II of these Bylaws, the Board of Directors
may fix a record date, which shall not precede the date upon which the
resolution fixing the record date is adopted and which shall not be more than
sixty (60) calendar days before any such action. In that case, only stockholders
of record at the close of business on the date so fixed are entitled to receive
the dividend, distribution or allotment of rights, or to exercise such rights,
as the case may be, notwithstanding any transfer of any shares on the books of
the corporation after the record date so fixed, except as otherwise provided by
law.

If the Board of Directors does not so fix a record date, then the record date
for determining stockholders for any such purpose shall be at the close of
business on the day on which the Board of Directors adopts the applicable
resolution.

8.2 CHECKS; DRAFTS; EVIDENCES OF
INDEBTEDNESS

From time to time, the Board of Directors shall determine by resolution which
person or persons may sign or endorse all checks, drafts, other orders for
payment of money, notes or other evidences of indebtedness that are issued in
the name of or payable to the corporation, and only the persons so authorized
shall sign or endorse those instruments.

8.3 FISCAL YEAR

The fiscal year of the corporation shall be fixed by resolution of the Board
of Directors.

8.4 CORPORATE CONTRACTS AND INSTRUMENTS: HOW
EXECUTED

The Board of Directors, except as otherwise provided in these Bylaws, may
authorize and empower any officer or officers, or agent or agents, to enter into
any contract or execute any instrument in the name of and on behalf of the
corporation; such power and authority may be general or confined to specific
instances. Unless so authorized or ratified by the Board of Directors or within
the agency power of an officer, no officer, agent or employee shall have any
power or authority to bind the corporation by any contract or engagement or to
pledge its credit or to render it liable for any purpose or for any amount.

8.5 STOCK CERTIFICATES; TRANSFER; PARTLY PAID
SHARES

The shares of the corporation shall be represented by certificates, provided
that the Board of Directors of the corporation may provide by resolution or
resolutions that some or all of any or all classes or series of its stock shall
be uncertificated shares. Any such resolution shall not apply to shares
represented by a certificate until such certificate is surrendered to the
corporation. Notwithstanding the adoption of such a resolution by the Board of
Directors, every holder of stock represented by certificates and, upon request,
every holder of uncertificated shares, shall be entitled to have a certificate
signed by, or in the name of the corporation by, the chairman or vice-chairman
of the Board of Directors, or the president or vice-president, and by the chief
financial officer or an assistant treasurer, or the secretary or an assistant
secretary of such corporation representing the number of shares registered in
certificate form. Any or all of the signatures on the certificate may be a
facsimile. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed upon a certificate has ceased to be
such officer, transfer agent or registrar before such certificate is issued, it
may be issued by the corporation with the same effect as if he or she were such
officer, transfer agent or registrar at the date of issue.

Certificates for shares shall be of such form and device as the Board of
Directors may designate and shall state the name of the record holder of the
shares represented thereby; its number; date of issuance; the number of shares
for which it is issued; a summary statement or reference to the powers,
designations, preferences or other special rights of such stock and the
qualifications, limitations or restrictions of such preferences and/or rights,
if any; a statement or summary of liens, if any; a conspicuous notice of
restrictions upon transfer or registration of transfer, if any; a statement as
to any applicable voting trust agreement; and if the shares be assessable, or,
if assessments are collectible by personal action, a plain statement of such
facts.

Upon surrender to the secretary or transfer agent of the corporation of a
certificate for shares duly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, it shall be the duty of the
corporation to issue a new certificate to the person entitled thereto, cancel
the old certificate and record the transaction upon its books.

The corporation may issue the whole or any part of its shares as partly paid
and subject to call for the remainder of the consideration to be paid therefor.
Upon the face or back of each stock certificate issued to represent any such
partly paid shares, or upon the books and records of the corporation in the case
of uncertificated partly paid shares, the total amount of the consideration to
be paid therefor and the amount paid thereon shall be stated. Upon the
declaration of any dividend on fully paid shares, the corporation shall declare
a dividend upon partly paid shares of the same class, but only upon the basis of
the percentage of the consideration actually paid thereon.

8.6 SPECIAL DESIGNATION ON
CERTIFICATES

If the corporation is authorized to issue more than one class of stock or
more than one series of any class, then the powers, the designations, the
preferences and the relative, participating, optional or other special rights of
each class of stock or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights shall be set forth in full or
summarized on

the face or back of the certificate that the corporation shall issue to
represent such class or series of stock; provided, however, that, except as
otherwise provided in Section 202 of the General Corporation Law of Delaware
(relating to transfers of stock, stock certificates and uncertificated stock),
in lieu of the foregoing requirements there may be set forth on the face or back
of the certificate that the corporation shall issue to represent such class or
series of stock a statement that the corporation will furnish without charge to
each stockholder who so requests the powers, the designations, the preferences
and the relative, participating, optional or other special rights of each class
of stock or series thereof and the qualifications, limitations or restrictions
of such preferences and/or rights.

8.7 LOST CERTIFICATES

Except as provided in this Section 8.7, no new certificates for shares shall
be issued to replace a previously issued certificate unless the latter is
surrendered to the corporation and canceled at the same time. The Board of
Directors may, in case any share certificate or certificate for any other
security is lost, stolen or destroyed, authorize the issuance of replacement
certificates on such terms and conditions as the board may require; the board
may require indemnification of the corporation secured by a bond or other
adequate security sufficient to protect the corporation against any claim that
may be made against it, including any expense or liability, on account of the
alleged loss, theft or destruction of the certificate or the issuance of the
replacement certificate.

8.8 TRANSFER AGENTS AND REGISTRARS

The Board of Directors may appoint one or more transfer agents or transfer
clerks, and one or more registrars, each of which shall be an incorporated bank
or trust company : either domestic or foreign, who shall be appointed at such
times and places as the requirements of the corporation may necessitate and the
Board of Directors may designate.

8.9 CONSTRUCTION; DEFINITIONS

Unless the context requires otherwise, the general provisions, rules of
construction and definitions in the General Corporation Law of Delaware shall
govern the construction of these Bylaws. Without limiting the generality of this
provision, as used in these Bylaws, the singular number includes the plural, the
plural number includes the singular, and the term “person” includes both an
entity and a natural person.

8.10 PROVISIONS ADDITIONAL TO PROVISIONS OF
LAW

All restrictions, limitations, requirements and other provisions of these
Bylaws shall be construed, insofar as possible, as supplemental and additional
to all provisions of law applicable to the subject matter thereof and shall be
fully complied with in addition to the said provisions of law unless such
compliance shall be illegal.

8.11 PROVISIONS CONTRARY TO PROVISIONS OF
LAW

Any article, section, subsection, subdivision, sentence, clause or phrase of
these Bylaws which upon being construed in the manner provided in Section 8.11
hereof, shall be contrary to or inconsistent with any applicable provisions of
law, shall not apply so long as said provisions of law shall remain in effect,
but such result shall not affect the validity or applicability of any other
portions of these Bylaws, it being hereby declared that these Bylaws would have
been adopted and each article, section, subsection, subdivision, sentence,
clause or phrase thereof, irrespective of the fact that any one or more
articles, sections, subsections, subdivisions, sentences, clauses or phrases is
or are illegal.

8.12 NOTICES

Any reference in these Bylaws to the time a notice is given or sent means,
unless otherwise expressly provided, the time a written notice by mail is
deposited in the United States mails, postage prepaid; or the time any other
written notice is personally delivered to the recipient or is delivered to a
common carrier for transmission, or actually transmitted by the person giving
the notice by electronic means, to the recipient; or the time any oral notice is
communicated, in person or by telephone or wireless means, to the recipient or
to a person at the office of the recipient who the person giving the notice has
reason to believe will promptly communicate it to the recipient.

ARTICLE IX

NOTICE BY ELECTRONIC TRANSMISSION

9.1 NOTICE BY ELECTRONIC
TRANSMISSION

Without limiting the manner by which notice otherwise may be given
effectively to stockholders pursuant to the DGCL, the Certificate of
Incorporation or these Bylaws, any notice to stockholders given by the
Corporation under any provision of the DGCL, the Certificate of Incorporation or
these Bylaws shall be effective if given by a form of electronic transmission
consented to by the stockholder to whom the notice is given. Any such consent
shall be revocable by the stockholder by written notice to the Corporation. Any
such consent shall be deemed revoked if:

(i) the Corporation is unable to deliver by electronic transmission two
consecutive notices given by the Corporation in accordance with such consent;
and

(ii) such inability becomes known to the secretary or an assistant secretary
of the Corporation or to the transfer agent, or other person responsible for the
giving of notice.

However, the inadvertent failure to treat such inability as a revocation
shall not invalidate any meeting or other action.

Any notice given pursuant to the preceding paragraph shall be deemed given:

(i) if by facsimile telecommunication, when directed to a number at which the
stockholder has consented to receive notice;

(ii) if by electronic mail, when directed to an electronic mail address at
which the stockholder has consented to receive notice;

(iii) if by a posting on an electronic network together with separate notice
to the stockholder of such specific posting, upon the later of (A) such posting
and (B) the giving of such separate notice; and

(iv) if by any other form of electronic transmission, when directed to the
stockholder.

An affidavit of the secretary or an assistant secretary or of the transfer
agent or other agent of the Corporation that the notice has been given by a form
of electronic transmission shall, in the absence of fraud, be prima facie
evidence of the facts stated therein.

9.2 DEFINITION OF ELECTRONIC
TRANSMISSION

An “electronic transmission” means any form of communication, not directly
involving the physical transmission of paper, that creates a record that may be
retained, retrieved, and reviewed by a recipient thereof, and that may be
directly reproduced in paper form by such a recipient through an automated
process.

9.3 INAPPLICABILITY

Notice by a form of electronic transmission shall not apply to Section 164
(relating to failure to pay for stock; remedies), Section 296 (relating to
adjudication of claims; appeal), Section 311 (relating to revocation of
voluntary dissolution), Section 312 (relating to renewal, revival, extension and
restoration of certificate of incorporation) or Section 324 (relating to
attachment of shares of stock or any option, right or interest therein) of the
DGCL.

ARTICLE X

AMENDMENTS

Subject to Section 6.7 hereof, the original or other Bylaws of the
corporation may be adopted, amended or repealed at any annual or special meeting
of stockholders, by the affirmative vote of the holders of a majority of the
voting power of the stock issued and outstanding and entitled to vote thereat.
The corporation may, in its Certificate of Incorporation, confer the power to
adopt, amend or repeal Bylaws upon the Board of Directors. The fact that such
power has been so

conferred upon the Board of Directors shall not divest the stockholders of
the power, nor limit their power to adopt, amend or repeal Bylaws.

Whenever an amendment or new bylaw is adopted, it shall be copied in the book
of Bylaws with the original Bylaws, in the appropriate place. If any bylaw is
repealed, the fact of repeal with the date of the meeting at which the repeal
was enacted or the filing of the operative written consent(s) shall be stated in
said

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