AMENDED & RESTATED

                                     BY-LAWS

                                       OF

                               STEVEN MADDEN, LTD.

                            (A DELAWARE CORPORATION)

 

                      AS FURTHER AMENDED ON MARCH 24, 2008

 

                                    ARTICLE I

 

                                  STOCKHOLDERS

 

            Section 1. Certificates Representing Stock. Certificates

representing stock in the corporation shall be signed by, or in the name of, the

corporation by the Chairman or Vice-Chairman of the Board of Directors, if any,

or by the Chief Executive Officer, the President or a Vice-President and by the

Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary

of the corporation. Any or all the signatures on any such 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 shall have 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 were

such officer, transfer agent, or registrar at the date of issue.

 

            Whenever the corporation shall be authorized to issue more than one

class of stock or more than one series of any class of stock, and whenever the

corporation shall issue any shares of its stock as partly paid stock, the

certificates representing shares of any such class or series or of any such

partly paid stock shall set forth thereon the statements prescribed by the

General Corporation Law. Any restrictions on the transfer or registration of

transfer of any shares of stock of any class or series shall be noted

conspicuously on the certificate representing such shares.

 

            The corporation may issue a new certificate of stock or

uncertificated shares in place of any certificate theretofore issued by it,

alleged to have been lost, stolen, or destroyed, and the Board of Directors may

require the owner of the lost, stolen, or destroyed certificate, or his legal

representative, to give the corporation a bond sufficient to indemnify the

corporation against any claim that may be made against it on account of the

alleged loss, theft, or destruction of any such certificate or the issuance of

any such new certificate or uncertificated shares.

 

            Section 2. Uncertificated Shares. Subject to any conditions imposed

by the General Corporation Law, 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 the stock of the corporation shall be uncertificated shares. Within a

reasonable time after the issuance or transfer of any uncertificated shares, the

corporation shall send to the registered owner thereof any written notice

prescribed by the General Corporation Law.

 

 

 

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            Section 3. Fractional Share Interests. The corporation may, but

shall not be required to, issue fractions of a share. If the corporation does

not issue fractions of a share, it shall (1) arrange for the disposition of

fractional interests by those entitled thereto, (2) pay in cash the fair value

of fractions of a share as of the time when those entitled to receive such

fractions are determined, or (3) issue scrip or warrants in registered form

(either represented by a certificate or uncertificated) or bearer form

(represented by a certificate) which shall entitle the holder to receive a full

share upon the surrender of such scrip or warrants aggregating a full share. A

certificate for a fractional share or an uncertificated fractional share shall,

but scrip or warrants shall not unless otherwise provided therein, entitle the

holder to exercise voting rights, to receive dividends thereon, and to

participate in any of the assets of the corporation in the event of liquidation.

The Board of Directors may cause scrip or warrants to be issued subject to the

conditions that they shall become void if not exchanged for certificates

representing the full shares or uncertificated full shares before a specified

date, or subject to the conditions that the shares for which scrip or warrants

are exchangeable may be sold by the corporation and the proceeds thereof

distributed to the holders of scrip or warrants, or subject to any other

conditions which the Board of Directors may impose.

 

            Section 4. Stock Transfers. Upon compliance with provisions

restricting the transfer or registration of transfer of shares of stock, if any,

transfers or registration of transfers of shares of stock of the corporation

shall be made only on the stock ledger of the corporation by the registered

holder thereof, or by his attorney thereunto authorized by power of attorney

duly executed and filed with the Secretary of the corporation or with a transfer

agent or a registrar, if any, and, in the case of shares represented by

certificates, on surrender of the certificate or certificates for such shares of

stock properly endorsed and the payment of all taxes due thereon.

 

            Section 5. Record Date for Stockholders. In order that the

corporation may determine the stockholders entitled to notice of or to vote at

any meeting of stockholders or any adjournment thereof, the Board of Directors

may fix a record date, which record date shall not precede the date upon which

the resolution fixing the record date is adopted by the Board of Directors, and

which record date shall not be more than sixty nor less than ten days before the

date of such meeting. If no record date is fixed by the Board of Directors, 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 day next

preceding the day on which notice is given, or, if notice is waived, at the

close of business on the 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;

provided, however, that the Board of Directors may fix a new record date for the

adjourned meeting. In order that the corporation may determine 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, the Board of Directors may fix a record date, which record date

shall not precede the date upon which the resolution fixing the record date is

adopted, and which record date shall be not more than sixty days prior to such

action. If no record date is fixed, 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 resolution relating thereto.

 

 

 

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            Section 6. Meaning of Certain Terms. As used herein in respect of

the right to notice of a meeting of stockholders or a waiver thereof or to

participate or vote thereat or to consent or dissent in writing in lieu of a

meeting, as the case may be, the term "share" or "shares" or "share of stock" or

"shares of stock" or "stockholder" or "stockholders" refers to an outstanding

share or shares of stock and to a holder or holders of record of outstanding

shares of stock when the corporation is authorized to issue only one class of

shares of stock, and said reference is also intended to include any outstanding

share or shares of stock and any holder or holders of record of outstanding

shares of stock of any class upon which or upon whom the certificate of

incorporation confers such rights where there are two or more classes or series

of shares of stock or upon which or upon whom the General Corporation Law

confers such rights notwithstanding that the certificate of incorporation may

provide for more than one class or series of shares of stock, one or more of

which are limited or denied such rights thereunder; provided, however, that no

such right shall vest in the event of an increase or a decrease in the

authorized number of shares of stock of any class or series which is otherwise

denied voting rights under the provisions of the certificate of incorporation,

except as any provision of law may otherwise require.

 

            Section 7. Stockholder Meetings.

 

            (a)   Time.

 

                  (i)   Annual Meetings. The annual meeting shall be held on the

      date and at the time fixed, from time to time, by the directors, provided,

      that the first annual meeting shall be held on a date within thirteen

      months after the organization of the corporation, and each successive

      annual meeting shall be held on a date within thirteen months after the

      date of the preceding annual meeting.

 

                  (ii)  Special Meetings. Except as otherwise required by

      applicable law or the corporation's certificate of incorporation, special

      meetings of the stockholders for any purpose or purposes may be called

      only by the directors pursuant to a resolution adopted by a majority of

      the members of the Board of Directors then in office. Only such business

      as is specified in the notice of any special meeting of the stockholders

      shall come before such meeting.

 

            (b)   Place. Annual meetings and special meetings shall be held at

such place, within or without the State of Delaware, as the directors may, from

time to time, fix. Whenever the directors shall fail to fix such place, the

meeting shall be held at the registered office of the corporation in the State

of Delaware.

 

            (c)   Notice or Waiver of Notice; Adjournment. Written notice of all

stockholder meetings shall be given, stating the place, date, and hour of the

meeting and stating the place within the city or other municipality or community

at which the list of stockholders of the corporation may be examined. The notice

of an annual meeting shall state that the meeting is called for the election of

directors and for the transaction of other business which may properly come

before the meeting, and shall (if any other action which could be taken at a

special meeting is to be taken at such annual meeting) state the purpose or

purposes. The notice of a special meeting shall in all instances state the

purpose or purposes for which the meeting is called. The notice of any meeting

 

 

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shall also include, or be accompanied by, any additional statements,

information, or documents prescribed by the General Corporation Law. Except as

otherwise provided by the General Corporation Law, a copy of the notice of any

meeting shall be given, personally or by mail, not less than ten days nor more

than sixty days before the date of the meeting, unless the lapse of the

prescribed period of time shall have been waived, and directed to each

stockholder at his record address or at such other address which he may have

furnished by request in writing to the Secretary of the corporation. Notice by

mail shall be deemed to be given when deposited, with postage thereon prepaid,

in the United States mail. The chairman of the meeting (as determined in

paragraph (e) below), or the holders of a majority of the votes entitled to be

cast by the stockholders who are present in person or by proxy, may adjourn the

meeting without notice other than announcement at the meeting, whether or not a

quorum is present. If a meeting is adjourned to another time, not more than

thirty days hence, and/or to another place, and if an announcement of the

adjourned time and/or place is made at the meeting, it shall not be necessary to

give notice of the adjourned meeting unless the directors, after adjournment,

fix a new record date for the adjourned meeting. Notice need not be given to any

stockholder who submits a written waiver of notice signed by him before or after

the time stated therein. Attendance of a stockholder at a meeting of

stockholders shall constitute a waiver of notice of such meeting, except when

the stockholder attends the meeting for the express purpose of objecting, at the

beginning of the meeting, to the transaction of any business because the meeting

is not lawfully called or convened. Neither the business to be transacted at,

nor the purpose of, any regular or special meeting of the stockholders need be

specified in any written waiver of notice.

 

            (d)   Stockholder List. The officer who has charge of the stock

ledger of the corporation shall prepare and make, at least ten days before every

meeting of stockholders, a complete list of the stockholders, arranged in

alphabetical order, and showing the address of each stockholder and the number

of shares registered in the name of each stockholder. 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 days prior to the

meeting, either at a place within the city or other municipality or community

where the meeting is to be held, which place shall be specified in the notice of

the meeting, or if not so specified, at the place where the meeting is to be

held. The list shall also 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. The stock ledger shall be the only evidence as to who are the

stockholders entitled to examine the stock ledger, the list required by this

section or the books of the corporation, or to vote at any meeting of

stockholders.

 

            (e)   Conduct of Meeting. At each meeting of the stockholders, the

Chairman of the Board, if any, shall serve as chairman of the meeting, or in the

absence of the Chairman of the Board, one of the following officers in the order

of seniority shall serve as chairman of the meeting: the Vice-Chairman of the

Board, if any, the Chief Executive Officer, the President or a Vice-President.

If none of the foregoing is in office and present and acting, a person chosen by

the stockholders shall serve as chairman of the meeting. The order of business

at each such meeting shall be as determined by the chairman of the meeting. The

chairman of the meeting shall have the right and authority to prescribe such

rules, regulations and procedures and to do all such acts and things as are

necessary or desirable for the proper conduct of the meeting, including, without

limitation, the establishment of procedures for the maintenance of order and

 

 

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safety, limitations on the time allotted to questions or comments on the affairs

of the corporation, restrictions on entry to such meeting after the time

prescribed for the commencement thereof, and the opening and closing of the

voting polls. The Secretary of the corporation, or in his absence, an Assistant

Secretary, shall act as secretary of every meeting, but if neither the Secretary

nor an Assistant Secretary is present the chairman of the meeting shall appoint

a secretary of the meeting.

 

            (f)   Business to be Brought Before an Annual Meeting of

Stockholders.

 

                  (i)   To be properly brought before the annual meeting of

      stockholders, business must be either (A) specified in the notice of

      meeting (or any supplement thereto) given by or at the direction of the

      Board of Directors (or any duly authorized committee thereof), (B)

      otherwise properly brought before the meeting by or at the direction of

      the Board of Directors (or any duly authorized committee thereof) or (C)

      otherwise properly brought before the meeting by any stockholder of the

      corporation (1) who is a stockholder of record on the date of the giving

      of the notice provided for in this Section 7(f) of Article I and on the

      record date for the determination of stockholders entitled to vote at such

      meeting and (2) who complies with the notice procedures set forth in

      Section 7(f)(ii) of this Article I. In addition to any other applicable

      requirements, including but not limited to the requirements of Rule 14a-8

      promulgated by the Securities and Exchange Commission under the Securities

      Exchange Act of 1934, as amended (the "Exchange Act"), for business to be

      properly brought before an annual meeting by a stockholder pursuant to

      clause (C) of this Section 7(f)(i) of Article I, such stockholder must

      have given timely notice thereof in proper written form to the Secretary

      of the corporation.

 

                  (ii)  To be timely, a stockholder's notice to the Secretary

      pursuant to clause (C) of Section 7(f)(i) of this Article I must be

      delivered to or mailed and received at the principal executive offices of

      the corporation, not less than 120 days nor more than 150 days prior to

      the anniversary date of the immediately preceding annual meeting of

      stockholders; provided, however, that in the event that the annual meeting

      is called for a date that is not within 30 days before or after such

      anniversary date, notice by the stockholder in order to be timely must be

      so received no later than the close of business on the tenth day following

      the day on which such notice of the date of the annual meeting is mailed

      or such public disclosure of the date of the annual meeting is made,

      whichever first occurs.

 

                  (iii) Subject to Section 5 of Article II, to be in proper

      written form, a stockholder's notice to the Secretary pursuant to clause

      (C) of Section 7(f)(i) of this Article I must set forth as to each matter

      such stockholder proposes to bring before the annual meeting (i) a brief

      description of the business desired to be brought before the meeting and

      the reasons for conducting such business at the meeting and, in the event

      that such item of business shall include a proposal to amend these

      By-laws, the text of the proposed amendment (ii) the name and record

      address of such stockholder and all persons or entities acting in concert

      with the stockholder, (iii) the class or series and number of shares of

      capital stock of the corporation which are owned beneficially or of record

      by such stockholder, together with evidence reasonably satisfactory to the

 

 

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      Secretary of such beneficial ownership, (iv) a description of all

      arrangements or understandings between such stockholder and any other

      person or persons (including their names) in connection with the proposal

      of such business by such stockholder and any material interest of such

      stockholder in such business and (v) a representation that such

      stockholder intends to appear in person or by proxy at the annual meeting

      to bring such business before the meeting. If such stockholder does not

      appear or send a qualified representative to present such proposal at such

      annual meeting, the corporation need not present such proposal for a vote

      at such meeting, notwithstanding that proxies in respect of such vote may

      have been received by the corporation.

 

                  (iv)  Notwithstanding anything in these By-laws to the

      contrary, no business shall be conducted at the annual meeting of

      stockholders except business brought before such meeting in accordance

      with the procedures set forth in this Section 7(f) of Article I; provided,

      however, that, once business has been properly brought before such meeting

      in accordance with such procedures, nothing in this Section 7(f) of

      Article I shall be deemed to preclude discussion by any stockholder of any

      such business. If the chairman of such meeting determines that business

      was not properly brought before the meeting in accordance with the

      foregoing procedures, the chairman shall declare to the meeting that the

      business was not properly brought before the meeting and such business

      shall not be transacted.

 

            (g)   Proxy Representation. Every stockholder may authorize another

person or persons to act for him by proxy in all matters in which a stockholder

is entitled to participate, whether by waiving notice of any meeting, voting or

participating at a meeting, or expressing consent or dissent without a meeting.

Every proxy must be signed by the stockholder or by his attorney-in-fact. No

proxy shall be voted or acted upon after three years from its date unless such

proxy provides for a longer period. A duly executed proxy shall be irrevocable

if it states that it is 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.

 

            (h)   Inspectors. The directors, in advance of any meeting, may, but

need not, appoint one or more inspectors of election to act at the meeting or

any adjournment thereof. If an inspector or inspectors are not appointed, the

chairman of the meeting may, but need not, appoint one or more inspectors. In

case any person who may be appointed as an inspector fails to appear or act, the

vacancy may be filled by appointment made by the directors in advance of the

meeting or at the meeting by the chairman of the meeting. Each inspector, if

any, before entering upon the discharge of his duties, shall take and sign an

oath faithfully to execute the duties of inspectors at such meeting with strict

impartiality and according to the best of his ability. The inspectors, if any,

shall determine the number of shares of stock outstanding and the voting power

of each, the shares of stock represented at the meeting, the existence of a

quorum, the validity and effect of proxies, and shall receive votes, ballots, or

consents, hear and determine all challenges and questions arising in connection

with the right to vote, count and tabulate all votes, ballots, or consents,

determine the result, and do such acts as are proper to conduct the election or

vote with fairness to all stockholders. On request of the chairman of the

 

 

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meeting, the inspector or inspectors, if any, shall make a report in writing of

any challenge, question, or matter determined by him or them and execute a

certificate of any fact found by him or them.

 

            (i)   Quorum. The holders of a majority of the votes entitled to be

cast by the stockholders entitled to vote generally, present in person or by

proxy, shall constitute a quorum for the transaction of business at any meeting

of the stockholders; provided, however, that in the case of any vote to be taken

by classes, the holders of a majority of the votes entitled to be cast by the

stockholders of a particular class shall constitute a quorum for the transaction

of business by such class.

 

            (j)   Voting.

 

                  (i)   Except as otherwise provided by General Corporation Law

      or by the corporation's certificate of incorporation, each stockholder of

      record of any class or series of capital stock of the corporation shall be

      entitled at each meeting of stockholders to such number of votes for each

      share of such stock as may be fixed in the corporation's certificate of

      incorporation or in the resolution or resolutions adopted by the Board of

      Directors providing for the issuance of such stock, registered in such

      stockholder's name on the books of the corporation on the record date (as

      determined in accordance with Section 5 of Article I).

 

                  (ii)  At each meeting of the stockholders, all corporate

      actions to be taken by vote of the stockholders (except as otherwise

      required by applicable law and except as otherwise provided in the

      corporation's certificate of incorporation or these By-laws) shall be

      authorized by a majority of the votes cast by the stockholders entitled to

      vote thereon who are present in person or represented by proxy, and where

      a separate vote by class is required, a majority of the votes cast by the

      stockholders of such class who are present in person or represented by

      proxy shall be the act of such class.

 

                  (iii) Directors shall be elected by a plurality of the votes

      cast by the stockholders entitled to vote thereon who are present in

      person or represented by proxy.

 

                  (iv)  Unless required by applicable law or determined by the

      chairman of the meeting to be advisable, the vote on any matter, including

      the election of directors, need not be by written ballot. In the case of a

      vote by written ballot, each ballot shall be signed by the stockholder

      voting, or by such stockholder's proxy.

 

            Section 8. Action by Written Consent of Stockholders.

 

            (a)   Anything in these By-laws to the contrary notwithstanding, any

action required by the General Corporation Law to be, or which may be, taken at

any annual or special meeting of the stockholders may be taken without a

meeting, without prior notice and without a vote, if a consent or consents in

writing, setting forth the action so taken, shall be signed in person or by

proxy by the holder 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 if the

procedures in this Section 8 of Article I shall be complied with.

 

 

 

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            (b)   A record date for determining stockholders entitled to express

consent to stockholder action in writing without a meeting shall be fixed by the

Board of Directors of the corporation (a "Consent Record Date"). Any stockholder

seeking to have the stockholders authorize or take action by written consent

without a meeting shall give written notice either by personal delivery or by

United States mail, postage prepaid, to the Secretary, of the intent of such

stockholder to take action by written consent, which notice shall request that

the Board of Directors fix a Consent Record Date. The Board of Directors shall,

within 10 days of the receipt of such notice, fix as the Consent Record Date a

date which shall not precede the date upon which the resolution fixing the

Consent Record Date shall be adopted by the Board of Directors and which shall

not be more than 10 days after the date upon which such resolution shall have

been adopted. If the Board of Directors fails to fix a record date as provided

in this Section 8 of Article I, then the record date shall be the day on which

the first written consent is duly delivered pursuant to Section 213(b) (or its

successor provision) of the General Corporation Law, or, if prior action is

required by the Board of Directors with respect to the matter to be acted upon

by written consent without a meeting, the record date shall be the close of

business on the day on which the Board of Directors adopts the resolution taking

such prior action.

 

            (c)   Every written consent pursuant to this Section 8 of Article I

shall bear the date of signature of each stockholder who shall sign such consent

and no written consent shall be effective to take the corporate action referred

to therein unless, within 60 days of the date of the earliest dated consent

delivered to the corporation in the manner required by this Section 8 of Article

I, written consents signed by a sufficient number of stockholders to take action

shall be delivered to the corporation by delivery to its registered office in

the State of Delaware, to its principal place of business or to an officer or

agent of the corporation having custody of the books in which meetings and

proceedings of the stockholders shall be recorded. Delivery made to said

registered office of the corporation shall be by hand or by certified or

registered mail, return receipt requested.

 

            (d)   In the event of the delivery to the corporation of a written

consent or consents purporting to represent the requisite voting power to

authorize or take corporate action and/or related revocations, the Secretary of

the corporation shall provide for the safekeeping of such consents and

revocations and shall promptly engage nationally recognized independent

inspectors of election for the purpose of promptly performing a ministerial

review of the validity of the consents and revocations. No action by written

consent without a meeting shall be effective until such inspectors of election

have completed their review, determined that the requisite number of valid and

unrevoked consents has been obtained to authorize or take the action specified

in the consents and certified such determination for entry in the records of the

corporation kept for the purpose of recording the proceedings of meetings of

stockholders.

 

            (e)   Prompt notice of the taking of the corporate action without a

meeting by less than unanimous written consent shall be given to those

stockholders who shall not have consented in writing.

 

 

 

 

 

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                                   ARTICLE II

 

                                    DIRECTORS

 

            Section 1. Functions and Definition. The business and affairs of the

corporation shall be managed by or under the direction of the Board of Directors

of the corporation. The Board of Directors shall have the authority to fix the

compensation of the members thereof. The use of the phrase "whole board" herein

refers to the total number of directors which the corporation would have if

there were no vacancies.

 

            Section 2. Qualifications and Number. A director need not be a

stockholder, a citizen of the United States, or a resident of the State of

Delaware. The initial Board of Directors shall consist of two persons.

Thereafter the number of directors constituting the whole board shall be at

least one. Subject to the foregoing limitation and except for the first Board of

Directors, such number may be fixed from time to time by action of the

directors, or, if the number is not fixed, the number shall be two. The number

of directors may be increased or decreased by action of the directors.

 

            Section 3. Election and Term. The first Board of Directors, unless

the members thereof shall have been named in the certificate of incorporation,

shall be elected by the incorporator or incorporators and shall hold office

until the first annual meeting of stockholders and until their successors are

elected and qualified or until their earlier resignation or removal. Any

director may resign at any time upon written notice to the corporation.

Thereafter, directors who are elected at an annual meeting of stockholders, and

directors who are elected in the interim to fill vacancies and newly created

directorships, shall hold office until the next annual meeting of stockholders

and until their successors are elected and qualified or until their earlier

resignation or removal.

 

            Section 4. Vacancies. Subject to the rights of the holders of any

class or series of stock having a preference over the common stock of the

corporation as to dividends or upon liquidation, any vacancies on the Board of

Directors resulting from death, resignation, removal or other cause, and newly

created directorships resulting from any increase in the number of directors

shall be filled exclusively by the Board of Directors (and not by the

stockholders), acting by a majority of the remaining directors then in office,

even though less than a quorum of the Board of Directors, or by a sole remaining

director, and any directors so appointed shall hold office until the next annual

meeting and until his or her successor shall be duly elected and shall have

qualified, unless sooner displaced as provided by the General Corporation Law.

 

            Section 5. Notification of Nomination.

 

            (a)   Only persons who are nominated in accordance with the

following procedures shall be eligible for election as directors of the

corporation, except as may be otherwise provided in the certificate of

incorporation with respect to the right of holders of preferred stock of the

corporation to nominate and elect a specified number of directors in certain

circumstances. Nominations of persons for election to the Board of Directors may

be made at any annual meeting of stockholders, or at any special meeting of

stockholders called for the purpose of electing directors, (i) by or at the

direction of the Board of Directors (or any duly authorized committee thereof)

 

 

 

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or (ii) by any stockholder of the corporation (A) who is a stockholder of record

on the date of the giving of the notice provided for in this Section 5 of

Article II and on the record date for the determination of stockholders entitled

to vote at such meeting and (B) who complies with the notice procedures set

forth in Section 5(b) of this Article II. In addition to any other applicable

requirements, for a nomination to be made by a stockholder pursuant to clause

(ii) of this Section 5(a) of Article II, such stockholder must have given timely

notice thereof in proper written form to the Secretary of the corporation.

 

            (b)   To be timely, a stockholder's notice to the Secretary pursuant

to clause (ii) of Section 5(a) of this Article II must be delivered to or mailed

and received at the principal executive offices of the corporation (i) in the

case of an annual meeting, not less than 120 days nor more than 150 days prior

to the anniversary date of the immediately preceding annual meeting of

stockholders; provided, however, that in the event that the annual meeting is

called for a date that is not within 30 days before or after such anniversary

date, notice by the stockholder in order to be timely must be so received not

later than the close of business on the tenth day following the day on which

such notice of the date of the annual meeting is mailed or such public

disclosure of the date of the annual meeting is made, whichever first occurs, or

(ii) in the case of a special meeting of stockholders called for the purpose of

electing directors, not later than the close of business on the tenth day

following the day on which notice of the date of the special meeting is mailed

or public disclosure of the date of the special meeting is made, whichever first

occurs.

 

            (c)   To be in proper written form, a stockholder's notice to the

Secretary pursuant to clause (ii) of Section 5(a) of this Article II must set

forth (i) as to each person whom the stockholder proposes to nominate for

election as a director, (A) the name, age, business address and residence

address of the person, (B) the business experience during the past five years of

such person, including his or her principal occupation or employment during such

period, the name and principal business of any corporation or other organization

in which such occupations and employment were carried on, and such other

information as to the nature of his or her responsibilities and level of

professional competence as may be sufficient to permit assessment of his or her

prior business experience, (C) the class or series and number of shares of

capital stock of the corporation which are owned beneficially or of record by

the person and (D) any other information relating to the person that would be

required to be disclosed in a proxy statement or other filings required to be

made in connection with solicitations of proxies for election of directors

pursuant to Section 14 of the Exchange Act and the rules and regulations

promulgated thereunder; and (ii) as to the stockholder giving the notice, (A)

the name and address of such stockholder and of all persons or entities acting

in concert with the stockholder, (B) the name and address of such stockholder as

they appear on the corporation's books (if they so appear), (C) the class or

series and number of shares of capital stock of the corporation which are owned

beneficially or of record by such stockholder, together with evidence reasonably

satisfactory to the Secretary of such beneficial ownership, (D) a description of

all arrangements or understandings between such stockholder and each proposed

nominee and any other person or persons (including their names) pursuant to

which the nomination(s) are to be made by such stockholder, (E) a representation

that such stockholder intends to appear in person or by proxy at the meeting to

nominate the persons named in its notice and (F) any other information relating

to such stockholder that would be required to be disclosed in a proxy statement

or other filings required to be made in connection with solicitations of proxies

 

 

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for election of directors pursuant to Section 14 of the Exchange Act and the

rules and regulations promulgated thereunder. Such notice must be accompanied by

a written consent of each proposed nominee to being named as a nominee and to

serve as a director if elected.

 

            (d)   No person shall be eligible for election as a director of the

corporation unless nominated in accordance with the procedures set forth in this

Section 5 of Article II. If the chairman of the meeting determines that a

nomination was not made in accordance with the foregoing procedures, the

chairman of the meeting shall declare to the meeting that the nomination was

defective and such defective nomination shall be disregarded.

 

            Section 6. Meetings.

 

            (a)   Time. Meetings shall be held at such time as the Board of

Directors shall fix, except that the first meeting of a newly elected Board of

Directors shall be held as soon after its election as the directors may

conveniently assemble.

 

            (b)   Place. Meetings shall be held at such place within or without

the State of Delaware as shall be fixed by the Board of Directors.

 

            (c)   Call. No call shall be required for regular meetings for which

the time and place have been fixed. Special meetings may be called by or at the

direction of the Chairman of the Board, if any, the Vice-Chairman of the Board,

if any, the Chief Executive Officer or the President, or of a majority of the

directors in office.

 

            (d)   Notice or Actual or Constructive Waiver. No notice shall be

required for regular meetings for which the time and place have been fixed.

Written, oral, or any other mode of notice of the time and place shall be given

for special meetings in sufficient time for the convenient assembly of the

directors thereat. Notice need not be given to any director or to any member of

a committee of directors who submits a written waiver of notice signed by him

before or after the time stated therein. Attendance of any such person at a

meeting shall constitute a waiver of notice of such meeting, except when he

attends a meeting for the express purpose of objecting, at the beginning of the

meeting, to the transaction of any business because the meeting is not lawfully

called or convened. Neither the business to be transacted at, nor the purpose

of, any regular or special meeting of the directors need be specified in any

written waiver of notice.

 

            (e)   Quorum and Action. A majority of the whole Board of Directors

shall constitute a quorum except when a vacancy or vacancies prevents such

majority, whereupon a majority of the directors in office shall constitute a

quorum, provided, that such majority shall constitute at least one-third of the

whole Board of Directors. A majority of the directors present, whether or not a

quorum is present, may adjourn a meeting to another time and place. Except as

herein otherwise provided, and except as otherwise provided by the General

Corporation Law, the vote of the majority of the directors present at a meeting

at which a quorum is present shall be the act of the Board of Directors. The

quorum and voting provisions herein stated shall not be construed as conflicting

with any provisions of the General Corporation Law and these By-laws which

govern a meeting of directors held to fill vacancies and newly created

directorships in the Board of Directors or action of disinterested directors.

 

 

 

 

 

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            Any member or members of the Board of Directors or of any committee

designated by the Board of Directors, may participate in a meeting of the Board

of Directors, or any such committee, as the case may be, by means of conference

telephone or similar communications equipment by means of which all persons

participating in the meeting can hear each other.

 

            (f)   Chairman of Meetings of Board of Directors. The Chairman of

the Board, if any and if present and acting, shall preside at all meetings.

Otherwise, the Vice-Chairman of the Board, if any and if present and acting, the

Chief Executive Officer, if present and acting, or the President, if present and

acting, or any other director chosen by the Board of Directors, shall preside.

 

            Section 7. Removal of Directors. Except as may otherwise be provided

by the General Corporation Law, any director 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.

 

            Section 8. Committees. The Board of Directors may, by resolution

passed by a majority of the whole Board of Directors, designate one or more

committees, each committee to consist of one or more of the directors of the

corporation. The Board of Directors may designate one or more directors as

alternate members of any committee, who may replace any absent or disqualified

member at any meeting of the committee. In the absence or disqualification of

any member of any such committee or committees, the member or members thereof

present at any meeting and not disqualified from voting, whether or not he or

they constitute a quorum, may unanimously appoint another member of the Board of

Directors to act at the meeting in the place of any such absent or disqualified

member. Any such committee, to the extent provided in the resolution of the

Board of Directors, shall have and may exercise the powers and authority of the

Board of Directors in the management of the business and affairs of the

corporation with the exception of any authority the delegation of which is

prohibited by Section 141 of the General Corporation Law, and may authorize the

seal of the corporation to be affixed to all papers which may require it.

 

            Section 9. Written Action. Any action required or permitted to be

taken at any meeting of the Board of Directors or any committee thereof may be

taken without a meeting if all members of the Board of Directors or committee,

as the case may be, consent thereto in writing, and the writing or writings are

filed with the minutes of proceedings of the Board of Directors or committee.

 

 

                                   ARTICLE III

 

                                    OFFICERS

 

            The officers of the corporation shall consist of a Chief Executive

Officer, a President, a Chief Financial Officer, a Secretary, and, if deemed

necessary, expedient, or desirable by the Board of Directors, a Chairman of the

Board, a Vice-Chairman of the Board, an Executive Vice-President, one or more

other Vice-Presidents, one or more Assistant Secretaries, one or more Assistant

Treasurers, and such other officers with such titles as the resolution of the

 

 

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Board of Directors choosing them shall designate; provided, however, that the

Board of Directors may also appoint from its members (who are not officers or

employees of the Corporation) a non-executive Chairman of the Board and a

non-executive Vice-Chairman of the Board, and that any such non-executive

Chairman or non-executive Vice Chairman so appointed shall not be deemed to be

an officer of the corporation. Except as may otherwise be provided in the

resolution of the Board of Directors choosing him, no officer other than the

Chairman, non-executive Chairman, Vice- Chairman and non-executive Chairman of

the Board, if any, need be a director. Any number of offices may be held by the

same person, as the directors may determine.

 

            Unless otherwise provided in the resolution choosing him, each

officer shall hold his office for such term as may be prescribed by the Board of

Directors and until such person's successor shall have been chosen and shall

qualify, or until such person's death or resignation, or until such person's

removal in the manner hereinafter provided.

 

            All officers of the corporation shall have such authority and

perform such duties in the management and operation of the corporation as shall

be prescribed in the resolutions of the Board of Directors designating and

choosing such officers and prescribing their authority and duties, and shall

have such additional authority and duties as are incident to their office except

to the extent that such resolutions may be inconsistent therewith. The Secretary

or an Assistant Secretary of the corporation shall record all of the proceedings

of all meetings and actions in writing of stockholders, directors, and

committees of directors, and shall exercise such additional authority and

perform such additional duties as the Board of Directors shall assign to him.

Any officer may be removed, with or without cause, by the Board of Directors.

Any vacancy in any office may be filled by the Board of Directors.

 

 

                                   ARTICLE IV

 

                                 CORPORATE SEAL

 

            The corporate seal shall be in such form as the Board of Directors

shall prescribe.

 

 

                                    ARTICLE V

 

                                   FISCAL YEAR

 

            The fiscal year of the corporation shall be fixed, and shall be

subject to change, by the Board of Directors.

 

 

                                   ARTICLE VI

 

                              CONTROL OVER BY-LAWS

 

            Subject to the provisions of the certificate of incorporation and

the provisions of the General Corporation Law, these By-laws may be altered,

amended or repealed in whole or in part, and new By-laws may be adopted, by the

Board of Directors at any regular or special meeting of the Board of Directors.

 

 

 

 

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[End]