Form 8-K
8-K — NEXTERA ENERGY INC
Accession: 0001104659-26-081863
Filed: 2026-07-08
Period: 2026-07-08
CIK: 0000753308
SIC: 4911 (ELECTRIC SERVICES)
Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item: Financial Statements and Exhibits
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of
earliest event reported: July 8,
2026
Commission
File
Number
Exact name of registrant as specified in its
charter, address of principal executive offices and
registrant's telephone number
IRS Employer
Identification
Number
1-8841
NEXTERA ENERGY, INC.
59-2449419
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
State or other jurisdiction of incorporation or
organization: Florida
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common Stock, $0.01 Par Value
NEE
New York Stock Exchange
7.299% Corporate Units
NEE.PRS
New York Stock Exchange
7.234% Corporate Units
NEE.PRT
New York Stock Exchange
7.375% Corporate Units
NEE.PRV
New York Stock Exchange
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
SECTION 5 – CORPORATE GOVERNANCE
AND MANAGEMENT
Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year
(a) On July 8, 2026, the Board of Directors
(the "Board") of NextEra Energy, Inc. ("NextEra Energy") approved amendments to NextEra Energy's Amended and
Restated Bylaws (the "Bylaws"), which became effective immediately upon approval.
The amendments revise the Bylaws to provide that
the Board has authority to determine the time and place, if any, of any special meeting of shareholders. The Bylaws continue to permit
the chief executive officer to determine the time and place of a special meeting of shareholders. The amendments also clarify that the
Board may determine that any annual or special meeting of shareholders may be held solely by means of remote communication to the fullest
extent permitted by the Florida Business Corporation Act and make revisions to certain provisions governing shareholder meetings and notices
thereof related to shareholder meetings for which remote communication is authorized.
The foregoing description of the amendments to
the Bylaws does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Bylaws, which are
filed as Exhibit 3(ii) to this Current Report on Form 8-K and are incorporated herein by reference.
SECTION 9 – FINANCIAL STATEMENTS
AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number
Description
3(ii)
Amended and Restated Bylaws of NextEra Energy, Inc., effective July 8, 2026
101
Interactive data files for this Form 8-K formatted in Inline XBRL
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: July 8, 2026
NEXTERA ENERGY, INC.
(Registrant)
/s/ Charles E. Sieving
Charles E. Sieving
Executive Vice President, Chief Legal, Environmental
and Federal Regulatory Affairs Officer
EX-3.(II) — EXHIBIT 3(II)
EX-3.(II)
Filename: tm2614888d16_ex3ii.htm · Sequence: 2
Exhibit 3(ii)
NextEra
Energy, Inc.
AMENDED AND RESTATED BYLAWS
ARTICLE I. MEETINGS OF SHAREHOLDERS
Section 1. Annual
Meeting. The annual meeting of the shareholders of the Corporation shall be held at the time and place, if any, designated by
the board of directors of the Corporation. The board of directors may determine that any annual meeting shall be held solely by means
of remote communication and without a physical place to the fullest extent permitted by the Florida Business Corporation Act.
Section 2. Special
Meetings. Special meetings of the shareholders may be called by the chairman of the board of directors or the president or the
secretary of the Corporation and shall be called upon the written request of a majority of the entire board of directors or the holder
or holders of not less than 20% of all the outstanding shares of stock of the Corporation entitled to vote on the matter or matters to
be presented at the meeting. Such request shall state the purpose or purposes of the proposed meeting. No business shall be conducted
at any special meeting other than the business for which the special meeting is called as set forth in the notice of the special meeting.
Special meetings shall be held at the time and place designated by the chief executive officer of the Corporation, or at the time and
place, if any, designated by the board of directors of the Corporation. The board of directors may determine that any special meeting
shall be held solely by means of remote communication and without a physical place to the fullest extent permitted by the Florida Business
Corporation Act.
Section 3. Place
and Presiding Officer. Meetings of the shareholders may be held within or without the State of Florida, or solely by means of
remote communication (as authorized by the board of directors).
If authorized by the board
of directors, and subject to any guidelines and procedures adopted by the board of directors and to any applicable requirements of the
Florida Business Corporation Act, shareholders, persons entitled under the Florida Business Corporation Act to vote on behalf of a shareholder,
attorneys-in-fact for shareholders, and proxy holders not physically present at a meeting of shareholders may, by means of remote communication,
participate in, and be deemed present in person and vote at, a meeting of shareholders, whether held at a designated place or solely by
means of remote communication.
Meetings of the shareholders
may be presided over by the chairman of the board, the president or any vice president. The secretary of the Corporation, or any person
chosen by the person presiding over the shareholders' meeting, shall act as secretary for the meeting.
Section 4. Notice.
Written notice stating the place, if any, day and hour of the meeting, the means of remote communication authorized by the board of directors,
if any, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given not less than ten
nor more than sixty days before the meeting, personally, by United States mail, or in such other manner as may be permitted by law, by
or at the direction of the chairman of the board, the president, the secretary, or the officer or persons calling the meeting. If mailed,
such notice shall be deemed to be given when deposited in the United States mail addressed to the shareholder at his or her address as
it appears on the stock transfer books of the Corporation, with postage thereon prepaid.
Section 5. Notice
of Adjourned Meetings. When a meeting is adjourned to another time or place, it shall not be necessary to give any notice of the
adjourned meeting if the time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken,
and at the adjourned meeting any business may be transacted that might have been transacted on the original date of the meeting. If, however,
after the adjournment the board of directors fixes a new record date for the adjourned meeting, a notice of the adjourned meeting shall
be given as provided in Section 4 of this Article I to each shareholder of record on the new record date entitled to vote at
such meeting.
Section 6. Closing
of Transfer Books and Fixing Record Date. For the purpose of determining shareholders entitled to notice of, or to vote at, any
meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend, or in order to make a determination
of shareholders for any other purpose, the board of directors may provide that the stock transfer books shall be closed for a stated period
not to exceed, in any case, sixty days (or such longer period as may from time to time be permitted by law). If the stock transfer books
shall be closed for the purpose of determining shareholders entitled to notice of, or to vote at, a meeting of shareholders, such books
shall be closed for at least ten days immediately preceding such meeting.
In lieu of closing the stock
transfer books, the board of directors may fix in advance a date as the record date for any determination of shareholders, such date in
any case to be not more than sixty days (or such longer period as may from time to time be permitted by law) and, in case of a meeting
of shareholders, not less than ten days prior to the date on which the particular action requiring such determination of shareholders
is to be taken.
If the stock transfer books
are not closed and no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders,
or shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the
resolution of the board of directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination
of shareholders.
When a determination of shareholders
entitled to vote at any meeting of shareholders has been made as provided in this Section 6, such determination shall apply to any
adjournment thereof, unless the board of directors fixes a new record date for the adjourned meeting.
2
Section 7. Shareholder
Quorum and Voting.
(a) Quorum
and General Voting Requirements. A majority of the total number of shares outstanding and entitled to vote, present in person
or represented by proxy thereat, shall constitute a quorum at a meeting of shareholders for the transaction of business, except as otherwise
provided by the Florida Business Corporation Act or by the Corporation's Articles of Incorporation, as amended and restated from time
to time (the "Charter"). If a specified item of business is required to be voted on by a class or series of shares, a majority
of the total number of shares outstanding and entitled to vote of such class or series, present in person or represented by proxy thereat,
shall constitute a quorum at a meeting of shareholders for the transaction of such item of business by such class or series. If, however,
a quorum does not exist at a meeting, the holders of a majority of the shares present at such meeting and entitled to vote may adjourn
the meeting from time to time, without notice other than by announcement at the meeting, until the requisite number of shares entitled
to vote shall be present. At any such adjourned meeting at which a quorum exists, any business may be transacted which might have been
transacted at the meeting as originally noticed. After a quorum has been established at a meeting, the subsequent withdrawal of shareholders,
so as to reduce the number of shares entitled to vote at the meeting below the number required for a quorum, shall not affect the validity
of any action taken at the meeting or any adjournment thereof.
For purposes of this Section 7,
(1) shares entitled to vote on any item of business presented for action by shareholders at a meeting, present in person or represented
by proxy thereat, shall be counted for purposes of establishing a quorum for the transaction of all business at such meeting, and (2) broker
non-votes, if any, with respect to any item of business shall not count as shares entitled to vote on that item of business.
If a quorum exists, action
on a matter (other than the election of directors) shall be approved by the shareholders of the Corporation if the votes cast by shareholders
present in person or represented by proxy at the meeting and entitled to vote on the matter favoring such action exceed the number of
votes cast by such shareholders opposing such action.
(b) Election
of Directors. If a quorum exists, a nominee for director shall be elected to the board of directors if the votes cast for such
nominee's election by shareholders present in person or represented by proxy at the meeting and entitled to vote on the matter exceed
the votes cast by such shareholders against such nominee's election; provided, however, that if the number of persons considered by the
shareholders for election as directors exceeds the total number of directors to be elected, directors shall be elected by a plurality
of the votes cast; and further provided that all persons considered for election (other than those recommended for nomination by or at
the direction of the board of directors or any duly authorized committee thereof) shall have met all applicable requirements and procedures
in being placed in nomination and considered for election, including without limitation the requirements set forth in these bylaws and
in all applicable laws, rules and regulations.
3
(c) Notwithstanding
the foregoing provisions of this Section 7, any item of business may require a greater or different vote (i) by express provision
of the Florida Business Corporation Act or the Charter, or (ii) to the extent permitted by the Florida Business Corporation Act,
by express provision of these bylaws or by action of the board of directors, in which event such greater or different vote requirement
shall govern or, if so provided in such a requirement or action of the board of directors, shall apply in addition to the vote otherwise
required.
Section 8. Inspectors
of Election. Prior to each meeting of shareholders, the board of directors shall appoint not less than one nor more than five
inspectors of election who shall have such duties and perform such functions in connection with the meeting as shall be determined by
the board of directors.
Section 9. Notice
of Shareholder Business and Director Nominations.
(a) (1) General.
Nominations of persons for election to the board of directors of the Corporation and the proposal of any other business to be considered
by the shareholders of the Corporation may be made at any annual meeting of shareholders, only (i) pursuant to the Corporation's
notice of meeting (or any supplement thereto), (ii) by or at the direction of the board of directors (or any duly authorized committee
thereof) or (iii) by any shareholder of the Corporation who (A) is a shareholder of record at the time of the giving of the
notice provided for in this Section 9 and at the time of the annual meeting, (B) is entitled to vote at the annual meeting on
the election of directors or proposal and (C) complies with the notice procedures set forth in this Section 9 as to such business
or nomination. Clause (iii) of this Section 9(a)(1) or Article I Section 11 of these bylaws shall be the exclusive
means for a shareholder to make nominations or submit other business (other than matters properly brought under Rule 14a-8 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and included in the Corporation’s notice of meeting)
before an annual meeting of shareholders.
(2) Timely Notice.
Without qualification or limitation, for any nominations or any other business to be properly brought before an annual meeting by a shareholder
of the Corporation pursuant to Section 9(a)(1)(iii) hereof, the shareholder previously must have given timely notice thereof
in proper written form (as more fully described in Section 9(a)(3) hereof) to the secretary of the Corporation and any such
other business must constitute a proper matter for shareholder action. To be timely, a shareholder's notice must be delivered to the secretary
of the Corporation in person or by facsimile, or sent by U.S. certified mail and received by the secretary of the Corporation, at the
principal executive offices of the Corporation, not earlier than the opening of business on the 120th day prior and not later than the
close of business on the 90th day prior to the first anniversary of the date of the Corporation’s immediately preceding annual meeting;
provided, however, that in the event that the date of the annual meeting is more than 30 days earlier or more than 60 days later than
such first anniversary date, notice by the shareholder to be timely must be so delivered or received not earlier than the opening of business
on the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the 90th day prior
to the date of such annual meeting or the 10th day following the day on which public announcement of the date of such annual meeting is
first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting or the public announcement thereof
commence a new time period (or extend any time period) for the giving of notice by a shareholder as described above.
4
(3) Notice in Proper
Written Form. To be in proper written form, a shareholder's notice to the secretary of the Corporation (whether given pursuant
to Section 9(a) or Section 9(b) hereof) must set forth in writing:
(A) as to the
shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:
(i) the name
and address of such shareholder as they appear on the Corporation’s books, and of such beneficial owner, if any;
(ii) information
about all holdings or other interests in the Corporation’s securities, including without limitation:
(a) the class
or series and number of shares of the Corporation which are, directly or indirectly, owned of record and/or owned beneficially by the
shareholder and such beneficial owner, if any, and a representation that the shareholder and beneficial owner, if any, will notify the
Corporation in writing of the class or series and number of such shares owned of record and beneficially as of the record date for the
meeting, promptly following the later of the record date and the date notice of the record date is first publicly announced;
(b) any option,
warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment
or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the
value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the
underlying class or series of capital stock of the Corporation or otherwise (a “Derivative Instrument”) directly or indirectly
owned beneficially by such shareholder and beneficial owner, if any, and any other direct or indirect opportunity to profit or share in
any profit derived from any increase or decrease in the value of shares of the Corporation;
(c) any proxy,
contract, arrangement, understanding or relationship pursuant to which such shareholder and beneficial owner, if any, has a right to vote
any shares of any security of the Corporation;
(d) any short
interest in any security of the Corporation (for purposes hereof, a person or entity shall be deemed to have a short interest in a security
if such person or entity directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the
opportunity to profit or share in any profit derived from any decrease in the value of the subject security);
5
(e) any rights
to dividends on the shares of the Corporation owned beneficially by such shareholder and beneficial owner, if any, that are separated
or separable from the underlying shares of the Corporation;
(f) any proportionate
interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by (X) a general or limited partnership
in which such shareholder and beneficial owner, if any, is a general partner or, directly or indirectly, beneficially owns an interest
in a general partner or (Y) a limited liability company in which such shareholder and beneficial owner, if any, is a managing member
or, directly or indirectly, beneficially owns an interest in a managing member or (Z) another entity or enterprise in which such
shareholder and beneficial owner, if any, serves in a similar management capacity or directly or indirectly, beneficially owns an interest
in an entity or enterprise that serves in such a management capacity; and
(g) any performance-related
fees (other than an asset-based fee) that such shareholder and beneficial owner, if any, is entitled to based on any increase or decrease
in the value of shares of the Corporation or Derivative Instruments, if any, as of the date of such notice, including without limitation
any such interests held by such shareholder’s and beneficial owner’s, if any, affiliates, any person or entity with whom such
shareholder and beneficial owner, if any, is acting in concert or members of such shareholder’s and beneficial owner’s, if
any, immediate family sharing the same household (which information shall be supplemented by such shareholder and beneficial owner, if
any, not later than ten (10) days after the later of the record date for the annual meeting or the date on which the record date
for the annual meeting is first publicly announced to disclose such ownership as of the record date);
(iii) a representation
that the shareholder is a holder of record of stock of the Corporation entitled to vote at such annual meeting on the matter proposed
and intends to appear in person or by proxy at such meeting to propose such nomination or other business;
(iv) if the shareholder
intends to solicit proxies in support of such shareholder's proposal, a representation to that effect; and
(v) any other
information relating to such shareholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election
of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder.
6
(B) if the
notice relates to any business that the shareholder proposes to bring before the meeting other than a nomination of a director or directors:
(i) a brief description
of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions
proposed for consideration), the reasons for conducting such business at the meeting, any material interest of such shareholder and beneficial
owner, if any, in such business and, in the event that such business includes a proposal to amend the Charter or by-laws of the Corporation,
the language of the proposed amendment; and
(ii) a description
of all agreements, arrangements and understandings between such shareholder and beneficial owner, if any, and any other person or persons
(including the names of such persons) in connection with the proposal of such business by such shareholder.
(C) If the
shareholder proposes to nominate a person for election to the board of directors, as to each such person whom the shareholder proposes
to nominate:
(i) all information
relating to such 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 the election of directors in a contested election pursuant to Section 14 of the Exchange Act and
the rules and regulations promulgated thereunder (including such person's written consent to being named in the proxy statement as
a nominee and to serving as a director if elected); and
(ii) a description
of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three
years, and any other material relationships, between or among such shareholder and beneficial owner, if any, and their respective affiliates
and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates
and associates, or others acting in concert therewith, on the other hand, including without limitation all information that would be required
to be disclosed pursuant to Rule 404 promulgated by the Securities and Exchange Commission under Regulation S-K (or any successor
rule or regulation) if the shareholder making the nomination and any beneficial owner on whose behalf the nomination is made, if
any, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such
rule and the nominee were a director or executive officer of such “registrant”; and
7
(D) with respect
to each nominee for election to the board of directors, include a completed and signed questionnaire, representation and agreement as
required by Article 1, Section 10 hereof. The Corporation may require any proposed nominee to furnish such other information
as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director
of the Corporation or that could be material to a reasonable shareholder’s understanding of the independence, or lack thereof, of
such nominee.
(4) Notwithstanding anything in Section 9(a)(2) above
to the contrary, in the event that the number of directors to be elected to the board of directors at an annual meeting of the shareholders
is increased in accordance with Article II, Section 2 and there is no public announcement naming all of the nominees for directors
or specifying the size of the increased board of directors made by the Corporation at least 90 days prior to the first anniversary of
the date of the immediately preceding annual meeting, a shareholder's notice required by this Section 9 shall also be considered
timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the secretary of
the Corporation in person or by facsimile, or sent by U.S. certified mail and received by the secretary of the Corporation, at the principal
executive offices of the Corporation, not later than the close of business on the 10th day following the day on which such public announcement
is first made by the Corporation.
(5) For purposes of this Section 9,
(a) an “affiliate” of, or person “affiliated” with, a specified person, is a person that directly, or indirectly
through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified, and (b) an
“associate”, when used to indicate a relationship with any person, means (i) a corporation or organization of
which such person is an officer or partner or is, directly or indirectly, the beneficial owner of 10 percent or more of any class of equity
securities, (ii) any trust or other estate in which such person has a substantial beneficial interest or as to which such person
serves as trustee or in a similar capacity, and (iii) any relative or spouse of such person, or any relative of such spouse, who
has the same home as such person or who is a director or officer of the Corporation or any of its subsidiaries.
(b) Special Meetings
of Shareholders. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before
the meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the board of directors may be made
at a special meeting of shareholders at which directors are to be elected pursuant to the Corporation's notice of meeting (i) by
or at the direction of the board of directors (or any duly authorized committee thereof) or (ii) provided that the board of directors
has determined that directors shall be elected at such meeting, by any shareholder of the Corporation who (i) is a shareholder of
record at the time of the giving of notice provided for in this Section 9 and at the time of the special meeting, (ii) is entitled
to vote at the meeting for the election of directors and (iii) complies with the notice procedures set forth in this Section 9
as to such nomination. In the event a special meeting of shareholders is properly called by the Corporation for the purpose of electing
one or more directors to the board of directors, any such shareholder may nominate a person or persons (as the case may be), for election
to such position(s) as specified in the Corporation's notice of meeting, if the shareholder’s notice required by Sections 9(a)(2) and
9(a)(3) hereof with respect to any nomination (including the completed and signed questionnaire, representation and agreement required
by Section 9(a)(3)(D) hereof) shall be delivered to the secretary of the Corporation in person or by facsimile, or sent by U.S.
certified mail and received by the secretary of the Corporation, at the principal executive offices of the Corporation, not earlier than
the opening of business on the 120th day prior to such special meeting and not later than the close of business on the later of the 90th
day prior to such special meeting or the 10th day following the day on which public announcement is first made by the Corporation of the
date of such special meeting and of the fact that directors are to be elected. In no event shall any adjournment or postponement of a
special meeting or the public announcement thereof commence a new time period (or extend any time period) for the giving of notice by
a shareholder as described above.
8
(c) If the notice requirements
set forth in this Section 9 are satisfied by a shareholder and such shareholder's nominee or proposal has been included in a proxy
statement that has been prepared by management of the Corporation to solicit proxies for the applicable meeting of shareholders and such
shareholder does not appear or send a qualified representative to present such nominee or proposal at such meeting, the Corporation need
not present such nominee or proposal for a vote at such meeting notwithstanding that proxies in respect of such vote may have been received
by the Corporation. For purposes of this Section 9, to be considered a qualified representative of the shareholder, a person must
be authorized by a writing executed by such shareholder or an electronic transmission (as defined in the Florida Business Corporation
Act) delivered by such shareholder to the secretary of the Corporation (in the case of a writing, delivered in person or by facsimile,
or sent by U.S. certified mail and received, at the principal executive offices of the Corporation) to act for such shareholder as proxy
at the meeting of shareholders and such person must produce such writing or electronic transmission, or a reliable printed reproduction
of such writing or electronic transmission, at the meeting of shareholders.
(d) Except as otherwise
provided in the Corporation’s Charter, only such persons as are nominated in accordance with the procedures set forth in this Article I,
Section 9 or are chosen to fill any vacancy occurring in the board of directors in accordance with Article II, Section 3
shall be eligible to serve as directors and only such business shall be conducted at a meeting of shareholders as shall have been brought
before the meeting in accordance with the procedures set forth in this Article I, Section 9. Except as otherwise provided by
law, the Charter or these bylaws, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business
proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this
Article 1, Section 9, and, if any proposed nomination or business is not in compliance with this Article 1, Section 9,
to declare that such defective proposal or nomination shall be disregarded.
(e) For purposes of this
Section 9, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Services, Associated
Press or comparable national news service, in a document publicly filed by the Corporation with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder, or posted
on the Corporation’s website.
(f) Notwithstanding the
foregoing provisions of this Section 9, a shareholder shall also comply with all applicable requirements of the Exchange Act and
the rules and regulations thereunder, and all applicable rules and requirements of the NYSE or, if the Corporation's shares
are not listed on the NYSE, the applicable rules and requirements of the primary securities exchange or quotation system on which
the Corporation's shares are listed or quoted, in each case with respect to the matters set forth in this Section 9; provided, however,
that any references in these bylaws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit
the requirements applicable to nominations or proposals as to any other business to be considered pursuant to Section 9(a)(1)(iii) or
Section 9(b) hereof. Nothing in this Section 9 shall be deemed to affect any rights (i) of shareholders to request
inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange
Act or (ii) of the holders of any series of stock having preference over the common stock as to dividends or upon liquidation, if
and to the extent provided for under law, the Charter or these bylaws.
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Section 10. Submission
of Questionnaire, Representation and Agreement.
To be eligible to be a nominee for initial election
as a director of the Corporation, a person must deliver (in accordance with the time periods prescribed for delivery of notice under Section 9
of this Article I) to the secretary of the Corporation in person or by facsimile, or sent by U.S. certified mail and received by
the secretary of the Corporation, at the principal executive offices of the Corporation, a written questionnaire with respect to the background
and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which
questionnaire shall be provided by the secretary upon written request) and a written representation and agreement (in the form provided
by the secretary upon written request) that such person
(i) is not and will not become
a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or
entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a "Voting Commitment")
that has not been disclosed to the Corporation or (B) any Voting Commitment that could limit or interfere with such person's ability
to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law,
(ii) is not and will not become
a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct
or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed
therein, and
(iii) in such person's individual
capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director
of the Corporation, and will comply with, applicable law and all applicable publicly disclosed corporate governance, business conduct,
ethics, conflict of interest, corporate opportunities, confidentiality and stock ownership and trading policies and guidelines of the
Corporation.
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Section 11. Proxy
Access for Director Nominations.
(a) General.
The Corporation shall include in its proxy statement for an annual meeting of shareholders the name, together with the Required Information
(as defined below), of any person nominated for election (a “Shareholder Nominee”) to the board of directors by a shareholder
that satisfies, or by a group of no more than twenty (20) shareholders that satisfy, the requirements of this Section 11 (an “Eligible
Shareholder”), and that expressly elects at the time of providing the notice required by this Section 11 (the “Nomination
Notice”) to have its nominee included in the Corporation’s proxy materials pursuant to this Section 11.
(b) Timely
Notice. To be timely, a shareholder’s Nomination Notice must be delivered to or mailed and received by the secretary of
the Corporation at the principal executive offices of the Corporation not earlier than the opening of business on the 150th
day prior to and not later than the close of business on the 120th day prior to the first anniversary of the date the Corporation
commenced mailing of its proxy materials in connection with the most recent annual meeting of shareholders; provided, however, that in
the event that the annual meeting is called for a date that is more than 30 days earlier or more than 60 days later than such first anniversary
date, to be timely the Nomination Notice must be so received on the later of the close of business on the 120th day prior to
the date of such annual meeting or the 10th day following the day on which public announcement of the date of such annual meeting
is first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting or the public announcement thereof
commence a new time period (or extend any time period) for the giving of a Nomination Notice as described above.
(c) Required
Information. For purposes of this Section 11, the “Required Information” that the Corporation will include in
its proxy statement is (i) the information concerning the Shareholder Nominee and the Eligible Shareholder that is required to be
disclosed in the Corporation’s proxy statement by the rules and regulations promulgated under the Exchange Act; and (ii) if
the Eligible Shareholder so elects, a Statement (as defined below). To be timely, the Required Information must be delivered to or mailed
and received by the secretary of the Corporation within the time period specified in this Section 11 for providing the Nomination
Notice.
(d) Number
of Nominees. The number of Shareholder Nominees (including Shareholder Nominees that were submitted by an Eligible Shareholder
for inclusion in the Corporation’s proxy solicitation materials pursuant to this Section 11 but either are subsequently withdrawn
or that the board of directors decides to nominate as board of director nominees) appearing in the Corporation’s proxy materials
with respect to an annual meeting of shareholders shall not exceed the greater of (1) two or (2) twenty percent (20%) of the
number of directors in office as of the last day on which a Nomination Notice may be delivered pursuant to this Section 11, or if
such amount is not a whole number, the closest whole number below twenty percent (20%). In the event that the number of Shareholder Nominees
submitted by all Eligible Shareholders pursuant to this Section 11 exceeds this maximum number, each Eligible Shareholder will select
one Shareholder Nominee for inclusion in the Corporation’s proxy materials until the maximum number is reached, choosing in order
of the amount (largest to smallest) of shares of the common stock of the Corporation each Eligible Shareholder disclosed as owned in its
respective Nomination Notice submitted to the Corporation and confirmed by the Corporation. If the maximum number is not reached after
each Eligible Shareholder has selected one Shareholder Nominee, this selection process will continue as many times as necessary, following
the same order each time, until the maximum number is reached. In the event that two or more Eligible Shareholders disclose ownership
of the same number of shares of common stock of the Corporation, such Eligible Shareholders will choose in the order of receipt of their
respective Nomination Notice by the secretary of the Corporation.
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(e) (1) Share Ownership for Eligibility
to Make Nominations. For purposes of this Section 11, an Eligible Shareholder shall be deemed to “own” only those
outstanding shares of the common stock of the Corporation as to which the shareholder possesses both (A) the full voting and investment
rights pertaining to the shares and (B) the full economic interest in (including the opportunity for profit and risk of loss on)
such shares; provided that the number of shares calculated in accordance with clauses (A) and (B) shall not include any shares
(C) sold by such shareholder or any of its affiliates in any transaction that has not been settled or closed, (D) borrowed by
such shareholder or any of its affiliates for any purposes or purchased by such shareholder or any of its affiliates pursuant to an agreement
to resell or (E) subject to any option, warrant, forward contract, swap, contract of sale, or other derivative or similar agreement
entered into by such shareholder or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with
cash based on the notional amount or value of shares of outstanding common stock of the Corporation, in any such case which instrument
or agreement has, or is intended to have, the purpose or effect of (i) reducing in any manner, to any extent or at any time in the
future, such shareholder’s or any of its affiliate’s full right to vote or direct the voting of any such shares, and/or (ii) hedging,
offsetting or altering to any degree gain or loss arising from the full economic interest in such shares by such shareholder or affiliate.
For purposes of this Section 11, the terms “affiliate” or “affiliates” shall have the meaning ascribed to
them under the rules and regulations promulgated under the Exchange Act.
(2) Shares Held
by Nominees. A shareholder shall “own” shares held in the name of a nominee or other intermediary so long as the shareholder
retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest
in the shares, as set forth in Section 11(e)(1) above. A person’s ownership of shares shall be deemed to continue during
any period in which (A) the person has loaned such shares, provided that the person has the power to recall such loaned shares on
five business days’ notice or (B) the person has delegated any voting power by means of a proxy, power of attorney or other
instrument or arrangement that is revocable at any time by the person. The terms “owned,” “owning” and other variations
of the word “own” shall have correlative meanings. Whether outstanding shares of the common stock of the Corporation are “owned”
for these purposes shall be determined by the board of directors, a committee thereof or an officer of the Corporation designated pursuant
to Section 11(m) hereof, which determination shall be conclusive and binding on the Corporation and its shareholders, any Shareholder
Nominee and any other person.
(f) (1) Ownership Amount and Period
of Ownership. An Eligible Shareholder must have owned (as defined above in Section 11(e)) continuously for at least three
(3) years that number of shares of common stock as shall constitute three percent (3%) or more of the outstanding common stock of
the Corporation (the “Required Shares”) as of both (1) a date within seven (7) days prior to the date of the Nomination
Notice and (2) the record date for determining shareholders entitled to vote with respect to the election of directors at the annual
meeting.
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(2) Members of
the Group. For purposes of satisfying the foregoing ownership requirement under this Section 11, (A) the shares of the
common stock of the Corporation owned by one or more shareholders, or by the person or persons who own shares of the common stock of the
Corporation and on whose behalf any shareholder is acting, may be aggregated, provided that the number of shareholders and other persons
whose ownership of shares of common stock of the Corporation is aggregated for such purpose shall not exceed twenty (20), and (B) a
group of funds under common management and investment control shall be treated as one shareholder or person for this purpose. No person
may be a member of more than one group of persons constituting an Eligible Shareholder under this Section 11. For the avoidance of
doubt, if a group of shareholders aggregates ownership of shares in order to meet the requirements under this Section 11, all shares
held by each shareholder constituting their contribution to the foregoing 3% threshold must be held by that shareholder continuously for
at least three (3) years, and evidence satisfactory to the Corporation of such continuous ownership shall be provided.
(3) Additional
Information Required to be Delivered. Within the time period specified in this Section 11 for providing the Nomination Notice,
an Eligible Shareholder must provide the following information in writing to the secretary of the Corporation (in a form reasonably to
be specified by the secretary of the Corporation):
(A) one or
more written statements from the record holder of the shares (and from each intermediary through which the shares are or have been held
during the requisite three-year holding period) verifying that, as of a date within seven days prior to the date of the Nomination Notice,
the Eligible Shareholder owns, and has owned continuously for the preceding three years, the Required Shares, and the Eligible Shareholder’s
agreement to provide, within five business days after the record date for the annual meeting, written statements from the record holder
and intermediaries verifying the Eligible Shareholder’s continuous ownership of the Required Shares through the record date;
(B) the written
consent of each Shareholder Nominee to being named in the proxy statement as a nominee and to serving as a director if elected, together
with the information and representations that would be required to be set forth in a shareholder’s notice of a nomination pursuant
to Section 9(a)(3) hereof;
(C) a copy
of the Schedule 14N (or any successor form or schedule) that has been filed with the Securities and Exchange Commission as required by
Rule 14a-18 under the Exchange Act (or any successor rule or regulation);
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(D) a representation
that the Eligible Shareholder (including each member of any group of shareholders that together is an Eligible Shareholder under this
Section 11) (i) acquired the Required Shares in the ordinary course of business and not with the intent to change or influence
control of the Corporation, and does not presently have such intent, (ii) has not nominated and will not nominate for election to
the board of directors at the annual meeting any person other than the Shareholder Nominee(s) being nominated pursuant to this Section 11,
(iii) has not engaged and will not engage in, and has not and will not be a “participant” in another person’s,
“solicitation” within the meaning of Rule 14a-1(l) under the Exchange Act (or any successor rule or regulation),
in support of the election of any individual as a director at the annual meeting other than its Shareholder Nominee or a nominee of the
board of directors, (iv) will not distribute to any shareholder any form of proxy for the annual meeting other than the form distributed
by the Corporation and (v) in the case of a nomination by a group of shareholders that together is an Eligible Shareholder, the designation
by all group members of one group member that is authorized to act on behalf of all such members with respect to the nomination and matters
related thereto, including any withdrawal of the nomination; and
(E) an undertaking
that the Eligible Shareholder agrees to (i) own the Required Shares through the date of the annual meeting, (ii) assume all
liability stemming from any legal or regulatory violation arising out of the Eligible Shareholder’s communications with the shareholders
of the Corporation or out of the information that the Eligible Shareholder provided to the Corporation, (iii) indemnify, defend and
hold harmless the Corporation and each of its directors, officers and employees individually against any liability, loss or damages in
connection with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative, against the Corporation
or any of its directors, officers or employees arising out of any nomination, solicitation or other activity by the Eligible Shareholder
in connection with its efforts to elect the Shareholder Nominee pursuant to this Section 11, (iv) comply with all other laws
and regulations applicable to any solicitation in connection with the annual meeting and (v) provide to the Corporation prior to
the annual meeting such additional information as may be necessary or required with respect to (iv) above.
(g) Eligible Shareholder Statement;
Company Statement. The Eligible Shareholder may provide to the secretary of the Corporation, at the time the information required
by this Section 11 is provided, a written statement for inclusion in the Corporation’s proxy statement for the annual meeting,
not to exceed five hundred (500) words, in support of the Shareholder Nominee’s candidacy (the “Statement”). Notwithstanding
anything to the contrary contained in this Section 11, the Corporation may omit from its proxy materials any information or Statement
(or portion thereof) that it, in good faith, believes would violate any applicable law or regulation or be materially misleading or inappropriate.
The Corporation may solicit against, and include in the Corporation’s proxy statement its own statement relating to, any Shareholder
Nominee.
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(h) Shareholder Nominee Information
and Representations. Within the time period specified in this Section 11 for delivering the Nomination Notice, a Shareholder
Nominee must deliver to the secretary of the Corporation, in a form reasonably to be specified by the secretary of the Corporation, a
written representation and agreement that the Shareholder Nominee (1) is not and will not become a party to any agreement, arrangement
or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director
of the Corporation, will vote or otherwise act on any matter that has not been disclosed to the Corporation or any commitment that could
interfere with the nominee’s ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties
under applicable law, (2) is not and will not become a party to any agreement, arrangement or understanding with any person or entity
other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service
or action as a director that has not been disclosed to the Corporation, (3) will act as a representative of all of the shareholders
of the Corporation while serving as a director, (4) will provide statements and other information in all communications with and
by the Corporation that are or will be true and correct in all material respects and shall not omit to state a material fact necessary
in order to make the statements made, in light of the circumstances under which they are made, not misleading, and (5) will comply
with all the Corporation’s corporate governance, conflict of interest, confidentiality and stock ownership and trading policies
and guidelines, and any other Corporation policies and guidelines applicable to directors, as well as any applicable law, rule or
regulation or listing standards of the primary U.S. securities exchange upon which the common stock of the Corporation is listed. At the
request of the Corporation, the Shareholder Nominee must submit all completed and signed questionnaires required of the Corporation’s
directors and officers. The Corporation may request such additional information as necessary to permit the board of directors, or a committee
thereof or an officer of the Corporation designated pursuant to Section 11(m) hereof, to determine if each Shareholder Nominee
is independent under the listing standards of the primary U.S. securities exchange upon which the common stock of the Corporation is listed,
any applicable rules of the Securities and Exchange Commission and any publicly disclosed standards used by the board of directors,
or a committee thereof, in determining and disclosing the independence of the Corporation’s directors (the “Applicable Independence
Standards”) and otherwise meets the criteria for non-employee directors, as set forth in the Corporation’s Corporate Governance
Principles & Guidelines, as amended from time to time, which determination shall be conclusive and binding on the Corporation
and its shareholders, any Shareholder Nominee and any other person. If the board of directors, a committee thereof or an officer of the
Corporation designated pursuant to Section 11(m) hereof determines that the Shareholder Nominee is not independent under the
Applicable Independence Standards or does not meet the criteria for non-employee directors, as set forth in the Corporation’s Corporate
Governance Principles & Guidelines, as amended from time to time, the Shareholder Nominee will not be eligible for inclusion
in the Corporation’s proxy materials. In the event that any information or communication provided by an Eligible Shareholder or
a Shareholder Nominee ceases to be true and correct in all material respects or omits a material fact necessary to make the statements
made, in light of circumstances under which they were made, not misleading, each Eligible Shareholder or Shareholder Nominee, as the case
may be, shall promptly notify the secretary of the Corporation of all defects in such previously provided information and of the information
that is required to correct all such defects.
(i) Reserved.
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(j) Disqualification of Shareholder
Nominees. The Corporation shall not be required to include, pursuant to this Section 11, any Shareholder Nominee in its proxy
materials for any meeting of shareholders (1) for which the secretary of the Corporation receives a notice that a shareholder has
nominated a person for election to the board of directors pursuant to the advance notice requirements for shareholder nominees for director
set forth in Section 9 hereof and such shareholder does not expressly elect, at the time of providing the shareholder’s notice
required by Section 9 hereof, to have its nominee included in the Corporation’s proxy materials pursuant to this Section 11,
(2) if the Eligible Shareholder who has nominated such Shareholder Nominee has engaged in or is currently engaged in, or has been
or is a “participant” in another person’s, “solicitation” within the meaning of Rule 14a-1(l) under
the Exchange Act (or any successor rule or regulation), in support of the election of any individual as a director at the meeting
other than its Shareholder Nominee(s) or a nominee of the board of directors, (3) who is not independent under the Applicable
Independence Standards, as determined by the board of directors, a committee thereof or an officer of the Corporation designated pursuant
to Section 11(m) hereof, which determination shall be conclusive and binding on the Corporation and its shareholders, any Shareholder
Nominee and any other person, (4) whose election as a member of the board of directors would cause the Corporation to be in violation
of these Bylaws, the Charter, the listing standards of the primary U.S. securities exchange upon which the common stock of the Corporation
is listed, or any applicable law, rule or regulation, (5) who is an employee or director of a competitor or significant (or
potentially significant) customer, supplier, contractor, counselor or consultant, (6) who is a named subject of a pending criminal
proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a criminal proceeding within the past
ten years, (7) who is subject to any order, judgment, decree or other disqualification of the type specified in Rule 506(d) of
Regulation D promulgated under the Securities Act of 1933, as amended (or any successor rule or regulation), (8) if such Shareholder
Nominee or the applicable Eligible Shareholder shall have provided information to the Corporation with respect to such nomination that
was untrue in any material respect or omitted to state a material fact necessary in order to make the statement made, in light of the
circumstances under which it was made, not misleading, as determined by the board of directors, a committee thereof or an officer of the
Corporation designated pursuant to Section 11(m) hereof, which determination shall be conclusive and binding on the Corporation
and its shareholders, any Shareholder Nominee and any other person, (9) who is a director or officer of any public utility company
or other entity regulated by the Federal Energy Regulatory Commission or the Public Utilities Commission of Texas , (10) whose then-current
business or personal interests place the Shareholder Nominee in a conflict of interest with the Corporation or any of its subsidiaries
or affiliates, or (11) if the Eligible Shareholder or applicable Shareholder Nominee otherwise contravenes any of the agreements or representations
made by such Eligible Shareholder or Shareholder Nominee or otherwise fails to comply with its obligations pursuant to this Section 11.
(k) Effect of Breach of Agreements.
Notwithstanding anything to the contrary set forth in this Section 11, the board of directors, a committee thereof, an officer of
the Corporation designated pursuant Section 11(m) hereof, or the person presiding at the meeting shall declare a nomination
by an Eligible Shareholder to be invalid, which determination shall be conclusive and binding on the Corporation and its shareholders,
any Shareholder Nominee and any other person, and such nomination shall be disregarded notwithstanding that proxies may have been received
by the Corporation that cast votes “for” the election of such Eligible Shareholder’s Shareholder Nominee(s), if (1) the
Shareholder Nominee(s) and/or the applicable Eligible Shareholder shall have breached its or their obligations, agreements or representations
contemplated under this Section 11, as determined by the board of directors, a committee thereof, an officer of the Corporation designated
pursuant to Section 11 (m) hereof or the person presiding at the annual meeting of shareholders, or (2) the Eligible Shareholder
(or a qualified representative thereof) does not appear at the annual meeting of shareholders to present any nomination pursuant to this
Section 11.
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(l) Obligation to File Soliciting and
Communication Materials. The Eligible Shareholder (including any person who owns shares of common stock of the Corporation that
constitute part of the Eligible Shareholder’s ownership for purposes of satisfying Section 11(f) hereof) shall file with
the Securities and Exchange Commission any solicitation materials or other communication with the Corporation’s shareholders relating
to the annual meeting at which the Shareholder Nominee will be nominated, regardless of whether (1) any filing of such materials
or other communication is required under Regulation 14A of the Exchange Act (or any successor regulation) or (2) any exemption from
filing is available for such materials or other communication under Regulation 14A of the Exchange Act (or any such successor rule or
regulation).
(m) Authority for Implementation.
Any determination to be made with respect to the satisfaction of any term or condition of this Section 11, or the resolution of any
dispute with respect thereto, shall be made by the board of directors, a committee thereof or any officer designated by the board of directors
or a committee thereof and any such determination or resolution shall be final and binding on the Corporation, any Eligible Shareholder,
any Shareholder Nominee and any other person so long as made in good faith (without any further requirements). The person presiding at
the annual meeting of shareholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting,
shall have the power and duty to determine whether a Shareholder Nominee has been nominated in accordance with the provisions of this
Section 11 and, if not so nominated, shall direct and declare at the meeting that such Shareholder Nominee shall not be considered
for election as a director at the meeting.
ARTICLE II. DIRECTORS
Section 1. Function.
All corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be managed
under the direction of, the board of directors.
Section 2. Number.
The number of directors of the Corporation shall not be less than three nor more than sixteen. The authorized number of directors, within
the limits above specified, shall be determined by the affirmative vote of a majority of the entire board of directors given at a regular
or special meeting thereof. No decrease in the number of directors constituting the board of directors shall shorten the term of any incumbent
director.
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At each annual meeting the
shareholders shall elect directors to hold office until the next succeeding annual meeting. Each director so elected shall hold office
for the term of which he or she is elected and until his or her successor shall have been elected and qualified or until his or her earlier
resignation, retirement, removal from office or death. No person who shall have attained the age of 72 years by the date of election shall
be eligible for election as a director of the Corporation, provided, however, that the board of directors is authorized, in circumstances
it deems appropriate and by unanimous approval of all of the directors then in office (except the director whose qualification is the
subject of the action), to render a director then in office (the “Affected Director”) eligible for election as a director
of the Corporation until either the date of election next following the Affected Director’s 73rd birthday or the date
of election next following the Affected Director’s 74th birthday, and no director who shall have attained the age of
70 years by the date of election shall be eligible for election as chairman of the board of directors; provided, however, that these limitations
shall not be applied in a manner which would cause the involuntary retirement of an employee of the Corporation.
Section 3. Vacancies.
Any vacancy occurring in the board of directors, including any vacancy created by reason of an increase in the number of directors, shall
be filled only by a majority vote of the directors then in office, and directors so chosen shall hold office for a term expiring at the
next annual meeting of shareholders.
Section 4. Removal.
A director may be removed by the majority vote of the entire board of directors. A director may also be removed by shareholders.
Notwithstanding the foregoing,
and except as otherwise provided by law, in the event that holders of any class or series of Preferred Stock are entitled, voting separately
as a class, to elect one or more directors, only the holders of that class or series may participate in a vote with respect to the removal
by shareholders of a director so elected.
Section 5. Quorum
and Voting. A majority of the number of directors fixed by, or in the manner provided in, these bylaws shall constitute a quorum
for the transaction of business; provided, however, that whenever, for any reason, a vacancy occurs in the board of directors, the quorum
shall consist of a majority of the remaining directors until the vacancy has been filled. The act 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.
Section 6. Executive
and Other Committees. The board of directors, by resolution adopted by a majority of the entire board of directors, may designate
from among its members an executive committee and one or more other committees. Each committee of the board of directors shall have such
powers and functions as may be delegated to it by resolution adopted by the entire board of directors, except as prohibited by law.
The board of directors, by
resolution adopted in accordance with this Section 6, shall designate a chairman for each committee it establishes who shall preside
at all meetings of the committee and who shall have such additional duties as shall from time to time be designated by the board of directors.
The board of directors, by
resolution adopted in accordance with this Section 6, may designate one or more directors as alternate members of any such committee,
who may act in the place and stead of any absent member or members at any meeting of such committee.
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Section 7. Meetings.
Regular meetings of the board of directors shall be held without notice at the location of and immediately after the adjournment of the
annual meeting of shareholders in each year, and at such other time and place, as may be determined by the board of directors. Notice
of the time and place of special meetings of the board of directors shall be given to each director either by personal delivery, e-mail,
facsimile, reputable overnight delivery service, telegram, cablegram, or by telephone at least two days prior to the meeting. Notice may
also be given through the postal service if mailed at least five days prior to the meeting.
Notice of a meeting of the
board of directors need not be given to any director who signs a waiver of notice either before or after the meeting. Attendance of a
director at a meeting shall constitute a waiver of notice of such meeting and a waiver of any and all objections to the place of the meeting,
the time of the meeting, or the manner in which it has been called or convened, except when a director states, at the beginning of the
meeting, any objection to the transaction of business because the meeting is not lawfully called or convened.
Except as otherwise provided
in the Charter, neither the business to be transacted at, nor the purpose of, any regular or special meeting of the board of directors
need be specified in the notice or waiver of notice of such meeting.
A majority of the directors
present, whether or not a quorum exists, may adjourn any meeting of the board of directors to another time and place. Notice of any such
adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time and place of
the adjourned meeting are announced at the time of adjournment, to the other directors.
Meetings of the board of directors
may be called by the chairman of the board, the president, or by any two directors. Regular meetings of committees shall be held on the
schedule approved by the Board. Special meetings of committees may be called by the chairman of the board, the chairman of such committee
or any two members of such committee.
Members of the board of directors
may participate in a meeting of such board by means of a conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other at the same time. Participation by such means shall constitute presence in person
at a meeting.
Meetings of the board of directors
shall be presided over by the chairman of the board, or if such position is vacant or such person is absent, by the lead director (if
such a position shall have been duly established by the board of directors), or, if such position is vacant or such person is absent,
by the chief executive officer designated as such by the board of directors pursuant to Article III, Section 1 of these bylaws.
If none of the chairman of the board, the lead director or the chief executive officer is present, the directors shall elect a chairman
for the meeting from one of their members present.
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Section 8. Action
Without a Meeting. Any action required to be taken at a meeting of the directors or any action which may be taken at a meeting
of the directors or a committee thereof, may be taken without a meeting if a consent in writing, setting forth the action so to be taken,
signed by all of the directors or all the members of the committee, as the case may be, is filed in the minutes of the proceedings of
the board or of the committee. Such consent shall have the same effect as a unanimous vote.
ARTICLE III. OFFICERS
Section 1. Types.
The officers of the Corporation shall consist of a chairman of the board, a president, a secretary, a treasurer and such vice presidents
and other officers as may be appointed by the board of directors or by a duly appointed officer authorized by these bylaws or by resolution
of the board of directors to appoint officers.
The chief executive officer
of the Corporation shall be either the chairman of the board or the president as determined by the board of directors.
The chief executive officer
of the Corporation shall have the authority to appoint one or more assistant treasurers, assistant controllers and assistant secretaries.
Section 2. Appointment
and Term. The officers of the Corporation shall be appointed by the board of directors or by a duly appointed officer authorized
to appoint officers. Each officer shall hold office until the first board of directors meeting immediately following the annual shareholders'
meeting next occurring after his or her appointment to office and until his or her successor shall have been appointed or until his or
her earlier resignation, retirement, removal from office or death.
Section 3. Duties.
All officers of the Corporation shall have such authority and shall perform such duties as generally pertain to their respective offices
and shall have such additional authority and perform such additional duties as may from time to time be determined by resolution of the
board of directors.
Section 4. Removal
of Officers. Any officer may be removed by the board of directors at any time with or without cause. Any officer appointed by
the chief executive officer may be removed by the chief executive officer at any time with or without cause.
Removal of any officer shall
be without prejudice to the contract rights, if any, of the person so removed; provided, however, the appointment of any officer shall
not of itself create contract rights.
20
ARTICLE IV. STOCK CERTIFICATES
Shares in the Corporation
may but need not be represented by certificates. Certificates representing shares in the Corporation shall be signed by the chairman of
the board, the chief executive officer, the president or a vice president and by the secretary or an assistant secretary. In addition,
such certificates may be signed by a transfer agent or a registrar (other than the Corporation itself) and may be sealed with the seal
of the Corporation or a facsimile thereof. Any or all of the signatures on such certificates may be 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, such certificate 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 its issuance.
Each certificate representing
shares shall state upon the face thereof: the name of the Corporation; that the Corporation is organized under the laws of Florida; the
name of the person or persons to whom issued; and the number and class of shares and the designation of the series, if any, which such
certificate represents.
The board of directors of
the Corporation may authorize the issuance of some or all of the shares of any or all of its classes or series without certificates. Any
such authorization shall not affect shares already represented by certificates until they are surrendered to the Corporation.
ARTICLE V. DIVIDENDS
The board of directors of
the Corporation may, from time to time, declare, and the Corporation may pay, dividends on its outstanding shares in the manner and upon
the terms and conditions provided by law and by the Charter.
ARTICLE VI. INDEMNIFICATION/ADVANCEMENT
OF EXPENSES
Section 1. Right
to Indemnification. Each person who was or is made a party or is threatened to be made a party to or was or is called as a witness
or was or is otherwise involved in any Proceeding in connection with his or her status as an Indemnified Person, shall be indemnified
and held harmless by the Corporation to the fullest extent permitted under the Florida Business Corporation Act, as the same now exists
or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to
provide broader indemnification rights than the Florida Business Corporation Act permitted the Corporation to provide prior to such amendment).
Such indemnification shall cover all expenses incurred by an Indemnified Person (including, but not limited to, attorneys' fees and other
expenses of litigation) and all liabilities and losses (including, but not limited to, judgments, fines, ERISA or other excise taxes or
penalties and amounts paid or to be paid in settlement) incurred by such person in connection therewith.
Notwithstanding the foregoing,
except with respect to indemnification specified in Section 3 of this Article VI, the Corporation shall indemnify an Indemnified
Person in connection with a Proceeding (or part thereof) initiated by such person only if authorization for such Proceeding (or part thereof)
was not denied by the board of directors of the Corporation prior to 60 days after receipt of notice thereof from such person.
21
For purposes of this Article VI:
(i) a "Proceeding"
is an action, suit or proceeding, whether civil, criminal, administrative or investigative, and any appeal therefrom;
(ii) an "Indemnified
Person" is a person who is, or who was (whether at the time the facts or circumstances underlying the Proceeding occurred or were
alleged to have occurred or at any other time), (A) a director or officer of the Corporation, (B) a director, officer or other
employee of the Corporation serving as a trustee or fiduciary of an employee benefit plan of the Corporation, (C) an agent or non-officer
employee of the Corporation as to whom the Corporation has agreed to grant such indemnity, or (D) serving at the request of the Corporation
in any capacity with any entity or enterprise other than the Corporation and as to whom the Corporation has agreed to grant such indemnity.
Section 2. Expenses.
Expenses, including attorneys' fees, incurred by an Indemnified Person in defending or otherwise being involved in a Proceeding in connection
with his or her status as an Indemnified Person shall be paid by the Corporation in advance of the final disposition of such Proceeding,
including any appeal therefrom, (i) in the case of (A) a director or officer, or former director or officer, of the Corporation
or (B) a director, officer or other employee, or former director, officer or other employee, of the Corporation serving as a trustee
or fiduciary of any employee benefit plan of the Corporation, upon receipt of an undertaking ("Undertaking") by or on behalf
of such person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Corporation;
or (ii) in the case of any other Indemnified Person, upon such terms and as the board of directors, the chairman of the board or
the president of the Corporation deems appropriate.
Notwithstanding the foregoing,
in connection with a Proceeding (or part thereof) initiated by such person, except a Proceeding authorized by Section 3 of this Article VI,
the Corporation shall pay said expenses in advance of final disposition only if authorization for such Proceeding (or part thereof) was
not denied by the board of directors of the Corporation prior to 60 days after receipt of a request for such advancement accompanied by
an Undertaking.
A person to whom expenses
are advanced pursuant to this Section 2 shall not be obligated to repay such expenses pursuant to an Undertaking until the final
determination of any pending Proceeding in a court of competent jurisdiction concerning the right of such person to be indemnified or
the obligation of such person to repay pursuant to such Undertaking.
22
Section 3. Protection
of Rights. If a claim for indemnification under Section 1 of this Article VI is not promptly paid in full by the Corporation
after a written claim has been received by the Corporation or if expenses pursuant to Section 2 of this Article VI have not
been promptly advanced after a written request for such advancement accompanied by an Undertaking has been received by the Corporation
(in each case, except if authorization thereof was denied by the board of directors of the Corporation as provided in Article VI,
Section 1 and Section 2, as applicable), the Indemnified Person may at any time thereafter bring suit against the Corporation
to recover the unpaid amount of the claim or the advancement of expenses. If successful, in whole or in part, in such suit, such Indemnified
Person shall also be entitled to be paid the reasonable expense thereof. It shall be a defense to any such action (other than an action
brought to enforce a claim for expenses incurred in defending any Proceeding in advance of its final disposition where the required Undertaking
has been tendered to the Corporation) that indemnification of the Indemnified Person is prohibited by law, but the burden of proving such
defense shall be on the Corporation. Neither the failure of the Corporation (including its board of directors, independent legal counsel,
or its shareholders) to have made a determination, if required, prior to the commencement of such action that indemnification of the Indemnified
Person is proper in the circumstances, nor an actual determination by the Corporation (including its board of directors, independent legal
counsel, or its shareholders) that indemnification of the Indemnified Person is prohibited, shall be a defense to the action or create
a presumption that indemnification of the Indemnified Person is prohibited.
Section 4. Miscellaneous.
(i) Power
to Request Service and to Grant Indemnification. The chairman of the board or the president or the board of directors may request
any director, officer, agent or employee of the Corporation to serve as its representative in the position of a director or officer (or
in a substantially similar capacity) of an entity or enterprise other than the Corporation, and may grant to such person indemnification
by the Corporation as described in Section 1 of this Article VI.
(ii) Non-Exclusivity
of Rights. 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 Charter, bylaw, agreement, vote of shareholders or disinterested directors
or otherwise. The board of directors shall have the authority, by resolution, to provide for such indemnification of employees or agents
of the Corporation or others and for such other indemnification of directors, officers, employees or agents as it shall deem appropriate.
(iii) Insurance
Contracts and Funding. The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee
or agent of or person serving in any other capacity with, the Corporation or another corporation, partnership, joint venture, trust or
other enterprise (including serving as a trustee or fiduciary of any employee benefit plan) against any expenses, liabilities or losses,
whether or not the Corporation would have the power to indemnify such person against such expenses, liabilities or losses under the Florida
Business Corporation Act. The Corporation may enter into contracts with any director, officer, agent or employee of the Corporation in
furtherance of the provisions of this Article VI, and may create a trust fund, grant a security interest or use other means (including,
without limitation, a letter of credit) to ensure the payment of such amounts as may be necessary to effect the advancing of expenses
and indemnification as provided in this Article VI.
23
(iv) Contractual
Nature. The provisions of this Article VI shall continue in effect as to a person who has ceased to be a director, officer,
agent or employee and shall inure to the benefit of the heirs, executors and administrators of such person. This Article VI shall
be deemed to be a contract between the Corporation and each person who, at any time that this Article VI is in effect, serves or
served in any capacity which entitles him or her to indemnification hereunder and any repeal or other modification of this Article VI
or any repeal or modification of the Florida Business Corporation Act, or any other applicable law shall not limit any rights of indemnification
with respect to Proceedings in connection with which he or she is an Indemnified Person, or advancement of expenses in connection with
such Proceedings, then existing or arising out of events, acts or omissions occurring prior to such repeal or modification, including
without limitation, the right to indemnification for Proceedings, and advancement of expenses with respect to such Proceedings, commenced
after such repeal or modification to enforce this Article VI with regard to Proceedings arising out of acts, omissions or events
arising prior to such repeal or modification.
(v) Savings
Clause. If this Article VI or any portion hereof shall be invalidated or held to be unenforceable on any ground by any court
of competent jurisdiction, the decision of which shall not have been reversed on appeal, the Corporation shall nevertheless (A) indemnify
each Indemnified Person as to costs, charges and expenses (including attorneys' fees), judgments, fines and amounts paid in settlement
and (B) advance expenses in accordance with Section 2 of this Article VI, in each case with respect to any Proceeding in
connection with which he or she is an Indemnified Person, including an action by or in the right of the Corporation, to the fullest extent
permitted by any applicable portion of this Article VI that shall not have been invalidated or held to be unenforceable and as permitted
by applicable law.
ARTICLE VII. ACTION WITH RESPECT TO
SECURITIES OF OTHER CORPORATIONS
Unless otherwise directed
by the board of directors, the chief executive officer or his or her designee shall have power to vote and otherwise act on behalf of
the Corporation, in person or by proxy, at any meeting of shareholders of or with respect to any action of shareholders of any other corporation
in which the Corporation may hold securities and to otherwise exercise any and all rights and powers which the Corporation may possess
by reason of its ownership of securities in such other corporation.
24
ARTICLE VIII. AMENDMENT
The power to adopt, alter,
amend or repeal bylaws shall be vested in the board of directors. Bylaws adopted by the board of directors may be repealed or changed,
and new bylaws may be adopted by shareholders, only if such repeal, change or adoption is approved by the affirmative vote of the holders
of at least a majority of the then outstanding Voting Stock (as defined in the Charter), voting together as a single class.
ARTICLE IX. CONTINUING EFFECT OF BYLAW
PROVISIONS
Any provisions contained in
these bylaws which, at the time of its adoption, was authorized or permitted by applicable law shall continue to remain in full force
and effect until such time as such provision is specifically amended in accordance with these bylaws, notwithstanding any subsequent modification
of such law (except to the extent such bylaw provision expressly provides for its modification by or as a result of any such subsequently
enacted law).
(Amended and restated effective July 8,
2026)
25
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