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<br />.,- <br /> <br />'r'-"; <br /> <br />.<,,,:, <br />.. <br /> <br />... <br /> <br />,- <br /> <br />ARTICLE IV - BOARD OF DIRECTORS <br /> <br />4.2 Election. Members of the Board shall hold office during <br />the term for which they are elected or until their successors <br />shall have been elected and qualified. There shall be an initial <br />"phase-in" period during which the following shall occur: at the <br />first annual meeting of shareholders following the adoption of <br />this Section 4.2, the shareholders shall elect two (2) Directors <br />to hold office for concurrent three (3) year terms or until their <br />successors shall be elected at the annual meeting which shall <br />occur in the year of the third anniversary of the election of such <br />Directors; two (2) Directors to hold office for concurrent two (2) <br />year terms or until their successors shall be elected at the <br />annual meeting which shall occur in the year of the second <br />anniversary of the election of such Directors; and one (1) <br />Director to hold office for a one (1) year term or until his <br />successor shall be elected at the annual meeting which shall occur <br />in the year of the first anniversary of the election of such <br />Director. <br /> <br />Following the initial "phase-in" period, the term of office <br />of each Director shall be three (3) years and the elections for <br />such Directors shall be staggered in the following manner: two (2) <br />Directors shall be elected to concurrent three year terms in the <br />first year; two (2) Directors shall be elected to concurrent three <br />year terms in the second year; and one (1) Director shall be <br />elected to a three year term in the third year. No more than <br />two (2) Directors shall be replaced in ilny single year unless a <br />vacancy shall occur through the death, resignation or removal from <br />office of any Director. <br />