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Section 5. Term of Office <br /> Except as set forth in the following sentence, each director shall hold office for a period of two <br /> (2)years and until his or her successor is elected and qualifies. However, three (3) of the initial <br /> directors may, at the option of the incorporator, serve initial terms of one (1)year so that all <br /> director terms do not end at the same time in the future. <br /> Section 6. Compensation <br /> Directors may be compensated. In addition, they shall be allowed reasonable advancement or <br /> reimbursement of expenses incurred in the performance of their duties. Any payments to <br /> directors shall be approved in advance in accordance with this corporation's conflict of interest <br /> policy, as set forth in Article 9 of these bylaws. <br /> Section 7. Place of Meetings <br /> Meetings shall be held at the principal office of the corporation unless otherwise provided by the <br /> board or at such other place as may be designated from time to time by resolution of the board of <br /> directors. <br /> Section 8. Annual Meetings <br /> The Annual Meetings of directors shall be held on the within the first three (3) months of the <br /> corporation's fiscal year, at a date and time determined by the board of directors. <br /> New directors as applicable shall be elected by the board of directors at this Annual Meeting. <br /> Voting for the election of directors shall be by written ballot. Each director may cast one vote per <br /> open position. For example, if there are three open positions, then each director shall have three <br /> votes. A director may cast no more than one vote any candidate. The candidates receiving the <br /> highest number of votes up to the number of directors to be elected shall be elected to serve on <br /> the board. Ties will be decided by a subsequent vote between or among the tied candidates. <br /> Section 9. Special Meetings <br /> Special meetings of the board of directors may be called by the chairperson of the board, the <br /> president, the vice president, the secretary, by any two directors, or, if different, by the persons <br /> specifically authorized under the laws of this state to call special meetings of the board. Such <br /> meetings shall be held at the principal office of the corporation or, if different, at the place <br /> designated by the person or persons calling the special meeting. <br /> Section 10. Notice of Meetings <br /> Unless otherwise provided by the articles of incorporation, these bylaws, or provisions of law, <br /> 3 <br /> 26-04 <br />