<SEC-DOCUMENT>0001104659-22-098388.txt : 20220908
<SEC-HEADER>0001104659-22-098388.hdr.sgml : 20220908
<ACCEPTANCE-DATETIME>20220908071530
ACCESSION NUMBER:		0001104659-22-098388
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20220908
DATE AS OF CHANGE:		20220908
EFFECTIVENESS DATE:		20220908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AeroVironment Inc
		CENTRAL INDEX KEY:			0001368622
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT [3721]
		IRS NUMBER:				952705790
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267326
		FILM NUMBER:		221232505

	BUSINESS ADDRESS:	
		STREET 1:		241 18TH STREET SOUTH, SUITE 415
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22202
		BUSINESS PHONE:		805 520 8350

	MAIL ADDRESS:	
		STREET 1:		241 18TH STREET SOUTH, SUITE 415
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22202
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>tm2225133-1_s3asr.htm
<DESCRIPTION>S-3ASR
<TEXT>
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    <title>tm2225133-1_s3asr - none - 6.7343829s</title>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">As Filed With the Securities and Exchange Commission on September&#160;8, 2022</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:right; width:541.31pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Registration No. 333-&#8199;&#8199;&#8199;&#8199;&#8199;</font>&#8203;</div>
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          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1.8pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2.3pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:-0.32pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:-0.32pt;">SECURITIES AND EXCHANGE COMMISSION</font>
        </div>
        <div style="margin-top:-0.3pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Washington, D.C. 20549</font><font style="font-weight:normal;font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
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          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.2pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:-0.32pt;">FORM S-3</font>
        </div>
        <div style="margin-top:4.7pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font><font style="font-weight:normal;font-size:16pt;">&#8203;<font style="letter-spacing:0.32pt;"> </font></font>
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        <div style="margin-top:5.2pt; text-align:center; width:541.31pt;">
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        <div style="margin-top:7.31pt; text-align:center; width:541.31pt; line-height:9pt;font-size:16pt;">
          <font style="font-weight:bold;letter-spacing:-0.32pt;">AEROVIRONMENT, INC.</font>
          <br >
          <font style="font-size:8pt;letter-spacing:0.16pt;">(Exact name of registrant as specified in its charter)</font><font style="font-size:9pt;">&#8203;<font style="letter-spacing:0.18pt;"> </font></font>
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          <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.66pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.18pt;">Delaware</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <div style="text-align:center;">
                <font style="letter-spacing:-0.18pt;">95-2705790</font>
              </div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
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              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(State or other jurisdiction of incorporation)</font><font style="font-size:9pt;">&#8203;</font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0.333pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(IRS Employer Identification Number)</font>
              </div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:11.8pt; text-align:center; width:541.31pt; line-height:10pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">214 18th Street South, Suite 415</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Arlington, Virginia 22202</font>
          <br >
          <font style="letter-spacing:-0.18pt;">(805) 520-8350</font>
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        <div style="margin-top:1.4pt; text-align:center; width:541.31pt; line-height:9.5pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</font><font style="font-size:9pt;">&#8203;<font style="letter-spacing:0.18pt;"> </font></font>
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          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.90000000000001pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:7.4pt; text-align:center; width:541.31pt; line-height:10pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Wahid Nawabi</font>
          <br >
          <font style="letter-spacing:-0.18pt;">President and Chief Executive Officer</font>
          <br >
          <font style="letter-spacing:-0.18pt;">AeroVironment, Inc.</font>
          <br >
          <font style="letter-spacing:-0.18pt;">214 18th Street South, Suite 415</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Arlington, Virginia 22202</font>
          <br >
          <font style="letter-spacing:-0.18pt;">(805) 520-8350</font>
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          <font style="letter-spacing:0.16pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</font><font style="font-size:9pt;">&#8203;<font style="letter-spacing:0.18pt;"> </font></font>
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        <div style="margin-top:5.9pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.89999999999998pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:5.4pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Please send copies of all communications to:</font><font style="font-weight:normal;font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:264.66pt;">
              <div style="text-align:center; line-height:10.78pt;">
                <font style="letter-spacing:-0.18pt;">Melissa Brown</font>
                <br >
                <font style="letter-spacing:-0.18pt;">Vice President, General Counsel and</font>
                <br >
                <font style="letter-spacing:-0.18pt;">Chief Compliance Officer</font>
                <br >
                <font style="letter-spacing:-0.18pt;">AeroVironment, Inc.</font>
                <br >
                <font style="letter-spacing:-0.18pt;">214 18th Street South, Suite 415</font>
                <br >
                <font style="letter-spacing:-0.18pt;">Arlington, Virginia 22202</font>
                <br >
                <font style="letter-spacing:-0.18pt;">(805) 520-8350</font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:264.65pt;">
              <div style="text-align:center; line-height:10.78pt;">
                <font style="letter-spacing:-0.18pt;">Shoshannah Katz, Esq.</font>
                <br >
                <font style="letter-spacing:-0.18pt;">K&amp;L Gates LLP</font>
                <br >
                <font style="letter-spacing:-0.18pt;">1 Park Plaza, 12th Floor</font>
                <br >
                <font style="letter-spacing:-0.18pt;">Irvine, CA 92614</font>
                <br >
                <font style="letter-spacing:-0.18pt;">(949) 253-0900</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        </table>
        <div style="margin-top:8.61pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:7.4pt; width:541.31pt; line-height:10pt;">
          <font style="font-weight:bold;letter-spacing:-0.18pt;">Approximate date of commencement of proposed sale to the public:</font><font style="letter-spacing:0.18pt;"> From time to time after the effective date of this Registration Statement as determined by market conditions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&#160;&#9746; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box. &#9746; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act. </font>
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          <tr style="line-height:8.97000000000003pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:96.01pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:90pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Large accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:90pt;">
                <font style="letter-spacing:0.18pt;">&#9746; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:104.65pt;">&#8203;</td>
            <td style="padding:0pt; width:104.65pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:156pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:110pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:110pt;">
                <font style="letter-spacing:0.18pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:8.97000000000003pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.02pt 0pt 0.5pt 0pt; width:96.01pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:90pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Non-accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:90pt;">
                <font style="letter-spacing:0.18pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:104.65pt;">&#8203;</td>
            <td style="padding:0pt; width:104.65pt;">&#8203;</td>
            <td style="padding:2.02pt 0pt 0.5pt 0pt; width:156pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:110pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Smaller reporting company</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:110pt;">
                <font style="letter-spacing:0.18pt;">&#9744;</font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.97000000000003pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:96.01pt;">&#8203;</td>
            <td style="padding:0pt; width:104.65pt;">&#8203;</td>
            <td style="padding:0pt; width:104.65pt;">&#8203;</td>
            <td style="padding:2.03pt 0pt 0.5pt 0pt; width:156pt;white-space:normal;">
              <div style=" float:left; line-height:9pt; text-align:left; width:110pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Emerging growth company</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:110pt;">
                <font style="letter-spacing:0.18pt;">&#9744;</font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:11.8pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.18pt;">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&#160;7(A)(2)(B) of the Securities Act. &#9744; </font>
        </div>
        <div style="margin-top:3.9pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3.90000000000009pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:2.4pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2.39999999999998pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPLANATORY NOTE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This registration statement contains: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a base prospectus which covers the offering, issuance and sale by us of common stock, preferred stock, debt securities, warrants and rights from time to time in one or more offerings; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a sales agreement prospectus supplement covering the offering, issuance and sale by us of up to a maximum aggregate offering price of $200,000,000 of our common stock that may be issued and sold under a sales agreement with Jefferies LLC. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The base prospectus immediately follows this explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus will be specified in a prospectus supplement to the base prospectus. The sales agreement prospectus supplement immediately follows the base prospectus.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;min-height:706pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="position:relative;margin-top:10pt; text-align:center; width:456pt;">
          <img src="lg_aerovironment-bw.jpg" alt="[MISSING IMAGE: lg_aerovironment-bw.jpg]" height="72" width="177" >
        </div>
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">AEROVIRONMENT, INC.</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Common Stock</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Preferred Stock</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Debt Securities</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Warrants</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Rights</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:11.167pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:12pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus relates to common stock, preferred stock, debt securities, warrants and rights that AeroVironment, Inc. may sell from time to time in one or more offerings on terms to be determined at the time of sale. We will provide specific terms of these securities in supplements to this prospectus. You should read this prospectus and any supplement carefully before you invest. This prospectus may not be used to offer and sell securities unless accompanied by a prospectus supplement for those securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock trades on the Nasdaq Global Select Market under the symbol &#8220;AVAV.&#8221; On September 6, 2022, the last reported sale price for our common stock was $87.74 per share. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These securities may be sold directly by us, through dealers or agents designated from time to time, to or through underwriters or through a combination of these methods. See &#8220;Plan of Distribution&#8221; in this prospectus. We may also describe the plan of distribution for any particular offering of these securities in any applicable prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any securities in respect of which this prospectus is being delivered, we will disclose their names and the nature of our arrangements with them in a prospectus supplement. The net proceeds we expect to receive from any such sale will also be included in a prospectus supplement.</font>
        </div>
        <div style="margin-top:10.5pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INVESTING IN OUR SECURITIES INVOLVES RISKS. YOU SHOULD REVIEW CAREFULLY THE RISKS AND UNCERTAINTIES DESCRIBED UNDER THE HEADING &#8220;RISK FACTORS&#8221; CONTAINED IN THE APPLICABLE PROSPECTUS SUPPLEMENT AND ANY RELATED FREE WRITING PROSPECTUS, AND UNDER SIMILAR HEADINGS IN OTHER DOCUMENTS THAT ARE INCORPORATED BY REFERENCE INTO THIS PROSPECTUS OR ANY SUCH PROSPECTUS SUPPLEMENT. SEE &#8220;RISK FACTORS&#8221; ON PAGE <a href="#tRIFA">4</a> OF THIS PROSPECTUS.</font>
        </div>
        <div style="margin-top:10.5pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</font>
        </div>
        <div style="margin-top:10.5pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The date of this prospectus is September&#160;8, 2022.</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:300.5pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Table of Contents</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:290.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:427.33pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Page </font>
              </div>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tATP">1</a></font> <a href="#tATP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tWYCF">1</a></font> <a href="#tWYCF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tIBR"><font style="letter-spacing:0.2pt;">INCORPORATION BY REFERENCE </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tIBR">1</a></font> <a href="#tIBR"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tFOST"><font style="letter-spacing:0.2pt;">FORWARD-LOOKING STATEMENTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tFOST">2</a></font> <a href="#tFOST"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tRIFA">4</a></font> <a href="#tRIFA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tTHCO"><font style="letter-spacing:0.2pt;">THE COMPANY </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tTHCO">5</a></font> <a href="#tTHCO"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tUOP">7</a></font> <a href="#tUOP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOSW"><font style="letter-spacing:0.2pt;">DESCRIPTION OF SECURITIES WE MAY OFFER </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOSW">8</a></font> <a href="#tDOSW"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOCS"><font style="letter-spacing:0.2pt;">DESCRIPTION OF COMMON STOCK WE MAY OFFER </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOCS">8</a></font> <a href="#tDOCS"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOPS"><font style="letter-spacing:0.2pt;">DESCRIPTION OF PREFERRED STOCK WE MAY OFFER </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOPS">9</a></font> <a href="#tDOPS"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDODS"><font style="letter-spacing:0.2pt;">DESCRIPTION OF DEBT SECURITIES WE MAY OFFER </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDODS">11</a></font> <a href="#tDODS"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOWW"><font style="letter-spacing:0.2pt;">DESCRIPTION OF WARRANTS WE MAY OFFER </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOWW">19</a></font> <a href="#tDOWW"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDORW"><font style="letter-spacing:0.2pt;">DESCRIPTION OF RIGHTS WE MAY OFFER </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDORW">20</a></font> <a href="#tDORW"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:427.33pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">
                <a href="#tCPOD"><font style="letter-spacing:0.2pt;">CERTAIN PROVISIONS OF DELAWARE LAW AND OF THE COMPANY&#8217;S CERTIFICATE OF INCORPORATION AND BYLAWS </font></a>
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            <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tCPOD">22</a></font> <a href="#tCPOD"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSESE">24</a></font> <a href="#tSESE"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
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              <font style="letter-spacing:0.2pt;"><a href="#tPOD">24</a></font> <a href="#tPOD"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tLEMA">25</a></font> <a href="#tLEMA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tEXP"><font style="letter-spacing:0.2pt;">EXPERTS </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tEXP">25</a></font>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">i</font>
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    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tATP">&#8203;</a><a name="tWYCF">&#8203;</a><a name="tIBR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of an automatic registration statement on Form S-3 that we filed with the SEC utilizing a &#8220;shelf&#8221; registration process as a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 under the Securities Act of 1933, as amended, or the Securities Act. Under this shelf process, we may from time to time sell any combination of securities described in this prospectus in one or more offerings. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of the securities being offered. That prospectus supplement may include a discussion of any risk factors or other special consideration that apply to those securities. The prospectus supplement may also add, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and a prospectus supplement, you should rely on the information in that prospectus supplement. You should read both this prospectus and any applicable prospectus supplement together with additional information described above under the headings &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation by Reference.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When acquiring any securities discussed in this prospectus, you should rely on the information provided in this prospectus and the prospectus supplement, including the information incorporated by reference. Neither we, nor any underwriters or agents, have authorized anyone to provide you with different information. We are not offering the securities in any state where such an offer is prohibited. You should not assume that the information in this prospectus, any prospectus supplement, or any document incorporated by reference, is truthful or complete at any date other than the date mentioned on the cover page of those documents. You should also carefully review the section entitled &#8220;Risk Factors&#8221;, which highlights certain risks associated with an investment in our securities, to determine whether an investment in our securities is appropriate for you. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless the context otherwise requires, the terms the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or similar terms and &#8220;AeroVironment&#8221; refer to AeroVironment. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We file annual, quarterly and special reports, proxy statements and other information with the Securities and Exchange Commission (the &#8220;SEC&#8221;). You can read our SEC filings, including the registration statement, at the SEC&#8217;s website at www.sec.gov. Our web site is located at www.avinc.com. The information contained on our web site is not part of this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We will provide, upon written or oral request, without charge to you, including any beneficial owner to whom this prospectus is delivered, a copy of any or all of the documents incorporated herein by reference other than the exhibits to those documents, unless the exhibits are specifically incorporated by reference into the information that this prospectus incorporates. You should direct a request for copies to us by contacting our investor relations department at (805) 520-8350 &#215;4278, via https://investor.avinc.com/contact-us or by mail addressed to Investor Relations, AeroVironment, Inc., 241 18th Street South, Suite 415, Arlington, VA 22202. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INCORPORATION BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus &#8220;incorporates by reference&#8221; certain information that we have filed with the SEC under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). This means we are disclosing important information to you by referring you to those documents. We incorporate by reference the documents listed below and any future filings made by us with the SEC under Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act until the offering is terminated: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1368622/000155837022010392/avav-20220430x10k.htm">Annual Report on Form 10-K for the fiscal year ended April&#160;30, 2022 filed with the SEC on June&#160;29, 2022;</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1368622/000155837022014256/avav-20220730x10q.htm">Quarterly Report on Form 10-Q for the quarter ended July&#160;30, 2022 filed with the SEC on September&#160;8, 2022;</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1368622/000110465922084215/tm2222028d1_8k.htm">Current Report on Form 8-K filed with the SEC on July&#160;29, 2022;</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tFOST">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1368622/000110465922087288/tm2222330-1_def14a.htm">our Definitive Proxy Statement on Schedule&#160;14A filed with the SEC on August&#160;8, 2022 and supplemental material filed on September 6, 2022;</a><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1368622/000110465922097893/tm2225161d1_defa14a.htm">our additional definitive proxy soliciting materials and Rule 14(a)(12) material on DEFA 14A filed with the SEC on September 6, 2022; and</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1368622/000095013407000783/a26457e8va12b.htm">the description of our common stock set forth in our registration statement on Form 8-A (Registration No. 001-33261), filed with the SEC under Section&#160;12(b) of the Exchange Act on January&#160;18, 2007, including any amendments or reports filed for the purpose of updating such description. </a>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">To the extent that any information contained in any report on Form 8-K or 8-K/A, or any exhibit thereto, was furnished to, rather than filed with, the SEC, such information or exhibit is specifically not incorporated by reference. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information incorporated by reference or provided in this prospectus. We have authorized no one to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date on the front of this document. All documents that we file pursuant to Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus or after the date of the registration statement of which this prospectus forms a part and prior to the termination of the offering will be deemed to be incorporated in this prospectus by reference and will be a part of this prospectus from the date of the filing of the document. Any statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this prospectus modifies or supersedes that statement. Any statement that is modified or superseded will not constitute a part of this prospectus, except as modified or superseded. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain information set forth in this prospectus or incorporated by reference in this prospectus may contain forward-looking statements within the meaning of Section&#160;27A of the Securities Act, and Section&#160;21E of the Exchange Act, that are intended to be covered by the &#8220;safe harbor&#8221; created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms including, but not limited to, &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;predicts,&#8221; &#8220;contemplates,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;forecasts,&#8221; &#8220;seeks&#8221; and similar words. All statements other than statements of historical facts included in this prospectus regarding our strategies, prospects, expectations, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, anticipated results of our sales, marketing efforts, and the anticipated results of our product development efforts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following: </font>
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          <font style="letter-spacing:0.2pt;">unexpected technical and marketing difficulties inherent in major research and product development efforts; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">availability of U.S. government and allied government funding for defense procurement and research and development programs and the changes in the timing and/or amount of government spending; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our reliance on certain customers, including the U.S. government, allied foreign governments and SoftBank Corp., for a significant portion of our revenues; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the extensive regulatory requirements governing our contracts with the U.S. government and international customers and the results of any audit or investigation of our compliance therewith; </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">2</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to remain a market innovator, to create new market opportunities and/or to expand into new markets; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the potential need for changes in our long-term strategy in response to future developments; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">our ability to attract and retain skilled employees; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">unexpected changes in significant operating expenses, including components and raw materials; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">changes in the supply, demand and/or prices for our products and services and our ability to perform under existing contracts and obtain new contracts; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">increased competition, including from firms that have substantially greater resources than we have and in the unmanned aircraft systems segments from lower-cost consumer drone manufacturers who may seek to enhance their systems&#8217; capabilities over time; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the complexities and uncertainty of obtaining and conducting international business, including export compliance and other reporting and compliance requirements; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the impact of potential security and cyber threats or the risk of unauthorized access to our, our customers&#8217; and/or our suppliers&#8217; information and systems; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">changes in the regulatory environment and the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to continue to successfully integrate acquired companies into our operations, including the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to respond and adapt to unexpected legal, regulatory and government budgetary changes, including those resulting from the ongoing COVID-19 pandemic, such as supply chain disruptions, vaccine mandates, the threat of future variants and resulting governmentally-mandated shutdowns, quarantine policies, travel restrictions and social distancing, curtailment of trade, diversion of government resources to non-defense priorities, and other business restrictions affecting our ability to manufacture and sell our products and provide our services; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">failure to develop new products or integrate new technology into current products; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">unfavorable results in legal proceedings; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to comply with the covenants in our loan documents; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">failure to establish and maintain effective internal control over financial reporting; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">general economic and business conditions in the United States and elsewhere in the world, including the impact of inflation. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Set forth below under the caption &#8220;Risk Factors&#8221; and those risks and uncertainties described in the documents incorporated by reference into this prospectus are additional significant uncertainties and other factors affecting forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. We further caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">3</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRIFA">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:468pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investing in our securities involves risk. See the risk factors described in our Annual Report on Form&#160;10-K for our most recent fiscal year (together with any material changes thereto contained in subsequently filed Quarterly Reports on Form 10-Q) and those contained in our other filings with the SEC, which are incorporated by reference in this prospectus and any accompanying prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement applicable to each type or series of securities we offer may contain a discussion of risks applicable to the particular types of securities that we are offering under that prospectus supplement. Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed under the caption &#8220;Risk Factors&#8221; in the applicable prospectus supplement, together with all of the other information contained in the prospectus supplement or appearing or incorporated by reference in this prospectus. These risks could materially affect our business, results of operations or financial condition and cause the value of our securities to decline. You could lose all or part of your investment. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">4</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTHCO">&#8203;</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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          <font style="letter-spacing:-0.2pt;">THE COMPANY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Overview</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We design, develop, produce, deliver and support a technologically advanced portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. We supply unmanned aircraft systems (&#8220;UAS&#8221;), tactical missile systems (&#8220;TMS&#8221;), unmanned ground vehicles (&#8220;UGV&#8221;) and related services primarily to organizations within the U.S. Department of Defense (&#8220;DoD&#8221;) and to international allied governments. We derive the majority of our revenue from these business areas, and we believe that the markets for these solutions offer the potential for significant long-term growth. Additionally, we believe that some of the innovative potential products, services and technologies in our research and development pipeline will emerge as new growth platforms in the future, creating additional market opportunities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The success of our current product and service offerings stems from investing in research and development to invent and deliver advanced solutions, utilizing proprietary and commercially available technologies, and acquiring leading businesses that help our customers achieve their desired outcomes. We develop and acquire these highly innovative solutions by working closely with our key customers to solve their most important challenges related to our areas of expertise. Our core technological capabilities, developed through more than 45&#160;years of innovation, include robotics and robotics systems autonomy; sensor design, development, miniaturization and integration; embedded software and firmware; miniature, low power, secure wireless digital communications and networks; lightweight aerostructures; high-altitude systems design, integration and operations; machine vision, machine learning and autonomy; land, maritime and air deployment of missile and aircraft systems; design and qualification for robotics in extreme terrestrial and space environments; miniature internal combustion engine propulsion design and integration; missile systems warhead integration; low SWaP (Size, Weight and Power) system design and integration; manned-unmanned teaming and unmanned-unmanned teaming; power electronics and electric propulsion systems; efficient electric power conversion, storage systems and high density energy packaging; controls and systems integration; vertical takeoff and landing flight, fixed wing flight and hybrid aircraft flight; image stabilization and target tracking; advanced flight control systems; fluid dynamics; human-machine interface development; and integrated mission solutions for austere or extreme environments. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our business addresses the increasing value of intelligent, multi-domain robotic systems providing distributed, network-centric intelligence, surveillance and reconnaissance (&#8220;ISR&#8221;), communications, remote sensing, effects delivery and remote materials handling with innovative UAS, TMS and UGV solutions. With respect to the defense applications for these technologies, nearly 20&#160;years of counterinsurgency operations in regions where U.S. and allied forces benefit from air and technical superiority have driven the demand for a variety of unmanned systems in the air and on the ground. The recent shift of U.S. and allied defense planning toward countering peer and near-peer adversaries requires a portfolio of capabilities that can operate effectively in areas where the battlespace, including the air, radio frequency spectrum and Global Positioning Satellite (&#8220;GPS&#8221;) signals, may be contested, driving the need for more intelligent robotic systems capable of autonomous operation. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In support of our products, we offer a suite of services that help to ensure the successful operation of our products by our customers. These services generate incremental revenue for us and provide us with continuous feedback to understand the performance of our systems, anticipate our customers&#8217; needs and develop additional customer insights. We believe that this ongoing feedback loop enables us to continue to provide our customers with innovative solutions that help them succeed. We provide spare parts as well as repair, refurbishment and replacement services in a manner that seeks to minimize supply chain delays and support our customers whenever and wherever needed. Our facilities in Simi Valley, CA also serve as primary depots for small UAS and Puma LE repairs and spare parts, while we support our MUAS from our Petaluma, CA facilities and our UGV solutions from our Erie, PA and Stuttgart, Germany facilities. Additionally, we provide comprehensive training services to support all of our small UAS and TMS for defense applications. Our highly-skilled instructors typically have extensive military experience. We deploy training teams throughout the continental United States and overseas to support our customers&#8217; training needs on both production and development-stage systems. </font>
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          <font style="letter-spacing:0.2pt;">5</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">We sell the majority of our UAS and services to organizations within the U.S. DoD, including the U.S. Army, Marine Corps, Special Operations Command, Air Force and Navy, and to allied governments. We sell our TMS and services to organizations within the U.S. DoD and allied military forces. We sell our UGV and services to U.S. and allied government military and public safety agencies as well as to commercial entities. We also develop High Altitude Pseudo-Satellite systems in conjunction with SoftBank Corp. </font>
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          <font style="letter-spacing:-0.2pt;">Corporate Information</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">AeroVironment, Inc. was originally incorporated in California in July&#160;1971 and reincorporated in Delaware in 2006. Our principal executive offices are located at 241 18th Street South, Suite 415 Arlington, Virginia 22202. Our telephone number is (805) 520-8350. Our website home page is http://www.avinc.com. The information on our website is not part of this prospectus. We have included our website address as a factual reference and do not intend it to be an active link to our website. </font>
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          <font style="letter-spacing:0.2pt;">6</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUOP">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">We currently intend to use the net proceeds from the sale of these securities for general corporate and working capital purposes, including the development and commercialization of our products, research and development, general and administrative expenses, license or technology acquisitions, repaying debt and working capital and capital expenditures. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds from the sale of these securities. Our plans to use the estimated net proceeds from the sale of these securities may change and, if they do, we will update this information in a prospectus supplement.</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">7</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOSW">&#8203;</a><a name="tDOCS">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF SECURITIES WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue from time to time, in one or more offerings, the following securities: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">shares of common stock; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">shares of preferred stock; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">debt securities, which may include senior debt securities, subordinated debt securities and senior subordinated debt securities; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">warrants for the purchase of debt securities, preferred stock or common stock; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">rights to purchase our debt securities, common stock, preferred stock or other securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Set forth below is a general description of the securities that may be offered under this prospectus. We will set forth in the applicable prospectus supplement and/or free writing prospectus a specific description of the securities that are offered under this prospectus. The terms of the offering of our common stock, preferred stock or any such other securities, the initial offering price and the net proceeds to us will be contained in the prospectus supplement, and other offering material, relating to such offer. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may sell the securities being offered pursuant to this prospectus directly to purchasers, to or through underwriters, through dealers or agents, or through a combination of such methods. The prospectus supplement with respect to the securities being offered will set forth the terms of the offering of those securities, including the names of any such underwriters, dealers or agents, the purchase price, the net proceeds to us, any underwriting discounts and other items constituting underwriters&#8217; compensation, the initial public offering price, any discounts or concessions allowed or reallowed or paid to dealers and any securities exchanges on which such securities may be listed. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF COMMON STOCK WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following summary description of our common stock is based on the provisions of our certificate of incorporation and bylaws and the applicable provisions of the General Corporation Law of the State of Delaware. This information may not be complete in all respects and is qualified entirely by reference to the provisions of our certificate of incorporation, bylaws and the General Corporation Law of the State of Delaware. For information on how to obtain copies of our certificate of incorporation and bylaws, see the discussion above under the heading &#8220;Where You Can Find More Information.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may offer our common stock issuable upon the conversion of debt securities or preferred stock and upon the exercise of warrants. </font>
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          <font style="letter-spacing:-0.2pt;">Authorized Common Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our certificate of incorporation currently provides us the authority to issue 100,000,000 shares of common stock, par value $0.0001 per share. As of August&#160;31, 2022, 24,914,333 shares of our common stock were issued and outstanding. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Voting Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each outstanding share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders. There is no cumulative voting. </font>
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          <font style="letter-spacing:-0.2pt;">Dividend and Liquidation Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The holders of outstanding shares of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends at the times and in the amounts as our board of directors may from time to time determine. The shares of our common stock are neither redeemable nor convertible. Holders of our common stock have no preemptive or subscription rights to purchase any securities of the Company and no sinking fund provisions apply to our common stock. Upon the liquidation, dissolution or winding up of the Company, the holders of our common stock are entitled to receive pro&#160;rata the assets </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">8</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOPS">&#8203;</a>
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          <font style="letter-spacing:0.2pt;">of the Company which are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have never paid any cash dividends on our common stock. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Fully Paid and Non-Assessable</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All outstanding shares of our common stock are fully paid and non-assessable. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Nasdaq Listing</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on the Nasdaq Global Select Market under the symbol &#8220;AVAV.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transfer Agent and Registrar</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The transfer agent and registrar for our common stock is American Stock Transfer &amp; Trust Company, LLC. </font>
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          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF PREFERRED STOCK WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This section describes the general terms and provisions of the preferred stock we may offer. This information may not be complete in all respects and is qualified entirely by reference to our certificate of incorporation, with respect to each series of preferred stock. The specific terms of any series will be described in a prospectus supplement. Those terms may differ from the terms discussed below. Any series of preferred stock we issue will be governed by our certificate of incorporation and by the certificate of designations relating to that series. We will file the certificate of designations with the SEC and incorporate it by reference as an exhibit to our registration statement at or before the time we issue any preferred stock of that series. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Authorized Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our certificate of incorporation currently provides us the authority to issue 10,000,000 shares of preferred stock, par value $0.0001 per share. We may issue preferred stock from time to time in one or more series, without stockholder approval, when authorized by our board of directors. As of August&#160;31, 2022, no shares of preferred stock were issued and outstanding. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon issuance of a particular series of preferred stock, our board of directors is authorized, to specify: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the number of shares to be included in the series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the annual dividend rate for the series, if any, and any restrictions or conditions on the payment of dividends; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the redemption price, if any, and the terms and conditions of redemption; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any sinking fund provisions for the purchase or redemption of the series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the series is convertible, the terms and conditions of conversion; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the amounts payable to holders upon our liquidation, dissolution or winding up; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other rights, powers, preferences and limitations relating to the series, including voting powers. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our board of directors&#8217; ability to authorize, without stockholder approval, the issuance of preferred stock, may dilute the voting power, rights and preferences of the holders of our common stock or other series of preferred stock that may be outstanding. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No shares of our preferred stock are currently issued and outstanding. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Specific Terms of a Series of Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The preferred stock we may offer will be issued in one or more series. The preferred stock may have any one or more of the dividend, liquidation, redemption and voting powers, preferences, and rights discussed below. A prospectus supplement will discuss the following features of the series of preferred stock to which it relates: </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">9</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the designations and stated value per share; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the number of shares offered; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the amount of liquidation preference per share; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the public offering price at which the preferred stock will be issued; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the dividend rate, the method of its calculation, the dates on which dividends would be paid and the dates, if any, from which dividends would cumulate; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any redemption or sinking fund provisions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any conversion or exchange rights; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any additional voting, dividend, liquidation, redemption, sinking fund and other rights, preferences, powers, limitations and restrictions. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Rank</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise stated in the prospectus supplement, the preferred stock will have priority over our common stock with respect to dividends and distribution of assets, but will rank junior to all our outstanding indebtedness for borrowed money. Any series of preferred stock could rank senior, equal or junior to our other capital stock, as may be specified in a prospectus supplement, as long as our certificate of incorporation so permits. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Dividends</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Holders of each series of preferred stock shall be entitled to receive cash dividends to the extent specified in the prospectus supplement when, as and if declared by our board of directors, from funds legally available for the payment of dividends. The rates and dates of payment of dividends of each series of preferred stock will be stated in the prospectus supplement. Dividends will be payable to the holders of record of preferred stock as they appear on our books on the record dates fixed by our board of directors. Dividends on any series of preferred stock may be cumulative or non-cumulative, as discussed in the applicable prospectus supplement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Convertibility</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Shares of a series of preferred stock may be exchangeable or convertible into shares of our common stock, another series of preferred stock or other securities or property. The conversion or exchange may be mandatory or optional. The prospectus supplement will specify whether the preferred stock being offered has any conversion or exchange features, and will describe all the related terms and conditions. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Redemption</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The terms, if any, on which shares of preferred stock of a series may be redeemed will be discussed in the applicable prospectus supplement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Liquidation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, holders of each series of preferred stock will be entitled to receive distributions upon liquidation in the amount described in the related prospectus supplement. These distributions will be made before any distribution is made on any securities ranking junior to the preferred stock with respect to liquidation, including our common stock. If the liquidation amounts payable relating to the preferred stock of any series and any other securities ranking on a parity regarding liquidation rights are not paid in full, the holders of the preferred stock of that series will share ratably in proportion to the full liquidation preferences of each security. Holders of our preferred stock will not be entitled to any other amounts from us after they have received their full liquidation preference. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDODS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Voting</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The holders of preferred stock of each series will have one vote per share, except as otherwise provided in the certificate of designation governing such preferred stock and as described in a prospectus supplement. Our board of directors may, upon issuance of a series of preferred stock, grant voting rights to the holders of that series to elect additional board members if we fail to pay dividends in a timely fashion. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, the holders of a series of preferred stock created pursuant to a certificate of designation will possess certain class votes under the DGCL as required by law, in addition to any class votes granted to the holders of such series in a certificate of designation creating such series of preferred stock. Specifically, without the affirmative vote of a majority of the shares of preferred stock of any series then outstanding, we may not: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">increase or decrease the par value of the shares of that series; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">alter or change the powers, preferences or special rights of the shares of that series so as to affect them adversely. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Other Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The shares of a series of preferred stock will not have any preferences, voting powers or relative, participating, optional or other special rights except: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">as discussed above or in the prospectus supplement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">as provided in our certificate of incorporation and in the certificate of designations creating such series of preferred stock; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">as otherwise required by law. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF DEBT SECURITIES WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The debt securities that we may issue will constitute debentures, notes, bonds or other evidences of indebtedness of AeroVironment, Inc., to be issued in one or more series, which may include either senior debt securities, subordinated debt securities or senior subordinated debt securities. The particular terms of any series of debt securities we offer, including the extent to which the general terms set forth below may be applicable to a particular series, will be described in a prospectus supplement relating to such series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Debt securities and any guarantees that we may issue will be issued under an indenture between us and a trustee qualified to act as such under the Trust Indenture Act of 1939. We have filed the form of the indenture as an exhibit to the registration statement of which this prospectus is a part. When we refer to the &#8220;indenture&#8221; in this prospectus, we are referring to the indenture under which the debt securities are issued as supplemented by any supplemental indenture applicable to the debt securities. We will provide the name of the trustee in any prospectus supplement related to the issuance of debt securities, and we will also provide certain other information related to the trustee, including describing any relationship we have with the trustee, in such prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">THE FOLLOWING DESCRIPTION IS A SUMMARY OF THE MATERIAL PROVISIONS OF THE INDENTURE. IT DOES NOT RESTATE THE INDENTURE IN ITS ENTIRETY. THE INDENTURE IS GOVERNED BY THE TRUST INDENTURE ACT OF 1939. THE TERMS OF THE DEBT SECURITIES INCLUDE THOSE STATED IN THE INDENTURE AND THOSE MADE PART OF THE INDENTURE BY REFERENCE TO THE TRUST INDENTURE ACT. WE URGE YOU TO READ THE INDENTURE BECAUSE IT, AND NOT THIS DESCRIPTION, DEFINES THE RIGHTS OF A HOLDER OF THE DEBT SECURITIES. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Information You Will Find in the Prospectus Supplement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indenture provides that we may issue debt securities from time to time in one or more series and that we may denominate the debt securities and make them payable in foreign currencies. The indenture </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">11</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">does not limit the aggregate principal amount of debt securities that can be issued thereunder. The prospectus supplement for a series of debt securities will provide information relating to the terms of the series of debt securities being offered, which may include: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title and denominations of the debt securities of the series; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any limit on the aggregate principal amount of the debt securities of the series; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date or dates on which the principal and premium, if any, with respect to the debt securities of the series are payable or the method of determination thereof; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the rate or rates, which may be fixed or variable, at which the debt securities of the series shall bear interest, if any, or the method of calculating and/or resetting such rate or rates of interest; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the dates from which such interest shall accrue or the method by which such dates shall be determined and the duration of the extensions and the basis upon which interest shall be calculated; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the interest payment dates for the series of debt securities or the method by which such dates will be determined, the terms of any deferral of interest and any right of ours to extend the interest payment periods; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the place or places where the principal and interest on the series of debt securities will be payable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms and conditions upon which debt securities of the series may be redeemed, in whole or in part, at our option or otherwise; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our obligation, if any, to redeem, purchase, or repay debt securities of the series pursuant to any sinking fund or other specified event or at the option of the holders and the terms of any such redemption, purchase, or repayment; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms, if any, upon which the debt securities of the series may be convertible into or exchanged for other securities, including, among other things, the initial conversion or exchange price or rate and the conversion or exchange period; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the amount of principal, premium, if any, or interest with respect to the debt securities of the series may be determined with reference to an index or formula, the manner in which such amounts will be determined; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if any payments on the debt securities of the series are to be made in a currency or currencies (or by reference to an index or formula) other than that in which such securities are denominated or designated to be payable, the currency or currencies (or index or formula) in which such payments are to be made and the terms and conditions of such payments; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any changes or additions to the provisions of the indenture dealing with defeasance, including any additional covenants that may be subject to our covenant defeasance option; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the currency or currencies in which payment of the principal and premium, if any, and interest with respect to debt securities of the series will be payable, or in which the debt securities of the series shall be denominated, and the particular provisions applicable thereto in accordance with the indenture; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the portion of the principal amount of debt securities of the series which will be payable upon declaration of acceleration or provable in bankruptcy or the method by which such portion or amount shall be determined; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the debt securities of the series will be secured or guaranteed and, if so, on what terms; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any addition to or change in the events of default with respect to the debt securities of the series; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the identity of any trustees, authenticating or paying agents, transfer agents or registrars; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the applicability of, and any addition to or change in, the covenants currently set forth in the indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the subordination, ranking or priority, if any, of the debt securities of the series and terms of the subordination; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other terms of the debt securities of the series which are not prohibited by the indenture. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Holders of debt securities may present debt securities for exchange in the manner, at the places, and subject to the restrictions set forth in the debt securities, the indenture, and the prospectus supplement. We will provide these services without charge, other than any tax or other governmental charge payable in connection therewith, but subject to the limitations provided in the indenture, any board resolution establishing such debt securities and any applicable indenture supplement. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Senior Debt</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue senior debt securities under the indenture. Unless otherwise set forth in the applicable indenture supplement and described in a prospectus supplement, the senior debt securities will be senior unsecured obligations, ranking equally with all of our existing and future senior unsecured debt. The senior debt securities will be senior to all of our subordinated debt and junior to any secured debt we may incur as to the assets securing such debt. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Subordinated Debt</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue subordinated debt securities under the indenture. These subordinated debt securities will be subordinate and junior in right of payment, to the extent and in the manner set forth in the indenture and any applicable indenture supplement, to all of our senior indebtedness. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">If this prospectus is being delivered in connection with a series of subordinated debt securities, the accompanying prospectus supplement or the information incorporated by reference will set forth the approximate amount of senior indebtedness outstanding as of the end of the most recent fiscal quarter. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Senior Subordinated Debt</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue senior subordinated debt securities under the indenture. These senior subordinated debt securities will be, to the extent and in the manner set forth in the applicable indenture supplement, subordinate and junior in right of payment to all of our &#8220;senior indebtedness&#8221; and senior to our other subordinated debt. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Interest Rate</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Debt securities that bear interest will do so at a fixed rate or a variable rate. We may sell, at a discount below the stated principal amount, any debt securities which bear no interest or which bear interest at a rate that at the time of issuance is below the prevailing market rate. The relevant prospectus supplement will describe the special United States federal income tax considerations applicable to: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any discounted debt securities; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.49pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any debt securities issued at par which are treated as having been issued at a discount for United States federal income tax purposes. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Registered Global Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue registered debt securities of a series in the form of one or more fully registered global securities. We will deposit the registered global security with a depository or with a nominee for a depository identified in the prospectus supplement relating to such series. The global security or global securities will represent and will be in a denomination or aggregate denominations equal to the portion of the aggregate principal amount of outstanding registered debt securities of the series to be represented by the registered global security or securities. Unless it is exchanged in whole or in part for debt securities in definitive registered form, a registered global security may not be transferred, except as a whole in three cases: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.49pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">by the depository for the registered global security to a nominee of the depository; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">by a nominee of the depository to the depository or another nominee of the depository; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">by the depository or any nominee to a successor of the depository or a nominee of the successor. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement relating to a series of debt securities will describe the specific terms of the depository arrangement concerning any portion of that series of debt securities to be represented by a registered global security. We anticipate that the following provisions will generally apply to all depository arrangements. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon the issuance of a registered global security, the depository will credit, on its book-entry registration and transfer system, the principal amounts of the debt securities represented by the registered global security to the accounts of persons that have accounts with the depository. These persons are referred to as &#8220;participants.&#8221; Any underwriters, agents or dealers participating in the distribution of debt securities represented by the registered global security will designate the accounts to be credited. Only participants or persons that hold interests through participants will be able to beneficially own interests in a registered global security. The depository for a global security will maintain records of beneficial ownership interests in a registered global security for participants. Participants or persons that hold through participants will maintain records of beneficial ownership interests in a global security for persons other than participants. These records will be the only means to transfer beneficial ownership in a registered global security. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The laws of some states may require that specified purchasers of securities take physical delivery of the securities in definitive form. These laws may limit the ability of those persons to own, transfer or pledge beneficial interests in global securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">So long as the depository, or its nominee, is the registered owner of a registered global security, the depository or its nominee will be considered the sole owner or holder of the debt securities represented by the registered global security for all purposes under the indenture. Except as set forth below, owners of beneficial interests in a registered global security: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">may not have the debt securities represented by a registered global security registered in their names; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">will not receive or be entitled to receive physical delivery of debt securities represented by a registered global security in definitive form; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">will not be considered the owners or holders of debt securities represented by a registered global security under the indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depository for the registered global security and, if the person is not a participant, on the procedures of the participant through which the person owns its interests, to exercise any rights of a holder under the indenture applicable to the registered global security. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We understand that, under existing industry practices, if we request any action of holders, or if an owner of a beneficial interest in a registered global security desires to give or take any action which a holder is entitled to give or take under the indenture, the depository for the registered global security would authorize the participants holding the relevant beneficial interests to give or take the action, and the participants would authorize beneficial owners owning through the participants to give or take the action or would otherwise act upon the instructions of beneficial owners holding through them. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payment of Interest on and Principal of Registered Global Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will make principal, premium, if any, and interest payments on debt securities represented by a registered global security registered in the name of a depository or its nominee to the depository or its nominee as the registered owner of the registered global security. None of AeroVironment, Inc., the trustee, or any paying agent for debt securities represented by a registered global security will have any responsibility or liability for: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any aspect of the records relating to, or payments made on account of, beneficial ownership interests in such registered global security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">maintaining, supervising, or reviewing any records relating to beneficial ownership interests; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the payments to beneficial owners of the global security of amounts paid to the depository or its nominee; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other matter relating to the actions and practices of the depository, its nominee or any of its participants. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We expect that the depository, upon receipt of any payment of principal, premium or interest in respect of the global security, will immediately credit participants&#8217; accounts with payments in amounts proportionate to their beneficial interests in the principal amount of a registered global security as shown on the depository&#8217;s records. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing instructions and customary practices. This is currently the case with the securities held for the accounts of customers registered in &#8220;street name.&#8221; Such payments will be the responsibility of participants. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exchange of Registered Global Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue debt securities in definitive form in exchange for the registered global security if both of the following occur: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the depository for any debt securities represented by a registered global security is at any time unwilling or unable to continue as depository or ceases to be a clearing agency registered under the Exchange Act; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.29pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.29pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we do not appoint a successor depository within 90&#160;days. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, we may, at any time, determine not to have any of the debt securities of a series represented by one or more registered global securities. In this event, we will issue debt securities of that series in definitive form in exchange for all of the registered global security or securities representing those debt securities. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Covenants by AeroVironment, Inc.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indenture includes covenants by us, including among other things that we will make all payments of principal and interest at the times and places required. The supplemental indenture establishing each series of debt securities may contain additional covenants, including covenants which could restrict our right to incur additional indebtedness or liens and to take certain actions with respect to our businesses and assets. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Events of Default</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated in the applicable prospectus supplement, the following will be events of default under the indenture with respect to each series of debt securities issued under the indenture: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">failure to pay when due any interest on any debt security of that series, continued for 30&#160;days; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">failure to pay when due the principal of, or premium, if any, on, any debt security of that series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">failure to perform any other covenant or agreement of ours under the indenture or the supplemental indenture with respect to that series or the debt securities of that series, continued for 90&#160;days after written notice to us by the trustee or holders of at least 25% in aggregate principal amount of the outstanding debt securities of the series to which the covenant or agreement relates; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">certain events of bankruptcy, insolvency or similar proceedings affecting us; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other event of default specified in any supplemental indenture under which such series of debt securities is issued. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as to certain events of bankruptcy, insolvency or similar proceedings affecting us and except as provided in the applicable prospectus supplement, if any event of default shall occur and be continuing with respect to any series of debt securities under the indenture, either the trustee or the holders of at least 25% in aggregate principal amount of outstanding debt securities of such series may accelerate the maturity of all debt securities of such series. Upon certain events of bankruptcy, insolvency or similar proceedings affecting us, the principal, premium, if any, and interest on all debt securities of each series shall be immediately due and payable. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">After any such acceleration, but before a judgment or decree based on acceleration has been obtained by the trustee, the holders of a majority in aggregate principal amount of each affected series of debt securities may waive all defaults with respect to such series and rescind and annul such acceleration if all events of default, other than the non-payment of accelerated principal, have been cured, waived or otherwise remedied. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No holder of any debt securities will have any right to institute any proceeding with respect to the indenture or for any remedy under the indenture, unless such holder shall have previously given to the trustee written notice of a continuing event of default and the holders of at least 25% in aggregate principal amount of the outstanding debt securities of the relevant series shall have made written request and offered indemnity satisfactory to the trustee to institute such proceeding as trustee and the trustee shall not have received from the holders of a majority in aggregate principal amount of the outstanding debt securities of such series a direction inconsistent with such request and shall have failed to institute such proceeding within 60&#160;days. However, such limitations do not apply to a suit instituted by a holder of a debt security for enforcement of payment of the principal of and premium, if any, or interest on such debt security on or after the respective due dates expressed in such debt security. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Supplemental Indentures</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We and the trustee may, at any time and from time to time, without prior notice to or consent of any holders of debt securities, enter into one or more indentures supplemental to the indenture, among other things: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add guarantees to or secure any series of debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to provide for the succession of another person pursuant to the provisions of the indenture relating to consolidations, mergers and sales of assets and the assumption by such successor of our covenants, agreements, and obligations, or to otherwise comply with the provisions of the indenture relating to consolidations, mergers, and sales of assets; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to surrender any right or power conferred upon us under the indenture or to add to our covenants further covenants, restrictions, conditions or provisions for the protection of the holders of all or any series of debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to cure any ambiguity or to correct or supplement any provision contained in the indenture, in any supplemental indenture or in any debt securities that may be defective or inconsistent with any other provision contained therein; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to modify or amend the indenture in such a manner as to permit the qualification of the indenture or any supplemental indenture under the Trust Indenture Act; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add to or change any of the provisions of the indenture to supplement any of the provisions of the indenture in order to permit the defeasance and discharge of any series of debt securities pursuant to the indenture, so long as any such action does not adversely affect the interests of the holders of debt securities of any series in any material respect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add to, change, or eliminate any of the provisions of the indenture with respect to one or more series of debt securities, so long as any such addition, change or elimination shall not apply to any debt securities of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to evidence and provide for the acceptance of appointment by a successor or separate trustee; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to establish the form or terms of debt securities of any series and to make any change that does not adversely affect the interests of the holders of debt securities. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">With the consent of the holders of at least a majority in principal amount of debt securities of each series affected by such supplemental indenture (each series voting as one class), we and the trustee may enter into one or more supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the indenture or modifying in any manner the rights of the holders of debt securities of each such series. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:2pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding our rights and the rights of the trustee to enter into one or more supplemental indentures with the consent of the holders of debt securities of the affected series as described above, no such supplemental indenture shall, without the consent of the holder of each outstanding debt security of the affected series, among other things: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">change the final maturity of the principal of, or any installment of interest on, any debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the principal amount of any debt securities or the rate of interest on any debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">change the currency in which any debt securities are payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">impair the right of the holders to conduct a proceeding for any remedy available to the trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the&#160;percentage in principal amount of any series of debt securities whose holders must consent to an amendment or supplemental indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">modify the ranking or priority of the securities; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce any premium payable upon the redemption of any debt securities. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Satisfaction and Discharge of the Indenture; Defeasance</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except to the extent set forth in a supplemental indenture with respect to any series of debt securities, we, at our election, may discharge the indenture and the indenture shall generally cease to be of any further effect with respect to that series of debt securities if (a)&#160;we have delivered to the trustee for cancellation all debt securities of that series (with certain limited exceptions) or (b)&#160;all debt securities of that series not previously delivered to the trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year, and we have deposited with the trustee the entire amount sufficient to pay at maturity or upon redemption all such debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, we have a &#8220;legal defeasance option&#8221; &#8203;(pursuant to which we may terminate, with respect to the debt securities of a particular series, all of our obligations under such debt securities and the indenture with respect to such debt securities) and a &#8220;covenant defeasance option&#8221; &#8203;(pursuant to which we may terminate, with respect to the debt securities of a particular series, our obligations with respect to such debt securities under certain specified covenants contained in the indenture). If we exercise our legal defeasance option with respect to a series of debt securities, payment of such debt securities may not be accelerated because of an event of default. If we exercise our covenant defeasance option with respect to a series of debt securities, payment of such debt securities may not be accelerated because of an event of default related to the specified covenants. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may exercise our legal defeasance option or our covenant defeasance option with respect to the debt securities of a series only if we irrevocably deposit in trust with the trustee cash or U.S. government obligations (as defined in the indenture) for the payment of principal, premium, if any, and interest with respect to such debt securities to maturity or redemption, as the case may be. In addition, to exercise either of our defeasance options, we must comply with certain other conditions, including the delivery to the trustee of an opinion of counsel to the effect that the holders of debt securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred (and, in the case of legal defeasance only, such opinion of counsel must be based on a ruling from the Internal Revenue Service or other change in applicable Federal income tax law). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The trustee will hold in trust the cash or U.S. government obligations deposited with it as described above and will apply the deposited cash and the proceeds from deposited U.S. government obligations to the payment of principal, premium, if any, and interest with respect to the debt securities of the defeased series. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Mergers, Consolidations and Certain Sales of Assets</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may not: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">consolidate with or merge into any other person or entity or permit any other person or entity to consolidate with or merge into us in a transaction in which we are not the surviving entity, or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.31pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">transfer, lease or dispose of all or substantially all of our assets to any other person or entity, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the resulting, surviving or transferee entity shall be a corporation organized and existing under the laws of the United States or any state thereof and such resulting, surviving or transferee entity shall expressly assume, by supplemental indenture, executed and delivered in form satisfactory to the trustee, all of our obligations under the debt securities and the indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">immediately after giving effect to such transaction (and treating any indebtedness which becomes an obligation of the resulting, surviving or transferee entity as a result of such transaction as having been incurred by such entity at the time of such transaction), no default or event of default would occur or be continuing; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.31pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we shall have delivered to the trustee an officers&#8217; certificate and an opinion of counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with the indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The phrase &#8220;substantially all&#8221; of our assets will likely be interpreted under applicable state law and will be dependent upon particular facts and circumstances. As a result, there may be a degree of uncertainty in ascertaining whether a sale or transfer of &#8220;substantially all&#8221; of our assets has occurred. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Governing Law</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indenture and the debt securities will be governed by the laws of the State of New York. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Personal Liability of Directors, Officers, Employees and Stockholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">No director, officer, incorporator or stockholder of AeroVironment, Inc., as such, shall have any liability for any obligations of AeroVironment, Inc. under the debt securities or the indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation, solely by reason of his, her, or its status as director, officer, incorporator or stockholder of AeroVironment, Inc. By accepting a debt security, each holder waives and releases all such liability, but only such liability. The waiver and release are part of the consideration for issuance of the debt securities. Nevertheless, such waiver may not be effective to waive liabilities under the federal securities laws and it has been the view of the SEC that such a waiver is against public policy. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conversion or Exchange Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Any debt securities offered hereby may be convertible into or exchangeable for shares of our equity or other securities. The terms and conditions of such conversion or exchange will be set forth in the applicable prospectus supplement. Such terms may include, among others, the following: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the conversion or exchange price; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the conversion or exchange period; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">provisions regarding our ability or that of the holder to convert or exchange the debt securities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">events requiring adjustment to the conversion or exchange price; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">provisions affecting conversion or exchange in the event of our redemption of such debt securities. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Concerning the Trustee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indenture provides that there may be more than one trustee with respect to one or more series of debt securities. If there are different trustees for different series of debt securities, each trustee will be a </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOWW">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">trustee of a trust under a supplemental indenture separate and apart from the trust administered by any other trustee under such indenture. Except as otherwise indicated in this prospectus or any prospectus supplement, any action permitted to be taken by a trustee may be taken by the trustee only with respect to the one or more series of debt securities for which it is the trustee under an indenture. Any trustee under the indenture or a supplemental indenture may resign or be removed with respect to one or more series of debt securities. All payments of principal of, premium, if any, and interest on, and all registration, transfer, exchange authentication and delivery (including authentication and delivery on original issuance of the debt securities) of, the debt securities of a series will be effected by the trustee with respect to such series at an office designated by the trustee. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indenture contains limitations on the right of the trustee, should it become a creditor of AeroVironment, Inc., to obtain payment of claims in certain cases or to realize on certain property received in respect of any such claim as security or otherwise. If the trustee acquires an interest that conflicts with any duties with respect to the debt securities, the trustee is required to either resign or eliminate such conflicting interest to the extent and in the manner provided by the indenture. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF WARRANTS WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue warrants for the purchase of debt securities, preferred stock or common stock. Warrants may be issued independently or together with debt securities, preferred stock or common stock and may be attached to or separate from any offered securities. Any issue of warrants will be governed by the terms of the applicable form of warrant and any related warrant agreement which we will file with the SEC and they will be incorporated by reference to the registration statement of which this prospectus is a part on or before the time we issue any warrants. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The particular terms of any issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title of such warrants; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the aggregate number of such warrants; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the price or prices at which such warrants will be issued; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the currency or currencies (including composite currencies) in which the price of such warrants may be payable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise of such warrants; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the price at which the securities purchasable upon exercise of such warrants may be purchased; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date on which the right to exercise such warrants will commence and the date on which such right shall expire; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the minimum or maximum amount of such warrants that may be exercised at any one time; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the date on and after which such warrants and the related securities will be separately transferable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">information with respect to book-entry procedures, if any; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other terms of such warrants, including terms, procedures and limitations relating to the exchange or exercise of such warrants. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement relating to any warrants to purchase equity securities may also include, if applicable, a discussion of certain U.S. federal income tax and ERISA considerations. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">19</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDORW">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Warrants for the purchase of preferred stock and common stock will be offered and exercisable for U.S. dollars only. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each warrant will entitle its holder to purchase the principal amount of debt securities or the number of shares of preferred stock or common stock at the exercise price set forth in, or calculable as set forth in, the applicable prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">After the close of business on the expiration date, unexercised warrants will become void. We will specify the place or places where, and the manner in which, warrants may be exercised in the applicable prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Prior to the exercise of any warrants to purchase debt securities, preferred stock or common stock, holders of the warrants will not have any of the rights of holders of the debt securities, preferred stock or common stock purchasable upon exercise. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF RIGHTS WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue rights to purchase our debt securities, common stock, preferred stock or other securities. These rights may be issued independently or together with any other security offered hereby and may or may not be transferable by the stockholder receiving the rights in such offering. In connection with any offering of such rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each series of rights will be issued under a separate rights agreement which we will enter into with a bank or trust company, as rights agent, all which will be set forth in the relevant offering material. The rights agent will act solely as our agent in connection with the certificates relating to the rights and will not assume any obligation or relationship of agency or trust with any holders of rights certificates or beneficial owners of rights. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following description is a summary of selected provisions relating to rights that we may offer. The summary is not complete. When rights are offered in the future, a prospectus supplement, information incorporated by reference or a free writing prospectus, as applicable, will explain the particular terms of those securities and the extent to which these general provisions may apply. The specific terms of the rights as described in a prospectus supplement or free writing prospectus will supplement and, if applicable, may modify or replace the general terms described in this section. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The specific terms of any rights offered will be set forth in a rights agreement and the rights certificate, as applicable. We will file each of these documents, as applicable, with the SEC and they will be incorporated by reference to the registration statement of which this prospectus is a part on or before the time we issue a series of rights. See &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation by Reference&#8221; above for information on how to obtain a copy of a document when it is filed. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The applicable prospectus supplement or free writing prospectus may describe: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of a distribution of rights to our stockholders, the date of determining the stockholders entitled to the rights distribution; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of a distribution of rights to our stockholders, the number of rights issued or to be issued to each stockholder; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the exercise price payable for the underlying debt securities, common stock, preferred stock or other securities upon the exercise of the rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the number and terms of the underlying debt securities, common stock, preferred stock or other securities which may be purchased per each right; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the extent to which the rights are transferable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date on which the holder&#8217;s ability to exercise the rights shall commence, and the date on which the rights shall expire; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">20</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:500pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the extent to which the rights may include an over-subscription privilege with respect to unsubscribed securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of such rights; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other terms of the rights, including, but not limited to, the terms, procedures, conditions and limitations relating to the exchange and exercise of the rights. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The provisions described in this section, as well as those described under &#8220;&#8212; Description of Debt Securities We May Offer,&#8221; &#8220;&#8212; Description of Common Stock We May Offer&#8221; and &#8220;&#8212; Description of Preferred Stock We May Offer&#8221; above, will apply, as applicable, to any rights we offer.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">21</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCPOD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CERTAIN PROVISIONS OF DELAWARE LAW AND OF THE COMPANY&#8217;S</font>
          <br >
          <font style="letter-spacing:-0.2pt;">CERTIFICATE OF INCORPORATION AND BYLAWS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following paragraphs regarding certain provisions of the DGCL, our certificate of incorporation, and our bylaws are summaries of the material terms thereof and do not purport to be complete. We urge you to read the applicable prospectus supplements, any related free writing prospectuses related to a security that we may offer under this prospectus, the DGCL, and our certificate of incorporation and bylaws. Copies of the certificate of incorporation and bylaws are on file with the SEC as exhibits to filings previously made by us. See &#8220;Where You Can Find More Information.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The provisions of the DGCL, and our certificate of incorporation and bylaws could have the effect of discouraging others from attempting an unsolicited offer to acquire our company. Such provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Authorized but Unissued Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The authorized but unissued shares of our common stock and our preferred stock are available for future issuance without any further vote or action by our stockholders. These additional shares may be utilized for a variety of corporate purposes, including future public or private offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of our common stock and our preferred stock could render more difficult or discourage an attempt to obtain control over us by means of a proxy contest, tender offer, merger or otherwise. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Actions at Meetings of Stockholders; Special Meeting of Stockholders and Advance Notice Requirements for Stockholder Proposals</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our certificate of incorporation and bylaws require that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of the stockholders and may not be effected by a consent in writing. Our certificate of incorporation and bylaws also provide that special meetings of stockholders may be called from time to time only by the chairman of our board of directors, our chief executive officer or at the written request of a majority of our board of directors. In addition, the bylaws provide that candidates for director may be nominated and other business brought before an annual meeting only by the Board of Directors or by a stockholder who gives written notice to us not less than 90&#160;days, nor more than 120&#160;days, prior to the first anniversary of the preceding year&#8217;s annual meeting, subject to certain exceptions. Such stockholder&#8217;s notice must set forth certain information required by the bylaws. These provisions may have the effect of deterring unsolicited offers to acquire our company or delaying stockholder actions, even if they are favored by the holders of a majority of our outstanding voting securities. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Delaware Business Combination Statute</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We must comply with Section&#160;203 of the Delaware General Corporation Law, an anti-takeover law. In general, Section&#160;203 prohibits a publicly held Delaware corporation from engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a period of three&#160;years following the date the person became an interested stockholder, unless the business combination or the transaction in which the person became an interested stockholder is approved by the board or stockholders in a prescribed manner or certain other exceptions are met. Generally, a &#8220;business combination&#8221; includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to an interested stockholder. An &#8220;interested stockholder&#8221; includes a person who, together with affiliates and associates, owns, or did own within three&#160;years prior to the determination of interested stockholder status, 15% or more of the corporation&#8217;s voting stock. The existence of Section&#160;203 generally will have an anti-takeover effect for transactions not approved in advance by the board of directors, including discouraging attempts that might result in a premium over the market price for the shares of common stock held by stockholders. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">22</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:316pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Supermajority Voting Requirements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our certificate of incorporation provides that the affirmative vote of the holders of 66</font><font style=" position:relative; bottom:2.66pt;font-size:7pt;letter-spacing:0.14pt;">2</font><font style="letter-spacing:0.2pt;">&#8725;</font><font style="font-size:7pt;letter-spacing:0.14pt;">3</font><font style="letter-spacing:0.2pt;">% or more of the voting power of the shares of our then outstanding voting stock, voting together as a single class, is required to amend or repeal, or adopt any provisions in our bylaws. In addition, the affirmative vote of the holders of 66</font><font style=" position:relative; bottom:2.66pt;font-size:7pt;letter-spacing:0.14pt;">2</font><font style="letter-spacing:0.2pt;">&#8725;</font><font style="font-size:7pt;letter-spacing:0.14pt;">3</font><font style="letter-spacing:0.2pt;">% or more of the voting power of the shares of our then outstanding voting stock, voting together as a single class, is required to amend Articles FIFTH, SEVENTH, EIGHTH, NINTH and ELEVENTH of our certificate of incorporation which relate to, among other things, the management of the Company, including the classification and removal of directors, the authority to call special meetings the prohibition on action taken by written consent of stockholders, the indemnification, advancement and exculpation of directors and officers and the amendment of the Company&#8217;s certificate of incorporation and bylaws. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Classified Board of Directors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our certificate of incorporation and bylaws provide that our board of directors is divided into three classes of directors serving staggered three-year terms. Each class, to the extent possible, will be equal in number. Each class holds office until the third annual stockholders&#8217; meeting for election of directors following the most recent election of such class. As a result, in most circumstances, a person can gain control of the board only by successfully engaging in a proxy contest at two or more annual meetings. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Board Vacancies to Be Filled by Remaining Directors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under our certificate of incorporation and bylaws, any vacancy on the board of directors created by any reason prior to the expiration of the term in which the vacancy occurs may be filled only by a majority of the remaining directors, even if less than a quorum. A director elected to fill a vacancy will be elected for the unexpired term of his or her predecessor. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">23</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSESE">&#8203;</a><a name="tPOD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SELLING SECURITYHOLDERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Information about selling securityholders, where applicable, will be set forth in a prospectus supplement, in a post-effective amendment or in filings we make with the SEC which are incorporated by reference into this prospectus. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may sell the securities offered by this prospectus to one or more underwriters or dealers for public offering, through agents, directly to purchasers or through a combination of any such methods of sale. The name of any such underwriters, dealers or agents involved in the offer and sale of the securities, the amounts underwritten and the nature of its obligation to take the securities will be specified in the applicable prospectus supplement. We have reserved the right to sell the securities directly to investors on our own behalf in those jurisdictions where we are authorized to do so. The sale of the securities may be effected in transactions (a)&#160;on any national or international securities exchange or quotation service on which the securities may be listed or quoted at the time of sale, (b)&#160;in the over-the-counter market, (c)&#160;in transactions otherwise than on such exchanges or in the over-the-counter market or (d)&#160;through the writing of options. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We and our agents and underwriters may offer and sell the securities at a fixed price or prices that may be changed, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The securities may be offered on an exchange, which will be disclosed in the applicable prospectus supplement. We may, from time to time, authorize dealers, acting as our agents, to offer and sell the securities upon such terms and conditions as set forth in the applicable prospectus supplement. We may also sell the securities offered by any applicable prospectus supplement in &#8220;at the market offerings&#8221; within the meaning of Rule&#160;415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market, on an exchange or otherwise. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may enter into agreements with underwriters to sell our securities. In connection with the sale of the securities, underwriters may receive compensation from us in the form of underwriting discounts or commissions and may also receive commissions from purchasers of the securities for whom they may act as agent. Any underwriting compensation paid by us to underwriters or agents in connection with the offering of the securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers, will be set forth in the applicable prospectus supplement to the extent required by applicable law. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or commissions (which may be changed from time to time) from the purchasers for whom they may act as agents. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Dealers and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. Unless otherwise indicated in the applicable prospectus supplement, an agent will be acting on a best efforts basis and a dealer will purchase debt securities as a principal, and may then resell the debt securities at varying prices to be determined by the dealer. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If so indicated in the prospectus supplement, we will authorize underwriters, dealers or agents to solicit offers by certain specified institutions to purchase offered securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. Such contracts will be subject to any conditions set forth in the applicable prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation of such contracts. The underwriters and other persons soliciting such contracts will have no responsibility for the validity or performance of any such contracts. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Underwriters, dealers and agents may be entitled, under agreements entered into with us, to indemnification against and contribution towards certain civil liabilities, including any liabilities under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To facilitate the offering of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect the price of the securities. These may include over-allotment, stabilization, syndicate short covering transactions and penalty bids. Over-allotment involves sales </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">24</font>
          <br >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tLEMA">&#8203;</a><a name="tEXP">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">in excess of the offering size, which creates a short position. Stabilizing transactions involve bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Syndicate short covering transactions involve purchases of securities in the open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to reclaim selling concessions from dealers when the securities originally sold by the dealers are purchased in covering transactions to cover syndicate short positions. These transactions may cause the price of the securities sold in an offering to be higher than it would otherwise be. These transactions, if commenced, may be discontinued by the underwriters at any time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any securities other than our common stock issued hereunder may be new issues of securities with no established trading market. Any underwriters or agents to or through whom such securities are sold for public offering and sale may make a market in such securities, but such underwriters or agents will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the liquidity of the trading market for any such securities. The amount of expenses expected to be incurred by us in connection with any issuance of securities will be set forth in the applicable prospectus supplement. Certain of the underwriters, dealers or agents and their associates may engage in transactions with, and perform services for, us and certain of our affiliates in the ordinary course of business. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">During such time as we may be engaged in a distribution of the securities covered by this prospectus we are required to comply with Regulation&#160;M promulgated under the Exchange Act. With certain exceptions, Regulation&#160;M precludes us, any affiliated purchasers, and any broker-dealer or other person who participates in such distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase, any security which is the subject of the distribution until the entire distribution is complete. Regulation&#160;M also restricts bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability of our shares of common stock. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The validity and legality of the securities offered hereby and certain other legal matters will be passed upon for the Company by K&amp;L Gates LLP, Orange County, CA 92614. Any underwriters or agents will be advised about legal matters relating to any offering by their own counsel. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The consolidated financial statements of AeroVironment, Inc. as of April&#160;30, 2022 and 2021, and for each of the three&#160;years in the period ended April&#160;30, 2022, incorporated by reference in this Prospectus, and the effectiveness of AeroVironment, Inc.&#8217;s internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their report which express an unqualified opinion on the financial statements and an adverse opinion on the effectiveness of AeroVironment, Inc.&#8217;s internal control over financial reporting. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">25</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="position:relative;margin-top:14pt; text-align:center; width:456pt;">
          <img src="lg_aerovironment-bw.jpg" alt="[MISSING IMAGE: lg_aerovironment-bw.jpg]" height="96" width="236" >
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        <div style="margin-top:29pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Up to $200,000,000</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Common Stock</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered into an Open Market Sale Agreement</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">SM</font><font style="letter-spacing:0.2pt;">, dated September 8, 2022, or the Sales Agreement, with Jefferies LLC, or Jefferies, relating to shares of our common stock, par value $0.0001 per share, offered by this prospectus supplement. In accordance with the terms of the Sales Agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $200.0&#160;million from time to time through Jefferies, acting as our sales agent. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock trades on the Nasdaq Global Select Market under the symbol &#8220;AVAV.&#8221; On September 6, 2022, the last reported sale price of our common stock on the Nasdaq Global Select Market was $87.74 per share. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Sales of our common stock, if any, under this prospectus supplement may be made in sales deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) promulgated under the Securities Act of 1933, as amended, or Securities Act. Jefferies is not required to sell any specific number or dollar amount of securities, but will act as sales agent on a best efforts basis and use commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us, consistent with its normal trading and sales practices, on mutually agreed terms between us and Jefferies. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Jefferies will be entitled to compensation at a commission rate equal to 3.0% of the gross sales price per share of common stock sold under the Sales Agreement. In connection with the sale of our common stock on our behalf, Jefferies will be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act and the compensation of Jefferies will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to Jefferies with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Plan of Distribution</font><font style="letter-spacing:0.2pt;">&#8221; beginning on page <a href="#bPOD">S-12</a> for additional information regarding the compensation to be paid to Jefferies. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our common stock involves a high degree of risk. Before making an investment decision, you should carefully review and consider all of the information set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, including the risks and uncertainties described under &#8220;</font><font style="font-style:italic;letter-spacing:-0.2pt;">Risk Factors</font><font style="letter-spacing:-0.2pt;">&#8221; beginning on page <a href="#bRIFA">S-8</a> of this prospectus supplement and the risk factors incorporated by reference into this prospectus supplement and the accompanying prospectus.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Securities and Exchange Commission (the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">Jefferies</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The date of this prospectus supplement is September&#160;8, 2022.</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC2">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <tr style="line-height:10pt;min-height:13pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 3pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bATPS"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 3pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 3pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bATPS">S-1</a></font> <a href="#bATPS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bDRFS"><font style="letter-spacing:0.2pt;">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
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              <font style="letter-spacing:0.2pt;"><a href="#bDRFS">S-2</a></font> <a href="#bDRFS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bPSS"><font style="letter-spacing:0.2pt;">PROSPECTUS SUMMARY </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bPSS">S-4</a></font> <a href="#bPSS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bTHOF"><font style="letter-spacing:0.2pt;">THE OFFERING </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bTHOF">S-7</a></font> <a href="#bTHOF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bRIFA">S-8</a></font> <a href="#bRIFA"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bUOP">S-11</a></font> <a href="#bUOP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bPOD"><font style="letter-spacing:0.2pt;">PLAN OF DISTRIBUTION </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bPOD">S-12</a></font> <a href="#bPOD"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bLEMA"><font style="letter-spacing:0.2pt;">LEGAL MATTERS </font></a>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bLEMA">S-14</a></font> <a href="#bLEMA"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bEXP"><font style="letter-spacing:0.2pt;">EXPERTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bEXP">S-14</a></font> <a href="#bEXP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bWYCF">S-14</a></font> <a href="#bWYCF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:21pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bIODB"><font style="letter-spacing:0.2pt;">INCORPORATION OF DOCUMENTS BY REFERENCE </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bIODB">S-14</a></font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">We are responsible for the information contained and incorporated by reference in this prospectus supplement and the accompanying prospectus, and in any related free writing prospectus we prepare or authorize. We have not and Jefferies has not authorized anyone to give you any other information, and neither we nor Jefferies take any responsibility for any other information that others may give you. If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities offered by this documentation are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend to you. The information contained in this document speaks only as of the date of this document, unless the information specifically indicates that another date applies. Our business, financial condition, results of operations and prospects may have changed since those dates.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-i</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bATPS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:188pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement and the accompanying base prospectus are part of an automatic shelf registration statement that we have filed with the SEC as a &#8220;well-known seasoned issuer&#8221;, as defined in Rule&#160;405 under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We provide information to you about this offering of our common stock in two separate documents that are bound together: (1)&#160;this prospectus supplement, which describes the specific details regarding this offering; and (2)&#160;the accompanying prospectus, which provides general information, some of which may not apply to this offering. Generally, when we refer to this &#8220;prospectus supplement,&#8221; we are referring to both documents combined. If information in this prospectus supplement is inconsistent with the accompanying prospectus, you should rely on this prospectus supplement. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in any document incorporated by reference in this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date&#8201;&#8212;&#8201;for example, a document incorporated by reference in this prospectus supplement&#8201;&#8212;&#8201;the statement in the document having the later date modifies or supersedes the earlier statement. </font><font style="font-weight:bold;letter-spacing:-0.2pt;">You should carefully read this prospectus supplement, the accompanying prospectus and the information and documents incorporated herein by reference herein and therein, as well as any free writing prospectus we have authorized for use in connection with this offering, before making an investment decision. See &#8220;</font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Incorporation of Documents by Reference</font><font style="font-weight:bold;letter-spacing:-0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Where You Can Find More Information</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus supplement and in the accompanying prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus or contained in any free writing prospectus prepared by or on our behalf. We have not, and the underwriters have not, authorized anyone to provide you with different information. The distribution of this prospectus supplement and sale of these securities in certain jurisdictions may be restricted by law. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, and in any free writing prospectus that we have authorized for use in connection with this offering, is accurate only as of the date of those respective documents. Our business, financial condition, results of operations and prospects may have changed since those dates. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Trademarks, service marks or trade names of any other companies appearing in this prospectus supplement are the property of their respective owners. Use or display by us of trademarks, service marks or trade names owned by others is not intended to and does not imply a relationship between us and, or endorsement or sponsorship by, the owners of the trademarks, service marks or trade names. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bDRFS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement, the accompanying prospectus and documents we have filed with the SEC that are incorporated by reference herein and therein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the exchange act, that are intended to be covered by the &#8220;safe harbor&#8221; created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms including, but not limited to, &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;predicts,&#8221; &#8220;contemplates,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;forecasts,&#8221; &#8220;seeks&#8221; and similar words. All statements other than statements of historical facts included in this prospectus supplement and accompanying prospectus regarding our strategies, prospects, expectations, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, anticipated results of our sales, marketing efforts, and the anticipated results of our product development efforts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following:</font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">unexpected technical and marketing difficulties inherent in major research and product development efforts;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">availability of U.S. government and allied government funding for defense procurement and research and development programs and the changes in the timing and/or amount of government spending;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our reliance on certain customers, including the U.S. government, allied foreign governments and SoftBank Corp., for a significant portion of our revenues;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the extensive regulatory requirements governing our contracts with the U.S. government and international customers and the results of any audit or investigation of our compliance therewith;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to remain a market innovator, to create new market opportunities and/or to expand into new markets;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the potential need for changes in our long-term strategy in response to future developments;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to attract and retain skilled employees;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">unexpected changes in significant operating expenses, including components and raw materials;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in the supply, demand and/or prices for our products and services and our ability to perform under existing contracts and obtain new contracts;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">increased competition, including from firms that have substantially greater resources than we have and, in the unmanned aircraft systems segments from lower-cost consumer drone manufacturers who may seek to enhance their systems&#8217; capabilities over time; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the complexities and uncertainty of obtaining and conducting international business, including export compliance and other reporting and compliance requirements;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the impact of potential security and cyber threats or the risk of unauthorized access to our, our customers&#8217; and/or our suppliers&#8217; information and systems;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">uncertainty in the customer adoption rate of commercial use unmanned aircraft systems;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in the regulatory environment and the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements;</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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          <font style="letter-spacing:0.2pt;">our ability to continue to successfully integrate acquired companies into our operations, including the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs;</font>
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          <font style="letter-spacing:0.2pt;">our ability to respond and adapt to unexpected legal, regulatory and government budgetary changes, including those resulting from the ongoing COVID-19 pandemic, such as supply chain disruptions, vaccine mandates, the threat of future variants and resulting governmentally-mandated shutdowns, quarantine policies, travel restrictions and social distancing, curtailment of trade, diversion of government resources to non-defense priorities, and other business restrictions affecting our ability to manufacture and sell our products and provide our services;</font>
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          <font style="letter-spacing:0.2pt;">unfavorable results in legal proceedings;</font>
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          <font style="letter-spacing:0.2pt;">our ability to comply with the covenants in our loan documents;</font>
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          <font style="letter-spacing:0.2pt;">failure to establish and maintain effective internal control over financial reporting; and</font>
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          <font style="letter-spacing:0.2pt;">Set forth under the caption &#8220;Risk Factors&#8221; in this prospectus supplement and the accompanying prospectus and those risks and uncertainties described in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, including the risk factors described under the section captioned &#8220;Risk Factors&#8221; contained in our Annual Report on Form 10-K for the fiscal year ended April&#160;30, 2022, as filed with the SEC on June 29, 2022, and subsequently filed Quarterly Reports on Form&#160;10-Q, are additional significant uncertainties and other factors affecting forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. We further caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. </font>
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            <font style="letter-spacing:-0.2pt;">PROSPECTUS SUPPLEMENT SUMMARY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">The following summary highlights certain of the information contained elsewhere in or incorporated by reference into this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. Because this is only a summary, however, it does not contain all the information you should consider before investing in our securities and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information included elsewhere in or incorporated by reference into this prospectus supplement. Before you make an investment decision, you should read this entire prospectus supplement and the accompanying prospectus carefully, including the risks of investing in our securities discussed under the section of this prospectus supplement entitled &#8220;Risk Factors&#8221; and similar headings in the other documents that are incorporated by reference into this prospectus. You should also carefully read the information incorporated by reference into this prospectus supplement and the accompanying prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus supplement is a part.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Unless the context otherwise requires, references to &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; &#8220;AeroVironment&#8221; or the &#8220;Company&#8221; in this prospectus supplement mean AeroVironment, Inc.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Overview</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">We design, develop, produce, deliver and support a technologically advanced portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. We supply unmanned aircraft systems (&#8220;UAS&#8221;), tactical missile systems (&#8220;TMS&#8221;), unmanned ground vehicles (&#8220;UGV&#8221;) and related services primarily to organizations within the U.S. Department of Defense (&#8220;DoD&#8221;) and to international allied governments. We derive the majority of our revenue from these business areas, and we believe that the markets for these solutions offer the potential for significant long-term growth. Additionally, we believe that some of the innovative potential products, services and technologies in our research and development pipeline will emerge as new growth platforms in the future, creating additional market opportunities. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Our business addresses the increasing value of intelligent, multi-domain robotic systems providing distributed, network-centric intelligence, surveillance and reconnaissance (&#8220;ISR&#8221;), communications, remote sensing, effects delivery and remote materials handling with innovative UAS, TMS and UGV solutions. With respect to the defense applications for these technologies, nearly 20&#160;years of counterinsurgency operations in regions where U.S. and allied forces benefit from air and technical superiority have driven the demand for a variety of unmanned systems in the air and on the ground. The recent shift of U.S. and allied defense planning toward countering peer and near-peer adversaries requires a portfolio of capabilities that can operate effectively in areas where the battlespace, including the air, radio frequency spectrum and Global Positioning Satellite (&#8220;GPS&#8221;) signals, may be contested, driving the need for more intelligent robotic systems capable of autonomous operation. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">We sell the majority of our UAS and services to organizations within the U.S. DoD, including the U.S. Army, Marine Corps, Special Operations Command, Air Force and Navy, and to allied governments. We sell our TMS and services to organizations within the U.S. DoD and allied military forces. We sell our UGV and services to U.S. and allied government military and public safety agencies as well as to commercial entities. We also develop High Altitude Pseudo-Satellite (&#8220;HAPS&#8221;) systems in conjunction with SoftBank Corp (&#8220;SoftBank&#8221;). </font>
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            <font style="letter-spacing:-0.2pt;">Our Solutions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Small UAS Products</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Our small UAS, including Raven, Wasp AE, Puma AE, Puma LE, and VAPOR are designed to operate reliably at very low altitudes in a wide range of environmental conditions, providing a vantage point from which to collect and deliver valuable information. Military forces employ our small UAS to deliver ISR and communications, including real-time tactical reconnaissance, tracking, combat assessment and geographic data, directly to the small tactical unit or individual operator, thereby increasing flexibility in mission planning and execution. Our small UAS wirelessly transmit critical live video and other information generated by their payload of electro-optical, infrared or other sensors directly to a hand-held ground control unit, </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">enabling the operator to view and capture images, during the day or at night, on the control unit. Our ground control systems allow the operator to control the aircraft by programming it for GPS-based autonomous navigation using operator-designated way-points, or by manual flight operation. The ground control systems are designed for durability and ease of use in harsh environments and incorporate a user-friendly, intuitive user interface. All of our fixed wing small UAS currently in production for military customers operate from our Crysalis common ground control system. Our VAPOR helicopter UAS currently employs a distinct portable ground control system. </font>
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            <font style="letter-spacing:0.2pt;">MUAS Products</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Providing similar capabilities to our small UAS, our field-deployable Medium Unmanned Aircraft Systems (&#8220;MUAS&#8221;), including T-20 and JUMP 20, deliver extended endurance and expanded payload capacity to support a broader set of missions that benefit from aerial surveillance and the use of specialized payloads. The internal combustion-powered T-20 and JUMP 20 offer significantly greater endurance and payload capacity than our small UAS, with larger airframes that can also accommodate a wider variety of payloads. The JUMP 20 launches and lands vertically as a result of its vertical take-off and landing rotors, minimizing the amount of space required for its operation. The T-20 launches from a catapult, lands on a short runway and provides more than 24 hours of endurance. </font>
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            <font style="letter-spacing:0.2pt;">Tactical Missile Systems Products</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Our TMS consist of tube-launched aircraft that deploy with the push of a button, fly at higher speeds than our small UAS, and perform either effects delivery or reconnaissance missions. Switchblade 300, the first of our TMS products, can be transported in its launch tube, within a backpack, and deployed within minutes to defend against lethal threats such as snipers and mortar launchers. With a high level of precision, including a customized warhead, patented wave-off, loiter and re-engagement capabilities, Switchblade 300 can neutralize a target rapidly and accurately without causing collateral damage. Furthermore, because it streams live electro-optical and thermal video to its operator, Switchblade 300 can be called off in the final moments prior to a strike should the situation require, potentially eliminating damage to non-combatants. Switchblade 600 is a larger version of Switchblade 300 that can fly for a longer period of time and over a longer distance while carrying a larger, more powerful, anti-armor warhead. Blackwing, a variant of Switchblade 300, launches from a submerged submarine and carries extra batteries instead of a warhead, providing longer flight time for extended maritime reconnaissance operations. </font>
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            <font style="letter-spacing:0.2pt;">ISR Services</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">We currently operate our MUAS, such as JUMP 20, in overseas locations to support U.S. military operations under ISR services contracts. Under these services contracts we deliver the information our MUAS produce to our customers, who use that information to support their missions. These contracts specify a location and number of hours per month of services to perform. This contractor-owned, contractor-operated (&#8220;COCO&#8221;) arrangement represents a new business model for the company as a result of the acquisition of Arcturus and provides access to alternative customer funding sources, while also providing a way for customers who may not wish to own and operate their UAS to benefit from their differentiated capabilities. This COCO business model may expand to include other AeroVironment solutions in the future. </font>
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            <font style="letter-spacing:0.2pt;">Unmanned Ground Vehicle Products</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Our UGV support a variety of missions and applications, ranging from explosive ordnance disposal to hazardous materials handling and law enforcement operations. All of our UGVs feature secure communications, multi-axis manipulators and automatic tool exchange, which eliminates the need for the UGV to return to its operator to switch the tool attached to its manipulator arm. We also offer fully equipped service vehicles for the transport, service and operation of our UGV solutions. All of our UGVs feature the intuitive and operationally simplified Robo Command Ground control stations with multi-touch screen, pre-programmed motion sequences and ergonomically designed hand controllers for precision control of the robot, manipulator and accessories. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">MacCready Works Advanced Solutions</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">We created MacCready Works Advanced Solutions, named for our founder, Dr.&#160;Paul B. MacCready,&#160;Jr., to ensure that creativity and long-term thinking remain at the core of our culture. With a focus on the future, this group of select, visionary scientists and engineers partners with our diverse customer base to explore innovative breakthrough solutions to difficult challenges. Primarily focused on customer funded research and development in the areas of robotics, sensors, software analytics and connectivity, this segment seeks to identify new products, services and businesses for the company. While the revenue generated from these customer funded projects sustain this segment, there is potential that new businesses incubated here could significantly contribute to the growth of the company. </font>
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            <font style="letter-spacing:-0.2pt;">Company Information</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">AeroVironment, Inc. was originally incorporated in California in July&#160;1971 and reincorporated in Delaware in 2006. Our principal executive offices are located at 241 18th Street South, Suite 415, Arlington, Virginia 22202. Our telephone number is (805) 520-8350. Our website home page is www.avinc.com. The information on our website is not part of this prospectus. We have included our website address as a factual reference and do not intend it to be an active link to our website. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bTHOF">&#8203;</a>
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      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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        <div style="margin-top:17.5pt;margin-bottom:10pt; margin-left:12pt;width:456pt;">
          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">THE OFFERING</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <table style="width:456pt;margin-bottom:5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;min-height:25pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:180pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Common stock offered by us</font>
                </div>
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              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:250pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Shares of our common stock having an aggregate offering price of up to $200,000,000. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:180pt;">
                <div style="margin-left:10pt; text-indent:-10pt;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Common stock to be outstanding immediately after this offering</font>
                </div>
              </td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:250pt;">
                <font style="letter-spacing:0.2pt;">Up to 27,193,795 shares, assuming the sale of up to 2,279,462 shares hereunder (based on a price of $87.74 per share, the closing price per share on The Nasdaq Global Select Market (&#8220;Nasdaq&#8221;) on September&#160;6, 2022). Actual shares issued will vary depending on the sales prices under this offering. </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:180pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Plan of Distribution</font>
                </div>
              </td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:250pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Sales of shares in this offering, if any, may be made by means that are deemed to be &#8220;at the market offerings&#8221; as defined in Rule&#160;415(a)(4) under the Securities Act, on Nasdaq or other existing trading market for our common stock. Sales of shares will be made to or through our sales agent, Jefferies LLC. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Plan of Distribution</font><font style="letter-spacing:0.2pt;">&#8221; on page S-13 of this prospectus supplement. </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:180pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Use of Proceeds</font>
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              </td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:250pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Our management will retain broad discretion regarding the allocation and use of the net proceeds. We currently intend to use the net proceeds from this offering for general corporate purposes, including the development and commercialization of our products, research and development, general and administrative expenses, license or technology acquisitions, repaying debt and working capital and capital expenditures. We may also use a portion of the remaining net proceeds, if any, to acquire or invest in complementary businesses, products and technologies, although we have no current commitments or agreements with respect to any acquisitions as of the date hereof. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Use of Proceeds</font><font style="letter-spacing:0.2pt;">&#8221; on page S-12 of this prospectus supplement. </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:180pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Risk Factors</font>
                </div>
              </td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:4.167pt 0pt 2.833pt 0pt; width:250pt;white-space:normal;">
                <font style="letter-spacing:0.2pt;">Investing in our common stock involves risks. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors</font><font style="letter-spacing:0.2pt;">&#8221; beginning on page S-9 of this prospectus supplement and the other risks identified in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus for a discussion of factors you should carefully consider before deciding to invest in our common stock. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:10pt;min-height:21pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:5.5pt 0pt 2.833pt 0pt; width:180pt;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Nasdaq Global Select Market Symbol</font>
                </div>
              </td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:0pt; width:13pt;">&#8203;</td>
              <td style="padding:5.5pt 0pt 2.833pt 0pt; width:250pt;">
                <font style="letter-spacing:0.2pt;">&#8220;AVAV&#8221;</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Unless we indicate otherwise, all information in this prospectus supplement is based on 24,914,333 shares of common stock outstanding as of August&#160;31, 2022, and excludes: </font>
          </div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">166,164 shares of common stock issuable upon the exercise of outstanding stock options issued pursuant to our Amended and Restated 2006 Equity Incentive Plan (the &#8220;2006 Plan&#8221;) and 2021 Equity Incentive Plan (the &#8220;2021 Plan&#8221; and, together with the 2006 Plan, the &#8220;Plans&#8221;); </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">up to 305,074 shares of common stock that may be issued pursuant to outstanding performance-based restricted stock unit awards (&#8220;RSUs&#8221;) issued pursuant to the Plans; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">814 shares of common stock issuable pursuant to outstanding time-based RSUs issued pursuant to the Plans; and </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">1,174,232 shares of common stock reserved for future issuance under the Plans.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        </div>
        <div style="clear:both;font-size:0pt;">&#8203;</div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
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        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-7</font>
          <br >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bRIFA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">An investment in our common stock involves a high degree of risk. Before deciding whether to invest in our common stock, you should consider carefully the risks described below and discussed under the section captioned &#8220;Risk Factors&#8221; in our most recent Annual Report on Form 10-K, which is incorporated by reference in this prospectus supplement and the accompanying prospectus in its entirety, as well as any amendment or update to our risk factors reflected in subsequent filings with the SEC, together with other information in this prospectus supplement, the accompanying prospectus, and the information and documents incorporated by reference that we have authorized for use in connection with this offering. If any of these risks actually occur, our business, financial condition, results of operations or cash flows could be seriously harmed. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. The risks and uncertainties summarized and described below are not intended to be exhaustive and are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business, prospects, financial condition and results of operations. Certain statements in this prospectus supplement are forward-looking statements; please also see the section of this prospectus supplement entitled &#8220;Disclosure Regarding Forward-Looking Statements.&#8221;</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Related to this Offering and Our Common Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Our common stock price may be volatile and could fluctuate widely in price, which could result in substantial losses for investors.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The market price of our common stock historically has been, and we expect will continue to be, subject to significant fluctuations over short periods of time. For example, during the fiscal year ended April&#160;30, 2022, the closing price of our common stock on Nasdaq ranged from a low of $53.78 to a high of $114.24. These fluctuations may be due to various factors, many of which are beyond our control, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">technological innovations or new products and services introduced by us or our competitors; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.39pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">announcements or press releases relating to the industry or to our own business or prospects; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in government programs that are related to our products and services; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">adoption of new laws or regulations relating to government contracting or changes to existing laws or regulations; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in political or public support for security and defense programs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">delays or changes in the government appropriations and budget process or the payment of our invoices by government payment offices; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">uncertainties associated with the current global threat environment and other geo-political matters; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">intellectual property disputes; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">additions or departures of key personnel; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">sales of our common stock; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to integrate operations, technology, products and services; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.49pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">our ability to execute our business plan; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">operating results below expectations; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">loss of any strategic relationship; </font>
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          <font style="letter-spacing:0.2pt;">industry developments; </font>
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          <font style="letter-spacing:0.2pt;">economic and other external factors; </font>
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          <font style="letter-spacing:0.2pt;">catastrophic weather and/or global disease outbreaks, such as the recent COVID-19 pandemic; and </font>
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          <font style="letter-spacing:0.2pt;">period-to-period fluctuations in our financial results. </font>
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          <font style="letter-spacing:0.2pt;">S-8</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, market fluctuations, as well as general political and economic conditions, could materially adversely affect the market price of our securities. Our stock price may fluctuate widely as a result of any of the foregoing. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">If you purchase our common stock in this offering, you may incur immediate and substantial dilution in the net tangible book value of your shares.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The offering price per share in this offering may exceed the net tangible book value per share of our common stock outstanding prior to this offering. Assuming that an aggregate of 2,279,462 shares of our common stock are sold at a price of $87.74 per share, the last reported sale price of our common stock on the Nasdaq Global Select Market on September&#160;6, 2022, for aggregate gross proceeds of approximately $200,000,000, and after deducting commissions and estimated offering expenses payable by us, you would experience immediate dilution of $74.22 per share, representing the difference between our as adjusted net tangible book value per share as of July 30, 2022 after giving effect to this offering and the assumed public offering price. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">This dilution would be due to the substantially lower price paid by some of our investors who purchased shares prior to this offering as compared to the assumed price offered to the public in this offering and the exercise of stock options granted to our employees, directors and consultants. As a result of the dilution to investors purchasing shares in this offering, investors may receive significantly less than the purchase price paid in this offering, if anything, in the event of our liquidation. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Because we will have broad discretion and flexibility in how the net proceeds from this offering are used, we may use the net proceeds in ways in which you disagree.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We intend to use the net proceeds from this offering for general corporate purposes, including the development and commercialization of our products, research and development, general and administrative expenses, license or technology acquisitions, repaying debt, and working capital and capital expenditures. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Use of Proceeds</font><font style="letter-spacing:0.2pt;">&#8221; on page S-12 of this prospectus supplement. We have not allocated specific amounts of the net proceeds from this offering for any of the foregoing purposes. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flow. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">You may experience future dilution as a result of future equity offerings and other issuances of our securities. In addition, this offering and future equity offerings and other issuances of our common stock or other securities may adversely affect our common stock price.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In order to raise additional capital, we may in the future offer additional shares of our common stock or other securities exercisable or convertible into or exchangeable for our common stock at prices that may not be the same as the price per share in this offering. We may not be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our common stock or securities exercisable or convertible into common stock in future transactions may be higher or lower than the price per share in this offering. You will incur dilution upon exercise of any outstanding stock options or warrants, the conversion of any outstanding preferred stock or upon the issuance of shares of common stock under our stock incentive programs. In addition, the sale of shares in this offering and any future sales of a substantial number of shares of our common stock in the public market, or the perception that such sales may occur, could adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of those shares of common stock or the availability of those shares of common stock for sale will have on the market price of our common stock. </font>
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          <font style="letter-spacing:0.2pt;">S-9</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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      <div style="margin-top:6pt;margin-bottom:140pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">We have not paid dividends on our common stock in the past and do not expect to pay dividends on our&#160;common stock for the foreseeable future. Any return on investment may be limited to the value of our common stock.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have never paid any cash dividends on our common stock. We expect that any income received from operations will be devoted to our future operations and growth. We do not expect to pay cash dividends on our common stock in the near future. Payment of dividends would depend upon our profitability at the time, cash available for those dividends, and other factors that our board of directors may consider relevant. If we do not pay dividends, our common stock may be less valuable because a return on an investor&#8217;s investment will only occur if our stock price appreciates. Furthermore, the terms of any debt agreements may also preclude us from paying dividends. Investors in our common stock should not rely on an investment in our company if they require dividend income. We expect that only appreciation of the price of our common stock, if any, will provide a return to investors in this offering for the foreseeable future. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The common stock offered hereby will be sold in &#8220;at the market&#8221; offerings, and investors who buy shares at different times will likely pay different prices.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">There is no certainty regarding the net proceeds to the Company.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">There is no certainty that gross proceeds of $200,000,000 will be raised in this offering. Jefferies has agreed to use its commercially reasonable efforts to sell shares in the offering on the Company&#8217;s behalf if and as instructed by the Company, or to purchase the shares as principal from time to time. However, the Company is not required to request the sale of the maximum amount offered or any amount and, if the Company requests a sale, Jefferies is not obligated to purchase any shares that are not sold. As a result of the offering being made on a commercially reasonable efforts basis with no minimum, and only as requested by the Company, the Company may raise substantially less than the maximum total offering amount or nothing at all. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Our management will have broad discretion over the use of the net proceeds, if any, from this offering, which we may not use effectively or in a manner with which you agree</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;">. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our management will have broad discretion as to the use of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for our Company. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">S-10</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bUOP">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue and sell shares of our common stock having aggregate sales proceeds of up to $200.0&#160;million from time to time in this offering. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. There can be no assurance that we will sell any shares under or fully utilize our Sales Agreement with Jefferies as a source of financing. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We intend to use the net proceeds from the sale of the shares for general corporate purposes, including the development and commercialization of our products, research and development, general and administrative expenses, license or technology acquisitions, repaying debt and working capital and capital expenditures. The expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures will depend on numerous factors, including the factors described under &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors</font><font style="letter-spacing:0.2pt;">&#8221; in this prospectus supplement and in the documents incorporated by reference herein, as well as the amount of cash used in our operations. We may find it necessary or advisable to use the net proceeds for other purposes, and we will have broad discretion in the application of the net proceeds. We may also use a portion of the remaining net proceeds, if any, to acquire or invest in complementary businesses, products and technologies, although we have no current commitments or agreements with respect to any acquisitions as of the date hereof. Pending the uses described above, we plan to invest the net proceeds from this offering in short-and intermediate-term, interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">S-11</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bPOD">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered into a Sales Agreement with Jefferies, under which we may offer and sell shares of common stock from time to time through Jefferies, acting as agent. Sales of our shares of common stock, if any, under this prospectus supplement and the accompanying prospectus will be made by any method that is deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) under the Securities Act. Pursuant to this prospectus supplement, we may offer and sell up to $200,000,000 of shares of common stock. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each time we wish to issue and sell shares of common stock under the Sales Agreement, we will notify Jefferies of the number of shares to be issued, the dates on which such sales are anticipated to be made, any limitation on the number of shares to be sold in any one day and any minimum price below which sales may not be made. Once we have so instructed Jefferies, unless Jefferies declines to accept the terms of such notice, Jefferies has agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such shares up to the amount specified on such terms. The obligations of Jefferies under the Sales Agreement to sell our shares of common stock are subject to a number of conditions that we must meet. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The settlement of sales of shares between us and Jefferies is generally anticipated to occur on the second trading day following the date on which the sale was made. Sales of our shares of common stock as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and Jefferies may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will pay Jefferies a commission equal to 3.0% of the aggregate gross proceeds we receive from each sale of our shares of common stock. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. In addition, we have agreed to reimburse Jefferies for the fees and disbursements of its counsel, payable upon execution of the Sales Agreement, in an amount not to exceed $100,000, in addition to certain ongoing disbursements of its legal counsel, unless we and Jefferies otherwise agree. We estimate that the total expenses for the offering, excluding any commissions or expense reimbursement payable to Jefferies under the terms of the Sales Agreement, will be approximately $385,000. The remaining sale proceeds, after deducting any other transaction fees, will equal our net proceeds from the sale of such shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Jefferies will provide written confirmation to us before the open of The Nasdaq Global Select Market on each day following a day on which shares of common stock are sold under the Sales Agreement. Each confirmation will include the number of shares sold on that day, the aggregate gross proceeds of such sales and the proceeds to us. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with the sale of the shares of common stock on our behalf, Jefferies will be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act, and the compensation of Jefferies will be deemed to be underwriting commissions or discounts. We have agreed to indemnify Jefferies against certain civil liabilities, including liabilities under the Securities Act. We have also agreed to contribute to payments Jefferies may be required to make in respect of such liabilities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The offering of our shares of common stock pursuant to the Sales Agreement will terminate upon the earlier of (i)&#160;the sale of all shares of common stock subject to the Sales Agreement and (ii)&#160;the termination of the Sales Agreement as permitted therein. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This summary of the material provisions of the Sales Agreement does not purport to be a complete statement of its terms and conditions. A copy of the Sales Agreement is filed as an exhibit to the registration statement of which this prospectus supplement forms a part. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Jefferies and its affiliates may in the future provide various investment banking, commercial banking, financial advisory and other financial services for us and our affiliates, for which services they may in the future receive customary fees. In the course of its business, Jefferies may actively trade our securities for its own account or for the accounts of customers, and, accordingly, Jefferies may at any time hold long or short positions in such securities. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-12</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:592pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement and the accompanying prospectus in electronic format may be made available on a website maintained by Jefferies, and Jefferies may distribute the prospectus supplement and the accompanying prospectus electronically. </font>
        </div>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">S-13</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bLEMA">&#8203;</a><a name="bEXP">&#8203;</a><a name="bWYCF">&#8203;</a><a name="bIODB">&#8203;</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The validity of the securities offered hereby will be passed upon for us by K&amp;L Gates LLP, Orange County, California. Jefferies LLC is being represented in connection with this offering by Cooley LLP, New&#160;York, New York. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The consolidated financial statements of AeroVironment, Inc. as of April&#160;30, 2022 and 2021, and for each of the three&#160;years in the period ended April&#160;30, 2022, incorporated by reference in this Prospectus Supplement, and the effectiveness of AeroVironment, Inc.&#8217;s internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their report which express an unqualified opinion on the financial statements and an adverse opinion on the effectiveness of AeroVironment, Inc.&#8217;s internal control over financial reporting. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement constitutes a part of the registration statement on Form S-3 that we have filed with the SEC under the Securities Act. As permitted by the SEC&#8217;s rules, this prospectus supplement and the accompanying prospectus, which forms a part of the registration statement, do not contain all of the information that is included in the registration statement. You will find additional information about us in the registration statement. Any statement made in this prospectus supplement or any accompanying prospectus concerning legal documents are not necessarily complete and you should read the documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We are subject to the reporting requirements of the Exchange Act and file annual, quarterly and current reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC&#8217;s website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.sec.gov</font><font style="letter-spacing:0.2pt;">. We also maintain a website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.avinc.com</font><font style="letter-spacing:0.2pt;">, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">You may also request a copy of these filings, at no cost, by writing 241 18</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">th</font><font style="letter-spacing:0.2pt;"> Street South, Suite 415 Arlington, Virginia 22202, or calling us (805) 520-8350. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INCORPORATION OF DOCUMENTS BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The SEC permits us to &#8220;incorporate by reference&#8221; the information contained in documents we file with the SEC, which means that we can disclose important information to you by referring you to those documents rather than by including them in this prospectus supplement. Information that is incorporated by reference is considered to be part of this prospectus and you should read it with the same care that you read this prospectus and the accompanying prospectus. Information that we file later with the SEC will automatically update and supersede the information that is either contained, or incorporated by reference, in this prospectus, and will be considered to be a part of this prospectus from the date those documents are filed. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We incorporate by reference the documents listed below, all filings filed by us pursuant to the Exchange Act after the date of the registration statement of which this prospectus supplement and the accompanying prospectus form a part, and any future filings we make with the SEC under Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the time that all securities covered by this prospectus supplement have been sold; provided, however, that we are not incorporating any information furnished under either Item&#160;2.02 or Item&#160;7.01 of any current report on Form 8-K: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1368622/000155837022010392/avav-20220430x10k.htm">our Annual Report on Form 10-K for the fiscal year ended April&#160;30, 2022 filed with the SEC on June&#160;29, 2022;</a> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1368622/000155837022014256/avav-20220730x10q.htm">our Quarterly Report on Form 10-Q for the quarter ended July&#160;30, 2022 filed with the SEC on September&#160;8, 2022;</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-14</font>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:262pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1368622/000110465922084215/tm2222028d1_8k.htm">our Current Report on Form 8-K filed with the SEC on July&#160;29, 2022;</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1368622/000110465922087288/tm2222330-1_def14a.htm">our Definitive Proxy Statement on Schedule&#160;14A filed with the SEC on August&#160;8, 2022 and supplemental material filed on September 6, 2022;</a><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1368622/000110465922097893/tm2225161d1_defa14a.htm">our additional definitive proxy soliciting materials and Rule 14(a)(12) material on DEFA 14A filed with the SEC on September 6, 2022; and</a> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1368622/000095013407000783/a26457e8va12b.htm">the description of our common stock contained in our Registration Statement on Form 8-A filed with the SEC on January&#160;18, 2007, including any amendments or reports filed with the SEC for the purposes of updating such description.</a><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any statements made in a document incorporated by reference in this prospectus supplement are deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement in this prospectus supplement or in any other subsequently filed document which is also incorporated by reference modifies or supersedes the statement. Any statement made in this prospectus supplement is deemed to be modified or superseded to the extent a statement in any subsequently filed document which is incorporated by reference in this prospectus supplement modifies or supersedes such statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The information relating to us contained in this prospectus supplement should be read together with the accompanying prospectus and the information in the documents incorporated by reference herein and therein. In addition, certain information, including financial information, contained in this prospectus supplement, the accompanying prospectus or incorporated by reference in this prospectus supplement and the accompanying prospectus should be read in conjunction with documents we have filed with the SEC. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will provide to each person, including any beneficial holder, to whom a prospectus is delivered, at no cost, upon written or oral request, a copy of any or all of the information that has been incorporated by reference in the prospectus but not delivered with the prospectus. Requests for documents should be by writing us at the following address: AeroVironment, Inc., 241 18</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">th</font><font style="letter-spacing:0.2pt;"> Street South, Suite 415 Arlington, Virginia&#160;22202; or by calling (805) 520-8350. Exhibits to these filings will not be sent unless those exhibits have been specifically incorporated by reference in such filings.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-15</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:justify; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2.8pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 2.8pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="position:relative;margin-top:86.3pt; text-align:center; width:456pt;">
          <img src="lg_aerovironment-bw.jpg" alt="[MISSING IMAGE: lg_aerovironment-bw.jpg]" height="96" width="236" >
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        <div style="margin-top:64.6pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">Up to $200,000,000</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:57.53pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">Common Stock</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:77.797pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 77.7966666666667pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:18.8pt; text-align:center; width:456pt; line-height:14pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
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        <div style="margin-top:18.143pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 18.1433333333333pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:75.8pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">Jefferies</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
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        <div style="margin-top:68.53pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">September&#160;8, 2022</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:80.13pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 80.13pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2.81pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 2.81000000000006pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART II</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:6pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;14.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following is an itemized statement of expenses of the Company in connection with the issuance and delivery of the securities being registered hereby, other than underwriting discounts and commissions. </font>
        </div>
        <table style="width:416pt;height:115.5pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">SEC registration fee </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">&#8199;&#8199;&#8199;&#8199;&#8199;*</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Printing fees </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Trustee fees </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Rating Agency fees </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:369pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Miscellaneous expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 3.25pt 0pt; width:369pt;text-align:left;">
              <font style="letter-spacing:-0.2pt;">Total</font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:22.5pt; text-align:right; white-space:nowrap;">**</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:5.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Deferred in accordance with Rule&#160;456(b) and 457(r). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">**</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">These fees will be dependent on the types of securities offered and number of offerings and, therefore, cannot be estimated at this time. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;15.&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As permitted by Section&#160;102 of the Delaware General Corporation Law, we have adopted provisions to our amended and restated certificate of incorporation and amended and restated bylaws which limit or eliminate the personal liability of our directors for a breach of their fiduciary duty of care as directors. The duty of care generally requires that when acting on behalf of the corporation, directors exercise an informed business judgment based on all material information reasonably available to them. Consequently, a director will not be personally liable to us or our stockholders for monetary damages or breach of fiduciary duty as a director, except for liability for: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any breach of the director&#8217;s duty of loyalty to us or our stockholders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any act related to unlawful stock repurchases, redemptions or other distributions or payment of dividends; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any transaction from which the director derived an improper personal benefit. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These limitations of liability do not alter liability under the federal securities laws and do not affect the availability of equitable remedies such as injunction or rescission. As permitted by Section&#160;145 of the Delaware General Corporation Law, our amended and restated certificate of incorporation and amended and restated bylaws authorize us to indemnify our officers, directors and other agents to the fullest extent permitted under Delaware law and provide that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we may indemnify our directors, officers, and employees to the fullest extent permitted by the Delaware General Corporation Law, subject to limited exceptions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we may advance expenses to our directors, officers, and employees in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to limited exceptions; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the rights provided in our bylaws are not exclusive. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered, and intend to continue to enter, into separate indemnification agreements with each of our executive officers and directors which are in addition to and may be broader than the indemnification provided for in our charter documents. These indemnification agreements provide that we will indemnify each of our directors to the fullest extent permitted by law and advance expenses to indemnitees in connection with any proceeding in which indemnification is available. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We also maintain general liability insurance that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their capacities as directors or officers and a policy of directors&#8217; and officers&#8217; liability insurance that covers certain liabilities arising under the Securities Act. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling the registrant pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Furthermore, a stockholder&#8217;s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. We believe that these provisions, the indemnification agreements and the insurance are necessary to attract and retain talented and experienced directors and officers. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">At present, there is no pending litigation or proceeding involving any of our directors, officers, employees or agents in which indemnification by us is sought, nor are we aware of any threatened litigation or proceeding that may result in a claim for indemnification. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;16.&nbsp;&nbsp;&nbsp;Exhibits.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:308pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:30pt;" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Exhibit</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:168pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Incorporated by Reference </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:34pt;" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Filed</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Herewith </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="2">&#8203;</td>
          </tr>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
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            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
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            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:30pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">4.6* </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:168pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Subordinated Debt Security </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;text-align:justify;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:251pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:10pt;height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:30pt;" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Exhibit</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;" rowspan="2">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:168pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:0pt;" colspan="10">
              <div style="white-space:nowrap; text-align:center; line-height:9pt;">
                <font style="letter-spacing:-0.16pt;">Incorporated by Reference </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;" rowspan="2">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:34pt;" rowspan="2">
              <div style="text-align:center; line-height:9pt; padding-bottom:0pt;">
                <font style="letter-spacing:-0.16pt;">Filed</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Herewith </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;" rowspan="2">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;height:15.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 4.5pt 0pt; width:168pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit&#160;Description </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 4.5pt 0pt; width:34pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Form </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 4.5pt 0pt; width:54pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">File No. </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 4.5pt 0pt; width:34pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 4.5pt 0pt; width:54pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Filing Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.917pt 0pt 2.833pt 0pt; width:30pt;text-align:left;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">4.7* </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:3.917pt 0pt 2.833pt 0pt; width:168pt;white-space:normal;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Warrant Agreement (including form of Warrant) </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:30pt;text-align:left;">
              <font style="margin-left:10pt;letter-spacing:0.2pt;">5.1 </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:168pt;white-space:normal;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2225133d2_ex5-1.htm">Opinion of K&amp;L Gates LLP as to legality of the securities being registered</a>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:34pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">X </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:30pt;text-align:left;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">23.1 </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:168pt;white-space:normal;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2225133d2_ex23-1.htm">Consent of Deloitte &amp; Touche LLP, Independent Registered Public Accounting Firm</a>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:34pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">X </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:30pt;text-align:left;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">23.2 </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:168pt;white-space:normal;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2225133d2_ex5-1.htm">Consent of K&amp;L Gates LLP (included in Exhibit&#160;5.1 hereto)</a>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:34pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">X </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:30pt;text-align:left;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">24.1 </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:168pt;text-align:left;">
              <div style="white-space:nowrap;letter-spacing:0.2pt;">
                <a href="#tSIG">Power of Attorney (see signature page)</a>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:34pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">X </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:30pt;text-align:left;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">25.1** </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:4.167pt 0pt 2.833pt 0pt; width:168pt;white-space:normal;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form T-1 Statement of Eligibility of Trustee under the Trust Indenture Act of 1939, as amended </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 2.833pt 0pt; width:30pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">107 </font>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 2.833pt 0pt; width:168pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2225133d2_ex-filingfees.htm">Filing Fee Table</a>
              </div>
            </td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:34pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:54pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:0pt; width:4pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 2.833pt 0pt; width:34pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">X</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">To be filed, if necessary, with a Current Report on Form 8-K or a post-effective amendment to the registration statement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">**</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">To be filed, if necessary, pursuant to Section&#160;305(b)(2) of the Trust Indenture Act of 1939 </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;17.&nbsp;&nbsp;&nbsp;Undertakings.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby undertakes: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;to include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, or the Securities Act; </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(ii)&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement); and </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(iii)&nbsp;&nbsp;&nbsp;to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement; </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;">, that the undertakings set forth in subparagraphs (i), (ii)&#160;and (iii)&#160;above do not apply if the information required to be included in a post-effective amendment by those subparagraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&#160;13 or Section&#160;15(d) of the Securities Exchange Act of 1934,or the Exchange Act, that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b) that is part of the registration statement. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-3</font>
          <br >
        </div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(3)&nbsp;&nbsp;&nbsp;To remove from registration, by means of a post-effective amendment, any of the securities being registered which remain unsold at the termination of the offering. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(4)&nbsp;&nbsp;&nbsp;That, for the purpose of determining liability under the Securities Act to any purchaser if the registrant is relying on Rule&#160;430B: (A)&#160;each prospectus filed by the registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and (B)&#160;each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(5)&nbsp;&nbsp;&nbsp;That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i)&#160;any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424; (ii)&#160;any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii)&#160;the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv)&#160;any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act , each filing of the registrant&#8217;s annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(h)&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant, pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:580pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">(j)&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a)&#160;of section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under section 305(b)(2) of the Trust Indenture Act.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">II-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tSIG">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Simi Valley, State of California, on September&#160;8, 2022. </font>
        </div>
        <div style="margin-left:240pt; margin-top:8pt; text-align:justify; width:216pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">AEROVIRONMENT, INC.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:240pt; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:260pt;">
          <font style="letter-spacing:0.2pt;">/s/ Wahid Nawabi </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="white-space:nowrap; margin-left:260pt; margin-top:2.5pt; width:196pt;">
          <div style="margin-left: 0pt; width: 196pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:260pt; margin-top:2pt; width:196pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Wahid Nawabi </font>
        </div>
        <div style="margin-left:260pt; margin-top:2pt; text-align:justify; width:196pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Chairman of the Board, President, and Chief Executive Officer </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">POWER OF ATTORNEY AND SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">KNOWN ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Wahid Nawabi and Kevin P. McDonnell his or her true and lawful attorneys-in-fact and agents, each acting alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, any related Registration Statement filed pursuant to Rule&#160;462(b) under the Securities Act of 1933, as amended, and any or all pre- or post-effective amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting alone, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </font>
        </div>
        <table style="width:456pt;height:274.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;min-height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:132pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:192pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:108pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:57.25pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:13.917pt 0pt 6.833pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Whaid Nawabi</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Wahid Nawabi </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 6.833pt 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Chairman of the Board, President, and </font>
                <br >
                <font style="letter-spacing:0.2pt;">Chief Executive Officer (Principal </font>
                <br >
                <font style="letter-spacing:0.2pt;">Executive Officer) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 6.833pt 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:51pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 6.833pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Kevin P. McDonnell</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Kevin P. McDonnell </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Senior Vice President and Chief </font>
                <br >
                <font style="letter-spacing:0.2pt;">Financial Officer (Principal </font>
                <br >
                <font style="letter-spacing:0.2pt;">Financial Officer) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 0.5pt 0pt; width:132pt;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Brian Shackley</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Brian Shackley </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Vice President and Controller (Principal Accounting Officer) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Charles Thomas Burbage</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Charles Thomas Burbage </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Charles Holland</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Charles Holland </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:12pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Cindy K. Lewis </font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Cindy K. Lewis </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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        <table style="width:456pt;height:131.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;min-height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:132pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Name </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:192pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:108pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:47.25pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Catharine Merigold</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Catharine Merigold </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Edward R. Muller</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Edward R. Muller </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:12pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:8.167pt 0pt 0.5pt 0pt; width:132pt;white-space:normal;text-align:left;vertical-align:top;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Stephen F. Page</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 132pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Stephen F. Page </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:192pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1px 0pt; width:108pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">September&#160;8, 2022</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>2
<FILENAME>tm2225133d2_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OPEN
MARKET SALE AGREEMENT</B></FONT><B><SUP>SM</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;8, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JEFFERIES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AeroVironment,&nbsp;Inc.,
a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), proposes, subject to the terms and conditions stated herein, to issue and sell
from time to time through Jefferies LLC, as sales agent and/or principal (the &ldquo;<B>Agent</B>&rdquo;), shares of the Company&rsquo;s
common stock, par value $0.0001 per share (the &ldquo;<B>Common Shares</B>&rdquo;), on the terms set forth in this agreement (this &ldquo;<B>Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Certain
Definitions</U>. For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall have the following respective
meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
of a Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such first- mentioned Person. The term &ldquo;control&rdquo; (including the terms &ldquo;controlling,&rdquo; &ldquo;controlled
by&rdquo; and &ldquo;under common control with&rdquo;) means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agency Period</B>&rdquo;
means the period commencing on the date of this Agreement and expiring on the earliest to occur of (x)&nbsp;the date on which the Agent
shall have placed the Maximum Program Amount pursuant to this Agreement and (y)&nbsp;the date this Agreement is terminated pursuant to
<U>&lrm;Section&nbsp;7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Floor Price</B>&rdquo;
means the minimum price set by the Company in the Issuance Notice below which the Agent shall not sell Shares during the applicable period
set forth in the Issuance Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance Notice
by delivering written notice of such change to the Agent and which in no event shall be less than $1.00 without the prior written consent
of the Agent, which may be withheld in the Agent&rsquo;s sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>SM
                                            </SUP></FONT>&ldquo;Open Market Sale Agreement&rdquo; is a service mark of Jefferies LLC</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Governmental Authority&rdquo;
</B>means any (a)&nbsp;nation, region, state, province, county, city, town, village, district or other jurisdiction, (b)&nbsp;federal,
state, local, municipal, foreign or other government, (c)&nbsp;governmental or quasi-governmental authority of any nature (including any
governmental agency, branch, department, commission or other entity), (d)&nbsp;court, tribunal, arbitrator, or other governmental official,
authority or instrumentality, or (e)&nbsp;multinational organization, stock exchange or similar self-regulatory organization or other
private body entitled to exercise any administrative, executive or regulatory power of any nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Government Bid</B>&rdquo;
means any quotation, offer, bid or proposal made by the Company that, if accepted, would result in or lead to a Government Contract (as
defined below). For avoidance of doubt, the term Government Bid includes only quotations, offers, bids or proposals that have not expired
and for which award has not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Government Contract</B>&rdquo;
means any contract, task order, delivery order, purchase order, grant, or other binding commitment between the Company and an agency of
the United States or an agency of any of its respective States, or any municipality, or an agency of a foreign sovereign or agency of
a provincial, regional, or metropolitan government thereof, or any intergovernmental agency or quasi-governmental agency.&nbsp; &ldquo;Government
Contract&rdquo; also includes any subcontract, subgrant, reseller agreement, or other agreement (at any tier) of the Company, (i)&nbsp;with
another entity under a prime contract held by the Company, and (ii)&nbsp;with another entity that holds either a prime contract or other
agreement with such a governmental agency or a subcontract or other agreement (at any tier) under such a prime contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuance Amount</B>&rdquo;
means the aggregate Sales Price of the Shares to be sold by the Agent pursuant to any Issuance Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuance Notice</B>&rdquo;
means a written notice delivered to the Agent by the Company in accordance with this Agreement in the form attached hereto as Exhibit&nbsp;A
that is executed by its Chief Executive Officer, President or Chief Financial Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuance Notice
Date</B>&rdquo; means any Trading Day during the Agency Period that an Issuance Notice is delivered pursuant to &lrm;<U>Section&nbsp;3(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuance Price</B>&rdquo;
means the Sales Price less the Selling Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Maximum Program
Amount</B>&rdquo; means Common Shares with an aggregate Sales Price of the lesser of (a)&nbsp;the number or dollar amount of Common Shares
registered under the effective Registration Statement (defined below) pursuant to which the offering is being made, (b)&nbsp;the number
of authorized but unissued Common Shares (less Common Shares issuable upon exercise, conversion or exchange of any outstanding securities
of the Company or otherwise reserved from the Company&rsquo;s authorized capital stock), (c)&nbsp;the number or dollar amount of Common
Shares permitted to be sold under Form&nbsp;S-3 (including General Instruction I.B.6 thereof, if applicable), or (d)&nbsp;the number or
dollar amount of Common Shares for which the Company has filed a Prospectus (defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint
venture, joint stock company, Governmental Authority or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Principal Market</B>&rdquo;
means the Nasdaq Global Select Market or such other national securities exchange on which the Common Shares, including any Shares, are
then listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Sales Price</B>&rdquo;
means the actual sale execution price of each Share placed by the Agent pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended, and the rules&nbsp;and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Selling Commission</B>&rdquo;
means three percent (3.0%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company
and the Agent with respect to any Shares sold pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Settlement Date</B>&rdquo;
means the second business day following each Trading Day during the period set forth in the Issuance Notice on which Shares are sold pursuant
to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on such Trading Day and the Agent shall deliver
to the Company the Issuance Price received on such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Shares</B>&rdquo;
shall mean the Company&rsquo;s Common Shares issued or issuable pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Trading Day</B>&rdquo;
means any day on which the Principal Market is open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">REPRESENTATIONS
AND WARRANTIES OF THE COMPANY</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company represents and
warrants to, and agrees with, the Agent that as of (1)&nbsp;the date of this Agreement, (2)&nbsp;each Issuance Notice Date, (3)&nbsp;each
Settlement Date, (4)&nbsp;each Triggering Event Date and (5)&nbsp;as of each Time of Sale (each of the times referenced above is referred
to herein as a &ldquo;<B>Representation Date</B>&rdquo;), in each case except as may be disclosed in the Registration Statement and the
Prospectus (including any documents incorporated by reference therein and any supplements thereto) on or before a Representation Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Statement</U>. The Company has prepared and will file with the Commission an &ldquo;automatic shelf registration statement&rdquo; as defined
under Rule&nbsp;405 of the Securities Act on Form&nbsp;S-3 that contains a base prospectus (the &ldquo;<B>Base Prospectus</B>&rdquo;).
Such registration statement registers the issuance and sale by the Company of the Shares under the Securities Act. The Company may file
one or more additional registration statements from time to time that will contain a base prospectus and related prospectus or prospectus
supplement, if applicable, with respect to the Shares. Except where the context otherwise requires, such registration statement(s), including
any information deemed to be a part thereof pursuant to Rule&nbsp;430B under the Securities Act, including all financial statements, exhibits
and schedules thereto and all documents incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form&nbsp;S-3
under the Securities Act as from time to time amended or supplemented, is herein referred to as the &ldquo;<B>Registration Statement,</B>&rdquo;
and the prospectus constituting a part of such registration statement(s), together with any prospectus supplement filed with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act relating to the offering of the Shares, including all documents incorporated
or deemed to be incorporated therein by reference pursuant to Item 12 of Form&nbsp;S-3 under the Securities Act, in each case, as from
time to time amended or supplemented, is referred to herein as the &ldquo;<B>Prospectus,</B>&rdquo; except that if any revised prospectus
is provided to the Agent by the Company for use in connection with the offering of the Shares that is not required to be filed by the
Company pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, the term &ldquo;<B>Prospectus</B>&rdquo; shall refer to such revised
prospectus from and after the time it is first provided to the Agent for such use. The Registration Statement at the time it originally
became effective is herein called the &ldquo;<B>Original Registration Statement.</B>&rdquo; As used in this Agreement, the terms &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; when applied to the Registration Statement or the Prospectus shall be deemed to include the filing by the
Company with the Commission of any document under the Exchange Act after the date hereof that is or is deemed to be incorporated therein
by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo;
in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information which is or is deemed to be incorporated by reference in or otherwise deemed
under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified
date; and all references in this Agreement to amendments or supplements to the Registration Statement or the Prospectus shall be deemed
to mean and include, without limitation, the filing of any document under the Exchange Act which is or is deemed to be incorporated by
reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus,
as the case may be, as of any specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the time the Original Registration
Statement became effective and at the time the Company&rsquo;s most recent annual report on Form&nbsp;10-K was filed with the Commission,
if later, the Company met the then-applicable requirements for use of Form&nbsp;S-3 under the Securities Act. During the Agency Period,
each time the Company files an annual report on Form&nbsp;10-K, the Company will meet the then applicable requirements for use of Form&nbsp;S-3
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with Registration Requirements</U>. The Original Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement have been
declared or deemed effective by the Commission under the Securities Act. The Company has complied to the Commission&rsquo;s satisfaction
with all requests of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration
Statement or any Rule&nbsp;462(b)&nbsp;Registration Statement is in effect and no proceedings for such purpose have been instituted or
are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Prospectus when filed
complied or will comply in all material respects with the Securities Act and, if filed with the Commission through its Electronic Data
Gathering, Analysis and Retrieval system (&ldquo;<B>EDGAR</B>&rdquo;) (except as may be permitted by Regulation S-T under the Securities
Act), was identical to the copy thereof delivered to the Agent for use in connection with the issuance and sale of the Shares. Each of
the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any post-effective amendment thereto, at the time it
became or becomes effective and at each Representation Date, complied and will comply in all material respects with the Securities Act
and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. As of the date of this Agreement, the Prospectus and any Free Writing Prospectus
(as defined below) considered together (collectively, the &ldquo;<B>Time of Sale Information</B>&rdquo;) did not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The Prospectus, as amended or supplemented, as of its date and at each Representation Date, did
not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in
the three immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration
Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon
and in conformity with information relating to the Agent furnished to the Company in writing by the Agent expressly for use therein, it
being understood and agreed that the only such information furnished by the Agent to the Company consists of the information described
in <U>Section&nbsp;6</U> below. There are no contracts or other documents required to be described in the Prospectus or to be filed as
exhibits to the Registration Statement which have not been described or filed as required. The Registration Statement and the offer and
sale of the Shares as contemplated hereby meet the requirements of Rule&nbsp;415 under the Securities Act and comply in all material respects
with said rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ineligible
Issuer Status</U>. The Company is not an &ldquo;ineligible issuer&rdquo; in connection with the offering of the Shares pursuant to Rules&nbsp;164,
405 and 433 under the Securities Act. Any Free Writing Prospectus that the Company is required to file pursuant to Rule&nbsp;433(d)&nbsp;under
the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act. Each Free
Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act or that
was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements
of Rule&nbsp;433 under the Securities Act including timely filing with the Commission or retention where required and legending, and each
such Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the issuance and sale of the
Shares did not, does not and will not include any information that conflicted, conflicts with or will conflict with the information contained
in the Registration Statement or the Prospectus, including any document incorporated by reference therein. Except for the Free Writing
Prospectuses, if any, and electronic road shows, if any, furnished to the Agent before first use, the Company has not prepared, used or
referred to, and will not, without the Agent&rsquo;s prior consent, prepare, use or refer to, any Free Writing Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporated
Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus,
at the time they were filed with the Commission, complied in all material respects with the requirements of the Exchange Act, as applicable,
and, when read together with the other information in the Prospectus, do not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exchange
Act Compliance</U>. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time they were or hereafter
are filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto complied and will comply in all material
respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus, at the time
the Registration Statement and any amendments thereto become effective and at each Time of Sale (as defined below), as the case may be,
will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Statistical
and Market-Related Data</U>. All statistical, demographic and market-related data included in the Registration Statement or the Prospectus
are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate. To the extent required,
the Company has obtained written consent for the use of such data from such sources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Disclosure
Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting</U>. The Company has established and
maintains disclosure controls and procedures (as defined in Rules&nbsp;13a-15 and 15d-15 under the Exchange Act) which (i)&nbsp;are designed
to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company&rsquo;s
principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which
the periodic reports required under the Exchange Act are being prepared; (ii)&nbsp;have been evaluated by management of the Company for
effectiveness as of the end of the Company&rsquo;s most recent fiscal quarter; and (iii)&nbsp;are effective in all material respects to
perform the functions for which they were established. Since the end of the Company&rsquo;s most recent audited fiscal year, there have
been no significant deficiencies or material weaknesses in the Company&rsquo;s internal control over financial reporting (whether or not
remediated) and no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company is not aware of any change in
its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>This
Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorization
of the Shares</U>. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered
by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and the issuance
and sale of the Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase
the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>No
Applicable Registration or Other Similar Rights</U>. There are no persons with registration or other similar rights to have any equity
or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except
for such rights as have been duly waived.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Material Adverse Change</U>. Subsequent to the respective dates as of which information is given in the Registration Statement and the
Prospectus: (i)&nbsp;there has been no material adverse change, or any development that could be expected to result in a material adverse
change, in (A)&nbsp;the condition, financial or otherwise, or in the earnings, business, properties, operations, operating results, assets,
liabilities or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries,
considered as one entity or (B)&nbsp;the ability of the Company to consummate the transactions contemplated by this Agreement or perform
its obligations hereunder (any such change being referred to herein as a &ldquo;<B>Material Adverse Change</B>&rdquo;); (ii)&nbsp;the
Company and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent,
including without limitation any losses or interference with their business from fire, explosion, flood, earthquakes, accident or other
calamity, whether or not covered by insurance, or from any strike, labor dispute or court or governmental action, order or decree, that
are material, individually or in the aggregate, to the Company and its subsidiaries, considered as one entity, and have not entered into
any transactions not in the ordinary course of business; and (iii)&nbsp;there has not been any material decrease in the capital stock
or any material increase in any short-term or long-term indebtedness of the Company or its subsidiaries and there has been no dividend
or distribution of any kind declared, paid or made by the Company or, except for dividends paid to the Company or other subsidiaries,
by any of the Company&rsquo;s subsidiaries on any class of capital stock, or any repurchase or redemption by the Company or any of its
subsidiaries of any class of capital stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Independent
Accountants</U>. Deloitte&nbsp;&amp; Touche LLP, which has expressed its opinion with respect to the financial statements (which term
as used in this Agreement includes the related notes thereto) filed with the Commission as a part of the Registration Statement and the
Prospectus, is, to the Company&rsquo;s knowledge, (i)&nbsp;an independent registered public accounting firm as required by the Securities
Act, the Exchange Act, and the rules&nbsp;of the Public Company Accounting Oversight Board (&ldquo;<B>PCAOB</B>&rdquo;), (ii)&nbsp;in
compliance with the applicable requirements relating to the qualification of accountants under Rule&nbsp;2-01 of Regulation S-X under
the Securities Act and (iii)&nbsp;a registered public accounting firm as defined by the PCAOB whose registration has not been suspended
or revoked and who has not requested such registration to be withdrawn.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Financial
Statements</U>. The financial statements filed with the Commission as a part of the Registration Statement and the Prospectus present
fairly in all material respects the consolidated financial position of the Company and its subsidiaries as of the dates indicated and
the results of their operations, changes in stockholders&rsquo; equity and cash flows for the periods specified. Such financial statements
have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved,
except as may be expressly stated in the related notes thereto. The interactive data in eXtensible Business Reporting Language included
or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has
been prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto. No other financial statements or
supporting schedules are required to be included in the Registration Statement or the Prospectus. The financial data set forth in each
of the Registration Statement and the Prospectus fairly present the information set forth therein on a basis consistent with that of the
audited financial statements contained in the Registration Statement and the Prospectus. To the Company&rsquo;s knowledge, no person who
has been suspended or barred from being associated with a registered public accounting firm, or who has failed to comply with any sanction
pursuant to Rule&nbsp;5300 promulgated by the PCAOB, has participated in or otherwise aided the preparation of, or audited, the financial
statements, supporting schedules or other financial data filed with the Commission as a part of the Registration Statement and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Company&rsquo;s
Accounting System</U>. The Company and each of its subsidiaries make and keep accurate books and records and maintain a system of internal
accounting controls sufficient to provide reasonable assurance that: (i)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorization; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only
in accordance with management&rsquo;s general or specific authorization; (iv)&nbsp;the recorded accountability for assets is compared
with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v)&nbsp;the interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus
fairly presents the information called for in all material respects and is prepared in accordance with the Commission's rules&nbsp;and
guidelines applicable thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incorporation
and Good Standing of the Company</U>. The Company has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the jurisdiction of its incorporation and has the corporate power and authority to own, lease and operate its properties
and to conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its obligations
under this Agreement. The Company is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except
as would not reasonably be expected to result in a Material Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Subsidiaries</U>.
Each of the Company&rsquo;s &ldquo;subsidiaries&rdquo; (for purposes of this Agreement, as defined in Rule&nbsp;405 under the Securities
Act) has been duly incorporated or organized, as the case may be, and is validly existing as a corporation, partnership or limited liability
company, as applicable, in good standing under the laws of the jurisdiction of its incorporation or organization (to the extent applicable
in the relevant jurisdiction) and has the power and authority (corporate or other) to own, lease and operate its properties and to conduct
its business as described in the Registration Statement and the Prospectus. Each of the Company&rsquo;s subsidiaries is duly qualified
as a foreign corporation, partnership or limited liability company, as applicable, to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business,
except as would not reasonably be expected to result in a Material Adverse Change. All of the issued and outstanding capital stock or
other equity or ownership interests of each of the Company&rsquo;s subsidiaries have been duly authorized and validly issued, are fully
paid and nonassessable and are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage,
pledge, lien, encumbrance or adverse claim other than under any publicly disclosed secured credit facility. None of the outstanding capital
stock or equity interest in any subsidiary was issued in violation of preemptive or similar rights of any security holder of such subsidiary
except for such rights as have been waived or with respect to which all claims have been released. The constitutive or organizational
documents of each of the subsidiaries comply in all material respects with the requirements of applicable laws of its jurisdiction of
incorporation or organization and are in full force and effect. Except as would not constitute a &ldquo;significant subsidiary&rdquo;
(as defined in Rule&nbsp;1-02(w)&nbsp;of Regulation S-X under the Securities Act), the Company does not own or control, directly or indirectly,
any corporation, association or other entity other than the subsidiaries listed in Exhibit&nbsp;21 to the Company&rsquo;s most recent
Annual Report on Form&nbsp;10-K.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Capitalization
and Other Capital Stock Matters</U>. The authorized, issued and outstanding capital stock of the Company is as set forth in the Registration
Statement and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans or upon the exercise of
outstanding options or warrants, in each case described in the Registration Statement and the Prospectus). The Common Shares (including
the Shares) conform in all material respects to the description thereof contained in the Prospectus. All of the issued and outstanding
Common Shares have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in compliance with all
federal and state securities laws. None of the outstanding Common Shares was issued in violation of any preemptive rights, rights of first
refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options,
warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable
or exercisable for, any capital stock of the Company or any of its subsidiaries other than those described in the Registration Statement
and the Prospectus. The descriptions of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements, and the options
or other rights granted thereunder, set forth in the Registration Statement and the Prospectus accurately and fairly presents in all material
respects the information required to be shown with respect to such plans, arrangements, options and rights.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Stock
Exchange Listing</U>. The Common Shares are registered pursuant to Section&nbsp;12(b)&nbsp;or 12(g)&nbsp;of the Exchange Act and are listed
on the Principal Market, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Common Shares under the Exchange Act or delisting the Common Shares from the Principal Market, nor has the Company received any
notification that the Commission or the Principal Market is contemplating terminating such registration or listing. The Company is in
compliance with all applicable listing requirements of the Principal Market in all material respects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required</U>. Neither the Company nor any of its subsidiaries is in violation
of its charter or by laws, partnership agreement or operating agreement or similar organizational documents, as applicable, or is in default
(or, with the giving of notice or lapse of time, would be in default) (&ldquo;<B>Default</B>&rdquo;) under any indenture, loan, credit
agreement, note, lease, license agreement, contract, franchise or other instrument (including, without limitation, any pledge agreement,
security agreement, mortgage or other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness) to which
the Company or any of its subsidiaries is a party or by which it or any of them may be bound, or to which any of their respective properties
or assets are subject (each, an &ldquo;<B>Existing Instrument</B>&rdquo;), except for such Defaults as would not be expected, individually
or in the aggregate, to result in a Material Adverse Change. The Company&rsquo;s execution, delivery and performance of this Agreement,
consummation of the transactions contemplated hereby and by the Registration Statement and the Prospectus and the issuance and sale of
the Shares (including the use of proceeds from the sale of the Shares as described in the Registration Statement and the Prospectus under
the caption &ldquo;Use of Proceeds&rdquo;) (i)&nbsp;have been duly authorized by all necessary corporate action and will not result in
any violation of the provisions of the charter or by laws, partnership agreement or operating agreement or similar organizational documents,
as applicable, of the Company or any subsidiary, (ii)&nbsp;will not conflict with or constitute a breach of, or Default or a Debt Repayment
Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property
or assets of the Company or any of its subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument
and (iii)&nbsp;will not result in any violation of any law, administrative regulation or administrative or court decree applicable to
the Company or any of its subsidiaries. No consent, approval, authorization or other order of, or registration or filing with, any court
or other governmental or regulatory authority or agency, is required for the Company&rsquo;s execution, delivery and performance of this
Agreement and consummation of the transactions contemplated hereby and by the Registration Statement and the Prospectus, except such as
have been obtained or made by the Company and are in full force and effect under the Securities Act and such as may be required under
applicable state securities or blue sky laws or FINRA (as defined below). As used herein, a &ldquo;<B>Debt Repayment Triggering Event</B>&rdquo;
means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture
or other evidence of indebtedness (or any person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption
or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Material Actions or Proceedings</U>. There is no action, suit, proceeding, inquiry or investigation brought by or before any legal or
governmental entity now pending or, to the knowledge of the Company, threatened, against or affecting the Company or any of its subsidiaries,
which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change. No material labor dispute
of the Company with the employees of the Company or any of its subsidiaries, or with the employees of any principal supplier, manufacturer,
customer or contractor of the Company, exists or, to the knowledge of the Company, is threatened or imminent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Intellectual
Property Rights</U>. The Company and its subsidiaries own, or have obtained valid and enforceable licenses for, the inventions, patent
applications, patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual property described in
the Registration Statement and the Prospectus as being owned or licensed by them or which are necessary for the conduct of their respective
businesses as currently conducted or as currently proposed to be conducted (collectively, &ldquo;<B>Intellectual Property</B>&rdquo;)
and, to the Company&rsquo;s knowledge, the conduct of their respective businesses does not infringe, misappropriate or otherwise conflict
with any such rights of others, except as would not reasonably be expected to result in a Material Adverse Change. The Intellectual Property
of the Company has not been adjudged by a court of competent jurisdiction to be invalid or unenforceable, in whole or in part, and the
Company is unaware of any facts which would form a reasonable basis for any such adjudication. To the Company&rsquo;s knowledge: (i)&nbsp;there
are no third parties who have rights to any Intellectual Property, except for customary reversionary rights of third-party licensors with
respect to Intellectual Property that is disclosed in the Registration Statement and the Prospectus as licensed to the Company or one
or more of its subsidiaries; and (ii)&nbsp;there is no infringement by third parties of any Intellectual Property that, with respect to
this clause (ii), would reasonably be expected to result in a Material Adverse Change. There is no pending or, to the Company&rsquo;s
knowledge, threatened action, suit, proceeding or claim by others: (A)&nbsp;challenging the Company&rsquo;s rights in or to any Intellectual
Property, and the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim;
(B)&nbsp;challenging the validity, enforceability or scope of any Intellectual Property, and the Company is unaware of any facts which
would form a reasonable basis for any such action, suit, proceeding or claim; or (C)&nbsp;asserting that the Company or any of its subsidiaries
infringes or otherwise violates, or would, upon the commercialization of any product or service described in the Registration Statement
or the Prospectus as under development, infringe or violate, any patent, trademark, trade name, service name, copyright, trade secret
or other proprietary rights of others, and the Company is unaware of any facts which would form a reasonable basis for any such action,
suit, proceeding or claim except, in each case, as would not reasonably be expected to result in a Material Adverse Change. The Company
and its subsidiaries have complied in all material respects with the terms of each agreement pursuant to which Intellectual Property has
been licensed to the Company or any subsidiary, and all such agreements are in full force and effect. The Company and its subsidiaries
have taken all reasonable steps to protect, maintain and safeguard their Intellectual Property, including the execution of appropriate
nondisclosure, confidentiality agreements and invention assignment agreements and invention assignments with their employees. To the Company&rsquo;s
knowledge no employee of the Company is in or has been in violation of any term of any employment contract, patent disclosure agreement,
invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement, or any restrictive covenant
to or with a former employer where the basis of such violation relates to such employee&rsquo;s employment with the Company&nbsp;and would
reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. The Company has complied with the duty
of candor and good faith as required by the United States Patent and Trademark Office during the prosecution of the United States patents
and patent applications included in the Intellectual Property and all similar requirements in all foreign offices. None of the Company
owned Intellectual Property or technology (including information technology and outsourced arrangements) employed by the Company or its
subsidiaries has been obtained or is being used by the Company or its subsidiary in violation of any contractual obligation binding on
the Company or its subsidiaries or any of their respective officers, directors or employees or otherwise in violation of the rights of
any persons. Product(s)&nbsp;described in the Registration Statement and the Prospectus developed by the Company or any subsidiary, except
in each case, as would not reasonably be expected to result in a Material Adverse Change, fall within the scope of claim(s)&nbsp;of one
or more patents owned by, or exclusively licensed to, the Company or any subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>All
Necessary Permits,&nbsp;etc</U>. The Company and each subsidiary possess such valid and current certificates, authorizations, waivers,
clearances, consents, exemptions, licenses, orders, approvals or permits required by state, federal or foreign regulatory agencies or
bodies to conduct their respective businesses as currently conducted and as described in the Registration Statement or the Prospectus
(&ldquo;<B>Permits</B>&rdquo;). Neither the Company nor any of its subsidiaries is in violation of, or in default under, any of the Permits
or has received any notice of proceedings relating to the revocation or modification of, or noncompliance with, any such certificate,
authorization or permit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Title
to Properties</U>. Except as otherwise disclosed in the Prospectus, the Company and its subsidiaries have good and marketable title to
all of the real and personal property and other assets reflected as owned in the financial statements referred to in <U>&lrm;Section&nbsp;2(m)</U>&nbsp;above
(or elsewhere in the Registration Statement or the Prospectus, in each case free and clear of any security interests, mortgages, liens,
encumbrances, equities, adverse claims and other defects. The real property, improvements, equipment and personal property held under
lease by the Company or any of its subsidiaries are held under valid and enforceable leases, with such exceptions as are not material
and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property
by the Company or such subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Law Compliance</U>. The Company and its subsidiaries have filed all necessary federal, state and foreign income and franchise tax returns
or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any
related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate
proceedings. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in &lrm;<U>Section&nbsp;2(m)</U>&nbsp;above
in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company or
any of its subsidiaries has not been finally determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Company
Not an &ldquo;Investment Company</U>.&rdquo; The Company is not, and will not be, either after receipt of payment for the Shares or after
the application of the proceeds therefrom as described under &ldquo;Use of Proceeds&rdquo; in the Registration Statement or the Prospectus,
required to register as an &ldquo;investment company&rdquo; under the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment
Company Act</B>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.
Each of the Company and its subsidiaries are insured by recognized, financially sound and reputable institutions with policies in such
amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for their businesses including,
but not limited to, policies covering real and personal property owned or leased by the Company and its subsidiaries against theft, damage,
destruction and acts of vandalism and policies covering the Company and its subsidiaries for product liability claims. The Company has
no reason to believe that it or any of its subsidiaries will not be able (i)&nbsp;to renew its existing insurance coverage as and when
such policies expire or (ii)&nbsp;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct
its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Change. Neither the
Company nor any of its subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>No
Price Stabilization or Manipulation; Compliance with Regulation M</U>. Neither the Company nor any of its subsidiaries has taken, directly
or indirectly, any action designed to or that might cause or result in stabilization or manipulation of the price of the Common Shares
or of any &ldquo;reference security&rdquo; (as defined in Rule&nbsp;100 of Regulation M under the Exchange Act (&ldquo;<B>Regulation M</B>&rdquo;))
with respect to the Common Shares, whether to facilitate the sale or resale of the Shares or otherwise, and has taken no action which
would directly or indirectly violate Regulation M.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Related
Party Transactions</U>. There are no business relationships or related-party transactions involving the Company or any of its subsidiaries
or any other person required to be described in the Registration Statement or the Prospectus which have not been described as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>FINRA
Matters</U>. All of the information provided to the Agent or to counsel for the Agent by the Company, its counsel, its officers and directors
and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the offering
of the Shares is true, complete, correct and compliant with Financial Industry Regulatory Authority,&nbsp;Inc.&rsquo;s (&ldquo;<B>FINRA</B>&rdquo;)
rules&nbsp;and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules&nbsp;or NASD Conduct Rules&nbsp;is
true, complete and correct. The Company meets the definition of the term &ldquo;experienced issuer&rdquo; specified in FINRA Rule&nbsp;5110(j)(6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Unlawful Contributions or Other Payments</U>. Neither the Company nor any of its subsidiaries nor, to the best of the Company&rsquo;s
knowledge, any employee or agent of the Company or any subsidiary, has made any contribution or other payment to any official of, or candidate
for, any federal, state or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement
and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with Environmental Laws</U>. Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Change: (i)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign statute, law,
rule, regulation, ordinance, code, policy or rule&nbsp;of common law or any judicial or administrative interpretation thereof, including
any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without
limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum or petroleum products (collectively, &ldquo;<B>Hazardous Materials</B>&rdquo;) or to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &ldquo;<B>Environmental
Laws</B>&rdquo;), (ii)&nbsp;the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable
Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there are no pending or, to the Company&rsquo;s knowledge,
threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or
violation, investigation or proceedings relating to any Environmental Law against the Company or any of its subsidiaries and (iv)&nbsp;there
are no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its subsidiaries relating
to Hazardous Materials or any Environmental Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Periodic
Review of Costs of Environmental Compliance</U>. In the ordinary course of its business, the Company conducts a periodic review of the
effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it
identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required
for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties). No facts or circumstances have come to the Company&rsquo;s attention
that could result in costs or liabilities that would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>ERISA
Compliance</U>. Except as otherwise disclosed in the Prospectus, the Company and its subsidiaries and any &ldquo;employee benefit plan&rdquo;
(as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder
(collectively, &ldquo;<B>ERISA</B>&rdquo;)) established or maintained by the Company, its subsidiaries or their &ldquo;ERISA Affiliates&rdquo;
(as defined below) are in compliance in all material respects with ERISA. &ldquo;<B>ERISA Affiliate</B>&rdquo; means, with respect to
the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b), (c), (m)&nbsp;or (o)&nbsp;of
the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the &ldquo;<B>Code</B>&rdquo;)
of which the Company or such subsidiary is a member. No &ldquo;reportable event&rdquo; (as defined under ERISA) has occurred or is reasonably
expected to occur with respect to any &ldquo;employee benefit plan&rdquo; established or maintained by the Company, its subsidiaries or
any of their ERISA Affiliates. No &ldquo;employee benefit plan&rdquo; established or maintained by the Company, its subsidiaries or any
of their ERISA Affiliates, if such &ldquo;employee benefit plan&rdquo; were terminated, would have any &ldquo;amount of unfunded benefit
liabilities&rdquo; (as defined under ERISA). Neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably
expects to incur any liability under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;employee
benefit plan&rdquo; or (ii)&nbsp;Sections 412, 4971, 4975 or 4980B of the Code. Each &ldquo;employee benefit plan&rdquo; established or
maintained by the Company, its subsidiaries or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a)&nbsp;of
the Code is so qualified and nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Brokers</U>.
There is no broker, finder or other party that is entitled to receive from the Company any brokerage or finder&rsquo;s fee or other fee
or commission as a result of any transactions contemplated by this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Outstanding Loans or Other Extensions of Credit</U>. The Company does not have any outstanding extension of credit, in the form of a personal
loan, to or for any director or executive officer (or equivalent thereof) of the Company except for such extensions of credit as are expressly
permitted by Section&nbsp;13(k)&nbsp;of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;<U>Compliance
with Laws</U>. The Company and its subsidiaries have been and are in compliance with all applicable laws, rules&nbsp;and regulations,
except where failure to be so in compliance would not reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Dividend
Restrictions</U>. No subsidiary of the Company is prohibited or restricted, directly or indirectly, from paying dividends to the Company,
or from making any other distribution with respect to such subsidiary&rsquo;s equity securities or from repaying to the Company or any
other subsidiary of the Company any amounts that may from time to time become due under any loans or advances to such subsidiary from
the Company or from transferring any property or assets to the Company or to any other subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;<U>Government
Contracts</U>. The Company has complied in all material respects with: (i)&nbsp;all terms and conditions of each Government Contract and
Government Bid; (ii)&nbsp;all legal requirements applicable to each such Government Contract and Government Bid; and (iii)&nbsp;all representations,
certifications and disclosure statements made by or submitted on behalf of the Company with respect to each Government Contract and Government
Bid, and all such representations, certifications and disclosure statements were current, accurate, and complete as of the date of submission.
The Company has neither identified nor received notice of any actual or alleged violation or breach of any term or condition, or any legal
requirement, of a Government Contract that would reasonably be expected to result, individually or in the aggregate, in a Material Adverse
Change. Neither the Company nor any of its owners, officers, directors or subcontractors or, except as would not reasonably be expected
to result, individually or in the aggregate, in a Material Adverse Change, any of its employees, consultants, agents, or representatives
is currently debarred or suspended from doing business with any Governmental Authority, or proposed for debarment or suspension, or otherwise
ineligible to do business with any Governmental Authority. The Company has not been determined to be ineligible for award or received
a negative determination of responsibility or an adverse or negative past performance evaluation or rating with respect to any Government
Contract or Government Bid, and there exist (i)&nbsp;no outstanding claims or disputes against the Company by a Governmental Authority,
prime contractor, subcontractor, or whistleblower arising under any Government Contract; (ii)&nbsp;no facts over which a claim or dispute
would reasonably be expected to arise in the future, and (iii)&nbsp;no bid protests relating to a Government Contract or Government Bid.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Anti-Corruption
and Anti-Bribery Laws</U>. Neither the Company nor any of its subsidiaries nor any director, officer, or employee of the Company or any
of its subsidiaries, nor to the knowledge of the Company, any agent, Affiliate or other person acting on behalf of the Company or any
of its subsidiaries has, in the course of its actions for, or on behalf of, the Company or any of its subsidiaries (i)&nbsp;used any
corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii)&nbsp;made
or taken any act in furtherance of an offer, promise, or authorization of any direct or indirect unlawful payment or benefit to any foreign
or domestic government official or employee, including of any government-owned or controlled entity or public international organization,
or any political party, party official, or candidate for political office; (iii)&nbsp;violated or is in violation of any provision of
the U.S. Foreign Corrupt Practices Act of 1977, as amended (the &ldquo;<B>FCPA</B>&rdquo;), the UK Bribery Act 2010, or any other applicable
anti-bribery or anti-corruption law; or (iv)&nbsp;made, offered, authorized, requested, or taken an act in furtherance of any unlawful
bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit. The Company and its subsidiaries and, to the
knowledge of the Company, the Company&rsquo;s Affiliates have conducted their respective businesses in compliance with the FCPA and have
instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Money
Laundering Laws</U>. The operations of the Company and its subsidiaries are, and have been conducted at all times, in compliance with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the applicable money laundering statutes of all applicable jurisdictions, the rules&nbsp;and regulations thereunder and any related or
similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B>Money
Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company, threatened.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sanctions</U>.
Neither the Company nor any of its subsidiaries, directors, officers, or employees, nor, to the knowledge of the Company, after due inquiry,
any agent, Affiliate or other person acting on behalf of the Company or any of its subsidiaries is currently the subject or the target
of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;)
or the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury of the United
Kingdom, or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;); nor is the Company or any of its subsidiaries
located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation,
Crimea, Cuba, Donetsk People&rsquo;s Republic,&nbsp;Iran, Luhansk People&rsquo;s Republic, North Korea, and Syria; and the Company will
not directly or indirectly use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
or any joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or
in any country or territory, that at the time of such financing, is the subject or the target of Sanctions or in any other manner that
will result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor
or otherwise) of applicable Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged in and are
not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the
subject or the target of Sanctions or with any Sanctioned Country.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Export
Control and Import Compliance</U>. The Company and any of its subsidiaries, directors, officers, and employees, are and have been in material
compliance with <FONT STYLE="font-family: Times New Roman, Times, Serif">all applicable U.S. and non-U.S. statutory and regulatory requirements
concerning the exportation, re-exportation and importation of products, technology, and services, and other international transactions,
including: (a)&nbsp;laws, regulations and policies enforced by U.S. Customs and Border Protection; (b)&nbsp;the Arms Export Control Act
and the International Traffic in Arms Regulations (22 C.F.R. Part&nbsp;120 et seq.) administered by the U.S. Department of State&rsquo;s
Directorate of Defense Trade Controls; (c)&nbsp;the Export Administration Regulations (15 C.F.R. Part&nbsp;730 et seq.) administered by
the U.S. Department of Commerce&rsquo;s Bureau of Industry and Security; (d)&nbsp;the U.S. anti-boycott regulations administered by the
U.S. Department of Commerce&rsquo;s Bureau of Industry and Security and the IRS; (e)&nbsp;all laws concerning export and import reporting
administered by the U.S. Census Bureau; and (f)&nbsp;the economic sanctions laws, regulations and associated executive orders administered
by the U.S. Departments of Treasury&rsquo;s Office of Foreign Assets Control (collectively, the &ldquo;<B>Export Control and Import Laws</B>&rdquo;)</FONT>.
The Company and its subsidiaries have obtained all registrations, approvals, license exceptions, and licenses necessary for exporting,
importing, conducting their operations, and providing their products and services in accordance with all Export Control and Import Laws
(collectively, the &ldquo;<B>Export Approvals</B>&rdquo;), and have complied with the terms of all Export Approvals in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Aviation
Laws</U>. The Company and its subsidiaries are in compliance in all material respects with all material laws applicable to the military,
public and civil operation of unmanned aerial vehicles by the Company and its subsidiaries, including, without limitation, the National
Security Act of 1947, as amended, (10 U.S.C. Section&nbsp;1, et seq.) and all associated regulations, orders and policies and the Federal
Aviation Act of 1958, as amended, (49 U.S.C. Section&nbsp;40101, et seq.) (including, without limitation, the FAA Reauthorization Act
of 2018, Pub. L. 115-254) and all associated regulations, orders and policies. Neither the Company nor any of its subsidiaries are under
investigation with respect to and has not been threatened to be charged with or been given written notice of any violation of, any applicable
laws or Permits.&nbsp; There is no material audit, inquiry or investigation involving the Company or any of its subsidiaries by any Governmental
Authority pending or threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sarbanes-Oxley</U>.
The Company is in compliance, in all material respects, with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and
regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Duties,
Transfer Taxes, Etc</U>. No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes
are payable by the Agent in the United States or any political subdivision or taxing authority thereof or therein in connection with the
execution, delivery or performance of this Agreement by the Company or the sale and delivery by the Company of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;&#8239;<U>Cybersecurity</U>.
The Company&rsquo;s and its subsidiaries&rsquo; information technology assets and equipment, computers, systems, networks, hardware, software,
websites, applications, and databases (collectively, &ldquo;<B>IT Systems</B>&rdquo;) are adequate for, and operate and perform in all
material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted,
to the Company&rsquo;s knowledge free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants.
The Company and its subsidiaries have implemented and maintained commercially reasonable physical, technical and administrative controls,
policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and data, including &ldquo;Personal Data,&rdquo; used in connection with their businesses. &ldquo;<B>Personal
Data</B>&rdquo; means (i)&nbsp;a natural person&rsquo;s name, street address, telephone number, e-mail address, photograph, social security
number or tax identification number, driver&rsquo;s license number, passport number, credit card number, bank information, or customer
or account number; (ii)&nbsp;any information which would qualify as &ldquo;personally identifying information&rdquo; under the Federal
Trade Commission Act, as amended; (iii)&nbsp;&ldquo;personal data&rdquo; as defined by GDPR (as defined below); (iv)&nbsp;any information
which would qualify as &ldquo;protected health information&rdquo; under the Health Insurance Portability and Accountability Act of 1996,
as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, &ldquo;<B>HIPAA</B>&rdquo;); and (v)&nbsp;any
other piece of information that allows the identification of such natural person, or his or her family, or permits the collection or analysis
of any data related to an identified person&rsquo;s health or sexual orientation. To the Company&rsquo;s knowledge, there have been no
breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost
or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The
Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and
regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating
to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(uu)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with Data Privacy Laws</U>. The Company and its subsidiaries are, and at all prior times were, in material compliance with all applicable
state and federal data privacy and security laws and regulations, including without limitation HIPAA, and the Company and its subsidiaries
have taken commercially reasonable actions to prepare to comply with, and since May&nbsp;25, 2018, have been and currently are in compliance
with, the European Union General Data Protection Regulation (&ldquo;<B>GDPR</B>&rdquo;) (EU 2016/679) (collectively, the &ldquo;<B>Privacy
Laws</B>&rdquo;). To ensure compliance with the Privacy Laws, the Company and its subsidiaries have in place, comply with, and take appropriate
steps reasonably designed to ensure compliance in all material respects with their policies and procedures relating to data privacy and
security and the collection, storage, use, disclosure, handling, and analysis of Personal Data (the &ldquo;<B>Policies</B>&rdquo;). The
Company and its subsidiaries have at all times made all disclosures to users or customers required by applicable laws and regulatory rules&nbsp;or
requirements, and none of such disclosures made or contained in any Policy have, to the knowledge of the Company, been inaccurate or in
violation of any applicable laws and regulatory rules&nbsp;or requirements in any material respect. The Company further certifies that
neither it nor any subsidiary: (i)&nbsp;has received notice of any actual or potential liability under or relating to, or actual or potential
violation of, any of the Privacy Laws, and has no knowledge of any event or condition that would reasonably be expected to result in any
such notice; (ii)&nbsp;is currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective
action pursuant to any Privacy Law; or (iii)&nbsp;is a party to any order, decree, or agreement that imposes any obligation or liability
under any Privacy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Underwriting Agreements</U>. The Company is not a party to any agreement with an agent or underwriter for any other &ldquo;at the market&rdquo;
or continuous equity transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ww)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Well-known
Seasoned Issuer</U>. (A)&nbsp;At the original effectiveness of the Registration Statement, (B)&nbsp;at the time of the most recent amendment
thereto for the purposes of complying with Section&nbsp;10(a)(3)&nbsp;of the Securities Act (whether such amendment was by post-effective
amendment or incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or in the form of a prospectus),
and (C)&nbsp;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)&nbsp;under
the Securities Act) made any offer relating to the Shares in reliance on the exemption of Rule&nbsp;163 under the Securities Act, the
Company was and is a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule&nbsp;405).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificate signed by
any officer or representative of the Company or any of its subsidiaries and delivered to the Agent or counsel for the Agent in connection
with an issuance of Shares shall be deemed a representation and warranty by the Company to the Agent as to the matters covered thereby
on the date of such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company acknowledges that
the Agent and, for purposes of the opinions to be delivered pursuant to <U>Section&nbsp;4(o)</U>&nbsp;hereof, counsel to the Company and
counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">ISSUANCE
AND SALE OF COMMON SHARES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sale
of Securities</U>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions
herein set forth, the Company and the Agent agree that the Company may from time to time seek to sell Shares through the Agent, acting
as sales agent, or directly to the Agent, acting as principal, as follows, with an aggregate Sales Price of up to the Maximum Program
Amount, based on and in accordance with Issuance Notices as the Company may deliver, during the Agency Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Mechanics
of Issuances</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuance
Notice</U>. Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on which the conditions
set forth in &lrm;<U>Section&nbsp;5(a)</U>&nbsp;and <U>Section&nbsp;5(b)</U>&nbsp;shall have been satisfied, the Company may exercise
its right to request an issuance of Shares by delivering to the Agent an Issuance Notice; provided, however, that (A)&nbsp;in no event
may the Company deliver an Issuance Notice to the extent that (I)&nbsp;the sum of (x)&nbsp;the aggregate Sales Price of the requested
Issuance Amount, plus (y)&nbsp;the aggregate Sales Price of all Shares issued under all previous Issuance Notices effected pursuant to
this Agreement, would exceed the Maximum Program Amount; and (B)&nbsp;prior to delivery of any Issuance Notice, the period set forth for
any previous Issuance Notice shall have expired or been terminated. An Issuance Notice shall be considered delivered on the Trading Day
that it is received by e-mail to the Agent&rsquo;s representatives set forth in Schedule A hereto from either of the Company&rsquo;s representatives
set forth in such Schedule A, with the understanding that, with adequate prior written notice, the Agent may modify the list of such persons
from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agent
Efforts</U>. Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice, the Agent
will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares with respect to
which the Agent has agreed to act as sales agent, subject to, and in accordance with the information specified in, the Issuance Notice,
unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated in accordance with the terms of
this Agreement. For the avoidance of doubt, the parties to this Agreement may modify an Issuance Notice at any time provided they both
agree in writing to any such modification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Method
of Offer and Sale</U>. The Shares may be offered and sold (A)&nbsp;in negotiated transactions with the consent of the Company or (B)&nbsp;by
any other method permitted by law deemed to be an &ldquo;<B>at the market offering</B>&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;under
the Securities Act, including block transactions, sales made directly on the Principal Market or sales made into any other existing trading
market of the Common Shares. Nothing in this Agreement shall be deemed to require either party to agree to the method of offer and sale
specified in the preceding sentence, and (except as specified in clause (A)&nbsp;above) the method of placement of any Shares by the Agent
shall be at the Agent&rsquo;s discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Confirmation
to the Company</U>. If acting as sales agent hereunder, the Agent will provide written confirmation to the Company no later than the opening
of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of shares sold on such
Trading Day, the corresponding Sales Price and the Issuance Price payable to the Company in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Settlement</U>.
Each issuance of Shares will be settled on the applicable Settlement Date for such issuance of Shares and, subject to the provisions of
 &lrm;<U>Section&nbsp;5</U>, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer
the Shares being sold by crediting the Agent or its designee&rsquo;s account at The Depository Trust Company through its Deposit/Withdrawal
At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt
of such Shares, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, the Agent will
deliver, by wire transfer of immediately available funds, the related Issuance Price in same day funds delivered to an account designated
by the Company prior to the Settlement Date. The Company may sell Shares to the Agent as principal at a price agreed upon at each relevant
time Shares are sold pursuant to this Agreement (each, a &ldquo;<B>Time of Sale</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Suspension
or Termination of Sales</U>. Consistent with standard market settlement practices, the Company or the Agent may, upon notice to the other
party hereto in writing or by telephone (confirmed immediately by verifiable e-mail), suspend any sale of Shares, and the period set forth
in an Issuance Notice shall immediately terminate; provided, however, that (A)&nbsp;such suspension and termination shall not affect or
impair either party&rsquo;s obligations with respect to any Shares placed or sold hereunder prior to the receipt of such notice; (B)&nbsp;if
the Company suspends or terminates any sale of Shares after the Agent confirms such sale to the Company, the Company shall still be obligated
to comply with &lrm;<U>Section&nbsp;3(b)(v)</U>&nbsp;with respect to such Shares; and (C)&nbsp;if the Company defaults in its obligation
to deliver Shares on a Settlement Date, the Company agrees that it will hold the Agent harmless against any loss, claim, damage or expense
(including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred, arising out of or in connection
with such default by the Company. The parties hereto acknowledge and agree that, in performing its obligations under this Agreement, the
Agent may borrow Common Shares from stock lenders in the event that the Company has not delivered Shares to settle sales as required by
subsection (v)&nbsp;above, and may use the Shares to settle or close out such borrowings. The Company agrees that no such notice shall
be effective against the Agent unless it is made to the persons identified in writing by the Agent pursuant to <U>Section&nbsp;3(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Guarantee of Placement, Etc</U>. The Company acknowledges and agrees that (A)&nbsp;there can be no assurance that the Agent will be successful
in placing Shares; (B)&nbsp;the Agent will incur no liability or obligation to the Company or any other Person if it does not sell Shares;
and (C)&nbsp;the Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise
specifically agreed by the Agent and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Material
Non-Public Information</U>. Notwithstanding any other provision of this Agreement, the Company and the Agent agree that the Company shall
not deliver any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period in which the
Company is in possession of material non-public information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Fees</U>.
As compensation for services rendered, the Company shall pay to the Agent, on the applicable Settlement Date, the Selling Commission for
the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to <U>Section&nbsp;3(b)(vi)</U>) by
the Agent deducting the Selling Commission from the applicable Issuance Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expenses</U>.
The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and in
connection with the transactions contemplated hereby, including without limitation (i)&nbsp;all expenses incident to the issuance and
delivery of the Shares (including all printing and engraving costs); (ii)&nbsp;all fees and expenses of the registrar and transfer agent
of the Shares; (iii)&nbsp;all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares;
(iv)&nbsp;all fees and expenses of the Company&rsquo;s counsel, independent public or certified public accountants and other advisors;
(v)&nbsp;all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration
Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Prospectus, any Free Writing
Prospectus (as defined below) prepared by or on behalf of, used by, or referred to by the Company, and all amendments and supplements
thereto, and this Agreement; (vi)&nbsp;all filing fees, attorneys&rsquo; fees and expenses incurred by the Company or the Agent in connection
with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Shares for offer
and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by the Agent, preparing
and printing a &ldquo;<B>Blue Sky Survey</B>&rdquo; or memorandum and a &ldquo;Canadian wrapper&rdquo;, and any supplements thereto, advising
the Agent of such qualifications, registrations, determinations and exemptions; (vii)&nbsp;the reasonable fees and disbursements of the
Agent&rsquo;s counsel, including the reasonable fees and expenses of counsel for the Agent in connection with, FINRA review, if any, and
approval of the Agent&rsquo;s participation in the offering and distribution of the Shares; (viii)&nbsp;the filing fees incident to FINRA
review, if any; (ix)&nbsp;the costs and expenses of the Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken
in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation
or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses
of any consultants engaged in connection with the road show presentations with the prior approval of the Company; (x)&nbsp;travel and
lodging expenses of the representatives, employees and officers of the Company and of the Agent and any such consultants, and the cost
of any aircraft chartered in connection with the road show; provided, that any such expenses and costs of the Agent and such consultants
shall require the Company&rsquo;s prior written consent; and (xi)&nbsp;the fees and expenses associated with listing the Shares on the
Principal Market. The fees and disbursements of Agent&rsquo;s counsel pursuant to subsections (vi)&nbsp;and (vii)&nbsp;above shall not
exceed (A)&nbsp;$100,000 in connection with execution of this Agreement, (B)&nbsp;$25,000 in connection with each Triggering Event Date
(as defined below) involving the filing of a Form&nbsp;10-K on which the Company is required to provide a certificate pursuant to <U>Section&nbsp;4(o)</U>&nbsp;and
(C)&nbsp;$15,000 in connection with each other Triggering Event Date on which the Company is required to provide a certificate pursuant
to <U>Section&nbsp;4(o)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">ADDITIONAL
COVENANTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company covenants and
agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exchange
Act Compliance</U>. During the Agency Period, the Company shall (i)&nbsp; file, on a timely basis, with the Commission all reports and
documents required to be filed under Section&nbsp;13, 14 or 15 of the Exchange Act in the manner and within the time periods required
by the Exchange Act; and (ii)&nbsp;either (A)&nbsp;include in its quarterly reports on Form&nbsp;10-Q and its annual reports on Form&nbsp;10-K,
a summary detailing, for the relevant reporting period, (1)&nbsp;the number of Shares sold through the Agent pursuant to this Agreement
and (2)&nbsp;the net proceeds received by the Company from such sales or (B)&nbsp;prepare a prospectus supplement containing, or include
in such other filing permitted by the Securities Act or Exchange Act (each an &ldquo;<B>Interim Prospectus Supplement</B>&rdquo;), such
summary information and, at least once a quarter and subject to this <U>Section&nbsp;4</U>, file such Interim Prospectus Supplement pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act (and within the time periods required by Rule&nbsp;424(b)&nbsp;and Rule&nbsp;430B under
the Securities Act)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Securities
Act Compliance</U>. After the date of this Agreement, the Company shall promptly advise the Agent in writing (i)&nbsp;of the receipt of
any comments of, or requests for additional or supplemental information from, the Commission; (ii)&nbsp;of the time and date of any filing
of any post-effective amendment to the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement or any amendment or supplement
to the Prospectus, any Free Writing Prospectus; (iii)&nbsp;of the time and date that any post-effective amendment to the Registration
Statement or any Rule&nbsp;462(b)&nbsp;Registration Statement becomes effective; (iv)&nbsp;of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto, any Rule&nbsp;462(b)&nbsp;Registration
Statement or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing Prospectus
or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares from any securities
exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings
for any of such purposes and (v)&nbsp;of the Company losing its status as a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule&nbsp;405)
as of the time the Company files with the Commission an annual report on Form&nbsp;10-K. If the Commission shall enter any such stop order
at any time, the Company will use its best efforts to obtain the lifting of such order as soon as practicable. Additionally, the Company
agrees that it shall comply with the provisions of Rule&nbsp;424(b)&nbsp;and Rule&nbsp;433, as applicable, under the Securities Act and
will use its reasonable efforts to confirm that any filings made by the Company under such Rule&nbsp;424(b)&nbsp;or Rule&nbsp;433 were
received in a timely manner by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendments
and Supplements to the Prospectus and Other Securities Act Matters</U>. If any event shall occur or condition exist as a result of which
it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus
is delivered to a purchaser, not misleading, or if in the opinion of the Agent or counsel for the Agent it is otherwise necessary to amend
or supplement the Prospectus to comply with applicable law, including the Securities Act, the Company agrees (subject to <U>Section&nbsp;4(d)</U>&nbsp;and
<U>Section&nbsp;4(f)</U>) to promptly prepare, file with the Commission and furnish at its own expense to the Agent, amendments or supplements
to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus
is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law including
the Securities Act. Neither the Agent&rsquo;s consent to, or delivery of, any such amendment or supplement shall constitute a waiver of
any of the Company&rsquo;s obligations under <U>Section&nbsp;4(d)</U>&nbsp;and <U>Section&nbsp;4(f)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agent&rsquo;s
Review of Proposed Amendments and Supplements</U>. Prior to amending or supplementing the Registration Statement (including any registration
statement filed under Rule&nbsp;462(b)&nbsp;under the Securities Act) or the Prospectus (excluding any amendment or supplement through
incorporation of any report filed under the Exchange Act), the Company shall furnish to the Agent for review, a reasonable amount of time
prior to the proposed time of filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall not file
or use any such proposed amendment or supplement without the Agent&rsquo;s prior consent, and to file with the Commission within the applicable
period specified in Rule&nbsp;424(b)&nbsp;under the Securities Act any prospectus required to be filed pursuant to such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Use
of Free Writing Prospectus</U>. Neither the Company nor the Agent has prepared, used, referred to or distributed, or will prepare, use,
refer to or distribute, without the other party&rsquo;s prior written consent, any &ldquo;written communication&rdquo; that constitutes
a &ldquo;free writing prospectus&rdquo; as such terms are defined in Rule&nbsp;405 under the Securities Act with respect to the offering
contemplated by this Agreement (any such free writing prospectus being referred to herein as a &ldquo;<B>Free Writing Prospectus</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Free
Writing Prospectuses</U>. The Company shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of
filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto to be prepared by or on
behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed free writing prospectus
or any amendment or supplement thereto without the Agent&rsquo;s consent. The Company shall furnish to the Agent, without charge, as many
copies of any free writing prospectus prepared by or on behalf of, or used by the Company, as the Agent may reasonably request. If at
any time when a prospectus is required by the Securities Act (including, without limitation, pursuant to Rule&nbsp;173(d)) to be delivered
in connection with sales of the Shares (but in any event if at any time through and including the date of this Agreement) there occurred
or occurs an event or development as a result of which any free writing prospectus prepared by or on behalf of, used by, or referred to
by the Company conflicted or would conflict with the information contained in the Registration Statement or included or would include
an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement such
free writing prospectus to eliminate or correct such conflict or so that the statements in such free writing prospectus as so amended
or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances prevailing at such subsequent time, not misleading, as the case may be; provided,
however, that prior to amending or supplementing any such free writing prospectus, the Company shall furnish to the Agent for review,
a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented free
writing prospectus and the Company shall not file, use or refer to any such amended or supplemented free writing prospectus without the
Agent&rsquo;s consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Filing
of Agent Free Writing Prospectuses</U>. The Company shall not take any action that would result in the Agent or the Company being required
to file with the Commission pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act a free writing prospectus prepared by or on behalf
of the Agent that the Agent otherwise would not have been required to file thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Copies
of Registration Statement and Prospectus</U>. After the date of this Agreement through the last time that a prospectus is required by
the Securities Act (including, without limitation, pursuant to Rule&nbsp;173(d)) to be delivered in connection with sales of the Shares,
the Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration Statement and each amendment
thereto, and with copies of the Prospectus and each amendment or supplement thereto in the form in which it is filed with the Commission
pursuant to the Securities Act or Rule&nbsp;424(b)&nbsp;under the Securities Act, both in such quantities as the Agent may reasonably
request from time to time; and, if the delivery of a prospectus is required under the Securities Act or under the blue sky or securities
laws of any jurisdiction at any time on or prior to the applicable Settlement Date for any period set forth in an Issuance Notice in connection
with the offering or sale of the Shares and if at such time any event has occurred as a result of which the Prospectus as then amended
or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or,
if for any other reason it is necessary during such same period to amend or supplement the Prospectus or to file under the Exchange Act
any document incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, to notify the
Agent and to request that the Agent suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable);
and if the Company decides to amend or supplement the Registration Statement or the Prospectus as then amended or supplemented, to advise
the Agent promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the Commission an amendment
or supplement to the Registration Statement or the Prospectus as then amended or supplemented that will correct such statement or omission
or effect such compliance; provided, however, that if during such same period the Agent is required to deliver a prospectus in respect
of transactions in the Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Blue
Sky Compliance</U>. The Company shall cooperate with the Agent and counsel for the Agent to qualify or register the Shares for sale under
(or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities laws of those jurisdictions
designated by the Agent, shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so
long as required for the distribution of the Shares. The Company shall not be required to qualify as a foreign corporation or to take
any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it
would be subject to taxation as a foreign corporation. The Company will advise the Agent promptly of the suspension of the qualification
or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation
or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration
or exemption, the Company shall use its best efforts to obtain the withdrawal thereof as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Earnings
Statement</U>. As soon as practicable, the Company will make generally available to its security holders and to the Agent an earnings
statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company
occurring after the date of this Agreement which shall satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158
under the Securities Act. The Company&rsquo;s compliance with the reporting requirements of the Exchange Act shall be deemed to satisfy
this Section&nbsp;4(j).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Listing;
Reservation of Shares</U>. (a)&nbsp; The Company will maintain the listing of the Shares on the Principal Market; and (b)&nbsp;the Company
will reserve and keep available at all times, free of preemptive rights, Shares for the purpose of enabling the Company to satisfy its
obligations under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Transfer
Agent</U>. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Due
Diligence</U>. During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted
by the Agent in connection with the transactions contemplated hereby, including, without limitation, providing information and making
available documents and senior corporate officers, during normal business hours and at the Company&rsquo;s principal offices, as the
Agent may reasonably request from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties</U>. The Company acknowledges that each delivery of an Issuance Notice and each delivery of Shares on a Settlement Date
shall be deemed to be (i)&nbsp;an affirmation to the Agent that the representations and warranties of the Company contained in or made
pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such Settlement Date, as the case may be,
as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated by reference
therein and any supplements thereto); and (ii)&nbsp;an undertaking that the Company will advise the Agent if any of such representations
and warranties will not be true and correct as of the Settlement Date for the Shares relating to such Issuance Notice, as though made
at and as of each such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and
the Prospectus as amended and supplemented relating to such Shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Deliverables
at Triggering Event Dates; Certificates</U>. The Company agrees that on or prior to the date of the first Issuance Notice and, during
the term of this Agreement after the date of the first Issuance Notice, upon:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
filing of any amendment or supplement of the Registration Statement or Prospectus (other than a prospectus supplement relating solely
to an offering of securities other than the Shares or a prospectus filed pursuant to <U>Section&nbsp;4(a)(ii)(B)</U>), by means of a
post-effective amendment, sticker or supplement, but not by means of incorporation of documents by reference into the Registration Statement
or Prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
filing with the Commission of an annual report on Form&nbsp;10-K or a quarterly report on Form&nbsp;10-Q (including any Form&nbsp;10-K/A
or Form&nbsp;10-Q/A containing amended financial information or a material amendment to the previously filed annual report on Form&nbsp;10-K
or quarterly report on Form&nbsp;10-Q), in each case, of the Company; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
filing with the Commission of a current report on Form&nbsp;8-K of the Company containing amended financial information (other than information
 &ldquo;furnished&rdquo; pursuant to Item 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant to Item 8.01 of Form&nbsp;8-K
relating to reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No.&nbsp;144) that is material to the offering of securities of the Company in the Agent&rsquo;s reasonable discretion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(any such event, a &ldquo;<B>Triggering
Event Date</B>&rdquo;), the Company shall furnish the Agent (but in the case of clause (C)&nbsp;above only if the Agent reasonably determines
that the information contained in such current report on Form&nbsp;8-K of the Company is material) with a certificate as of the Triggering
Event Date, in the form and substance satisfactory to the Agent and its counsel, substantially similar to the form previously provided
to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented,
(A)&nbsp;confirming that the representations and warranties of the Company contained in this Agreement are true and correct, (B)&nbsp;confirming
that the Company has performed all of its obligations hereunder to be performed on or prior to the date of such certificate and as to
the matters set forth in <U>Section&nbsp;5(a)(iii)</U>&nbsp;hereof, and (C)&nbsp;containing any other certification that the Agent shall
reasonably request. The requirement to provide a certificate under this <U>Section&nbsp;4(o)</U>&nbsp;shall be waived for any Triggering
Event Date occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the
earlier to occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall
be considered a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the foregoing, if the Company subsequently
decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agent with a certificate
under this <U>Section&nbsp;4(o)</U>, then before the Company delivers the instructions for the sale of Shares or the Agent sells any Shares
pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this <U>Section&nbsp;4(o)</U>&nbsp;dated
as of the date that the instructions for the sale of Shares are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Legal
Opinion</U>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which
the Company is obligated to deliver a certificate pursuant to <U>Section&nbsp;4(o)</U>&nbsp;for which no waiver is applicable and excluding
the date of this Agreement, the Company shall furnish or cause to be furnished to the Agent a negative assurances letter and the written
legal opinion of K&amp;L Gates LLP, counsel to the Company, dated the date of delivery, in form and substance reasonably satisfactory
to Agent and its counsel, substantially similar to the form provided to the Agent and its counsel on or prior to the date of the first
Issuance Notice, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented. In
lieu of such opinion for subsequent periodic filings, in the discretion of the Agent, the Company may furnish or cause to be furnished
a reliance letter from such counsel to the Agent, permitting the Agent to rely on a previously delivered opinion letter, modified as appropriate
for any passage of time or Triggering Event Date (except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of such Triggering Event Date).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Comfort
Letter</U>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the
Company is obligated to deliver a certificate pursuant to <U>Section&nbsp;4(o)</U>&nbsp;for which no waiver is applicable and excluding
the date of this Agreement, the Company shall cause Deloitte&nbsp;&amp; Touche LLP, the independent registered public accounting firm
who has audited the financial statements included or incorporated by reference in the Registration Statement, to furnish the Agent a comfort
letter, dated the date of delivery, in form and substance reasonably satisfactory to the Agent and its counsel, substantially similar
to the form provided to the Agent and its counsel on or prior to the date of the first Issuance Notice; provided, however, that any such
comfort letter will only be required on the Triggering Event Date specified to the extent that it contains financial statements filed
with the Commission under the Exchange Act and incorporated or deemed to be incorporated by reference into a Prospectus. If requested
by the Agent, the Company shall also cause a comfort letter to be furnished to the Agent on or prior to the date of the first Issuance
Notice following the occurrence of any material transaction or event requiring the filing of a current report on Form&nbsp;8-K containing
material amended financial information of the Company, including the restatement of the Company&rsquo;s financial statements. The Company
shall be required to furnish no more than one comfort letter hereunder per each filing of an annual report on Form&nbsp;10-K or a quarterly
report on Form&nbsp;10-Q.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Secretary&rsquo;s
Certificate</U>. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date, the Company shall
furnish the Agent a certificate executed by the Secretary of the Company, signing in such capacity, dated the date of delivery (i)&nbsp;certifying
that attached thereto are true and complete copies of the resolutions duly adopted by the Board of Directors of the Company authorizing
the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (including, without limitation,
the issuance of the Shares pursuant to this Agreement), which authorization shall be in full force and effect on and as of the date of
such certificate, (ii)&nbsp;certifying and attesting to the office, incumbency, due authority and specimen signatures of each Person who
executed this Agreement for or on behalf of the Company, and (iii)&nbsp;containing any other certification that the Agent shall reasonably
request.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agent&rsquo;s
Own Account; Clients&rsquo; Account</U>. The Company consents to the Agent trading, in compliance with applicable law, in the Common Shares
for the Agent&rsquo;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;<U>Investment
Limitation</U>. The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares in such
a manner as would require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Market
Activities</U>. The Company will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause
or result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate the sale
or resale of the Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all applicable provisions
of Regulation M. If the limitations of Rule&nbsp;101 of Regulation M (&ldquo;<B>Rule&nbsp;101</B>&rdquo;) do not apply with respect to
the Shares or any other reference security pursuant to any exception set forth in Section&nbsp;(c)&nbsp;of Rule&nbsp;101, then promptly
upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates
to, comply with Rule&nbsp;101 as though such exception were not available but the other provisions of Rule&nbsp;101 (as interpreted by
the Commission) did apply. The Company shall promptly notify the Agent if it no longer meets the requirements set forth in Section&nbsp;(c)&nbsp;of
Rule&nbsp;101.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notice
of Other Sale</U>. Without the written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or exchangeable for Common
Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, or effect a reverse stock split, recapitalization,
share consolidation, reclassification or similar transaction affecting the outstanding Common Shares, during the period beginning on the
third Trading Day immediately prior to the date on which any Issuance Notice is delivered to the Agent hereunder and ending on the third
Trading Day immediately following the Settlement Date with respect to Shares sold pursuant to such Issuance Notice; and will not directly
or indirectly enter into any other &ldquo;at the market&rdquo; or continuous equity transaction offer to sell, sell, contract to sell,
grant any option to sell or otherwise dispose of any Common Shares (other than the Shares offered pursuant to this Agreement) or securities
convertible into or exchangeable for Common Shares, warrants or any rights to purchase or acquire, Common Shares prior to the termination
of this Agreement; provided, however, that such restrictions will not apply to the Shares to be sold hereunder or be required in connection
with the Company&rsquo;s (i)&nbsp;issuance or sale of Common Shares, options to purchase Common Shares or Common Shares issuable upon
the exercise of options or other equity awards pursuant to any employee or director share option, incentive or benefit plan, share purchase
or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules&nbsp;or other compensation
plan of the Company or its subsidiaries, as in effect on the date of this Agreement, (ii)&nbsp;issuance or sale of Common Shares issuable
upon exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other equity awards outstanding
at the date of this Agreement, (iii)&nbsp;modification of any outstanding options, warrants of any rights to purchase or acquire Common
Shares, and <FONT STYLE="background-color: white">(iv)&nbsp;issuance or sale of Common Shares or other securities issued in connection
with a transaction with an unaffiliated third party that includes a debt financing or a bona fide commercial relationship (including joint
ventures, marketing or distribution arrangements, collaboration agreements or intellectual property license agreements) or any acquisition
of assets or acquisition of not less than a majority or controlling portion of the equity of another entity, provided that the aggregate
number of shares issued pursuant to this clause (iv)&nbsp;shall not exceed five percent (5%) of the total number of Common Shares outstanding
immediately prior to giving effect to such sale or issuance</FONT>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Filing
Fees</U>. The Company will pay the required Commission filing fees relating to the Shares within the time required by Rule&nbsp;456(b)(1)&nbsp;under
the Securities Act without regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b)&nbsp;and 457(r)&nbsp;under
the Securities Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">CONDITIONS
TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Conditions
Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to Sell Shares</U>. The right of the
Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance Notice, and the
obligation of the Agent to use its commercially reasonable efforts to place Shares during the applicable period set forth in the Issuance
Notice is subject to the satisfaction, on each Trading Day during the applicable period set forth in the Issuance Notice, of each of the
following conditions:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Accuracy
of the Company&rsquo;s Representations and Warranties; Performance by the Company</U>. The Company shall have delivered the certificate
required to be delivered pursuant to <U>Section&nbsp;4(o)</U>&nbsp;on or before the date on which delivery of such certificate is required
pursuant to <U>Section&nbsp;4(o)</U>. The Company shall have performed, satisfied and complied with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited
to, the covenants contained in <U>&lrm;Section&nbsp;4(p)</U>, <U>Section&nbsp;4(q)</U>&nbsp;and <U>Section&nbsp;4(r)</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Injunction</U>. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or Governmental Authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby that prohibits or directly and materially adversely affects any of the transactions contemplated by this
Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or materially adversely affecting any of
the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Material
Adverse Changes</U>. Except as disclosed in the Prospectus and the Time of Sale Information, (a)&nbsp;in the judgment of the Agent there
shall not have occurred any Material Adverse Change; and (b)&nbsp;there shall not have occurred any downgrading, nor shall any notice
have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction
of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any &ldquo;nationally recognized
statistical rating organization&rdquo; as such term is defined for purposes of Section&nbsp;3(a)(62) of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Suspension of Trading in or Delisting of Common Shares; Other Events</U>. The trading of the Common Shares (including without limitation
the Shares) shall not have been suspended by the Commission, the Principal Market or FINRA and the Common Shares (including without limitation
the Shares) shall have been approved for listing or quotation on and shall not have been delisted from the Principal Market, Nasdaq Stock
Market, the New York Stock Exchange or any of their constituent markets. There shall not have occurred (and be continuing in the case
of occurrences under clauses (i)&nbsp;and (ii)&nbsp;below) any of the following: (i)&nbsp;trading or quotation in any of the Company&rsquo;s
securities shall have been suspended or limited by the Commission or by the Principal Market or trading in securities generally on the
Principal Market shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of such
stock exchanges by the Commission or the FINRA; (ii)&nbsp;a general banking moratorium shall have been declared by any of federal or
New York, authorities; or (iii)&nbsp;there shall have occurred any outbreak or escalation of national or international hostilities or
any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development
involving a prospective substantial change in United States&rsquo; or international political, financial or economic conditions, as in
the judgment of the Agent is material and adverse and makes it impracticable to market the Shares in the manner and on the terms described
in the Prospectus or to enforce contracts for the sale of securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Documents
Required to be Delivered on each Issuance Notice Date</U>. The Agent&rsquo;s obligation to use its commercially reasonable efforts to
place Shares hereunder shall additionally be conditioned upon the delivery to the Agent on or before the Issuance Notice Date of a certificate
in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive Officer, President or Chief Financial Officer
of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied as at the date of
such certificate (which certificate shall not be required if the foregoing representations shall be set forth in the Issuance Notice).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Misstatement or Material Omission</U>. Agent shall not have advised the Company that the Registration Statement, the Prospectus or the
Time of Sale Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&rsquo;s reasonable
opinion is material, or omits to state a fact that in the Agent&rsquo;s reasonable opinion is material and is required to be stated therein
or is necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agent
Counsel Legal Opinion</U>. Agent shall have received from Cooley LLP, counsel for Agent, such opinion or opinions, on or before the date
on which the delivery of the Company counsel legal opinion is required pursuant to <U>Section&nbsp;4(p)</U>, with respect to such matters
as Agent may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them
to pass upon such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">INDEMNIFICATION
AND CONTRIBUTION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
of the Agent</U>. The Company agrees to indemnify and hold harmless the Agent, its officers and employees, and each person, if any, who
controls the Agent within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense,
as incurred, to which the Agent or such officer, employee or controlling person may become subject, under the Securities Act, the Exchange
Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered
or sold or at common law or otherwise (including in settlement of any litigation), insofar as such loss, claim, damage, liability or expense
(or actions in respect thereof as contemplated below) arises out of or is based upon (i)&nbsp;any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof
pursuant to Rule&nbsp;430B under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading; or (ii)&nbsp;any untrue statement or alleged untrue statement of a
material fact contained in any Free Writing Prospectus that the Company has used, referred to or filed, or is required to file, pursuant
to Rule&nbsp;433(d)&nbsp;of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading and to reimburse the Agent and each such officer, employee and controlling person for any and all expenses
(including the fees and disbursements of counsel chosen by the Agent) as such expenses are reasonably incurred by the Agent or such officer,
employee or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage,
liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability
or expense to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for
use in the Registration Statement, any such Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), it being
understood and agreed that the only such information furnished by the Agent to the Company consists of the information described in subsection
(b)&nbsp;below. The indemnity agreement set forth in this &lrm;<U>Section&nbsp;6(a)</U>&nbsp;shall be in addition to any liabilities that
the Company may otherwise have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
of the Company, its Directors and Officers</U>. The Agent agrees to indemnify and hold harmless the Company, each of its directors, each
of its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which the Company or any such director,
officer or controlling person may become subject, under the Securities Act, the Exchange Act, or other federal or state statutory law
or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise
(including in settlement of any litigation), arises out of or is based upon (i)&nbsp;any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof
pursuant to Rule&nbsp;430B under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading; or (ii)&nbsp;any untrue statement or alleged untrue statement of a
material fact contained in any Free Writing Prospectus that the Company has used, referred to or filed, or is required to file, pursuant
to Rule&nbsp;433(d)&nbsp;of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; but, for each of (i)&nbsp;and (ii)&nbsp;above, only to the extent arising out of or based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information
furnished to the Company by the Agent expressly for use in the Registration Statement, any such Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto), it being understood and agreed that the only such information furnished by the Agent to the
Company consists of the information set forth in the first sentence of the ninth paragraph under the caption &ldquo;Plan of Distribution&rdquo;
in the Prospectus, and to reimburse the Company and each such director, officer and controlling person for any and all expenses (including
the fees and disbursements of one counsel chosen by the Company) as such expenses are reasonably incurred by the Company or such officer,
director or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage,
liability, expense or action. The indemnity agreement set forth in this <U>Section&nbsp;6(b)</U>&nbsp;shall be in addition to any liabilities
that the Agent may otherwise have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notifications
and Other Indemnification Procedures</U>. Promptly after receipt by an indemnified party under this &lrm;<U>Section&nbsp;6</U> of notice
of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party
under this &lrm;<U>Section&nbsp;6</U>, notify the indemnifying party in writing of the commencement thereof, but the omission so to notify
the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise
than under the indemnity agreement contained in this &lrm;<U>Section&nbsp;6</U> or to the extent it is not prejudiced as a proximate result
of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek
indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall elect,
jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving
the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified
party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party
in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which
are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to
select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified
party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party&rsquo;s election
so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to
such indemnified party under this <U>Section&nbsp;6</U> for any legal or other expenses subsequently incurred by such indemnified party
in connection with the defense thereof unless (i)&nbsp;the indemnified party shall have employed separate counsel in accordance with the
proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the fees and expenses
of more than one separate counsel (together with local counsel), representing the indemnified parties who are parties to such action),
which counsel (together with any local counsel) for the indemnified parties shall be selected by the indemnified party (in the case of
counsel for the indemnified parties referred to in &lrm;<U>Section&nbsp;6(a)</U>&nbsp;and <U>Section&nbsp;6(b)</U>&nbsp;above), (ii)&nbsp;the
indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable
time after notice of commencement of the action or (iii)&nbsp;the indemnifying party has authorized in writing the employment of counsel
for the indemnified party at the expense of the indemnifying party, in each of which cases the fees and expenses of counsel shall be at
the expense of the indemnifying party and shall be paid as they are incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Settlements</U>.
The indemnifying party under this &lrm;<U>Section&nbsp;6</U> shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees
to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by <U>Section&nbsp;6(c)</U>&nbsp;hereof, the indemnifying party agrees that it shall
be liable for any settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than
30 days after receipt by such indemnifying party of the aforesaid request; and (ii)&nbsp;such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened
action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have been
sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such action, suit or proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Contribution</U>.
If the indemnification provided for in this &lrm;<U>Section&nbsp;6</U> is for any reason held to be unavailable to or otherwise insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any
losses, claims, damages, liabilities or expenses referred to therein (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and the Agent, on the other hand, from the offering of the Shares pursuant to this
Agreement; or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company,
on the one hand, and the Agent, on the other hand, in connection with the statements or omissions which resulted in such losses, claims,
damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company,
on the one hand, and the Agent, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed
to be in the same respective proportions as the total gross proceeds from the offering of the Shares (before deducting expenses) received
by the Company bear to the total commissions received by the Agent. The relative fault of the Company, on the one hand, and the Agent,
on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the
Agent, on the other hand, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount paid or payable
by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in &lrm;<U>Section&nbsp;6(c)</U>, any legal or other fees or expenses reasonably incurred by such party in
connection with investigating or defending any action or claim. The provisions set forth in &lrm;<U>Section&nbsp;6(c)</U>&nbsp;with respect
to notice of commencement of any action shall apply if a claim for contribution is to be made under this <U>&lrm;Section&nbsp;6(e)</U>;
provided, however, that no additional notice shall be required with respect to any action for which notice has been given under &lrm;<U>Section&nbsp;6(c)</U>&nbsp;for
purposes of indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Agent
agree that it would not be just and equitable if contribution pursuant to this <U>&lrm;Section&nbsp;6(e)</U>&nbsp;were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this &lrm;<U>&lrm;Section&nbsp;6(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this &lrm;<U>&lrm;Section&nbsp;6(e)</U>, the Agent shall not be required to contribute any amount in excess of the Selling Commission
received by the Agent in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation (within the
meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this &lrm;<U>&lrm;Section&nbsp;6(e)</U>, each officer and employee of the Agent and each
person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution
as the Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if
any, who controls the Company within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution
as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">TERMINATION&nbsp;&amp;
SURVIVAL</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Term</U>.
Subject to the provisions of this &lrm;<U>Section&nbsp;7</U>, the term of this Agreement shall continue from the date of this Agreement
until the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this &lrm;<U>Section&nbsp;7</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination;
Survival Following Termination</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Either
party may terminate this Agreement prior to the end of the Agency Period, by giving written notice as required by this Agreement, upon
ten (10)&nbsp;Trading Days&rsquo; notice to the other party; provided that, (A)&nbsp;if the Company terminates this Agreement after the
Agent confirms to the Company any sale of Shares, the Company shall remain obligated to comply with &lrm;<U>Section&nbsp;3(b)(v)</U>&nbsp;with
respect to such Shares and (B)&nbsp;&lrm;<U>Section&nbsp;2</U>, &lrm;<U>Section&nbsp;3(d)</U>, <U>Section&nbsp;6</U>, <U>Section&nbsp;7</U>
and <U>Section&nbsp;8</U> shall survive termination of this Agreement. If termination shall occur prior to the Settlement Date for any
sale of Shares, such sale shall nevertheless settle in accordance with the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition to the survival provision of <U>&lrm;Section&nbsp;7(b)(i)</U>, the respective indemnities, agreements, representations, warranties
and other statements of the Company, of its officers and of the Agent set forth in or made pursuant to this Agreement will remain in
full force and effect, regardless of any investigation made by or on behalf of the Agent or the Company or any of its or their partners,
officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive
delivery of and payment for the Shares sold hereunder and any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">MISCELLANEOUS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Press
Releases and Disclosure</U>. The Company may issue a press release describing the material terms of the transactions contemplated hereby
as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form&nbsp;8-K, with
this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated hereby, and the Company
shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts, acting
in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties hereto. No party hereto shall
issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with
the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior
written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to
make disclosure to comply with the requirements of applicable law or stock exchange rules. If any such press release or like public statement
is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall
use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory
to all parties hereto. Notwithstanding the foregoing, the Company shall be permitted to disclose in its periodic reports on Form&nbsp;10-Q
or Form&nbsp;10-K or in its regular earnings announcements the number of Shares sold under this Agreement during such fiscal quarterly
or annual period and the proceeds therefrom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Advisory or Fiduciary Relationship</U>. The Company acknowledges and agrees that (i)&nbsp;the transactions contemplated by this Agreement,
including the determination of any fees, are arm&rsquo;s-length commercial transactions between the Company and the Agent, (ii)&nbsp;when
acting as a principal under this Agreement, the Agent is and has been acting solely as a principal is not the agent or fiduciary of the
Company, or its stockholders, creditors, employees or any other party, (iii)&nbsp;the Agent has not assumed nor will assume an advisory
or fiduciary responsibility in favor of the Company with respect to the transactions contemplated hereby or the process leading thereto
(irrespective of whether the Agent has advised or is currently advising the Company on other matters) and the Agent does not have any
obligation to the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this Agreement,
(iv)&nbsp;the Agent and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
the Company, and (v)&nbsp;the Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Research
Analyst Independence</U>. The Company acknowledges that the Agent&rsquo;s research analysts and research departments are required to and
should be independent from their respective investment banking divisions and are subject to certain regulations and internal policies,
and as such the Agent&rsquo;s research analysts may hold views and make statements or investment recommendations and/or publish research
reports with respect to the Company or the offering that differ from the views of their respective investment banking divisions. The Company
understands that the Agent is a full service securities firm and as such from time to time, subject to applicable securities laws, may
effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities
of the companies that may be the subject of the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
All communications hereunder shall be in writing and shall be mailed, hand delivered, sent via electronic mail (if applicable) or telecopied
and confirmed to the parties hereto as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If to the Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jefferies LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Facsimile: (646) 786-5719</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">with a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cooley LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">55 Hudson Yards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: Daniel I. Goldberg,&nbsp;Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">E-mail: dgoldberg@cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">AeroVironment,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">241 18<SUP>th</SUP> Street, Suite&nbsp;415</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Arlington, VA 22202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">E-mail: legalcounsel@avinc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">with a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">K&amp;L Gates LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1 Park Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Twelfth Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Irvine, CA 92614</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Attention: Shoshannah Katz; Coleman
Wombwell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">E-mail: Shoshannah.Katz@klgates.com;
Coleman.Wombwell@klgates.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any party hereto may change the address for receipt
of communications by giving written notice to the others in accordance with this <U>Section&nbsp;8(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Successors</U>.
This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the employees, officers and
directors and controlling persons referred to in <U>Section&nbsp;6</U>, and in each case their respective successors, and no other person
will have any right or obligation hereunder. The term &ldquo;successors&rdquo; shall not include any purchaser of the Shares as such from
the Agent merely by reason of such purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Partial
Unenforceability</U>. The invalidity or unenforceability of any Article, Section, paragraph or provision of this Agreement shall not affect
the validity or enforceability of any other Article, Section, paragraph or provision hereof. If any Article, Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and
only such minor changes) as are necessary to make it valid and enforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law Provisions</U>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable
to agreements made and to be performed in such state. Any legal suit, action or proceeding arising out of or based upon this Agreement
or the transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the Borough
of Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City
of New York (collectively, the &ldquo;<B>Specified Courts</B>&rdquo;), and each party irrevocably submits to the exclusive jurisdiction
(except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive)
of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&rsquo;s
address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>General
Provisions</U>. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral
and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may
be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable document
format (PDF) file (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act,
the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com). This Agreement may not be amended or modified
unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by
each party whom the condition is meant to benefit. The Article&nbsp;and Section&nbsp;headings herein are for the convenience of the parties
only and shall not affect the construction or interpretation of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;Immediately Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument,
along with all counterparts hereof, shall become a binding agreement in accordance with its terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">AEROVIRONMENT,&nbsp;INC.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Kevin McDonnell</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Kevin McDonnell</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Senior Vice President and Chief Financial Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing Agreement is
hereby confirmed and accepted by the Agent in New York, New York as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JEFFERIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Michael Magarro</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Michael Magarro</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ISSUANCE NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jefferies LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: [__________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Open Market Sale Agreement<SUP>SM</SUP>
between AeroVironment,&nbsp;Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;) and Jefferies LLC (the &ldquo;<B>Agent</B>&rdquo;)
dated as September&nbsp;8, 2022. The Company confirms that all conditions to the delivery of this Issuance Notice are satisfied as of
the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of Delivery of Issuance Notice (determined pursuant to <U>Section&nbsp;3(b)(i)</U>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issuance Amount (equal to the total Sales Price for such Shares):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 52%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Number of days in selling period:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">First date of selling period:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Last date of selling period:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Settlement Date(s)&nbsp;if other than standard T+2 settlement:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Floor Price Limitation (in no event less than $1.00 without the prior
written consent of the Agent, which consent may be withheld in the Agent&rsquo;s sole discretion): $ ____ per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Comments:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 95%">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 52%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Company</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wahid Nawabi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin McDonnell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Agent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Magarro</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Donald Lynaugh</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>tm2225133d2_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INDENTURE<BR>
</B></FONT>between<B><BR>
AeroVironment,&nbsp;Inc.<BR>
</B>and<B><BR>
[________]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated as of [________]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Providing for Issuance of<BR>
Debt Securities in Series</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reconciliation and tie between Indenture, dated
as of ______________, and the Trust Indenture Act of 1939, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">Trust Indenture Act of 1939 Section</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; background-color: White; text-align: center">Indenture Section</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 48%; text-align: left">310(a)(1)</TD><TD STYLE="text-align: left; background-color: White; width: 4%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 48%; text-align: left">6.11</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(a)(2)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.11</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(a)(3)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(a)(4)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(a)(5)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.9; 6.11; TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">311(a)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">312(a)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.7</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">313(a)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.6; TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.6; TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(d)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.6</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">314(a)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">9.6; TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)(1)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">1.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)(2)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">1.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)(3)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(d)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(e)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">1.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(f)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">315(a)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">6.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(d)(1)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(d)(2)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(d)(3)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(e)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">316(a)(1)(A)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">5.8</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(a)(1)(B)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">5.7</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">5.2; 5.3; 5.10</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">317(a)(1)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">5.3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(a)(2)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">5.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">9.3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">318(a)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: left">1.11</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">TIA</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">(c)</TD><TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White; font: 10pt Times New Roman, Times, Serif">1.11; TIA</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: This Cross-Reference Table shall not, for any purpose, be deemed
to be part of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in; width: 95%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;I DEFINITIONS
    AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.1. DEFINITIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.2. COMPLIANCE
    CERTIFICATES AND OPINIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.3. FORM&nbsp;OF
    DOCUMENTS DELIVERED TO TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.4. ACTS
    OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.5. NOTICES,&nbsp;ETC.,
    TO TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.6. NOTICE
    TO HOLDERS; WAIVER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.7. HEADINGS
    AND TABLE OF CONTENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.8. SUCCESSOR
    AND ASSIGNS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.9. SEPARABILITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.10. BENEFITS
    OF INDENTURE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.11. GOVERNING
    LAW</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.12. WAIVER
    OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.13. LEGAL
    HOLIDAYS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.14. NO
    RECOURSE AGAINST OTHERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;II
    SECURITY FORMS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.1. FORMS
    GENERALLY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.2. FORM&nbsp;OF
    TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.3. SECURITIES
    IN GLOBAL FORM</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.4. FORM&nbsp;OF
    LEGEND FOR SECURITIES IN GLOBAL FORM</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;III
    THE SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.1. AMOUNT
    UNLIMITED; ISSUABLE IN SERIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.2. DENOMINATIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.3. EXECUTION,
    AUTHENTICATION, DELIVERY AND DATING</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.4. TEMPORARY
    SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.5. REGISTRATION,
    TRANSFER AND EXCHANGE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.6. REPLACEMENT
    SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7. PAYMENT
    OF INTEREST; INTEREST RIGHTS PRESERVED</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.8. PERSONS
    DEEMED OWNERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.9. CANCELLATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10. COMPUTATION
    OF INTEREST</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11. CURRENCY
    AND MANNER OF PAYMENT IN RESPECT OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.12. APPOINTMENT
    AND RESIGNATION OF EXCHANGE RATE AGENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.13. WIRE
    TRANSFERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.14. CUSIP
    NUMBERS AND ISINS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;IV
    SATISFACTION, DISCHARGE AND DEFEASANCE</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1. TERMINATION
    OF COMPANY&rsquo;S OBLIGATIONS UNDER THE INDENTURE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2. APPLICATION
    OF TRUST FUNDS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.75in; padding-left: 1.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3. APPLICABILITY
    OF DEFEASANCE PROVISIONS; COMPANY&rsquo;S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4. DEFEASANCE
    AND DISCHARGE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.5. COVENANT
    DEFEASANCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.6. CONDITIONS
    TO DEFEASANCE OR COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.7. DEPOSITED
    MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.8. REPAYMENT
    TO COMPANY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.9. INDEMNITY
    FOR GOVERNMENT OBLIGATIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;V
    DEFAULTS AND REMEDIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1. EVENTS
    OF DEFAULT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2. ACCELERATION;
    RESCISSION AND ANNULMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.3. COLLECTION
    OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.4. TRUSTEE
    MAY&nbsp;FILE PROOFS OF CLAIM</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.5. TRUSTEE
    MAY&nbsp;ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.6. DELAY
    OR OMISSION NOT WAIVER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.7. WAIVER
    OF PAST DEFAULTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.8. CONTROL
    BY MAJORITY</FONT></TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.9. LIMITATION
    ON SUITS BY HOLDERS</FONT></TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.10. RIGHTS
    OF HOLDERS TO RECEIVE PAYMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.11. APPLICATION
    OF MONEY COLLECTED</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.12. RESTORATION
    OF RIGHTS AND REMEDIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.13. RIGHTS
    AND REMEDIES CUMULATIVE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VI
    THE TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1. DUTIES
    AND RESPONSIBILITIES OF TRUSTEE; RELIANCE ON DOCUMENTS, OPINIONS, ETC.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2. TRUSTEE,
    PAYING AGENTS, CONVERSION AGENTS OR REGISTRAR MAY&nbsp;HOLD SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3. MONIES
    TO BE HELD IN TRUST</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.4. NO
    RESPONSIBILITIES FOR RECITALS, ETC.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.5. NOTICE
    OF DEFAULTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.6. REPORTS
    BY TRUSTEE TO HOLDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.7. SECURITY
    HOLDER LISTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.8. COMPENSATION
    AND INDEMNITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.9. SEPARATE
    TRUSTEE; REPLACEMENT OF TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.10. ACCEPTANCE
    OF APPOINTMENT BY SUCCESSOR</FONT></TD>
    <TD STYLE="text-align: right; width: 5%">49</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.11. ELIGIBILITY;
    DISQUALIFICATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT>0</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.12. MERGER,
    CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.13. APPOINTMENT
    OF AUTHENTICATING AGENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VII
    CONSOLIDATION, MERGER OR SALE BY THE COMPANY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1. CONSOLIDATION,
    MERGER OR SALE OF ASSETS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;VIII
    SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.1. SUPPLEMENTAL
    INDENTURES WITHOUT CONSENT OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.2. WITH
    CONSENT OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.3. COMPLIANCE
    WITH TRUST INDENTURE ACT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.4. EXECUTION
    OF SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.5. EFFECT
    OF SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.6. REFERENCE
    IN SECURITIES TO SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;IX
    COVENANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.1. PAYMENT
    OF PRINCIPAL, PREMIUM,&nbsp;IF ANY, AND INTEREST</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.2. MAINTENANCE
    OF OFFICE OR AGENCY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.3. MONEY
    FOR SECURITIES TO BE HELD IN TRUST; UNCLAIMED MONEY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.4. CORPORATE
    EXISTENCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.5. REPORTS
    BY THE COMPANY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.6. ANNUAL
    REVIEW CERTIFICATE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;X
    REDEMPTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.1. APPLICABILITY
    OF ARTICLE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.2. ELECTION
    TO REDEEM; NOTICE TO TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.3. SELECTION
    OF SECURITIES TO BE REDEEMED</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.4. NOTICE
    OF REDEMPTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.5. DEPOSIT
    OF REDEMPTION PRICE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.6. SECURITIES
    PAYABLE ON REDEMPTION DATE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.7. SECURITIES
    REDEEMED IN PART</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;XI
    SINKING FUNDS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.1. APPLICABILITY
    OF ARTICLE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.2. SATISFACTION
    OF SINKING FUND PAYMENTS WITH SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.3. REDEMPTION
    OF SECURITIES FOR SINKING FUND</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">INDENTURE, dated as of [&bull;], between AeroVironment,&nbsp;Inc.,
a corporation duly organized and existing under the laws of the State of Delaware (the &ldquo;Company&rdquo;), and [&bull;], as trustee,
a national banking association organized and existing under the laws of the United States of America, as trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness (&ldquo;Securities&rdquo;)
to be issued in one or more series as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of
the Holders of the Securities or of any series thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DEFINITIONS
AND OTHER PROVISIONS<BR>
OF GENERAL APPLICATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;1.1.
</FONT>DEFINITIONS. (a)&nbsp;For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise
requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
terms defined in this Article&nbsp;have the meanings assigned to them in this Article&nbsp;and include the plural as well as the singular;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned
to them therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section&nbsp;or other subdivision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Affiliate&rdquo; of any specified Person
means any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified
Person. For purposes of this definition, &ldquo;control&rdquo; when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Agent&rdquo; means any Paying Agent or Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Authenticating Agent&rdquo; means any authenticating
agent appointed by the Trustee pursuant to Section&nbsp;6.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Board&rdquo; or &ldquo;Board of Directors&rdquo;
means the Board of Directors of the Company or any duly authorized committee thereof to act on behalf of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Board Resolution&rdquo; means a copy of
one or more resolutions of the Board of Directors, certified by the Corporate Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of the certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Business Day&rdquo;, when used with respect
to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified
with respect to any Securities pursuant to Section&nbsp;3.1, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which banking institutions in that Place of Payment or particular location are authorized or required by law to be closed, except as may
otherwise be provided in the form of Security of any particular series pursuant to the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Commission&rdquo; means the Securities and
Exchange Commission, as from time to time constituted, or, if at any time after the execution of this Indenture such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Common Stock&rdquo; means the shares of
common stock, $0.001 par value per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Company&rdquo; means the party named as
the Company in the first paragraph of this Indenture until a successor shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter means such successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Company Order&rdquo; and &ldquo;Company
Request&rdquo; mean, respectively, a written order or request signed in the name of the Company by the President, the Chief Executive
Officer, the Chief Financial Officer, any Vice President, the Treasurer or the Corporate Secretary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Corporate Trust Office&rdquo; means the
corporate trust office of the Trustee at which at any particular time this Indenture shall be principally administered, which office at
the date hereof is located at [&bull;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Currency unit&rdquo;, for all purposes of
this Indenture, shall include any composite currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Default&rdquo; means any event which is,
or after notice or passage of time, or both, would be, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Depository&rdquo;, when used with respect
to the Securities of or within any series issuable or issued in whole or in part in global form, means the Person designated as Depository
by the Company pursuant to Section&nbsp;3.1 until a successor Depository shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter shall mean or include each Person which is then a Depository hereunder, and if at any time there is
more than one such Person, shall be a collective reference to such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Dollar&rdquo; or &ldquo;$&rdquo; means the
coin or currency of the United States as at the time of payment is legal tender for the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Euro&rdquo; means the lawful currency of
the participating member states of the European Union that adopt a single currency in accordance with the Treaty establishing the European
Community, as amended by the Treaty on European Union signed February&nbsp;7, 1992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Foreign Currency&rdquo; shall mean any currency
issued by the government or governments of one or more countries other than the United States or by any recognized confederation or association
of such governments and shall include the Euro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Government Obligations&rdquo; means securities
which are (i)&nbsp;direct obligations of the United States or, if specified as contemplated by Section&nbsp;3.1, the government which
issued the currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit is
pledged or (ii)&nbsp;obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
or, if specified as contemplated by Section&nbsp;3.1, such government which issued the foreign currency in which the Securities of such
series are payable, for the payment of which the full faith and credit of the United States or such other government is pledged (whether
by guaranty or otherwise), which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment
of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt,
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the Government Obligation evidenced by such depository
receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Holder&rdquo; means a person in whose name
a Registered Security is registered on the Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Indenture&rdquo; means this instrument as
originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the
provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively; provided, however, that if at any time more than one Person is acting as Trustee under this Indenture due to the appointment
of one or more separate Trustees for any one or more separate series of Securities, &ldquo;Indenture&rdquo; shall mean, with respect to
such series of Securities for which any such Person is Trustee, this instrument as originally executed or as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, exclusive,
however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental
hereto executed and delivered after such Person had become such Trustee, but to which such Person, as such Trustee, was not a party; provided
further that in the event that this indenture is supplemented or amended by one or more indentures supplemental hereto which are only
applicable to certain series of Securities, the term &ldquo;Indenture&rdquo; for a particular series of Securities shall only include
the supplemental indentures applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Indexed Security&rdquo; means a Security
the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount
thereof at original issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Interest&rdquo;, when used with respect
to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Interest Payment Date&rdquo;, when used
with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Maturity&rdquo;, when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Officer&rdquo; means the President, Chairman
of the Board, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer the Treasurer, any Assistant Treasurer,
the Controller, any Vice President (whether or not designated by a number or numbers or word or words added before the title &ldquo;Vice
President&rdquo;), or the Corporate Secretary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Officer&rsquo;s Certificate&rdquo; means
a certificate signed by an Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Opinion of Counsel&rdquo; means a written
opinion of legal counsel, who may be, without limitation, (a)&nbsp;an employee of the Company, or (b)&nbsp;outside counsel designated
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Original Issue Discount Security&rdquo;
means any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the Maturity thereof pursuant to Section&nbsp;5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Outstanding&rdquo;, when used with respect
to Securities of any series, means, as of the date of determination, all Securities of such series theretofore authenticated and delivered
under this Indenture, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Securities,
or portions thereof, for whose payment or redemption money or Government Obligations in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company
shall act as its own Paying Agent) for the Holders of such Securities, provided that, if such Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provisions therefor satisfactory to the Trustee have been made;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Securities,
except to the extent provided in Sections 4.4 and 4.5, with respect to which the Company has effected defeasance and/or covenant defeasance
as provided in Article&nbsp;IV; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Securities
which have been paid pursuant to Section&nbsp;3.6 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of
the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that unless otherwise provided with respect to Securities
of any series pursuant to Section&nbsp;3.1, in determining whether the Holders of the requisite principal amount of the Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, or whether sufficient funds are available
for redemption or for any other purpose, and for the purpose of making the calculations required by section 313 of the Trust Indenture
Act or are present at a meeting of Holders for quorum purposes, (w)&nbsp;the principal amount of any Original Issue Discount Securities
that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal
to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the maturity thereof pursuant to Section&nbsp;5.2, (x)&nbsp;the principal amount of any Security
denominated in one or more Foreign Currencies or currency units that may be counted in making such determination or calculation and that
shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally
issued by the Company as set forth in an Exchange Rate Officer&rsquo;s Certificate delivered to the Trustee, of the principal amount (or,
in the case of an Original Issue Discount Security, the Dollar equivalent, determined as of such date of original issuance, of the amount
determined as provided in clause (w)&nbsp;above) of such Security, (y)&nbsp;unless otherwise provided with respect to such Security pursuant
to Section&nbsp;3.1, the principal amount of any Indexed Security that may be counted in making such determination or calculation and
that shall be deemed Outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance,
and (z)&nbsp;Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making
such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, or determination as
to the presence of a quorum, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee the pledgee&rsquo;s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Paying Agent&rdquo; means any Person authorized
by the Company to pay the principal of, premium, if any, or interest and any other payments on all or any of the series of Securities
on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Periodic Offering&rdquo; means an offering
of Securities of a series from time to time the specific terms of which such Securities, including, without limitation, the rate or rates
of interest or formula for determining the rate or rates of interest thereon, if any, the Maturity thereof and the redemption provisions,
if any, with respect thereto, are to be determined by the Company upon the issuance of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Person&rdquo; means any individual, corporation,
limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Place of Payment&rdquo;, when used with
respect to the Securities of or within any series, means the place or places where the principal of, premium, if any, and interest and
any other payments on such Securities are payable as specified as contemplated by Sections 3.1 and 9.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Predecessor Security&rdquo; of any particular
Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and,
for the purposes of this definition, any Security authenticated and delivered under Section&nbsp;3.6 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Preferred Stock&rdquo; as applied to the
capital stock of the Company means capital stock of any class or classes (however designated) which is preferred as to the payment of
dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of the Company, over shares
of Common Stock of such corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Redemption Date&rdquo;, when used with respect
to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Redemption Price&rdquo;, when used with
respect to any Security to be redeemed, in whole or in part, means the price at which it is to be redeemed pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Registered Security&rdquo; means any Security
issued hereunder and registered as to principal and interest in the Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Regular Record Date&rdquo; for the interest
payable on any Interest Payment Date on the Securities of or within any series means the date specified for that purpose as contemplated
by Section&nbsp;3.1, which date shall be, unless otherwise specified pursuant to Section&nbsp;3.1, the fifteenth day preceding such Interest
Payment Date, whether or not such day shall be a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Responsible Officer&rdquo;, when used with
respect to the Trustee, shall mean any senior vice president, vice president, any assistant vice president or assistant secretary working
in its corporate trust department and assigned responsibility for this engagement, or any other officer of the Trustee customarily performing
functions similar to those performed by the persons who at the time shall be such officers, respectively, working in its corporate trust
department and assigned responsibility for this engagement, or to whom any corporate trust matter relating to the Indenture or the Securities
is referred because of his knowledge of and familiarity with a particular subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Security&rdquo; or &ldquo;Securities&rdquo;
has the meaning stated in the first recital of this Indenture and more particularly means a Security or Securities of the Company issued,
authenticated and delivered under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Special Record Date&rdquo; for the payment
of any Defaulted Interest means a date fixed by the Trustee pursuant to Section&nbsp;3.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Stated Maturity&rdquo;, when used with respect
to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date
on which the principal of such Security or such installment of principal or interest is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Subsidiary&rdquo; means any Person of which
the Company at the time owns or controls, directly or indirectly, more than 50% of the shares of outstanding stock or other equity interests
having general voting power under ordinary circumstances to elect a majority of the Board of Directors, managers or trustees, as the case
may be, of such Person (irrespective of whether or not at the time stock of any other class or classes or other equity interests of such
corporation shall have or might have voting power by reason of the happening of any contingency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Trust Indenture Act&rdquo; means the Trust
Indenture Act of 1939 as in effect on the date of this Indenture, except as provided in Section&nbsp;8.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Trustee&rdquo; means the party named as
such in the first paragraph of this Indenture until a successor Trustee replaces it pursuant to the applicable provisions of this Indenture,
and thereafter means such successor Trustee and if, at any time, there is more than one Trustee, &ldquo;Trustee&rdquo; as used with respect
to the Securities of any series shall mean the Trustee with respect to the Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;United States&rdquo; means, unless otherwise
specified with respect to the Securities of any series as contemplated by Section&nbsp;3.1, the United States of America (including the
States and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;U.S. Person&rdquo; means, unless otherwise
specified with respect to the Securities of any series as contemplated by Section&nbsp;3.1, an individual citizen or resident of the United
States, a corporation created or organized in or under the laws of the United States, any State thereof or the District of Columbia, or
a partnership, estate or trust treated as a domestic partnership, estate or trust for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
following terms shall have the meanings specified in the Sections referred to opposite such term below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 77%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="background-color: White; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Act&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Bankruptcy Law&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Component Currency&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Conversion Date&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(d)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Conversion Event&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Custodian&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Defaulted Interest&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Election Date&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Event of Default&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange Rate Agent&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange Rate Officer&rsquo;s Certificate&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Market Exchange Rate&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Register&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Registrar&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Specified Amount&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Valuation Date&rdquo;</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11(c)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.2.
</FONT>COMPLIANCE CERTIFICATES AND OPINIONS. Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officer&rsquo;s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any application
or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant to Sections 2.3) shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
statement that the individual signing such certificate or opinion has read such condition or covenant and any definitions in this Indenture
that are used in such certificate or opinion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such condition or covenant has been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
statement as to whether, in the opinion of such individual, such condition or covenant has been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.3.
</FONT>FORM&nbsp;OF DOCUMENTS DELIVERED TO TRUSTEE. In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect
to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate or opinion of an officer of the
Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion
is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate
or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual
matters is in the possession of the Company, unless such counsel knows that the certificate or opinion or representations as to such matters
are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate or opinion of an officer of the
Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows that the
certificate or opinions or representations as to such accounting matters are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.4.
</FONT>ACTS OF HOLDERS. (a)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo;
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided
in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any
other manner which the Trustee deems sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
ownership of Registered Securities shall be proved by the Register (as defined in Section&nbsp;3.5 below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Company shall solicit from the Holders of any series any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company may, at its option, fix in advance a record date for the determination of Holders of such series entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of such series of record at the close of business on such record date shall be deemed
to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities of such series have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that
purpose the Outstanding Securities of such series shall be computed as of such record date; provided that no such authorization, agreement
or consent by the Holders on such record date shall be deemed effective unless taken on or prior to the applicable Expiration Date (as
defined below) by Holders of the requisite amount of Outstanding Securities of such series on such record date. Nothing in this paragraph
shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set
pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled
and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite
amount of Outstanding Securities of any series on the date such action is taken. Promptly after any record date is set pursuant to this
paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of Securities in the manner set forth in Section&nbsp;1.6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any record date set pursuant to
this Section&nbsp;1.4, the Company may designate any date as the &ldquo;Expiration Date&rdquo; and from time to time may change the Expiration
Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is
given to the Trustee, and to each Holder of Securities of the applicable series in the manner set forth in Section&nbsp;1.6 on or prior
to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date pursuant to this Section, the
Company shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and the Trustee may make reasonable rules&nbsp;for action by or at a meeting of Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.5.
</FONT>NOTICES,&nbsp;ETC., TO TRUSTEE AND COMPANY. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders
or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">if to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">AeroVironment,&nbsp;Inc.</FONT><BR>
241 18<SUP>th</SUP> South Street, Suite&nbsp;415&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Arlington, VA 22202&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:
[</FONT>&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">if to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notices to the Trustee are deemed given only upon
actual receipt by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company or the Trustee by notice to the other
may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any notice or communication shall be in writing
and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, electronic
transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing next day delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.6.
</FONT>NOTICE TO HOLDERS; WAIVER. Where this Indenture provides for notice to Holders of any event, if any of the Securities affected
by such event are Registered Securities, such notice to the Holders thereof shall be sufficiently given (unless otherwise herein or in
the terms of such Securities expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by
such event, at his address as it appears in the Register, within the time prescribed for the giving of such notice; provided that notices
given to Holders of Securities in global form may be given electronically through the facilities of the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In any case where notice to Holders is given by
mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders of Registered Securities as provided herein. In any case where notice is given to Holders
by publication, neither the failure to publish such notice, nor any defect in any notice so published, shall affect the sufficiency of
such notice with respect to the sufficiency of any notice to Holders of Registered Securities given as provided herein. Any notice mailed
to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder
actually receives such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice as provided above, then such notification as shall
be made with the approval of the Trustee (such approval not to be unreasonably withheld) shall constitute a sufficient notification for
every purpose hereunder. If it is impossible or, in the opinion of the Trustee, impracticable to give any notice by publication in the
manner herein required, then such publication in lieu thereof as shall be made with the approval of the Trustee shall constitute a sufficient
publication of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice
may be in an official language of the country of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.7.
</FONT>HEADINGS AND TABLE OF CONTENTS. The Article&nbsp;and Section&nbsp;headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.8.
</FONT>SUCCESSOR AND ASSIGNS. All covenants and agreements in this Indenture by the Company shall bind its successor and assigns, whether
so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any act or proceeding that is required or permitted
by any provision of this Indenture and that is authorized or required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation that
shall at the time be the successor or assign of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.9.
</FONT>SEPARABILITY. In case any provision of this Indenture or any Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.10.
</FONT>BENEFITS OF INDENTURE. Nothing in this Indenture or in any Securities, expressed or implied, shall give to any Person, other than
the parties hereto and their successors hereunder, any Agent and the Holders, any benefit or any legal or equitable right, remedy or claim
under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.11.
</FONT>GOVERNING LAW. UNLESS OTHERWISE PROVIDED WITH RESPECT TO ANY SECURITIES OF ANY SERIES PURSUANT TO SECTION&nbsp;3.1, THIS INDENTURE
AND THE SECURITIES APPERTAINING THERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,&nbsp;INCLUDING
ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. This Indenture is subject to the Trust Indenture Act and if any provision hereof
limits, qualifies or conflicts with a provision included in this Indenture which is required by the Trust Indenture Act, the latter provision
shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified
or excluded, the latter provision shall be deemed to apply to this Indenture as so modified, or to be excluded, as the case may be, whether
or not such provision of this Indenture refers expressly to such provision of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.12.
</FONT>WAIVER OF JURY TRIAL. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER (BY ITS ACCEPTANCE OF ANY SECURITY) HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER (BY ITS ACCEPTANCE
OF ANY SECURITY) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE OR U.S. FEDERAL COURT IN THE CITY OF NEW YORK AND COUNTY
OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE AND THE SECURITIES, AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.13.
</FONT>LEGAL HOLIDAYS. Unless otherwise provided with respect to any Security or Securities pursuant to Section&nbsp;3.1, in any case
where any Interest Payment Date, Redemption Date, sinking fund payment date, Stated Maturity or Maturity or other payment date of any
Security shall not be a Business Day at any Place of Payment, then, notwithstanding any other provision of this Indenture or any Security,
payment of principal, premium, if any or interest or other payments need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on such date; provided that
no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, sinking fund
payment date, Stated Maturity or Maturity or other payment date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;1.14.
</FONT>NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, agent, member, manager, trustee or stockholder,
as such, of the Company or any successor Person shall have any liability for any obligations of the Company or any successor Person, either
directly or through the Company or any successor Person, under the Securities or this Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation, whether by virtue of any rule&nbsp;of law, statute or constitutional provision
or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. By accepting a Security, each Holder agrees
to the provisions of this Section&nbsp;1.14 and waives and releases all such liability. Such waiver and release shall be part of the consideration
for the issue of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SECURITY
FORMS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;2.1.
</FONT>FORMS GENERALLY. The Securities of each series shall be in substantially such form as shall be established in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon
as the Company may deem appropriate or as may be required to comply with any applicable law, rule&nbsp;or regulation or with the rules&nbsp;or
usage of any securities exchange or Depository therefor or as may, consistently herewith, be determined by the officers executing such
Securities as evidenced by their execution of the Securities. If temporary Securities of any series are issued as permitted by Section&nbsp;3.4,
the form thereof also shall be established as provided in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The definitive Securities shall be typeset, printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner or medium, all as determined by the officers
executing such Securities as evidenced by their execution of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;2.2.
</FONT>FORM&nbsp;OF TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION. Subject to Section&nbsp;6.13 (as applicable to any Authenticating Agent),
the Trustee&rsquo;s certificate of authentication shall be in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the [Securities] [of the series
designated herein and] referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: bottom; text-align: left">
<TD STYLE="white-space: nowrap; width: 50%"></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 42%; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; width: 8%">, <B>as Trustee</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><B>Dated:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%; text-align: left"><B>By:</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%"></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><B>AUTHORIZED SIGNATORY</B></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;2.3.
</FONT>SECURITIES IN GLOBAL FORM. If Securities of or within a series are issuable in whole or in part in global form, any such Security
may provide that it shall represent the aggregate or specified amount of Outstanding Securities from time to time endorsed thereon and
may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased
to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, or
changes in the rights of Holders, of Outstanding Securities represented thereby, shall be made in such manner and by such Person or Persons
as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section&nbsp;3.3 or 3.4. Subject to the
provisions of Section&nbsp;3.3 and, if applicable, Section&nbsp;3.4, the Trustee shall deliver and redeliver any security in permanent
global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any
instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but
need not comply with Section&nbsp;1.2 hereof and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of the last paragraph of Section&nbsp;3.3
shall apply to any Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee
such Security in global form together with written instructions (which need not comply with Section&nbsp;1.2 and need not be accompanied
by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written
statement contemplated by the last paragraph of Section&nbsp;3.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of Section&nbsp;2.1
and 3.7, unless otherwise specified as contemplated by Section&nbsp;3.1, payment of principal of, premium, if any, and interest on any
Security in permanent global form shall be made to the Person or Persons specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;2.4.
</FONT>FORM&nbsp;OF LEGEND FOR SECURITIES IN GLOBAL FORM. Unless otherwise provided with respect to any Securities of any series pursuant
to Section&nbsp;3.1 or required by the Depository, any Security of such series in global form authenticated and delivered hereunder shall
bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Security is in global form within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. Unless and until it is exchanged
in whole or in part for Securities in certificated form, this Security may not be transferred except as a whole by the Depository to a
nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository
or any such nominee to a successor Depository or a nominee of such successor Depository. Every Security authenticated and delivered upon
registration of, or in exchange for, or in lieu of, this Security will be in global form, subject to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;III</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THE
SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;3.1.
</FONT>AMOUNT UNLIMITED; ISSUABLE IN SERIES. (a)&nbsp;The aggregate principal amount of Securities which may be authenticated, delivered
and outstanding under this Indenture is unlimited. The Securities may be issued from time to time in one or more series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
following matters shall be established, without the approval of any Holders, with respect to each series of Securities issued hereunder
in one or more indentures supplemental hereto:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
title of the Securities of the series (which title shall distinguish the Securities of the series from all other series of Securities);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated, delivered and outstanding under
this Indenture (which limit shall not pertain to Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section&nbsp;3.4, 3.5, 3.6, 8.6, or 10.7 and except for any Securities
which, pursuant to Section&nbsp;3.3, are deemed never to have been authenticated and delivered hereunder);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
date or dates on which the principal of and premium, if any, on the Securities of the series is payable or the method of determination
and/or extension of such date or dates; and the amount or amounts of such principal and premium, if any, payments or the method of determination
thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
rate or rates (which may be fixed or variable) at which the Securities of the series shall bear interest, if any, or the method of calculating
and/or resetting such rate or rates of interest, the date or dates from which such interest shall accrue or the method by which such date
or dates shall be determined, the Interest Payment Dates on which any such interest shall be payable or the method by which such dates
will be determined, the terms of any deferral of interest and the additional interest, if any, thereon and, with respect to Registered
Securities, the Regular Record Date, if any, for the interest payable on any Registered Security on any Interest Payment Date, the right,
if any, of the Company to extend the Interest Payment Dates and the Regular Record Date, if any, and the duration of the extensions and
the basis upon which interest shall be calculated if other than upon a 360-day year of twelve 30-day months;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
place or places where the principal of, premium, if any, and interest, if any, on Securities of the series shall be payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
period or periods within which, the price or prices at which, the currency or currencies (including currency units) in which, and the
other terms and conditions upon which, Securities of the series may be redeemed, in whole or in part, at the option of the Company or
otherwise, and, if other than as provided in Section&nbsp;10.3, the manner in which the particular Securities of such series (if less
than all Securities of such series are to be redeemed) are to be selected for redemption;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions
or upon the happening of a specified event or at the option of a Holder thereof and the period or periods within which, the price or prices
at which, and the other terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation and provisions for the remarketing of such series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall be issuable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
other than Dollars, the currency or currencies (including currency unit or units) in which the principal of, premium, if any, and interest,
if any, or other payments, if any, on the Securities of the series shall be payable, or in which the Securities of the series shall be
denominated, and the particular provisions applicable thereto in accordance with, in addition to, or in lieu of the provisions of Section&nbsp;3.11;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
terms, if any, upon which Securities of the series may be convertible into or exchanged for other Securities, Common Stock, Preferred
Stock, other debt securities, warrants to purchase any of the foregoing, or other securities of any kind of the Company or any other obligor
and the terms and conditions upon which the conversion or exchange shall be effected, including the initial conversion or exchange price
or rate, the conversion or exchange period, and any other additional provisions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the payments of principal of, premium, if any, or interest, if any, or other payments, if any, on the Securities of the series are to
be made, at the election of the Company or a Holder, in a currency or currencies (including currency unit or units) other than that in
which such Securities are denominated or designated to be payable, the currency or currencies (including currency unit or units) in which
such payments are to be made, the terms and conditions of such payments and the manner in which the exchange rate with respect to such
payments shall be determined, and the particular provisions applicable thereto in accordance with, in addition to, or in lieu of the provisions
of Section&nbsp;3.11;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the amount of payments of principal of, premium, if any, and interest, if any, or other payments, if any, on the Securities of the series
shall be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation,
on the price of one or more commodities, derivatives or securities; one or more securities, derivatives or commodities exchange indices
or other indices; a currency or currencies (including currency unit or units) other than that in which the Securities of the series are
denominated or designated to be payable; or any other variable or the relationship between any variables or combination of variables),
the index, formula or other method by which such amounts shall be determined;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
other than the principal amount thereof, the portion of the principal amount of such Securities of the series or other amount which shall
be payable upon declaration of acceleration thereof pursuant to Section&nbsp;5.2 or provable in bankruptcy or the method by which such
portion or amount shall be determined;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
other than as provided in Section&nbsp;3.7, the Person to whom any interest on any Registered Security of the series shall be payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the principal amount payable at the Maturity of any Securities of the series will not be determinable as of one or more dates prior to
Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date hereunder or thereunder,
or, if other than as provided in the definition of the term &ldquo;Outstanding&rdquo;, which shall be deemed to be Outstanding as of any
date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined)
and, if necessary, the manner of determining the equivalent thereof in U.S. currency;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">provisions,
if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
applicability of or any deletions from, modifications of or additions to the Events of Default set forth in Section&nbsp;5.1 or covenants
of the Company set forth in Article&nbsp;IX pertaining to the Securities of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">under
what circumstances, if any, the Company will pay additional amounts on the Securities of that series held by a Person who is not a U.S.
Person in respect of taxes or similar charges withheld or deducted and, if so, whether the Company will have the option to redeem such
Securities rather than pay such additional amounts (and the terms of any such option);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
date as of which any temporary global Security representing Outstanding Securities of the series shall be dated if other than the date
of original issuance of the first Security of the series to be issued;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
forms of the Securities of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
changes or additions to the provisions provided in Article&nbsp;IV of this Indenture pertaining to defeasance, including without limitation,
the exclusion of Section&nbsp;4.4 or 4.5, or both, with respect to the Securities of or within the series; or the applicability, if any,
to the Securities of or within the series of such means of defeasance or covenant defeasance other than those provided in Sections 4.4
and 4.5 as may be specified for the Securities of such series, and whether, for the purpose of any defeasance or covenant defeasance pursuant
to Section&nbsp;4.4 or 4.5 or otherwise, the term &ldquo;Government Obligations&rdquo; shall include obligations referred to in the definition
of such term which are not obligations of the United States or an agency or instrumentality of the United States;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
other than the Trustee, the identity of the Registrar and any Paying Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
terms which may be related to warrants, options or other rights to purchase and sell securities issued by the Company in connection with,
or for the purchase of, Securities of such series, including whether and under what circumstances the Securities of any series may be
used toward the exercise price of any such warrants, options or other rights;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
designation of the initial Exchange Rate Agent, if any;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">whether
any of the Securities of the series shall be issued in whole or in part in global form, and if so (i)&nbsp;the Depository for such global
Securities, (ii)&nbsp;the form of any legend in addition to or in lieu of that in Section&nbsp;2.4 which shall be borne by such global
Securities, (iii)&nbsp;whether beneficial owners of interests in any Securities of the series in global form may exchange such interests
for certificated Securities of such series and of like tenor of any authorized form and denomination, and (iv)&nbsp;if other than as provided
in Section&nbsp;3.5, the circumstances under which any such exchange may occur;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
priority, ranking or subordination, if any, of the Securities of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
the Securities of the series will be governed by, and the extent to which such Securities will be governed by, any law other than the
laws of the state of New York;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
terms, if any, of any guarantee of the payment of principal, premium and interest with respect to Securities of the series and any corresponding
changes to the provisions of this Indenture as then in effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the series of any properties, assets,
moneys, proceeds, securities or other collateral, including whether certain provisions in the Trust Indenture Act are applicable and any
corresponding changes to provisions of this Indenture as then in effect; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
other terms of the series, including any terms which may be required by or advisable under United States laws or regulations or advisable
(as determined by the Company) in connection with the marketing of Securities of the series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
terms applicable to the Securities of any one series need not be identical but may vary as may be provided in an indenture supplemental
hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened,
without the consent of the Holders, for issuances of additional Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as may be otherwise expressly provided in the applicable supplemental indenture, as contemplated by this Section&nbsp;3.1, the Securities
of any series shall rank PARI PASSU with the Securities of each other Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;3.2.
</FONT>DENOMINATIONS. Unless otherwise provided as contemplated by Section&nbsp;3.1, any Securities of a series shall be issuable in denominations
of $1,000 and any integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;3.3.
</FONT>EXECUTION, AUTHENTICATION, DELIVERY AND DATING. Securities shall be executed on behalf of the Company by the Chief Executive Officer,
the Chief Financial Officer, the President, or any Vice President, the Treasurer or the Corporate Secretary of the Company. The seal of
the Company, if any, may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the
Securities. The signatures of any of these officers on the Securities may be manual or facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices
at the date of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time and from time to time, the Company
may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject
to section 315(a)&nbsp;through (d)&nbsp;of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel substantially
to the effect that,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
form of such Securities have been established in conformity with the provisions of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering will be, established in conformity
with the provisions of this Indenture, subject in the case of Securities offered in a Periodic Offering, to any conditions specified in
such Opinion of Counsel; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
Securities, when authenticated and delivered by the Trustee, issued by the Company in accordance with the provisions of this Indenture,
and delivered to and duly paid for by the purchasers thereof, and subject to any conditions specified in such Opinion of Counsel, will
constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting the enforcement
of creditors&rsquo; rights and to general equity principles and except further as enforcement thereof may be limited by or subject to
certain exceptions and qualifications specified in such Opinion of Counsel, including in the case of any Securities denominated in a Foreign
Currency, (A)&nbsp;requirements that a claim with respect to any Securities denominated other than in Dollars (or a foreign currency or
foreign currency unit judgment in respect of such claim) be converted into Dollars at a rate of exchange prevailing on a date determined
pursuant to applicable law or (B)&nbsp;governmental authority to limit, delay or prohibit the making of payments in foreign currency or
currency units or payments outside the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such Opinion of Counsel need express no opinion
as to whether a court in the United States would render a money judgment in a currency other than that of the United States. Such counsel
may rely on opinions of other counsel (copies of which shall be delivered to the Trustee), and, to the extent such opinion involves factual
matters, such counsel may rely upon certificates of officers of the Company and certificates of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall have the right to decline to
execute any supplemental indenture establishing the terms of or the form of such Securities if, in the written opinion of counsel to the
Trustee (which counsel may be an employee of the Trustee), such action may not lawfully be taken, or if the Trustee, in good faith by
a Responsible Officer of the Trustee, shall determine, in its sole discretion, that such action would adversely affect it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of Section&nbsp;3.1
and of the two preceding paragraphs, if all of the Securities of any series are not to be issued at one time, it shall not be necessary
to deliver the Officer&rsquo;s Certificate otherwise required pursuant to Section&nbsp;3.1 or the Company Order and Opinion of Counsel
otherwise required pursuant to the two preceding paragraphs in connection with the authentication of each Security of such series if such
documents, with appropriate modifications to cover such future issuances, are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the form and terms thereof
and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant
to Sections 2.1 and 3.1 and this Section, as applicable, in connection with the first authentication of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company shall establish pursuant to Section&nbsp;3.1
that the Securities of a series are to be issued in whole or in part in global form, then, unless otherwise provided with respect to such
Securities pursuant to Section&nbsp;3.1, the Company shall execute and the Trustee shall, in accordance with this Section&nbsp;and the
Company Order with respect to such series, authenticate and deliver one or more Securities in global form that (i)&nbsp;shall represent
and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented
by such Security or Securities in global form, (ii)&nbsp;shall be registered, if a Registered Security, in the name of the Depository
for such Security or Securities in global form or the nominee of such Depository, (iii)&nbsp;shall be delivered by the Trustee to such
Depository or pursuant to such Depository&rsquo;s instruction and (iv)&nbsp;shall bear the legend set forth in Section&nbsp;2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise established pursuant to Section&nbsp;3.1,
each Depository designated pursuant to Section&nbsp;3.1 for a Registered Security in global form must, at the time of its designation
and at all times while it serves as Depository, be a clearing agency registered under the Securities Exchange Act of 1934, as amended,
and any other applicable statute or regulation. Neither the Company nor the Trustee shall have any responsibility to determine if the
Depository is so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Depository shall enter into an agreement with
the Company and the Trustee, as agent, governing the respective duties and rights of such Depository, the Company and the Trustee, as
agent, with regard to Securities of a series issued in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Registered Security shall be dated the date
of its authentication as contemplated by Section&nbsp;3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Security shall be entitled to any benefits under
this Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of one of the authorized signatories
of the Trustee or an Authenticating Agent. Such signature upon any Security shall be conclusive evidence, and the only evidence, that
such Security has been duly authenticated and delivered under this Indenture and is entitled to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, if any Security
shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section&nbsp;3.9 together with a written statement (which need not comply with Section&nbsp;1.2
and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all
purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall not be entitled
to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;3.4.
</FONT>TEMPORARY SECURITIES. Pending the preparation of definitive Securities of any series, the Company may execute and, upon Company
Order, the Trustee shall authenticate and deliver temporary Securities of such series which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor and form, of the definitive Securities in lieu of which
they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities
may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, all or a portion
of such temporary Securities may be in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except in the case of temporary Securities in global
form, each of which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued, the
Company will cause definitive Securities of such series to be prepared without unreasonable delay. After preparation of definitive Securities
of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender
of the temporary Securities of such series at the office or agency of the Company pursuant to Section&nbsp;9.2 in a Place of Payment for
such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities
of the same series of authorized denominations and of like tenor. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such series except as otherwise specified
as contemplated by Section&nbsp;3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;3.5.
</FONT>REGISTRATION, TRANSFER AND EXCHANGE. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any
office or agency to be maintained by the Company in accordance with Section&nbsp;9.2 in a Place of Payment or in such other place or medium
as may be specified pursuant to Section&nbsp;3.1 a register for each series of Securities (the registers maintained in such office or
in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the &ldquo;Register&rdquo;)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities
and the registration of transfers of Registered Securities. The Register shall be in written form or any other form capable of being converted
into written form within a reasonable time. Unless otherwise provided as contemplated by Section&nbsp;3.1, the Trustee is hereby appointed
 &ldquo;Registrar&rdquo; for the purpose of registering Registered Securities and transfers of Registered Securities, and for the purpose
of maintaining the Register in respect thereof, as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon surrender for registration of transfer of
any Registered Security of any series at the office or agency maintained pursuant to Section&nbsp;9.2 in a Place of Payment for that series,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided as contemplated by Section&nbsp;3.1,
at the option of the Holder, Registered Securities of any series (except a Registered Security in global form) may be exchanged for other
Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount containing identical
terms and provisions, upon surrender of the Registered Securities to be exchanged at such office or agency. Whenever any Registered Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified pursuant to Section&nbsp;3.1
with respect to a series of Securities or as otherwise provided below in this Section&nbsp;3.5, owners of beneficial interests in Securities
of such series represented by a Security issued in global form will not be entitled to have Securities of such series registered in their
names, will not receive or be entitled to receive physical delivery of Securities of such series in certificated form and will not be
considered the Holders or owners thereof for any purposes hereunder. Notwithstanding any other provision of this Section, unless and until
it is exchanged in whole or in part for Securities in certificated form in the circumstances described below, a Security in global form
representing all or a portion of the Securities of a series may not be transferred or exchanged except as a whole by the Depository for
such series to a nominee of such Depository or by a nominee of such Depository to such Depository or another nominee of such Depository
or by such Depository or any such nominee to a successor Depository for such series or a nominee of such successor Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time the Depository for the Securities
of a series notifies the Company that it is unwilling or unable to continue as Depository for the Securities of such series or if at any
time the Depository for the Securities of such series notifies the Company that it shall no longer be eligible under Section&nbsp;3.3,
the Company shall appoint a successor Depository with respect to the Securities of such series. Unless otherwise provided as contemplated
by Section&nbsp;3.1, if a successor Depository for the Securities of such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such ineligibility, the Company&rsquo;s election pursuant to Section&nbsp;3.1(b)&nbsp;(25)
shall no longer be effective with respect to the Securities of such series and the Company shall execute, and the Trustee, upon receipt
of a Company Order for the authentication and delivery of certificated Securities of such series of like tenor, shall authenticate and
deliver, Securities of such series of like tenor in certificated form, in authorized denominations and in an aggregate principal amount
equal to the principal amount of the Security or Securities of such series of like tenor in global form in exchange for such Security
or Securities in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may at any time in its sole discretion
determine that Securities of a series issued in global form shall no longer be represented by such a Security or Securities in global
form. In such event the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of
certificated Securities of such series of like tenor, shall authenticate and deliver, Securities of such series of like tenor in certificated
form, in authorized denominations and in an aggregate principal amount equal to the principal amount of the Security or Securities of
such series of like tenor in global form in exchange for such Security or Securities in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If specified by the Company pursuant to Section&nbsp;3.1
with respect to a series of Securities, the Depository for such series may surrender a Security in global form of such series in exchange
in whole or in part for Securities of such series in certificated form on such terms as are acceptable to the Company and such Depository.
Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
each Person specified by such Depository a new certificated Security or Securities of the same series of like tenor, of any authorized
denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person&rsquo;s beneficial interest
in the Security in global form; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
such Depository a new Security in global form of like tenor in a denomination equal to the difference, if any, between the principal amount
of the surrendered Security in global form and the aggregate principal amount of certificated Securities delivered to Holders thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the exchange of a Security in global form for Securities in certificated form, such Security in global form shall be cancelled by the
Trustee. Securities in certificated form issued in exchange for a Security in global form pursuant to this Section&nbsp;shall be registered
in such names and in such authorized denominations as the Depository for such Security in global form, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in
whose names such Securities are so registered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever any Securities are surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled
to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities issued upon any registration of
transfer or upon any exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every Registered Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company, the Registrar or the Trustee) be duly endorsed, or
be accompanied by a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed by
the Holder thereof or his attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided as contemplated by Section&nbsp;3.1,
no service charge shall be made for any registration of transfer or for any exchange of Securities, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration or transfer
or exchange of Securities, other than exchanges pursuant to Section&nbsp;3.4 or 10.7 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided as contemplated by Section&nbsp;3.1,
none of the Company, the Registrar or the Trustee shall be required (i)&nbsp;to issue, register the transfer of, or exchange any Securities
for a period beginning at the opening of 15 Business Days before any selection for redemption of Securities of like tenor and of the series
of which such Security is a part and ending at the close of business on the earliest date on which the relevant notice of redemption is
deemed to have been given to all Holders of Securities of like tenor and of such series to be redeemed; or (ii)&nbsp;to register the transfer
of or exchange any Registered Security so selected for redemption, in whole or in part, except the unredeemed portion of any Security
being redeemed in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: White">Section&nbsp;3.6.
</FONT>REPLACEMENT SECURITIES. If a mutilated Security is surrendered to the Trustee, together with, in proper cases, such security or
indemnity as may be required by the Company or the Trustee to save each of them harmless, the Company shall execute and the Trustee shall
authenticate and deliver a replacement Registered Security, if such surrendered Security was a Registered Security of the same series
and date of maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If there shall be delivered to the Company and
the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall
authenticate and deliver in lieu of any such destroyed, lost or stolen Security a replacement Registered Security, if such Holder&rsquo;s
claim appertains to a Registered Security, of the same series and principal amount, containing identical terms and provisions and bearing
a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the issuance of any new Security under this
Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee, its agents and counsel) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every new Security of any series issued pursuant
to this Section&nbsp;in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section&nbsp;are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7.
</FONT><FONT STYLE="font-size: 10pt">PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
otherwise provided as contemplated by Section&nbsp;3.1, interest, if any, on any Registered Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest at the office or agency maintained for
such purpose pursuant to 9.2; provided, however, that at the option of the Company, interest on any series of Registered Securities that
bear interest may be paid (i)&nbsp;by check mailed to the address of the Person entitled thereto as it shall appear on the Register of
Holders of Securities of such series or (ii)&nbsp;by wire transfer to an account maintained by the Person entitled thereto as specified
in the Register of Holders of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
otherwise provided as contemplated by Section&nbsp;3.1, any interest on any Registered Security of any series which is payable, but is
not punctually paid or duly provided for, on any interest payment date (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith
cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in clause (1)&nbsp;or (2)&nbsp;below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names such Registered Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause (1)&nbsp;provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of such Registered Securities
of such series at his address as it appears in the Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid
to the Persons in whose names such Registered Securities of such series (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company may make payment of any Defaulted Interest to the Persons in whose names such Registered Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a specified date in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Registered Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (2), such manner
of payment shall be deemed practicable by the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the foregoing provisions of this Section&nbsp;and Section&nbsp;3.5, each Security delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.8.
</FONT>PERSONS DEEMED OWNERS. Prior to due presentment of any Registered Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of
such Registered Security for the purpose of receiving payment of principal of, premium, if any, and (subject to Section&nbsp;3.7) interest
and any other payments on such Registered Security and for all other purposes whatsoever, whether or not such Registered Security shall
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the Company, the Trustee or any agent
of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a Security in global form, or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any Security in global form, nothing herein shall
prevent the Company or the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Security in global form or impair,
as between such Depository and owners of beneficial interests in such Security in global form, the operation of customary practices governing
the exercise of the rights of such Depository (or its nominee) as Holder of such Security in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.9.
</FONT>CANCELLATION. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and any Paying Agent
shall forward to the Trustee any Securities surrendered to them for replacement, for registration of transfer, or for exchange or payment.
The Trustee shall cancel all Securities surrendered for replacement, for registration of transfer, or for exchange, payment, redemption
or cancellation and may destroy cancelled Securities and, if so destroyed, shall issue a certificate of destruction to the Company. The
Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.10.
</FONT>COMPUTATION OF INTEREST. Except as otherwise specified as contemplated by Section&nbsp;3.1, interest on the Securities of each
series shall be computed on the basis of a 360-day year of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.11.
</FONT>CURRENCY AND MANNER OF PAYMENT IN RESPECT OF SECURITIES. (a)&nbsp;Unless otherwise specified with respect to any Securities pursuant
to Section&nbsp;3.1, with respect to Registered Securities of any series payment of the principal of, premium, if any, interest, if any,
and other amounts, if any, on any Registered Security of such series will be made in the currency or currencies or currency unit or units
in which such Registered Security is payable. The provisions of this Section&nbsp;3.11, including without limitation any defined terms
specified herein, may be modified or superseded in whole or in part pursuant to Section&nbsp;3.1 with respect to any Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
expressly specified pursuant to Section&nbsp;3.1, with respect to Registered Securities of any series, Holders shall have the option,
subject to paragraphs (d)&nbsp;and (e)&nbsp;below, to receive payments of principal of, premium, if any, or interest, if any, on such
Registered Securities in any of the currencies or currency units which may be designated for such election by delivering to the Trustee
(or the applicable Paying Agent) a written election with signature guarantees and in the applicable form established pursuant to Section&nbsp;3.1,
not later than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such currency or currency unit, such election will remain in effect for such Holder or any transferee of
such Holder until changed by such Holder or such transferee by written notice to the Trustee (or any applicable Paying Agent) for such
series of Registered Securities (but any such change must be made not later than the close of business on the Election Date immediately
preceding the next payment date to be effective for the payment to be made on such payment date, and no such change of election may be
made with respect to payments to be made on any Registered Security of such series with respect to which an Event of Default has occurred
or with respect to which the Company has deposited funds pursuant to Article&nbsp;IV or with respect to which a notice of redemption
has been given by or on behalf of the Company). Any Holder of any such Registered Security who shall not have delivered any such election
to the Trustee (or any applicable Paying Agent) not later than the close of business on the applicable Election Date will be paid the
amount due on the applicable payment date in the relevant currency or currency unit as provided in Section&nbsp;3.11(a). The Trustee
(or the applicable Paying Agent) shall notify the Company and the Exchange Rate Agent as soon as practicable after the Election Date
of the aggregate principal amount of Registered Securities for which Holders have made such written election.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the election referred to in paragraph (b)&nbsp;above has been provided for with respect to any Registered Securities of a series pursuant
to Section&nbsp;3.1, then, unless otherwise specified pursuant to Section&nbsp;3.1 with respect to any such Registered Securities, not
later than the fourth Business Day after the Election Date for each payment date for such Registered Securities, the Exchange Rate Agent
will deliver to the Company a written notice specifying, in the currency or currencies or currency unit or units in which Registered
Securities of such series are payable, the respective aggregate amounts of principal of, premium, if any, and interest, if any, on such
Registered Securities to be paid on such payment date, and specifying the amounts in such currency or currencies or currency unit or
units so payable in respect of such Registered Securities as to which the Holders of such Registered Securities denominated in any currency
or currencies or currency unit or units shall have elected to be paid in another currency or currency unit as provided in paragraph (b)&nbsp;above.
If the election referred to in paragraph (b)&nbsp;above has been provided for with respect to any Registered Securities of a series pursuant
to Section&nbsp;3.1, and if at least one Holder has made such election, then, unless otherwise specified pursuant to Section&nbsp;3.1,
on the second Business Day preceding such payment date the Company will deliver to the Trustee (or the applicable Paying Agent) an Exchange
Rate Officer&rsquo;s Certificate in respect of the Dollar, Foreign Currency or Currencies or other currency unit payments to be made
on such payment date. Unless otherwise specified pursuant to Section&nbsp;3.1, the Dollar, Foreign Currency or Currencies or other currency
unit amount receivable by Holders of Registered Securities who have elected payment in a currency or currency unit as provided in paragraph
(b)&nbsp;above shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second Business
Day (the &ldquo;Valuation Date&rdquo;) immediately preceding each payment date, and such determination shall be conclusive and binding
for all purposes, absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
a Conversion Event occurs with respect to a Foreign Currency or any other currency unit in which Securities of any series are denominated
or payable otherwise than pursuant to an election provided for pursuant to paragraph (b)&nbsp;above, then, unless otherwise specified
pursuant to Section&nbsp;3.1, with respect to each date for the payment of principal of, premium, if any, and interest, if any, on the
applicable Securities denominated or payable in such Foreign Currency or such other currency unit occurring after the last date on which
such Foreign Currency or such other currency unit was used (the &ldquo;Conversion Date&rdquo;), the Dollar shall be the currency of payment
for use on each such payment date (but such Foreign Currency or such other currency unit that was previously the currency of payment
shall, at the Company&rsquo;s election, resume being the currency of payment on the first such payment date preceded by 15 Business Days
during which the circumstances which gave rise to the Dollar becoming such currency of payment no longer prevail). Unless otherwise specified
pursuant to Section&nbsp;3.1, the Dollar amount to be paid by the Company to the Trustee or any applicable Paying Agent and by the Trustee
or any applicable Paying Agent to the Holders of such Securities with respect to such payment date shall be, in the case of a Foreign
Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a Foreign Currency that is a currency
unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent in the manner provided in paragraph
(f)&nbsp;or (g)&nbsp;below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
otherwise specified pursuant to Section&nbsp;3.1, if the Holder of a Registered Security of a series denominated in any currency or currency
unit shall have elected to be paid in another currency or currency unit or in other currencies as provided in paragraph (b)&nbsp;above,
and (i)&nbsp;a Conversion Event occurs with respect to any such elected currency or currency unit, such Holder shall receive payment
in the currency or currency unit in which payment would have been made in the absence of such election and (ii)&nbsp;if a Conversion
Event occurs with respect to the currency or currency unit in which payment would have been made in the absence of such election, such
Holder shall receive payment in Dollars as provided in paragraph (d)&nbsp;of this Section&nbsp;3.11 (but, subject to any contravening
valid election pursuant to paragraph (b)&nbsp;above, the elected payment currency or currency unit, in the case of the circumstances
described in clause (i)&nbsp;above, or the payment currency or currency unit in the absence of such election, in the case of the circumstances
described in clause (ii)&nbsp;above, shall, at the Company&rsquo;s election, resume being the currency or currency unit of payment with
respect to Holders who have so elected, but only with respect to payments on payment dates preceded by 15 Business Days during which
the circumstances which gave rise to such currency or currency unit, in the case of the circumstances described in clause (i)&nbsp;above,
or the Dollar, in the case of the circumstances described in clause (ii)&nbsp;above, becoming the currency or currency unit, as applicable,
of payment, no longer prevail).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
 &ldquo;Dollar Equivalent of the Foreign Currency&rdquo; shall be determined by the Exchange Rate Agent and shall be obtained for each
subsequent payment date by the Exchange Rate Agent by converting the specified Foreign Currency into Dollars at the Market Exchange Rate
on the Conversion Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
 &ldquo;Dollar Equivalent of the Currency Unit&rdquo; shall be determined by the Exchange Rate Agent and, subject to the provisions of
paragraph (h)&nbsp;below, shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency (as
each such term is defined in paragraph (h)&nbsp;below) into Dollars at the Market Exchange Rate for such Component Currency on the Valuation
Date with respect to each payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
purposes of this Section&nbsp;3.11, the following terms shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;Component Currency&rdquo; shall mean
any currency which, on the Conversion Date, was a component currency of the relevant currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Conversion Event&rdquo; shall mean the
cessation of use of (i)&nbsp;a Foreign Currency both by the government of the country which issued such currency and for the settlement
of transactions by a central bank or other public institutions of or within the international banking community, or (ii)&nbsp;any currency
unit for the purposes for which it was established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Election Date&rdquo; shall mean the Regular
Record Date for the applicable series of Registered Securities as specified pursuant to Section&nbsp;3.1 by which the written election
referred to in Section&nbsp;3.11(b)&nbsp;may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Exchange Rate Agent&rdquo;, when used with
respect to Securities of or within any series, shall mean, unless otherwise specified with respect to such series of Securities pursuant
to Section&nbsp;3.1, a New York Clearing House bank designated pursuant to Section&nbsp;3.1 or Section&nbsp;3.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Exchange Rate Officer&rsquo;s Certificate&rdquo;
shall mean a certificate setting forth (i)&nbsp;the applicable Market Exchange Rate or the applicable bid quotation and (ii)&nbsp;the
Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of
a Security having the lowest denomination principal amount in the relevant currency or currency unit), payable with respect to a Security
of any series on the basis of such Market Exchange Rate or the applicable bid quotation, signed by the President, the Chief Executive
Officer, the Chief Financial Officer, any Vice President, the Treasurer, or any Assistant Treasurer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Market Exchange Rate&rdquo; shall mean,
unless otherwise specified with respect to Securities of any series pursuant to Section&nbsp;3.1, as of any date of determination, (i)&nbsp;for
any conversion involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between
the relevant currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section&nbsp;3.1 for the
Securities of the relevant series, (ii)&nbsp;for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign
Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii)&nbsp;for
any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market
at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being made from major banks located in New York City, London or any other
principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise
specified with respect to Securities of any series pursuant to Section&nbsp;3.1, in the event of the unavailability of any of the exchange
rates provided for in the foregoing clauses (i), (ii)&nbsp;and (iii), the Exchange Rate Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from
one or more major banks in New York City, London or other principal market for such currency or currency unit in question (which may
include any such bank acting as Trustee under this Indenture), or such other quotations as the Exchange Rate Agent shall deem appropriate.
Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit
by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit shall be that
upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit
in order to make payments in respect of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;Specified Amount&rdquo; of a Component
Currency shall mean the number of units of such Component Currency or fractions thereof which such Component Currency represented in
the relevant currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered
by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion.
If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts
of such Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts
of such consolidated Component Currencies expressed in such single currency, and such amount shall thereafter be a Specified Amount and
such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into
two or more currencies, the Specified Amount of such Component Currency shall be replaced by specified amounts of such two or more currencies,
the sum of which, at the Market Exchange Rate of such two or more currencies on the date of such replacement, shall be equal to the Specified
Amount of such former Component Currency and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter
be Component Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other than any event referred
to above in this definition of &ldquo;Specified Amount&rdquo;) occurs with respect to any Component Currency of such currency unit and
is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the
Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such
Component Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All decisions and determinations of the Exchange
Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate
and changes in the Specified Amounts as specified above with respect to Securities of any series shall be in its sole discretion and
shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee (and any
applicable Paying Agent) and all Holders of Securities of such series denominated or payable in the relevant currency, currencies or
currency units. The Exchange Rate Agent shall promptly give written notice to the Company and the Trustee of any such decision or determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company determines in good
faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will promptly give written notice thereof
to the Trustee (or any applicable Paying Agent) and to the Exchange Rate Agent (and the Trustee (or such Paying Agent) will promptly
thereafter give notice in the manner provided in Section&nbsp;1.6 to the affected Holders) specifying the Conversion Date. In the event
the Company so determines that a Conversion Event has occurred with respect to any currency unit in which Securities of a series are
denominated or payable, the Company will promptly give written notice thereof to the Trustee (or any applicable Paying Agent) and to
the Exchange Rate Agent (and the Trustee (or such Paying Agent) will promptly thereafter give notice in the manner provided in Section&nbsp;1.6
to the affected Holders) specifying the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In
the event the Company determines in good faith that any subsequent change in any Component Currency as set forth in the definition of
Specified Amount above has occurred, the Company will similarly give written notice to the Trustee (or any applicable Paying Agent) and
to the Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee of the appropriate series of Securities
shall be fully justified and protected in relying and acting upon information received by it from the Company and the Exchange Rate Agent
and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the Company
or the Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.12.
</FONT>APPOINTMENT AND RESIGNATION OF EXCHANGE RATE AGENT. (a)&nbsp;Unless otherwise specified pursuant to Section&nbsp;3.1, if and so
long as the Securities of any series (i)&nbsp;are denominated in a currency or currency unit other than Dollars or (ii)&nbsp;may be payable
in a currency or currency unit other than Dollars, or so long as it is required under any other provision of this Indenture, then the
Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. The Company
will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified pursuant
to Section&nbsp;3.11 for the purpose of determining the applicable rate of exchange and, if applicable, for the purpose of converting
the issued currency or currencies or currency unit or units into the applicable payment currency or currency unit for the payment of
principal, premium, if any, and interest, if any, pursuant to Section&nbsp;3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section&nbsp;shall become
effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to
the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor Exchange Rate
Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause, with respect to the Securities of one or more series, the Company shall promptly appoint a successor Exchange
Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being understood that any such successor
Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such series and that, unless otherwise specified
pursuant to Section&nbsp;3.1, at any time there shall only be one Exchange Rate Agent with respect to the Securities of any particular
series that are originally issued by the Company on the same date and that are initially denominated and/or payable in the same currency
or currencies or currency unit or units).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.13.
</FONT>WIRE TRANSFERS. Notwithstanding any other provisions to the contrary in this Indenture, the Company may make any payment of monies
required to be deposited with the Trustee on account of principal of, or premium, if any, or interest on, Securities of any series (whether
pursuant to optional or mandatory redemption payments, interest payment or otherwise) by wire transfer and immediately available funds
to an account designated by the Trustee on or before the date and time such monies are to be paid to the Holders of the Security of such
series in accordance with the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.14.
</FONT>CUSIP NUMBERS AND ISINS. The Company in issuing Securities may use &ldquo;CUSIP&rdquo; numbers or &ldquo;ISINs&rdquo;, and if
so, the Trustee may use the CUSIP numbers or ISINs in notices of redemption or exchange as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN printed in
the notice or on the Securities, that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption or exchange shall not be affected by any defect or omission of such CUSIP numbers or ISINs. The Company will promptly
notify the Trustee of any change in CUSIP numbers or ISINs known to an Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IV</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SATISFACTION,
DISCHARGE AND DEFEASANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.1.
</FONT>TERMINATION OF COMPANY&rsquo;S OBLIGATIONS UNDER THE INDENTURE. (a)&nbsp;This Indenture shall upon Company Request cease to be
of further effect with respect to Securities of or within any series (except as to any surviving rights of registration of transfer or
exchange of such Securities and replacement of such Securities which may have been lost, stolen or mutilated as herein expressly provided
for) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to such Securities when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">either</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">all
such Securities previously authenticated and delivered (other than (i)&nbsp;such Securities which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section&nbsp;3.6 and (ii)&nbsp;such Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section&nbsp;9.3) have been delivered to the Trustee for cancellation; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">all
Securities of such series not theretofore delivered to the Trustee for cancellation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">have
become due and payable, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">will
become due and payable at their Stated Maturity within one year, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee
for giving of notice of redemption, and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency or currencies or currency unit
or units in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities
not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and interest, with respect thereto, to the
date of such deposit (in the case of any such Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company has paid or caused to be paid all other sums then payable hereunder by the Company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the satisfaction and discharge
of this Indenture, the obligation of the Company to the Trustee and any predecessor Trustee under Section&nbsp;6.8 and the obligations
of the Company to any Authenticating Agent under Section&nbsp;6.13 shall survive until the Securities of the discharged series have been
paid in full, and, if money shall have been deposited with the Trustee pursuant to subclause (B)&nbsp;of clause (1)&nbsp;of this Section,
the obligations of the Trustee under Section&nbsp;4.2 and the last paragraph of Section&nbsp;9.3 shall survive in accordance with the
terms of such Sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.2.
</FONT>APPLICATION OF TRUST FUNDS. Subject to the provisions of the last paragraph of Section&nbsp;9.3, all money deposited with the
Trustee pursuant to Section&nbsp;4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and
this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any and any interest for whose payment such
money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the extent
required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.3.
</FONT>APPLICABILITY OF DEFEASANCE PROVISIONS; COMPANY&rsquo;S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE. Unless pursuant to
Section&nbsp;3.1 provision is made to exclude with respect to the Securities of a particular series either or both of (i)&nbsp;defeasance
of the Securities of or within such series under Section&nbsp;4.4 or (ii)&nbsp;covenant defeasance of the Securities of or within such
series under Section&nbsp;4.5, then, in addition to the rights of the Company pursuant to Section&nbsp;4.1 above, the provisions of such
Section&nbsp;or Sections, as the case may be, together with the provisions of Sections 4.6 through 4.9 inclusive, with such modifications
thereto as may be specified pursuant to Section&nbsp;3.1 with respect to any Securities of such series, shall be applicable to such Securities
and the Company may at its option, at any time, with respect to such Securities elect to have Section&nbsp;4.4 (if applicable) or Section&nbsp;4.5
(if applicable) be applied to such Outstanding Securities upon compliance with the conditions set forth below in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.4.
</FONT>DEFEASANCE AND DISCHARGE. Upon the Company&rsquo;s exercise of the option specified in Section&nbsp;4.3 applicable to this Section&nbsp;with
respect to the Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect
to such Securities on the date the conditions set forth in Section&nbsp;4.6 are satisfied (hereinafter, a &ldquo;defeasance&rdquo;).
For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities which Securities shall thereafter be deemed to be &ldquo;Outstanding&rdquo; only for the purposes of Section&nbsp;4.7
and the other Sections of this Indenture referred to in clause (ii)&nbsp;of this Section, and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall
on Company Order execute proper instruments acknowledging the same), except the following which shall survive until otherwise terminated
or discharged hereunder: (i)&nbsp;the rights of Holders of such Securities to receive, solely from the trust funds described in Section&nbsp;4.6(a)&nbsp;and
as more fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest, if any, on such Securities
when such payments are due; (ii)&nbsp;the Company&rsquo;s obligations with respect to such Securities under Sections 3.5, 3.6, 9.2 and
9.3 and with respect to the payment of additional amounts, if any, payable with respect to such Securities as specified pursuant to Section&nbsp;3.1(b)&nbsp;(18);
(iii)&nbsp;the rights, powers, trusts, duties, immunities and indemnities of the Trustee hereunder and (iv)&nbsp;this Article&nbsp;IV.
Subject to compliance with this Article&nbsp;IV, the Company may exercise its option under this Section&nbsp;notwithstanding the prior
exercise of its option under Section&nbsp;4.5 with respect to such Securities. Following a defeasance, payment of such Securities may
not be accelerated because of an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.5.
</FONT>COVENANT DEFEASANCE. Upon the Company&rsquo;s exercise of the option specified in Section&nbsp;4.3 applicable to this Section&nbsp;with
respect to any Securities of or within a series, the Company shall be released from its obligations under Sections 7.1, 9.4 and 9.5,
and, if specified pursuant to Section&nbsp;3.1, its obligations under any other covenant, with respect to such Securities on and after
the date the conditions set forth in Section&nbsp;4.6 are satisfied (hereinafter, &ldquo;covenant defeasance&rdquo;), and such Securities
shall thereafter be deemed to be not &ldquo;Outstanding&rdquo; for the purposes of any direction, waiver, consent or declaration or Act
of Holders (and the consequences of any thereof) in connection with Sections 7.1, 9.4 and 9.5, or such other specified covenant, and
the operation of Sections 5.1(3)&nbsp;and 5.1(6), but shall continue to be deemed &ldquo;Outstanding&rdquo; for all other purposes hereunder.
For this purpose, such covenant defeasance means that, with respect to such Securities, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such Section&nbsp;or such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section&nbsp;or such other covenant or by reason of reference
in any such Section&nbsp;or such other covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a Default or an Event of Default under Section&nbsp;5.1(3)&nbsp;or 5.1(6)&nbsp;or otherwise, as the case may be, but,
except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.6.
</FONT>CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The following shall be the conditions to application of Section&nbsp;4.4 or Section&nbsp;4.5
to any Securities of or within a series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have deposited or caused to be deposited irrevocably with the Trustee (or another trustee satisfying the requirements of
Section&nbsp;6.11 who shall agree to comply with, and shall be entitled to the benefits of, the provisions of Sections 4.3 through 4.9
inclusive and the last paragraph of Section&nbsp;9.3 applicable to the Trustee, for purposes of such Sections also a &ldquo;Trustee&rdquo;)
as trust funds in trust for the purpose of making the payments referred to in clauses (x)&nbsp;and (y)&nbsp;of this Section&nbsp;4.6(a),
with instructions to the Trustee as to the application thereof, (A)&nbsp;money in an amount (in such currency, currencies or currency
unit in which such Securities are then specified as payable at Maturity), or (B)&nbsp;Government Obligations which through the payment
of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date
of any payment referred to in clause (x)&nbsp;or (y)&nbsp;of this Section&nbsp;4.6(a), money in an amount or (C)&nbsp;a combination thereof
in an amount, sufficient, in the determination of a nationally recognized independent accounting or investment banking firm expressed
in a written certification thereof delivered to the Trustee in the case of clauses (B)&nbsp;or (C), to pay and discharge, and which shall
be applied by the Trustee to pay and discharge, (x)&nbsp;the principal of, premium, if any, and interest, if any, on such Securities
on the Maturity of such principal or installment of principal or interest and (y)&nbsp;any mandatory sinking fund payments applicable
to such Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before such a deposit, the Company may make arrangements
satisfactory to the Trustee for the redemption of such Securities at a future date or dates in accordance with Article&nbsp;X which shall
be given effect in applying the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
deposit pursuant to subsection (a)&nbsp;above shall not result in or constitute a Default or Event of Default under this Indenture or
result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Company is
a party or by which it is bound.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the case of an election under Section&nbsp;4.4, no Default or Event of Default under Section&nbsp;5.1(4)&nbsp;or 5.1(5)&nbsp;with respect
to such Securities shall have occurred and be continuing during the period commencing on the date of such deposit and ending on the 91st
day after such date (it being understood that this condition shall not be deemed satisfied until the expiration of such period).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the case of an election under Section&nbsp;4.4, the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an
Opinion of Counsel to the effect that (i)&nbsp;the Company has received from, or there has been published by, the Internal Revenue Service
a ruling, or (ii)&nbsp;since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law,
in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize
income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the
same amounts and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had
not occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the case of an election under Section&nbsp;4.5, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of such Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such covenant defeasance had not occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance under Section&nbsp;4.4 or the covenant defeasance under Section&nbsp;4.5 (as the case may be) have been complied
with and an Opinion of Counsel to the effect that either (i)&nbsp;as a result of a deposit pursuant to subsection (a)&nbsp;above and
the related exercise of the Company&rsquo;s option under Section&nbsp;4.4 or Section&nbsp;4.5 (as the case may be), registration is not
required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit
or by the trustee for such trust funds or (ii)&nbsp;all necessary registrations under said act have been effected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Such
defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations
which may be imposed on the Company in connection therewith as contemplated by Section&nbsp;3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.7.
</FONT>DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST. Subject to the provisions of the last paragraph of Section&nbsp;9.3,
all money and Government Obligations (or other property as may be provided pursuant to Section&nbsp;3.1) (including the proceeds thereof)
deposited with the Trustee pursuant to Section&nbsp;4.6 in respect of any Securities of any series shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities of
all sums due and to become due thereon in respect of principal, premium, if any, and interest, if any, but such money need not be segregated
from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If specified with respect to a Security of any
series pursuant to Section&nbsp;3.1, if, after a deposit referred to in Section&nbsp;4.6(a)&nbsp;has been made, (i)&nbsp;the Holder of
such Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section&nbsp;3.11(b)&nbsp;or the
terms of such Security to receive payment in a currency or currency unit other than that in which the deposit pursuant to Section&nbsp;4.6(a)&nbsp;has
been made in respect of such Security, or (ii)&nbsp;a Conversion Event occurs as contemplated in Section&nbsp;3.11(d)&nbsp;or 3.11(e)&nbsp;or
by the terms of the Security in respect of which the deposit pursuant to Section&nbsp;4.6(a)&nbsp;has been made, the indebtedness represented
by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of, premium,
if any, and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as
specified below in the case of any such election) the amount or other property deposited in respect of such Security into the currency
or currency unit in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market
Exchange Rate for such currency or currency unit in effect on the second Business Day prior to each payment date, except, with respect
to a Conversion Event, for such currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.8.
</FONT>REPAYMENT TO COMPANY. The Trustee (and any Paying Agent) shall promptly pay to the Company upon Company Request any excess money
or securities held by them at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.9.
</FONT>INDEMNITY FOR GOVERNMENT OBLIGATIONS. The Company shall pay, and shall indemnify the Trustee against, any tax, fee or other charge
imposed on or assessed against Government Obligations deposited pursuant to this Article&nbsp;or the principal and interest received
on such Government Obligations, other than any such tax, fee or other charge that by law is for the account of the Holders of the Securities
subject to defeasance or covenant defeasance pursuant to this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;V</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DEFAULTS
AND REMEDIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.1.
</FONT>EVENTS OF DEFAULT. An &ldquo;Event of Default&rdquo; occurs with respect to the Securities of any series, except to the extent
such event is specifically deleted or modified by the applicable Board Resolutions or supplemental indenture as contemplated by Section&nbsp;3.1
for the Securities of such series, if (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule&nbsp;or regulation of
any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company defaults in the payment of interest on any Security of that series or any additional amount payable with respect to any Security
of that series as specified pursuant to Section&nbsp;3.1(b)(17) when the same becomes due and payable and such default continues for
a period of 30 days;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company defaults in the payment of the principal of or any premium on any Security of that series when the same becomes due and payable
at its Maturity or on redemption or otherwise, or in the payment of a mandatory sinking fund payment when and as due by the terms of
the Securities of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company defaults in the performance of, or breaches, any covenant or warranty of the Company in this Indenture with respect to any Security
of that series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section&nbsp;specifically
dealt with), and such default or breach continues for a period of 90 days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a &ldquo;Notice of Default&rdquo; hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company, pursuant to or within the meaning of any Bankruptcy Law, (A)&nbsp;commences a voluntary case, (B)&nbsp;consents to the entry
of an order for relief against it in an involuntary case, (C)&nbsp;consents to the appointment of a Custodian of it or for all or substantially
all of its property, or (D)&nbsp;makes a general assignment for the benefit of its creditors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A)&nbsp;is for relief against the Company in
an involuntary case, (B)&nbsp;appoints a Custodian of the Company or for all or substantially all of its property, or (C)&nbsp;orders
the liquidation of the Company; and the order or decree remains unstayed and in effect for 90 days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
other Event of Default provided as contemplated by Section&nbsp;3.1 with respect to Securities of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;Bankruptcy Law&rdquo; means Title
11, U.S. Code, or any similar federal or state law for the relief of debtors. The term &ldquo;Custodian&rdquo; means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.2.
</FONT>ACCELERATION; RESCISSION AND ANNULMENT. If an Event of Default with respect to the Securities of any series at the time Outstanding
occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of all of the Outstanding Securities
of that series, by written notice to the Company (and, if given by the Holders, to the Trustee), may declare the principal (or, if the
Securities of that series are Original Issue Discount Securities or Indexed Securities, such portion of the principal amount or other
amount as may be specified in the terms of that series) of all the Securities of that series to be due and payable and upon any such
declaration such principal (or, in the case of Original Issue Discount Securities or Indexed Securities, such specified amount) shall
be immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article&nbsp;provided, the Holders of a majority in aggregate principal amount of the Outstanding
Securities of that series, by written notice to the Trustee, may rescind and annul such declaration and its consequences if all existing
Defaults and Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of
that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section&nbsp;5.7.
Upon any such rescission, the parties hereto shall be restored respectively to their several positions and rights hereunder, and all
rights, remedies and powers of the parties hereto shall continue as though no acceleration had occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.3.
</FONT>COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. The Company covenants that if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">default
is made in the payment of any interest on any Security of any series, when such interest becomes due and payable and such default continues
for a period of 30 days, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">default
is made in the payment of the principal of (or premium, if any, on) any Security of any series at the Maturity thereof and such default
continues for a period of 10 days,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Company will, upon demand of the Trustee, pay to it, for the benefit
of the Holders of such Securities, the whole amount then due and payable on such Securities for principal, premium, if any, and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal, premium, if any, and
on any overdue interest, at the rate or rates prescribed therefor in such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company fails to pay such principal, premium,
if any, and interest amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of such principal, premium, if any, and interest amounts so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if an Event of Default with respect
to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed, in its own name and as trustee of an
express trust, to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.4.
</FONT>TRUSTEE MAY&nbsp;FILE PROOFS OF CLAIM. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee and the Holders of Securities of each series allowed in any judicial proceedings
relating to the Company, its creditors or its property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.5.
</FONT>TRUSTEE MAY&nbsp;ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES. All rights of action and claims under this Indenture or the
Securities of any series may be prosecuted and enforced by the Trustee, in its own name and as trustee of an express trust, without the
possession of any of the Securities of such series or the production thereof in any proceeding relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.6.
</FONT>DELAY OR OMISSION NOT WAIVER. No delay or omission by the Trustee or any Holder of any Securities to exercise any right or remedy
accruing upon an Event of Default shall impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of
Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.7.
</FONT>WAIVER OF PAST DEFAULTS. The Holders of a majority in aggregate principal amount of Outstanding Securities of any series by notice
to the Trustee may waive on behalf of the Holders of all Securities of such series a past Default or Event of Default with respect to
that series and its consequences except a Default or Event of Default (i)&nbsp;in the payment of the principal of, premium, if any, or
interest on any Security of such series or (ii)&nbsp;in respect of a covenant or provision hereof which pursuant to Section&nbsp;8.2
cannot be amended or modified without the consent of the Holder of each Outstanding Security of such series adversely affected. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any
right consequent thereon. In case of any such waiver, the Company, the Trustee and the Holders shall be restored to their former positions
and rights hereunder and under the Securities of such series, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.8.
</FONT>CONTROL BY MAJORITY. The Holders of a majority in aggregate principal amount of the Outstanding Securities of each series affected
(with each such series voting as a class) shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred on it with respect to Securities of that series; provided,
however, that (i)&nbsp;the Trustee may refuse to follow any direction that conflicts with law or this Indenture, (ii)&nbsp;the Trustee
may refuse to follow any direction that is unduly prejudicial to the rights of the Holders of Securities of such series not consenting,
or that would in the good faith judgment of the Trustee have a substantial likelihood of involving the Trustee in personal liability
and (iii)&nbsp;the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.9.
</FONT>LIMITATION ON SUITS BY HOLDERS. No Holder of any Security of any series shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series have made a written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense to be, or
which may be, incurred by the Trustee in pursuing the remedy;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee for 60 days after its receipt of such notice, request and the offer of indemnity has failed to institute any such proceedings;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">during
such 60 day period, the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series have not given
to the Trustee a direction inconsistent with such written request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No one or more Holders shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any
other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.10.
</FONT>RIGHTS OF HOLDERS TO RECEIVE PAYMENT. Notwithstanding any other provision of this Indenture, but subject to Section&nbsp;9.2,
the right of any Holder of a Security to receive payment of principal of, premium, if any, and, subject to Sections 3.5 and 3.7, interest
on the Security of such Holder, on or after the respective due dates expressed in the Security of such Holder (or, in case of redemption,
on the redemption dates), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.11.
</FONT>APPLICATION OF MONEY COLLECTED. If the Trustee collects any money pursuant to this Article&nbsp;with respect to a particular series
of Securities, it shall pay out the money in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal, premium, if any, or interest, upon presentation of the Securities of the applicable series and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">First: to the Trustee for amounts due under Section&nbsp;6.8
in connection with such series of Securities in respect of which money or other property is collected;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Second: Subject to the terms of any subordination
entered into as contemplated by Section&nbsp;3.1(b)&nbsp;(27) hereof, to Holders of Securities of such series in respect of which or
for the benefit of which such money has been collected for amounts due and unpaid on such Securities for principal of, premium, if any,
and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal,
premium, if any, and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Third: The balance, if any, to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section&nbsp;5.11. At least 15 days before such record date, the Trustee shall mail
to each Holder and the Company a notice that states the record date, the payment date and the amount to be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in a supplemental indenture
with respect to a series of Securities, in any case where Securities of a series are outstanding which are denominated in more than one
currency, or in a composite currency and at least one other currency, and the Trustee is directed to make ratable payments under this
Section&nbsp;to Holders of Securities of such series, the Trustee shall calculate the amount of such payments as follows: as of the day
the Trustee collects an amount under this Article, the Trustee shall, (i)&nbsp;as to each Holder of a Security of such series to whom
an amount is due and payable under this Section&nbsp;which is denominated in a foreign currency or a composite currency, determine that
amount of Dollars that would be obtained for the amount owing such Holder, using the rate of exchange at which in accordance with normal
banking procedures the Trustee could purchase in Dollars as of such day with such amount owing, (ii)&nbsp;calculate the sum of all Dollar
amounts determined under (i)&nbsp;and add thereto any amounts due and payable in Dollars; and (iii)&nbsp;using the individual amounts
determined in (i)&nbsp;or any individual amounts due and payable in Dollars, as the case may be, as a numerator and the sum calculated
in (ii)&nbsp;as a denominator, calculate as to each Holder of a Security of such series to whom an amount is owed under this Section&nbsp;the
fraction of the amount collected under this Article&nbsp;payable to such Holder. Any expenses incurred by the Trustee in actually converting
amounts owing Holders of Securities of a series denominated in a currency or composite currency other than that in which any amount is
collected under this Article&nbsp;shall be likewise (in accordance with this paragraph) be borne ratably by all Holders of Securities
of such series to whom amounts are payable under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in the supplemental
indenture with respect to a series of Securities, to the fullest extent allowed under applicable law, if for the purpose of obtaining
judgment against the Company in any court it is necessary to convert the sum due in respect of the principal of, or any premium or interest
on the Securities of any series (the &ldquo;Required Currency&rdquo;) into a currency in which judgment will be rendered (the &ldquo;Judgment
Currency&rdquo;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the New York Business Day preceding that on which
final judgment is given. The Company shall not be liable for any shortfall in payments to Holders of Securities of a series under this
Section&nbsp;caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the
time the Trustee converts the Judgment Currency into the Required Currency to make payments under this Section&nbsp;to Holders of such
Securities, but payment of such judgment shall discharge all amounts owed by the Company on the claim or claims underlying such judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.12.
</FONT>RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee
and the Holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.13.
</FONT>RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise provided in Section&nbsp;5.9 or with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;3.6, no right or remedy herein conferred upon
or reserved to the Trustee or the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VI</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THE
TRUSTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.1.
</FONT>DUTIES AND RESPONSIBILITIES OF TRUSTEE; RELIANCE ON DOCUMENTS, OPINIONS,&nbsp;ETC. (a)&nbsp; The Trustee, prior to the occurrence
of an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person&rsquo;s own affairs; provided
that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers
under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security
satisfactory to it in its reasonable discretion against any loss, liability or expense that might be incurred by it in compliance with
such request or direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No provision of this Indenture shall be construed
to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not
be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts
stated therein);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of not less than a majority of the aggregate principal amount of the Securities at the time outstanding relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection
to, the Trustee shall be subject to the provisions of this clause (a)&nbsp;and clause (b)&nbsp;below;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating
to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co- Registrar with respect to the
Securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless
a Responsible Officer of the Trustee had actual knowledge of such event;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing
trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon
or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing
such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment
direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment
direction from the Company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
the event that the Trustee is also acting as custodian, Registrar, Paying Agent, Conversion Agent or transfer agent hereunder, the rights
and protections afforded to the Trustee pursuant to this Article&nbsp;VI shall also be afforded to such custodian, Registrar, Paying
Agent, Conversion Agent or transfer agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the provisions contained in this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur personal or financial liability in the performance of any
of its duties or in the exercise of any of its rights or powers. The Trustee shall not be required to give any bond or surety in respect
of the performance of its powers or duties hereunder. The Trustee will be under no obligation to exercise any of its rights and powers
under this Indenture at the request or direction of the Holders unless such Holder has offered to the Trustee security or indemnity satisfactory
to it in its reasonable discretion against any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as otherwise provided in &lrm;the foregoing clause (a)&nbsp;of this Section&nbsp;6.1:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and
to have been signed or presented by the proper party or parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers&rsquo; Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Corporate Secretary or an Assistant Secretary of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee may consult with counsel of its own selection and require an Opinion of Counsel and any advice of such counsel or Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith
and in accordance with such advice or Opinion of Counsel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through a co-trustee,
agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any
agent, custodian, nominee or attorney appointed by it with due care hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
permissive rights of the Trustee enumerated herein shall not be construed as duties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it
to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be responsible for monitoring the performance of other persons or for the failure of others to perform their duties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Holders will not direct the Trustee to take action contrary to this Indenture, the Securities or applicable law, and the Trustee is not
obligated to follow any instruction of the Holders that is contrary to this Indenture, the Securities or applicable law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee may request that the Company deliver an Officer&rsquo;s Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers&rsquo; Certificate may be signed by any
Person authorized to sign an Officers&rsquo; Certificate, including any Person specified as so authorized in any such certificate previously
delivered and not superseded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
no event shall the Trustee be liable for any special, punitive, indirect or consequential loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities, unless either (1)&nbsp;a
Responsible Officer shall have actual knowledge of such Default or Event of Default or (2)&nbsp;written notice of such Default or Event
of Default shall have been given to the Trustee by the Company or actually received by a Responsible Officer at the Corporate Trust Office
of the Trustee from the Company, a Paying Agent, any Holder or any agent of any Holder, referencing this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction
of utilities, computer (hardware or soft-ware) or communication services; accidents; labor disputes; and acts of civil or military authorities
and governmental action; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">neither
the Trustee nor any of its directors, officers, employees, agents or affiliates shall be responsible for nor have any duty to monitor
the performance or any action of the Company, or any of their respective directors, members, officers, agents, affiliates or employee,
nor shall it have any liability in connection with the malfeasance or nonfeasance by such party, nor shall the Trustee be responsible
for any inaccuracy in the information obtained from the Company or for any inaccuracy or omission in the records which may result from
such information or any failure by the Trustee to perform its duties as set forth herein as a result of any inaccuracy or incompleteness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.2.
</FONT>TRUSTEE, PAYING AGENTS, CONVERSION AGENTS OR REGISTRAR MAY&nbsp;HOLD SECURITIES. The Trustee, any Paying Agent, any Registrar
or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject
to Sections 310(b)&nbsp;and 311 of the Trust Indenture Act, may otherwise deal with the Company, an Affiliate or Subsidiary with the
same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.3.
</FONT>MONIES TO BE HELD IN TRUST. Subject to the provisions of Section&nbsp;4.8 and the last paragraph of Section&nbsp;9.3, all moneys
received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received,
but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for investment
of or interest on any money received by it hereunder except as otherwise agreed with the Company. Except for amounts deposited pursuant
to Article&nbsp;IV, so long as no Event of Default shall have occurred and be continuing, all interest allowed on any such moneys shall
be paid from time to time to the Company upon a Company Order. The Trustee shall not be obligated to take possession of any Common Stock,
whether upon conversion or in connection with any discharge of this Indenture pursuant hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.4.
</FONT>NO RESPONSIBILITIES FOR RECITALS,&nbsp;ETC. The recitals contained herein and in the Securities (except in the Trustee&rsquo;s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that
the Trustee represents and warrants that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and
perform its obligations hereunder and thereunder; that the statements made by it in a Statement of Eligibility and Qualification on Form&nbsp;T-1
supplied or to be supplied to the Company in connection with the registration of any Securities are and at the time of delivery will
be true and accurate; and that such Statement complies and at the time of delivery will comply with the requirements of the Trust Indenture
Act and the Securities Act, in each case, applicable to such Statement. The Trustee shall not be accountable for the use or application
by the Company of any Securities or the proceeds of any Securities authenticated and delivered by the Trustee in conformity with the
provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.5.
</FONT>NOTICE OF DEFAULTS. If a Default occurs and is continuing with respect to the Securities of any series and if it is known to a
Responsible Officer of the Trustee, the Trustee shall, within 90 days after it occurs, transmit, in the manner and to the extent provided
in Section&nbsp;313(c)&nbsp;of the Trust Indenture Act, notice of all uncured Defaults known to it; provided, however, that, except in
the case of a Default in payment on the Securities of any series, the Trustee may withhold the notice if and so long as a trust committee
of Responsible Officers in good faith determines that withholding such notice is in the interests of Holders of Securities of that series;
provided, further, that in the case of any default or breach of the character specified in Section&nbsp;5.1(3)&nbsp;with respect to the
Securities of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.6.
</FONT>REPORTS BY TRUSTEE TO HOLDERS. (a)&nbsp;Within 60 days after each May&nbsp;15 of each year commencing with the first May&nbsp;15
after the first issuance of Securities of any series pursuant to this Indenture, the Trustee shall transmit by mail to all Holders of
Securities of such series as provided in Section&nbsp;313(c)&nbsp;of the Trust Indenture Act a brief report dated as of such May&nbsp;15
if required by and in compliance with Section&nbsp;313(a)&nbsp;of the Trust Indenture Act. A copy of each report shall, at the time of
such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities of any series are listed,
with the Commission and with the Company. The Company will promptly notify the Trustee when the Securities of any series are listed on
any stock exchange and of any delisting thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Trustee shall from time to time transmit by mail to all Holders of Securities as provided in Section&nbsp;313(c)&nbsp;of the Trust Indenture
Act, such reports as are required to be filed pursuant to Section&nbsp;313(b)&nbsp;of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.7.
</FONT>SECURITY HOLDER LISTS. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders of Securities of each series. If the Trustee is not the Registrar, the Company shall furnish
to the Trustee semiannually on or before the last day of June&nbsp;and December&nbsp;in each year, and at such other times as the Trustee
may request in writing, a list, in such form and as of such date as the Trustee may reasonably require, containing all the information
in the possession or control of the Registrar, the Company or any of its Paying Agents other than the Trustee as to the names and addresses
of Holders of Securities of each such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.8.
</FONT>COMPENSATION AND INDEMNITY. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, compensation as agreed in writing between the Company and the Trustee for all services rendered by it hereunder in any capacity
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed
to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture
in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of
all Persons not regularly in its employ and including reasonable attorneys' fees in connection with enforcement of its rights to indemnity
herein) except any such expense, disbursement or advance as shall have been caused by its gross negligence, willful misconduct or bad
faith. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction
entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim,
damage, liability, fee, cost, loss, tax, claim, action or expense incurred without gross negligence, willful misconduct or bad faith
on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be,
and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including
third-party claims and claims involving the Company, and including the costs and expenses of defending themselves against any claim of
liability in the premises or enforcing this indemnity. The obligations of the Company under this Section&nbsp;6.8 to compensate or indemnify
the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which
the Securities of the applicable series are hereby made subordinate on all money or property held or collected by the Trustee, except,
subject to the effect of Section&nbsp;5.11, funds held in trust herewith for the benefit of the Holders of particular Securities. The
Trustee's right to receive payment of any amounts due under this Section&nbsp;6.8 shall not be subordinate to any other liability or
indebtedness of the Company. The obligation of the Company under this Section&nbsp;6.8 shall survive the satisfaction and discharge of
this Indenture and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. The indemnification provided in this Section&nbsp;6.8 shall extend to the officers,
directors, agents and employees of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any Authenticating Agent incur expenses or render services after
an Event of Default specified in Section&nbsp;5.1(4)&nbsp;or Section&nbsp;5.1(5)&nbsp;occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.9.
</FONT>SEPARATE TRUSTEE; REPLACEMENT OF TRUSTEE. (a)&nbsp;The Company may, but need not, appoint a separate Trustee for any one or more
series of Securities. The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only
upon the successor Trustee&rsquo;s acceptance of appointment as provided in Section&nbsp;6.10. In the event of an appointment of a separate
Trustee for any one or more series of Securities, the allocation of responsibilities between the separate Trustees shall be determined
at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Trustee may resign at any time with respect to the Securities of any one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section&nbsp;6.10 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may (at the Company&rsquo;s expense) petition any court
of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series may remove the Trustee with respect to
any one or more series by so notifying the Trustee and the Company in writing and may appoint a successor Trustee for such series with
the Company&rsquo;s consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an instrument of acceptance by a successor
Trustee required by Section&nbsp;6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
at any time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee fails to comply with Section&nbsp;310(b)&nbsp;of the Trust Indenture Act after written request therefor by the Company or by
any Holder who has been a bona fide Holder of a Security for at least six months, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee shall cease to be eligible under Section&nbsp;6.11 hereof or Section&nbsp;310(a)&nbsp;of the Trust Indenture Act and shall fail
to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security
for at least six months; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee becomes incapable of acting, is adjudged a bankrupt or an insolvent or a receiver or public officer takes charge of the Trustee
or its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i)&nbsp;the Company
may remove the Trustee with respect to all Securities, or (ii)&nbsp;subject to Section&nbsp;315(e)&nbsp;of the Trust Indenture Act, any
Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to Securities of the series held by such Holder
and the appointment of a successor Trustee or Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Trustee resigns or is removed or becomes incapable of acting or if a vacancy exists in the office of Trustee for any reason, with
respect to Securities of one or more series, the Company shall promptly appoint a successor Trustee with respect to the Securities of
that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of Section&nbsp;6.10. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee,
the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements
of Section&nbsp;6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by
the Company or the Holders and accepted appointment in the manner required by Section&nbsp;6.10, then, subject to Section&nbsp;315(e)&nbsp;of
the Trust Indenture Act, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.10.
</FONT>ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a)&nbsp;In case of the appointment hereunder of a successor Trustee with respect to Securities
of any series, every such successor Trustee shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee,
without further act, deed or conveyance, shall become vested with all the rights, powers and duties of the retiring Trustee; but, on
the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein such successor Trustee
shall accept such appointment and which (i)&nbsp;shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates, (ii)&nbsp;if the retiring Trustee is not retiring
with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee
is not retiring shall continue to be vested in the retiring Trustee, and (iii)&nbsp;shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and
that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall give, or cause to be given, notice of each resignation and each removal of the Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices
to the Holders of Securities in Section&nbsp;1.6. Each notice shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.11.
</FONT>ELIGIBILITY; DISQUALIFICATION. There shall at all times be a Trustee hereunder with respect to each series of Securities (which
need not be the same Trustee for all series). Each Trustee hereunder shall be eligible to act as trustee under Section&nbsp;310(a)(1)&nbsp;of
the Trust Indenture Act and shall have a combined capital and surplus of at least $100,000,000. If such corporation publishes reports
of condition at least annually, pursuant to law or the requirements of federal, state, territorial or District of Columbia supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.12.
</FONT>MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to or acquiring all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to, or
by succession to or acquisition of all or substantially all of the corporate trust business of, such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;6.13.
</FONT>APPOINTMENT OF AUTHENTICATING AGENT. The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original
issue exchange, registration of transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly
furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and, except as may otherwise be provided pursuant to Section&nbsp;3.1,
shall at all times be a bank or trust company or corporation organized and doing business and in good standing under the laws of the
United States of America or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $1,500,000 and subject to supervision or examination by Federal or State authorities.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such Authenticating Agent shall be a party, or any corporation succeeding to or acquiring the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise
eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An Authenticating Agent for any series of Securities
may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any
series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time
such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment to all Holders
of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section&nbsp;1.6. Any
successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to pay to each Authenticating
Agent from time to time such reasonable compensation as the Company and such Authenticating Agent agree in writing from time to time
including reimbursement of its reasonable expenses for its services under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee&rsquo;s
certificate of authentication, an alternate certificate of authentication substantially in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the [Securities] [of the series
designated herein and] referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">[________], <B>as Trustee</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4%"><I>By</I></TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 46%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt"><B>as Authenticating Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%"><I>By</I></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">&nbsp;</TD>
  <TD STYLE="text-align: center"><B>Authorized Signatory</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VII</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CONSOLIDATION,
MERGER OR SALE BY THE COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;7.1.
</FONT>CONSOLIDATION, MERGER OR SALE OF ASSETS. The Company may not merge or consolidate with or into any other Person, in a transaction
in which it is not the surviving corporation, or sell, convey, transfer or otherwise dispose of all or substantially all of its assets
to any Person, unless (i)&nbsp;surviving or transferee Person is organized and existing under the laws of the United States or a State
thereof and such Person expressly assumes by supplemental indenture all the obligations of the Company under each series of Securities
and under this Indenture, (ii)&nbsp;immediately thereafter, giving effect to such merger or consolidation, or such sale, conveyance,
transfer or other disposition, no Default or Event of Default shall have occurred and be continuing and (iii)&nbsp;the Company shall
have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel each stating that such merger, consolidation,
sale, conveyance, transfer or other disposition complies with this Article&nbsp;and that all conditions precedent herein provided for
relating to such transaction have been complied with. In the event of the assumption by a successor Person of the obligations of the
Company, such successor Person shall succeed to and be substituted for the Company hereunder and under each series of Securities and
all such obligations of the Company shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VIII</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SUPPLEMENTAL
INDENTURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;8.1.
</FONT>SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. Without the consent of any Holders, the Company and the Trustee, at any time
and from time to time, may enter into indentures supplemental hereto for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants and obligations of
the Company herein and in Securities (with such changes herein and therein as may be necessary or advisable to reflect such Person&rsquo;s
legal status, if such Person is not a corporation); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the Company or to comply with any requirement of the Commission
or otherwise in connection with the qualification of this Indenture under the Trust Indenture Act or otherwise; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
add any additional Events of Default with respect to all or any series of Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to facilitate or provide for the issuance
of Securities in global form in addition to or in place of Securities in certificated form; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective only
with respect to Securities which have not been issued as of the execution of such supplemental indenture or when there is no Security
Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
add guarantees with respect to all or any series of Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of Securities pursuant to Sections 4.1, 4.4, and 4.5; provided that any such action shall not adversely affect the interests
of the Holders of Securities of such series or any other series of Securities in any material respect; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
provide for the delivery of indentures supplemental hereto or the Securities of any series in or by means of any computerized, electronic
or other medium, including without limitation by computer diskette; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
evidence and provide for the acceptance of appointment hereunder by a successor or separate Trustee with respect to the Securities of
one or more series and/or to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Article&nbsp;VI; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
correct or supplement any provision herein which may be inconsistent with any other provision herein or to cure any ambiguity or omission
or to correct any mistake; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
make any other provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely
affect the interests of the Holders of Securities of any series in any material respect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;8.2.
</FONT>WITH CONSENT OF HOLDERS. Without prior notice to any Holder but with the written consent of the Holders of a majority of the aggregate
principal amount of the Outstanding Securities of each series adversely affected by such supplemental indenture (with the Securities
of each series voting as a class), the Company and the Trustee may enter into an indenture or indentures supplemental hereto to add any
provisions to or to change or eliminate any provisions of this Indenture or of any other indenture supplemental hereto or to modify the
rights of the Holders of Securities of each such series; provided, however, that without the consent of the Holder of each Outstanding
Security of such series adversely affected thereby, a supplemental indenture under this Section&nbsp;may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security of such series, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of
the principal of an Original Issue Discount Security or Indexed Security that would be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section&nbsp;5.2, or change any Place of Payment where, or the coin or currency in which any Securities
of such series or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences provided for in this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">except
to the extent provided in Section&nbsp;8.1(11), make any change in Section&nbsp;5.7 or this 8.2 except to increase any percentage or
to provide that certain other provisions of this Indenture cannot be modified or waived except with the consent of the Holders of each
Outstanding Security of such series affected thereby, provided, however, that this clause shall not be deemed to require the consent
of any Holders with respect to changes in the references to the &ldquo;Trustee&rdquo; and concomitant changes in this Section, in accordance
with the requirements of Sections 6.10(b)&nbsp;and 8.1(11); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">modify
the ranking or priority of the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purposes of this Section&nbsp;8.2, if
the Securities of any series are issuable upon the exercise of warrants, any holder of an unexercised and unexpired warrant with respect
to such series shall not be deemed to be a Holder of Outstanding Securities of such series in the amount issuable upon the exercise of
such warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is not necessary under this Section&nbsp;8.2
for the Holders to consent to the particular form of any proposed supplemental indenture, but it is sufficient if they consent to the
substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;8.3.
</FONT>COMPLIANCE WITH TRUST INDENTURE ACT. Every amendment to this Indenture or the Securities of one or more series shall be set forth
in a supplemental indenture that complies with the Trust Indenture Act as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;8.4.
</FONT>EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article&nbsp;or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and shall be fully protected in relying upon an Officer&rsquo;s Certificate and Opinion of Counsel stating that all conditions
precedent to the execution of such supplemental indenture have been satisfied and an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture is the legal, valid and
binding obligation of the Company. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely
affects the Trustee. The Trustee shall enter into any such supplemental indenture presented to it by the Company in compliance with this
Article&nbsp;VIII if such supplemental indenture does not adversely affect the Trustee, as determined in its sole discretion. In formulating
its opinion on such matters the Trustee shall be entitled to rely on such evidence as it deems appropriate, which may be or include,
without limitation, reliance solely on an opinion or advice of its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;8.5.
</FONT>EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities of the applicable series theretofore or thereafter authenticated and delivered hereunder and shall be bound thereby; provided
that if such supplemental indenture makes any of the changes described in clauses (1)&nbsp;through (4)&nbsp;of the first proviso to Section&nbsp;8.2,
such supplemental indenture shall bind each Holder of a Security of the applicable series who has consented to it and every subsequent
Holder of such Security or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;8.6.
</FONT>REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES. Securities of any series authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article&nbsp;may, and shall if required by the Trustee, bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;9.1.
</FONT>PAYMENT OF PRINCIPAL, PREMIUM,&nbsp;IF ANY, AND INTEREST. The Company covenants and agrees for the benefit of the Holders of each
series of Securities that it will duly and punctually pay the principal of, premium, if any, and interest on the Securities of that series
in accordance with the terms of the Securities of such series, and this Indenture. An installment of principal, premium, if any, or interest
shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient
to pay the installment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;9.2.
</FONT>MAINTENANCE OF OFFICE OR AGENCY. If Securities of a series are issued as Registered Securities, the Company will maintain in each
Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to
or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands (provided, however, that the foregoing appointment
shall not impose or imply any obligation on the part of the Trustee to maintain any office for any such purposes other than the Corporate
Trust Office.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the preceding paragraphs, the Company
may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified as contemplated by
Section&nbsp;3.1, the Trustee shall initially serve as Paying Agent. The Paying Agent may make reasonable rules&nbsp;not inconsistent
herewith for the performance of its functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;9.3.
</FONT>MONEY FOR SECURITIES TO BE HELD IN TRUST; UNCLAIMED MONEY. If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities, it will, on or before each due date of the principal of, premium, if any, or interest on any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal, premium,
if any, or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee in writing of any failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest on any Securities
of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture
Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company is not acting as its own Paying
Agent, the Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent
will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">hold
all sums held by it for the payment of the principal of, premium, if any, or interest on Securities of that series in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">give
the Trustee notice of any Default by the Company (or any other obligor upon the Securities of that series) in the making of any payment
of principal, premium, if any, or interest on the Securities of that series; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">at
any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such Paying Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything in this Section&nbsp;9.3
to the contrary, the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture, or with
respect to one or more series of Securities, or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those
upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to applicable abandoned property laws,
any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of any principal, premium
or interest or other amounts on any Security of any series and remaining unclaimed for two years after such principal, premium, if any,
or interest or other amounts has become due and payable shall be paid to the Company (including interest income on such funds, if any),
or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security, shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;9.4.
</FONT>CORPORATE EXISTENCE. Subject to Article&nbsp;VII, the Company will at all times do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;9.5.
</FONT>REPORTS BY THE COMPANY. The Company covenants, at any time at which there are Outstanding Securities of any series issued under
this Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
file with the Trustee, within 30 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time
to time by rules&nbsp;and regulations prescribe) which the Company may be required to file with the Commission pursuant to section 13
or section 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents
or reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with rules&nbsp;and regulations
prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be
required pursuant to section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on
a national securities exchange as may be prescribed from time to time in such rules&nbsp;and regulations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
file with the Trustee and the Commission, in accordance with the rules&nbsp;and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided
for in this Indenture, as may be required from time to time by such rules&nbsp;and regulations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
transmit to all Holders of Securities within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided
in section 313(c)&nbsp;of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the
Company pursuant to subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;9.5, as may be required by rules&nbsp;and regulations prescribed
from time to time by the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;9.6.
</FONT>ANNUAL REVIEW CERTIFICATE. At any time at which there are Outstanding Securities of any series issued under this Indenture, the
Company covenants and agrees to deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, a brief certificate
from the principal executive officer, principal financial officer, or principal accounting officer as to his or her knowledge of whether
the Company is in Default under this Indenture. For purposes of this Section&nbsp;9.6, such compliance shall be determined without regard
to any period of grace or requirement of notice provided under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;X</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REDEMPTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.1.
</FONT>APPLICABILITY OF ARTICLE. Securities of or within any series which are redeemable in whole or in part before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise specified in the applicable Board Resolution or supplemental
indenture with respect to such series of Securities, as contemplated by Section&nbsp;3.1 for Securities of any series) in accordance
with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.2.
</FONT>ELECTION TO REDEEM; NOTICE TO TRUSTEE. The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In the case of any redemption at the election of the Company of less than all the Securities of any series of the same tenor, the Company
shall, at least 60 days (45 days in the case of redemption of all Securities of any series or of any series with the same (i)&nbsp;Stated
Maturity, (ii)&nbsp;period or periods within which, price or prices at which and terms and conditions upon which such Securities may
or shall be redeemed or purchased, in whole or in part, at the option of the Company or pursuant to any sinking fund or analogous provision
or repayable at the option of the Holder and (iii)&nbsp;rate or rates at which such Securities bear interest, if any, or formula pursuant
to which such rate or rates accrue (collectively, the &ldquo;Equivalent Principal Terms&rdquo;)) prior to the Redemption Date fixed by
the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of such Securities to be redeemed. In the case of
any redemption of Securities of a series (i)&nbsp;prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture or (ii)&nbsp;pursuant to an election of the Company which is subject to a condition
specified in the terms of such Securities, the Company shall furnish the Trustee with an Officer&rsquo;s Certificate evidencing compliance
with such restriction or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.3.
</FONT>SELECTION OF SECURITIES TO BE REDEEMED. If less than all the Securities with Equivalent Principal Terms of any series are to be
redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed), the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions (equal to the minimum authorized denomination for Securities of that series with Equivalent Principal Terms
or any integral multiple thereof) of the principal amount of Securities of such series with Equivalent Principal Terms of a denomination
larger than the minimum authorized denomination for Securities of that series. Unless otherwise provided in the terms of a particular
series of Securities, the portions of the principal of Securities so selected for partial redemption shall be equal to the minimum authorized
denomination of the Securities of such series, or an integral multiple thereof, and the principal amount which remains outstanding shall
not be less than the minimum authorized denomination for Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed. If the Securities of a series having different issue dates, interest rates and maturities (whether or
not originally issued in a Periodic Offering) are to be redeemed, the Company in its discretion may select the particular Securities
or portions thereof to be redeemed and shall notify the Trustee thereof by such time prior to the relevant redemption date or dates as
the Company and the Trustee may agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.4.
</FONT>NOTICE OF REDEMPTION. Unless otherwise specified as contemplated by Section&nbsp;3.1, notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified
in the Securities to be redeemed, to each Holder of the Securities to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Redemption Price and the amount of accrued interest, if any, to be paid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
less than all the Outstanding Securities of a series are to be redeemed, the identification (and, in the case of partial redemption of
any Securities, the principal amounts) of the particular Security or Securities to be redeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder of such Security will receive, without a charge, a new Security or Securities of authorized
denominations for the principal amount thereof remaining unredeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Place or Places of Payment where such Securities are to be surrendered for payment for the Redemption Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
Securities of the series called for redemption appertaining thereto must be surrendered to the Paying Agent to collect the Redemption
Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that,
on the Redemption Date, the Redemption Price will become due and payable upon each such Security, or the portion thereof, to be redeemed
and, if applicable, that interest thereon will cease to accrue on and after said date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
the redemption is for a sinking fund, if such is the case;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
CUSIP number and/or ISIN, if any, of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company&rsquo;s request, by the Trustee in the name and at the
expense of the Company (provided that the Company prepare and provide to the Trustee the form of such notice, or, if acceptable to the
Trustee, provides sufficient information to enable the Trustee to prepare such notice, in each case on a timely basis.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.5.
</FONT>DEPOSIT OF REDEMPTION PRICE. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section&nbsp;9.3) an amount of money
in the currency or currencies (including currency units or composite currencies) in which the Securities of such series are payable (except
as otherwise specified pursuant to Section&nbsp;3.1 for the Securities of such series) sufficient to pay on the Redemption Date the Redemption
Price of, and (unless the Redemption Date shall be an Interest Payment Date) interest accrued to the Redemption Date on, all Securities
or portions thereof which are to be redeemed on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless any Security by its terms prohibits any
sinking fund payment obligation from being satisfied by delivering and crediting Securities (including Securities redeemed otherwise
than through a sinking fund), the Company may deliver such Securities to the Trustee for crediting against such payment obligation in
accordance with the terms of such Securities and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.6.
</FONT>SECURITIES PAYABLE ON REDEMPTION DATE. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest and such Securities
shall cease from and after the Redemption Date to be entitled to any benefit or security under this Indenture, and the Holders thereof
shall have no right in respect of such Securities except the right to receive the Redemption Price thereof and unpaid interest to the
Redemption Date. Except as provided in the next succeeding paragraph, upon surrender of any such Security for redemption in accordance
with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section&nbsp;3.1, installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms
and the provisions of Section&nbsp;3.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption
Date at the rate prescribed therefor in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;10.7.
</FONT>SECURITIES REDEEMED IN PART. Upon surrender of a Security that is redeemed only in part at any Place of Payment therefor (with,
if the Company or the Trustee so require, due endorsement by, or a written instrument of transfer in form satisfactory to the Company
and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of that Security, without service charge, a new Security or Securities of the same series,
having the same form, terms and Stated Maturity, in any authorized denomination equal in aggregate principal amount to the unredeemed
portion of the principal amount of the Security surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;XI</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SINKING
FUNDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;11.1.
</FONT>APPLICABILITY OF ARTICLE. The provisions of this Article&nbsp;shall be applicable to any sinking fund for the retirement of Securities
of a series except as otherwise specified as contemplated by Section&nbsp;3.1 for Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory sinking fund payment,&rdquo; and any
payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an &ldquo;optional
sinking fund payment.&rdquo; If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section&nbsp;11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any series as provided for by the terms of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;11.2.
</FONT>SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. The Company (i)&nbsp;may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (ii)&nbsp;may apply as a credit Securities of a series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series;
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;11.3.
</FONT>REDEMPTION OF SECURITIES FOR SINKING FUND. Not less than 60 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officer&rsquo;s Certificate specifying the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section&nbsp;11.2
and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section&nbsp;10.3
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section&nbsp;10.4.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
10.6 and 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>aerovironment, inc.</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[____________________]</B></FONT>, as Trustee</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature page to Indenture]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2225133d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm22265133d2_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September&nbsp;8, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">241 18th Street South, #415&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arlington, VA 22202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have acted as special counsel
to AeroVironment,&nbsp;Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;) in connection with the Registration Statement on
Form&nbsp;S-3ASR (the &ldquo;<U>Registration Statement</U>&rdquo;) filed on the date hereof by the Company with the Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).
The Registration Statement relates to, among other things, the issuance and sale from time to time pursuant to Rule&nbsp;415 promulgated
under the Securities Act of the following securities:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(i)</TD><TD STYLE="text-align: left">common stock, par value $0.0001 per share (&ldquo;<U>Common Stock</U>&rdquo;), of the Company (the &ldquo;<U>Shelf
Registration Common Stock</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(ii)</TD><TD STYLE="text-align: left">preferred stock, par value $0.0001 per share, of the Company (the &ldquo;<U>Preferred Stock</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(iii)</TD><TD STYLE="text-align: left">debt securities of the Company (the &ldquo;<U>Debt Securities</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(iv)</TD><TD STYLE="text-align: left">warrants to purchase Common Stock, Preferred Stock or Debt Securities (the &ldquo;<U>Warrants</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(v)</TD><TD STYLE="text-align: left">units composed of any combination of Common Stock, Preferred Stock, Debt Securities or Warrants (the &ldquo;<U>Units</U>&rdquo;);
and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(vi)</TD><TD STYLE="text-align: left">rights to purchase Common Stock, Preferred Stock, Debt Securities or any other securities (the &ldquo;<U>Rights</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Shelf Registration Common
Stock (including the Offering Common Stock, as defined below), Preferred Stock, Debt Securities, Warrants, Units and Rights are collectively
referred to herein as the &ldquo;<U>Securities</U>.&rdquo;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We also have acted as special
counsel to the Company in connection with the issuance and sale by the Company from time to time (the &ldquo;<U>Offering</U>&rdquo;) of
Common Stock having an aggregate offering price of up to $200,000,000 (the &ldquo;<U>Offering Common Stock</U>&rdquo;) pursuant to that
certain Open Market Sale Agreement&#8480; dated September&nbsp;8, 2022 (the &ldquo;<U>Sales Agreement</U>&rdquo;) between the Company
and Jefferies LLC (the &ldquo;<U>Sales Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This opinion letter is being
delivered in accordance with the requirements of Paragraph 29 of Schedule A of the Securities Act and Item 601(b)(5)(i)&nbsp;of Regulation
S-K.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In connection with rendering
the opinions set forth below, we have examined (i)&nbsp;the Registration Statement, including the exhibits filed therewith; (ii)&nbsp;the
base prospectus included in the Registration Statement relating to the Securities (the &ldquo;<U>Base Prospectus</U>&rdquo;); (iii)&nbsp;the
prospectus supplement included in the Registration Statement relating to the Offering (the &ldquo;<U>Prospectus Supplement</U>&rdquo;);
(iv)&nbsp;the Amended and Restated Certificate of Incorporation of the Company, as amended through the date hereof (the &ldquo;<U>Certificate
of Incorporation</U>&rdquo;); (v)&nbsp;the Third Amended and Restated Bylaws of the Company (the &ldquo;<U>Bylaws</U>&rdquo; and, together
with the Certificate of Incorporation, the &ldquo;<U>Company Organizational Documents</U>&rdquo;); (vi)&nbsp;resolutions adopted by the
Board of Directors of the Company (the &ldquo;<U>Company Board of Directors</U>&rdquo;) on September&nbsp;1, 2022 relating to the Registration
Statement, the Offering and the Sales Agreement; (vii)&nbsp;resolutions adopted by the Audit Committee of the Company Board of Directors
(the &ldquo;<U>Audit Committee</U>&rdquo;) on September&nbsp;1, 2022 relating to the Offering and the Sales Agreement (collectively, the
 &ldquo;<U>Offering Resolutions</U>&rdquo;); (viii)&nbsp;the Company&rsquo;s stock ledger, (ix)&nbsp;the form of the Indenture filed as
Exhibit&nbsp;4.4 to the Registration Statement, and (x)&nbsp;the Sales Agreement. We have also examined and relied upon certificates of
public officials and have considered such matters of law as we have deemed necessary to render the opinions contained herein. With respect
to certain facts, we have considered it appropriate to rely upon certificates or other comparable documents of public officials and officers
or other appropriate representatives of the Company without investigation or analysis of any underlying data contained therein.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purposes of this opinion letter, we have assumed that: (i)&nbsp;each document submitted to us is accurate and complete; (ii)&nbsp;each
such document that is an original is authentic; (iii)&nbsp;each such document that is a copy conforms to an authentic original; and (iv)&nbsp;all
signatures (other than signatures on behalf of the Company) on each such document are genuine. We have further assumed the legal capacity
of natural persons, and we have assumed that (i)&nbsp;each party to the documents we have examined or relied on (the &ldquo;<U>Reviewed
Documents</U>&rdquo;) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (ii)&nbsp;each
party to the Reviewed Documents: (a)&nbsp;has the legal capacity, power and authority to execute, deliver, and perform its obligations
under the Reviewed Documents to which it is a party, (b)&nbsp;has taken all action necessary to duly authorize the execution and delivery
of, and the performance of its obligations under, the Reviewed Documents and (c)&nbsp;has duly executed and delivered the Reviewed Documents;
and (iii)&nbsp;the Reviewed Documents constitute the legal, valid, and binding obligation of each party thereto, enforceable against each
such party in accordance with its terms. In addition, with respect to the opinion given in numbered paragraph 2 below, we have assumed
that (i)&nbsp;prior to the issuance of any of shares of Offering Common Stock, the Sales Agent&rsquo;s and the Company&rsquo;s representatives
will exercise authority delegated to such persons or bodies, as applicable, in accordance with the Offering Resolutions or the Subcommittee
Resolutions (as defined below), as applicable, (ii)&nbsp;to the extent that the Pricing Committee delegates any authority with respect
to the Offering Common Stock to a subcommittee of its members (the &ldquo;<U>Subcommittee</U>&rdquo;) pursuant to Section&nbsp;141(c)(3)&nbsp;of
the General Corporation Law of the State of Delaware (the &ldquo;<U>DGCL</U>&rdquo;) and the Company Organizational Documents, such Subcommittee
shall have duly adopted resolutions (the &ldquo;<U>Subcommittee Resolutions</U>&rdquo;) setting the </FONT>maximum number of shares of
Offering Common Stock that may be issued pursuant to the Sales Agreement, a time period during which such shares of Offering Common Stock
may be issued and a minimum amount of consideration for which such shares may be issued in accordance with the DGCL, the Offering Resolutions
and the Company Organizational Documents, and (iii)&nbsp;the number of shares of Offering Common Stock issued pursuant to the Sales Agreement
will not exceed the number of shares of Offering Common Stock authorized to be issued by the Offering Resolutions or the Subcommittee
Resolutions, as the case may be. We have not verified any of the foregoing assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our opinions set forth below
are limited to: (i)&nbsp;the federal laws of the United States; (ii)&nbsp;solely in connection with the opinions given in numbered paragraphs
1, 2, 3 and 8(a)&nbsp;below, the DGCL; and (iii)&nbsp;solely in connection with the opinions given in numbered paragraphs 4, 5, 6, 7 and
8(b)&nbsp;below, the law of the State of New York. We are not opining on, and we assume no responsibility for, the applicability to or
effect on any of the matters covered herein of (i)&nbsp;any other laws; (ii)&nbsp;the laws of any other jurisdiction; or (iii)&nbsp;the
law of any county, municipality or other political subdivision or local governmental agency or authority.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Based on and subject to the
foregoing, and assuming that (i)&nbsp;the Registration Statement and any required post-effective amendment thereto will be effective and
will comply with all applicable laws at the time the relevant Securities are offered or issued as contemplated by the Registration Statement
or any such post-effective amendment; (ii)&nbsp;a prospectus supplement will have been prepared and filed with the Commission describing
the Securities offered thereby and will comply with all applicable laws; (iii)&nbsp;all Securities will be issued and sold in compliance
with applicable federal and state securities laws and in the manner stated in the Registration Statement and the applicable prospectus
supplement; (iv)&nbsp;neither the Company Board of Directors and/or any duly authorized committee thereof shall have rescinded or otherwise
modified its authorization of any such issuance of Securities or the establishment of the terms of any series of such Securities or any
related matters; (v)&nbsp;the Company shall remain at all times a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware; and (vi)&nbsp;the additional qualifications and other matters set forth below, it is our opinion
that:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">When
(i)&nbsp;the terms of an issuance and sale of Common Stock have been duly authorized and approved by all necessary action of (A)&nbsp;the
Company Board of Directors and/or a duly authorized committee thereof and (B)&nbsp;the Company&rsquo;s stockholders, so as not to violate
any applicable law, rule&nbsp;or regulation, including, without limitation, the DGCL or result in a default under or a breach of any agreement
or instrument binding upon the Company, including, without limitation, the Certificate of Incorporation, as it may be amended from time
to time, hereafter and so as to comply with any applicable requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company; (ii)&nbsp;certificates representing the shares of the Common Stock have been duly executed, issued and
delivered as contemplated by the Registration Statement and any prospectus supplement relating thereto and in accordance with any agreement
or instrument binding upon the Company and the DGCL, and (iii)&nbsp;notation of the issuance of the shares of Common Stock has been properly
made in the Company&rsquo;s stock ledger, upon payment of the consideration fixed therefor in accordance with the applicable definitive
purchase, underwriting or similar agreement which is enforceable against all parties thereto in accordance with its terms and in an amount
at least equal to the aggregate par value of the shares of Common Stock being issued and duly authorized by the Company Board of Directors
and/or a duly authorized committee thereof, the Common Stock will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">When
notation of the shares of Offering Common Stock has been properly made in the Company&rsquo;s stock ledger, upon payment of the consideration
fixed therefor in accordance with the Sales Agreement, the Offering Common Stock will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Assuming
the terms of the Preferred Stock have been duly established so as not to violate any applicable law, rule&nbsp;or regulation, including,
without limitation, the DGCL, or result in a default under or breach of any agreement or instrument binding upon the Company, including,
without limitation, the Certificate of Incorporation, as it may be amended from time to time, hereafter and so as to comply with any applicable
requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, when (i)&nbsp;the powers, rights,
preferences, and qualifications, limitations or restrictions of the Preferred Stock have been duly established in conformity with the
Certificate of Incorporation, as it may be amended from time to time hereafter, and such powers, rights, preferences, and qualifications,
limitations or restrictions of the Preferred Stock and the issuance and sale thereof have been duly authorized and approved by all necessary
action of the Company Board of Directors and/or a duly authorized committee thereof; (ii)&nbsp;an amendment to, or restatement of, the
Company&rsquo;s Certificate of Incorporation, as then in effect, fixing and determining the powers, rights, preferences, and qualifications,
limitations or restrictions of the Preferred Stock has been duly authorized by the Company Board of Directors and stockholders, if applicable,
and filed with the Secretary of State of the State of Delaware and become effective; (iii)&nbsp;certificates representing the shares of
the Preferred Stock have been duly executed, issued and delivered as contemplated by the Registration Statement and any prospectus supplement
relating thereto and in accordance with any agreement or instrument binding upon the Company and the DGCL, and (iv)&nbsp;notation of the
issuance of the shares of Preferred Stock has been properly made in the Company&rsquo;s stock ledger, upon payment of the consideration
fixed therefor in accordance with the applicable definitive purchase, underwriting or similar agreement which is enforceable against the
parties thereto in accordance with its terms and in an amount at least equal to the aggregate par value of the shares of Preferred Stock
being issued and approved by the Company Board of Directors and/or a duly authorized committee thereof, the Preferred Stock will be validly
issued, fully paid and nonassessable.</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Assuming
the terms of the Debt Securities have been duly established in accordance with the indenture pursuant to which the Debt Securities are
to be issued, which is substantially in the form of the Indenture filed as Exhibit&nbsp;4.4 to the Registration Statement (together with
any applicable supplement thereto, the &ldquo;<U>Indenture</U>&rdquo;), and so as not to violate any applicable law, rule&nbsp;or regulation
or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any applicable
requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, when (i)&nbsp;the terms and
the execution and delivery of the Indenture and the Debt Securities, and the issuance and sale of the Debt Securities, have been duly
authorized and approved by all necessary action of the Company Board of Directors and/or a duly authorized committee thereof; (ii)&nbsp;the
Indenture has been duly executed and delivered by the Company and the trustee to be named in the prospectus supplement relating to the
offering of the Debt Securities (the &ldquo;<U>Debt Trustee</U>&rdquo;) and constitutes the legally valid and binding obligation of the
Debt Trustee; (iii)&nbsp;the Debt Trustee is eligible under the Trust Indenture Act of 1939, as amended, to act in such capacity under
the Indenture and has been duly appointed and a Statement of Eligibility of Trustee on Form&nbsp;T-1 has been filed in compliance with
the Securities Act and the rules&nbsp;and regulations promulgated thereunder; and (iv)&nbsp;the Debt Securities have been duly executed,
authenticated (if required), issued and delivered as contemplated by the Registration Statement and any prospectus supplement relating
thereto and in accordance with the Indenture and any other agreement or instrument binding upon the Company and enforceable against the
parties thereto, upon payment of the consideration fixed therefor in accordance with the applicable definitive purchase, underwriting
or similar agreement duly authorized by the Board of Directors and enforceable against the parties thereto in accordance with its terms,
the Debt Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms (subject to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization, receivership, moratorium and other laws affecting
the rights and remedies of creditors or secured parties generally, and to the exercise of judicial discretion in accordance with general
principles of equity, whether applied by a court of law or equity).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the form and terms
of the Warrants have been duly established in accordance with the applicable warrant agreement pursuant to which the Warrants are to be
issued (the &ldquo;<U>Warrant Agreement</U>&rdquo;) so as not to violate any applicable law, rule&nbsp;or regulation or result in a default
under or breach of any agreement or instrument binding upon the Company and so as to comply with any applicable requirement or restriction
imposed by any court or governmental body having jurisdiction over the Company, and assuming that the Warrants and the Warrant Agreement
are governed by the laws of New York, when (i)&nbsp;the form and terms and the execution and delivery of the Warrant Agreement relating
to any Warrants and the terms of the Warrants, and of their issuance and sale, have been duly authorized and approved by all necessary
action of the Company Board of Directors and/or a duly authorized committee thereof; (ii)&nbsp;the Warrant Agreement relating to the Warrants
has been duly executed and delivered by the Company and is enforceable against the parties thereto in accordance with its terms; and (iii)&nbsp;the
Warrants or certificates representing the Warrants, as the case may be, have been duly executed, authenticated (if required), issued and
delivered as contemplated by the Registration Statement and any prospectus supplement relating thereto and in accordance with the terms
of the applicable Warrant Agreement and any other agreement or instrument binding upon the Company and enforceable against the parties
thereto in accordance with its terms, upon payment of the consideration fixed therefor in accordance with the applicable Warrant Agreement
and the applicable definitive purchase, underwriting or similar agreement duly authorized by the Company Board of Directors and/or a duly
authorized committee thereof and enforceable against the parties thereto in accordance with its terms, the Warrants will constitute valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms (subject to the effect of bankruptcy,
insolvency, fraudulent transfer, reorganization, receivership, moratorium and other laws affecting the rights and remedies of creditors
or secured parties generally, and to the exercise of judicial discretion in accordance with general principles of equity, whether applied
by a court of law or equity).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Assuming
that (A)&nbsp;the combination of the Securities of which the Units consist has been duly authorized and approved by all necessary action
of the Company Board of Directors and/or a duly authorized committee thereof and of the stockholders, if applicable, and (B)&nbsp;the
terms of such Units have been duly established in accordance with the applicable agreement pursuant to which such Units are to be issued
(the &ldquo;<U>Unit Agreement</U>&rdquo;) so as not to violate any applicable law, rule&nbsp;or regulation or result in a default under
or breach of any agreement or instrument binding upon the Company and so as to comply with any applicable requirement or restriction imposed
by any court or governmental body having jurisdiction over the Company, and assuming that the Units and the Units Agreement are governed
by the laws of New York, when (i)&nbsp;the form, terms and the execution and delivery of the Unit Agreement relating to any Units and
the terms of the Units, and of their issuance and sale, have been duly authorized and approved by all necessary action of the Company
Board of Directors and/or a duly authorized committee thereof; (ii)&nbsp;the Unit Agreement relating to the Units has been duly executed
and delivered by the Company and is enforceable against the parties thereto in accordance with its terms; and (iii)&nbsp;the Units or
certificates representing the Units, as the case may be, have been duly executed, authenticated (if required), issued and delivered as
contemplated by the Registration Statement and any prospectus supplement relating thereto and in accordance with the terms of the applicable
Unit Agreement and any other agreement or instrument binding upon the Company and enforceable against the parties thereto in accordance
its terms, upon payment of the consideration fixed therefor in accordance with the applicable Unit Agreement and the applicable purchase,
underwriting or similar agreement duly authorized by the Company Board of Directors, or a duly authorized committee thereof, and enforceable
against the parties thereto in accordance with its terms, the Units will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms (subject to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization,
receivership, moratorium and other laws affecting the rights and remedies of creditors or secured parties generally, and to the exercise
of judicial discretion in accordance with general principles of equity, whether applied by a court of law or equity).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Assuming
the form and terms of the Rights have been duly established in accordance with the applicable rights agreement pursuant to which the Rights
are to be issued (the &ldquo;<U>Rights Agreement</U>&rdquo;) so as not to violate any applicable law, rule&nbsp;or regulation or result
in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any applicable requirement
or restriction imposed by any court or governmental body having jurisdiction over the Company, and assuming that the Rights and the Rights
Agreement are governed by the laws of New York, when (i)&nbsp;the form, terms and the execution and delivery of the Rights Agreement relating
to any Rights and the terms of the Rights, and of their issuance and sale, have been duly authorized and approved by all necessary action
of the Company Board of Directors and/or a duly authorized committee thereof and of the stockholders, if applicable; (ii)&nbsp;the Rights
Agreement relating to the Rights has been duly executed and delivered by the Company and is enforceable against the parties thereto in
accordance with its terms; and (iii)&nbsp;the Rights or certificates representing the Rights, as the case may be, have been duly executed,
authenticated (if required), issued and delivered as contemplated by the Registration Statement and any prospectus supplement relating
thereto and in accordance with the terms of the applicable Rights Agreement and any other agreement or instrument binding upon the Company
and enforceable against the parties thereto in accordance with its terms, upon payment of the consideration fixed therefor in accordance
with the applicable Rights Agreement and the applicable definitive purchase, underwriting or similar agreement duly authorized by the
Company Board of Directors and/or a duly authorized committee thereof, and enforceable against the parties thereto in accordance with
its terms, the Rights will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms (subject to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization, receivership, moratorium and other
laws affecting the rights and remedies of creditors or secured parties generally, and to the exercise of judicial discretion in accordance
with general principles of equity, whether applied by a court of law or equity).</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any Securities are issuable (the &ldquo;<U>Issuable Securities</U>&rdquo;) upon settlement, exercise, conversion or exchange of any other
Securities (the &ldquo;<U>Initial Securities</U>&rdquo;) pursuant to the terms thereof, when (i)&nbsp;the terms of the issuance of the
Issuable Securities have been duly authorized, approved and documented as provided in numbered paragraphs 1 and 3&nbsp;through 6 above,
as the case may be and assuming that the Issuable Securities (other than the Common Stock and Preferred Stock) are governed by the laws
of New York; and (ii)&nbsp;the Issuable Securities have been issued upon settlement, exercise, conversion or exchange, as the case may
be, of Initial Securities as contemplated by the Registration Statement and any prospectus supplement relating thereto, in accordance
with the terms of the applicable Initial Securities, the Issuable Securities and any agreement or instrument binding upon the Company,
and so as not to violate any applicable law, rule&nbsp;or regulation or result in a default under or a violation of any agreement or instrument
binding upon the Company, and so as to comply with any applicable requirement or restriction imposed by any court or governmental authority
having jurisdiction over the Company, upon such issuance, (a)&nbsp;to the extent the relevant Issuable Securities are Common Stock or
Preferred Stock, such Issuable Securities will be validly issued, fully paid and nonassessable and (b)&nbsp;to the extent the relevant
Issuable Securities are Debt Securities, Warrants, Units or Rights, such Issuable Securities will constitute valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms (subject to the effect of bankruptcy, insolvency, fraudulent
transfer, reorganization, receivership, moratorium and other laws affecting the rights and remedies of creditors or secured parties generally,
and to the exercise of judicial discretion in accordance with general principles of equity, whether applied by a court of law or equity).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AeroVironment,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;7</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We note that the maximum number
of shares of Common Stock and Preferred Stock issuable under the Registration Statement or in the Offering is not specified, and we assume
that, at the time of the issuance of any share of Common Stock or Preferred Stock under the Registration Statement or of any share of
Offering Common Stock in the Offering or upon the settlement, exercise, conversion or exchange of any other Securities, the Company will
have sufficient authorized and unissued, not otherwise committed to be issued, shares of Common Stock or Preferred Stock, as the case
may be, to provide for such issuance.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We hereby consent to the filing
of this opinion letter with the Commission as Exhibit&nbsp;5.1 to the Registration Statement and to the reference to this firm under the
heading &ldquo;Legal Matters&rdquo; in each of the Base Prospectus and the Prospectus Supplement forming a part thereof. In giving this
consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, the Base Prospectus or the
Prospectus Supplement within the meaning of the term &ldquo;expert&rdquo; as used in Section&nbsp;11 of the Securities Act or the rules&nbsp;and
regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required
under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Yours truly, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">/s/ K&amp;L Gates LLP </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">K&amp;L Gates LLP </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>tm2225133d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form&nbsp;S-3 of our reports dated June&nbsp;28, 2022 relating to the consolidated financial statements and schedule of AeroVironment,&nbsp;Inc.
and subsidiaries and the effectiveness of AeroVironment,&nbsp;Inc. and subsidiaries' internal control over financial reporting, appearing
in the Annual Report on Form&nbsp;10-K of AeroVironment,&nbsp;Inc. for the year ended April&nbsp;30, 2022. We also consent to the reference
to us under the heading &quot;Experts&quot; in such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deloitte&nbsp;&amp; Touche LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;8, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2225133d2_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-weight: bold; text-align: right; margin: 0">Ex-Filing Fees</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;S-3ASR&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AeroVironment,&nbsp;Inc.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered and Carry Forward
Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Security
    <BR> Type</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Security
    <BR> Class <BR>
    Title</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Fee
    <BR> Calculation <BR>
    or Carry <BR> Forward <BR> Rule</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Amount
    <BR>
    Registered</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Proposed
    <BR>
    Maximum <BR> Offering <BR> Price Per <BR> Unit</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Maximum
    <BR>
    Aggregate <BR> Offering <BR> Price</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Fee
    <BR> Rate</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Amount
    <BR>
    of <BR> Registration <BR> Fee</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Carry
    <BR>
    Forward <BR> Form <BR> Type</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Carry
    <BR>
    Forward <BR> File <BR> Number</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Carry
    <BR>
    Forward <BR> Initial <BR> effective <BR> date</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Filing
    Fee <BR> Previously <BR> Paid In <BR> Connection <BR> with <BR> Unsold <BR> Securities <BR> to be <BR> Carried <BR> Forward</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="39" STYLE="font-weight: bold; text-align: center; font-size: 7pt; padding-left: 3pt">Newly Registered Securities</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; width: 8%; font-size: 7pt; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 7pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Equity</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Common
    Stock, par value $0.0001 per share</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Rule
    456(b) and Rule 457(r)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">(1)(2)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">(3<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">(4)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">(4<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Equity</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Preferred
    Stock, par value $0.0001 per share</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Rule 456(b)
    and Rule 457(r)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">(1)(2)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(3<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">(4)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(4<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 7pt">Fees to Be<BR> Paid</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Debt</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Debt Securities</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Rule 456(b)
    and Rule 457(r)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">(1)(2)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(3<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">(4)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(4<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Other</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Warrants</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Rule 456(b)
    and Rule 457(r)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">(1)(2)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(3<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(4<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(4<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Other</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Rights</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Rule 456(b)
    and Rule 457(r)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">(1)(2)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(3<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">(4)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">(4<FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Equity</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Common Stock,
    par value $0.0001 per share</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">457(o)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">(5)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">(5)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">200,000,000</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0000927</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">18,540</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Fees Previously
    Paid</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="39" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt">Carry Forward Securities</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Carry Forward
    Securities</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Total
    Offering Amounts</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">200,000,000</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">18,540</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Total
    Fees Previously Paid</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Total
    Fee Offsets</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 3pt"><FONT STYLE="font-size: 7pt">Net
    Fees Due</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">18,540</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The securities registered hereunder
    include such indeterminate number of (a)&nbsp;shares of common stock, (b)&nbsp;shares of preferred stock, (c)&nbsp;debt securities,
    (d)&nbsp;warrants to purchase common stock, preferred stock or debt securities of the registrant, and (e)&nbsp;rights to purchase
    our debt securities, common stock, preferred stock or other securities as may be sold from time to time by the registrant. There
    are also being registered hereunder an indeterminate number of shares of common stock and preferred stock as shall be issuable upon
    conversion, exchange or exercise of any securities that provide for such issuance. Any securities registered hereunder may be sold
    separately or together with the other securities registered hereunder.</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Pursuant to Rule&nbsp;416 under
    the Securities Act of 1933, as amended, or the Securities Act, this registration statement shall also cover any additional shares
    of the registrant&rsquo;s securities that become issuable by reason of any share splits, share dividends or similar transactions.</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The proposed maximum per security
    and aggregate offering prices per class of securities will be determined from time to time by the registrant in connection with the
    issuance by the registrant of the securities registered hereunder and is not specified as to each class of security. Separate consideration
    may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities, or that are
    issued in together with other securities.</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">In accordance with Rules&nbsp;456(b)&nbsp;and
    457(r)&nbsp;under the Securities Act, except with respect to $18,540 to be paid in connection with the primary offering of common
    stock described in this table, the registrant is deferring payment of the registration fee. Any registration fees will be paid subsequently
    on a pay-as-you-go basis in accordance with Rule&nbsp;457(r).</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">An indeterminate number of shares
    of common stock is being registered as may from time to time be offered hereunder at indeterminate prices.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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