<SEC-DOCUMENT>0001104659-24-115857.txt : 20241108
<SEC-HEADER>0001104659-24-115857.hdr.sgml : 20241108
<ACCEPTANCE-DATETIME>20241108160710
ACCESSION NUMBER:		0001104659-24-115857
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20241108
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20241108
DATE AS OF CHANGE:		20241108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PINNACLE WEST CAPITAL CORP
		CENTRAL INDEX KEY:			0000764622
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				860512431
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08962
		FILM NUMBER:		241440560

	BUSINESS ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602 250 1000

	MAIL ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AZP GROUP INC
		DATE OF NAME CHANGE:	19870506
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, DC 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_904_edei--DocumentType_c20241108__20241108_zScZWATgSlY5"><ix:nonNumeric contextRef="AsOf2024-11-08" id="Fact000009" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>CURRENT
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font-size: 10pt; width: 12%"><span style="font-size: 10pt"><b>Item 1.01.</b></span></td>
    <td style="font-size: 10pt; width: 88%"><span style="font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On November 8, 2024, Pinnacle West Capital
Corporation (the &#8220;Company&#8221;) entered into an Equity Distribution Agreement (the &#8220;Equity Distribution
Agreement&#8221;) with BofA Securities, Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG
Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as managers (each, a
&#8220;Manager&#8221; and, collectively, the &#8220;Managers&#8221;), Bank of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank,
National Association, Mizuho Markets Americas LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo
Bank, National Association or one or more of their respective affiliates, as forward purchasers (in such capacity, each, a
&#8220;Forward Purchaser&#8221; and, collectively, the &#8220;Forward Purchasers&#8221;), and BofA Securities, Inc., Barclays
Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist
Securities, Inc. and Wells Fargo Securities, LLC, as forward sellers (in such capacity, each, a &#8220;Forward Seller&#8221; and,
collectively, the &#8220;Forward Sellers&#8221;), relating to the offer and sale from time to time of shares of the Company&#8217;s
common stock, no par value, having an aggregate gross sales price of up to $900,000,000 (the &#8220;Shares&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Sales of the Shares made under the Equity Distribution
Agreement, if any, may be made by any method permitted by applicable law and deemed to be an &#8220;at the market offering&#8221; as defined
in Rule 415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including by means of ordinary brokers&#8217;
transactions through the facilities of the New York Stock Exchange or through a market maker or directly on or through an electronic communications
network, at market prices prevailing at the time of sale or at prices related to prevailing market prices. In addition, the Shares may
be offered and sold by such other methods, including privately negotiated transactions (including block transactions), as the Company
and the Managers or the Forward Sellers agree to in writing. The Company may also sell Shares to one or more of the Managers, as principal
for their own accounts, at a price to be agreed upon at the time of sale. Each Manager will receive from the Company a commission of up
to 1% of the&#8239;aggregate gross sales price per share for any Shares sold by it under the Equity Distribution Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Equity Distribution Agreement provides that,
in addition to the issuance and sale of Shares by the Company to or through the Managers, the Company may also enter into one or more
forward sale agreements pursuant to master forward confirmations entered into between the Company and the relevant Forward Purchaser,
a form of which is attached to the Equity Distribution Agreement as Exhibit C thereto (each, a &#8220;Master Forward Confirmation&#8221;),
and related supplemental confirmations to be entered into between the Company and the relevant Forward Purchaser pursuant thereto (collectively,
a &#8220;Forward Sale Agreement&#8221;). In connection with any Forward Sale Agreement, the relevant Forward Purchaser will borrow from
third parties and, through its affiliated Forward Seller, sell, a number of Shares equal to the number of Shares underlying the particular
Forward Sale Agreement. In connection with any Forward Sale Agreement, the relevant Forward Seller will receive, in the form of a reduced
initial forward sale price under the related Forward Sale Agreement, a commission of up to <span style="font-family: Times New Roman, Times, Serif">1</span>%
of the gross sales prices of all borrowed shares of the Company&#8217;s common stock sold during the applicable forward hedge selling
period by it as Forward Seller.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In no event will the aggregate number of Shares
sold through the Managers or the Forward Sellers under the Equity Distribution Agreement and under any Forward Sale Agreement have an
aggregate gross sales price in excess of $900,000,000. The Company has no obligation to offer or sell any Shares under the Equity Distribution
Agreement and may at any time suspend offers and sales under the Equity Distribution Agreement. The offer and sale of Shares pursuant
to the Equity Distribution Agreement will terminate upon the earlier of (1) the sale of all Shares subject to the Equity Distribution
Agreement or (2) the termination of the Equity Distribution Agreement by the Company or by the Managers, the Forward Purchasers and the
Forward Sellers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The net proceeds that the Company receives from
the sales of Shares under the Equity Distribution Agreement from the Managers will be the gross proceeds received from such sales less
the commissions and less any other costs the Company may incur in issuing and/or selling Shares. The Managers and the Forward Sellers
are not required to sell any specific number or dollar amount of the Shares. Subject to the terms and conditions of the Equity Distribution
Agreement, each of the Managers and the Forward Sellers will use commercially reasonable efforts to sell on the Company&#8217;s behalf
any Shares as instructed by the Company. The Company will not initially receive any proceeds from the sale of borrowed shares of its common
stock by the Forward Sellers. The Company expects to fully physically settle each particular Forward Sale Agreement (by delivery of Shares)
with the relevant Forward Purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular
Forward Sale Agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number
of Shares underlying the particular Forward Sale Agreement multiplied by the relevant forward sale price. If the Company elects to cash
settle or net share settle a Forward Sale Agreement, it may not (in the case of cash settlement) or will not (in the case of net share
settlement) receive any proceeds, and the Company may owe cash (in the case of cash settlement) or Shares (in the case of net share settlement)
to the relevant Forward Purchaser.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Equity Distribution Agreement contains customary
representations and warranties of the parties and indemnification and contribution provisions under which the Company and the Managers,
the Forward Purchasers and the Forward Sellers have agreed to indemnify each other against certain liabilities, including liabilities
under the Securities Act. The Company intends to use the net proceeds from any sale of the Shares, after deducting the Managers&#8217;
commission and the Company&#8217;s offering expenses, and the net proceeds payable upon settlement of any Forward Sale Agreement, in each
case, <span style="font-family: Times New Roman, Times, Serif">for investment in Arizona Public Service Company (&#8220;APS&#8221;) to
fund capital expenditures, for the repayment of all or a portion of the Company&#8217;s or APS&#8217;s commercial paper outstanding from
time to time or for general corporate purposes</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The offer and sale of the Shares have been registered
under the Securities Act pursuant to a Registration Statement on Form S-3 (Registration No. 333-277448) of the Company, as supplemented
by the Prospectus Supplement, dated November 8, 2024, relating to the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The summary of the Equity Distribution Agreement
set forth in this Item 1.01 does not purport to be complete and is qualified by reference to such agreement, including the form of Master
Forward Confirmation attached as Exhibit C thereto, which is filed as Exhibit 1.1 hereto and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 12%"><span style="font-size: 10pt"><b>Item 9.01.</b></span></td>
    <td style="font-size: 10pt; width: 88%"><span style="font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>(d) Exhibits. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2427616d2_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Equity Distribution Agreement, dated November 8, 2024, among Pinnacle West Capital Corporation and BofA Securities, Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as managers, Bank of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association or one or more of their respective affiliates, as forward purchasers, and BofA Securities, Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as forward sellers. </span></a></td></tr>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2427616d2_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Opinion of Snell &amp; Wilmer L.L.P.</span></a></td></tr>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2427616d2_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consent of Snell &amp; Wilmer L.L.P. (included in Exhibit 5.1 hereto). </span></a></td></tr>
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    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td></tr>
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<p style="margin-top: 0; margin-bottom: 0"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td colspan="2" style="font-size: 10pt"><span style="font-size: 10pt"><b>PINNACLE WEST CAPITAL CORPORATION</b></span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; width: 50%"><span style="font-size: 10pt">Date: November 8, 2024</span></td>
    <td style="white-space: nowrap; vertical-align: top; font-size: 10pt; width: 3%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 47%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">Andrew Cooper</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">Senior Vice President and Chief Financial Officer</td></tr>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PINNACLE WEST CAPITAL CORPORATION</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>COMMON STOCK (NO PAR VALUE)</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>EQUITY DISTRIBUTION AGREEMENT</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>NOVEMBER 8, 2024</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"></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; text-align: right; margin: 0pt 0">November&nbsp;8, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To:</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: top">
    <TD STYLE="padding-right: 5pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA Securities,&nbsp;Inc.<BR>
    One Bryant Park<BR>
    New York, New York 10036</FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of America,
    N.A.<BR>
    One Bryant Park<BR>
    New York, New York 10036</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA Securities,&nbsp;Inc.<BR>
    One Bryant Park<BR>
    New York, New York 10036</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclays Capital Inc.<BR>
    745 Seventh Avenue<BR>
    New York, New York 10019</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclays Bank PLC<B><BR>
    </B>745 Seventh Avenue<BR>
    New York, New York 10019</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclays Capital Inc.<BR>
    745 Seventh Avenue<BR>
    New York, New York 10019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. Morgan Securities LLC<BR>
    383 Madison Avenue,<BR>
    6th Floor<BR>
    New York, New York 10179</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JPMorgan Chase Bank,<BR>
    &nbsp;National Association<B><BR>
    </B>383 Madison Avenue<B><BR>
    </B>New York, New York 10179</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. Morgan Securities LLC<BR>
    383 Madison Avenue,<BR>
    6th Floor<BR>
    New York, New York 10179</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mizuho Securities USA LLC<BR>
    1271 Avenue of the Americas, <BR>
    3rd Floor<BR>
    New York, New York 10020</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mizuho Markets Americas&nbsp;LLC<BR>
    1271 Avenue of the Americas, <BR>
    3rd Floor<BR>
    New York, New York 10020</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mizuho Securities USA LLC<BR>
    1271 Avenue of the Americas,<BR>
    3rd Floor<BR>
    New York, New York 10020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MUFG Securities Americas&nbsp;Inc.<BR>
    1221 Avenue of the Americas,<BR>
    6th Floor<BR>
    New York, New York 10020</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MUFG Securities EMEA plc<B><BR>
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    25 Ropemaker Street<B><BR>
    </B>London EC27 9AJ United Kingdom</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MUFG Securities Americas&nbsp;Inc.<BR>
    1221 Avenue of the Americas, <BR>
    6th Floor<BR>
    New York, New York 10020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TD Securities (USA) LLC<BR>
    1 Vanderbilt Avenue<BR>
    New York, New York 10017</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Toronto-Dominion Bank<BR>
    c/o TD Securities (USA) LLC<BR>
    1 Vanderbilt Avenue<BR>
    New York, New York 10017</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TD Securities (USA) LLC<BR>
    1 Vanderbilt Avenue<BR>
    New York, New York 10017</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Truist Securities,&nbsp;Inc.<BR>
    3333 Peachtree Road NE,<BR>
    11th Floor<BR>
    Atlanta, Georgia 30326</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Truist Bank<BR>
    3333 Peachtree Road NE,<BR>
    11th Floor<BR>
    Atlanta, Georgia 30326</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Truist Securities,&nbsp;Inc.<BR>
    3333 Peachtree Road NE,<BR>
    11th Floor<BR>
    Atlanta, Georgia 30326</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells Fargo Securities,
    LLC<BR>
    500 West 33rd Street<BR>
    New York, New York 10001</FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells Fargo Bank,<BR> National
    Association<BR> 500 West 33rd Street<BR> New York, New York 10001</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells Fargo Securities, LLC<BR>
    500 West 33rd Street<BR>
    New York, New York 10001</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>As Managers</I></FONT></TD>
    <TD STYLE="padding-right: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>As Forward Purchasers</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>As Forward Sellers</I></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-align: justify">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">Pinnacle West Capital Corporation,
an Arizona corporation (the &ldquo;<B>Company</B>&rdquo;), confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;) with BofA Securities,&nbsp;Inc.,
Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC,
Truist Securities,&nbsp;Inc. and Wells Fargo Securities, LLC (each, in its capacity as sales agent in connection with the offering and
sale of Issuance Shares (as defined below) hereunder, a &ldquo;<B>Manager</B>&rdquo; and collectively, the &ldquo;<B>Managers</B>&rdquo;),
Bank of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, MUFG Securities EMEA
plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association or one or more of their respective affiliates
(each, in its capacity as purchaser under any Forward Contract (as defined below), a &ldquo;<B>Forward Purchaser</B>&rdquo; and collectively,
the &ldquo;<B>Forward Purchasers</B>&rdquo;) and BofA Securities,&nbsp;Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho
Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities,&nbsp;Inc. and Wells Fargo Securities,
LLC (each, as agent for its affiliated Forward Purchaser in connection with the offering and sale of any Forward Hedge Shares (as defined
below) hereunder, a &ldquo;<B>Forward Seller</B>&rdquo; and collectively, the &ldquo;<B>Forward Sellers</B>&rdquo;), as set forth in
this Agreement. The Company proposes to offer and/or issue and sell on the terms set forth in this Agreement, shares of its common stock,
no par value (&ldquo;<B>Common Stock</B>&rdquo;), having an aggregate gross sales price of up to $900,000,000. The Issuance Shares and
the Forward Hedge Shares offered and sold pursuant to this Agreement shall be referred to herein as the &ldquo;<B>Shares</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">The Company has filed with
the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration statement (File No.&nbsp;333-277448), including
a prospectus, on Form&nbsp;S-3, relating to the securities described therein (the &ldquo;<B>Shelf Securities</B>&rdquo;), including the
Shares, to be offered from time to time by the Company. The registration statement as of its most recent effective date, including the
information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule&nbsp;430A or Rule&nbsp;430B
under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), is hereinafter referred to as the &ldquo;<B>Registration
Statement</B>&rdquo;, and the related prospectus covering the Shelf Securities and filed as part of the Registration Statement, together
with any amendments or supplements thereto (other than a prospectus supplement relating solely to the offering of Shelf Securities other
than the Shares) as of the most recent effective date of the Registration Statement, is hereinafter referred to as the &ldquo;<B>Basic
Prospectus</B>&rdquo;. &ldquo;<B>Prospectus Supplement</B>&rdquo; means the prospectus supplement, relating to the Shares, filed by the
Company with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act on or before the second business day after the
date hereof, in the form furnished by the Company to the Managers, the Forward Purchasers and the Forward Sellers in connection with
the offering of the Shares. Except where the context otherwise requires, &ldquo;<B>Prospectus</B>&rdquo; means the Basic Prospectus,
as supplemented by the Prospectus Supplement and the most recent Interim Prospectus Supplement (as defined in Section&nbsp;6(b)), if
any. For purposes of this Agreement, &ldquo;<B>free writing prospectus</B>&rdquo; has the meaning set forth in Rule&nbsp;405 under the
Securities Act. &ldquo;<B>Permitted Free Writing Prospectuses</B>&rdquo; means the documents listed on <U>Schedule I</U> hereto or otherwise
approved in writing by the Managers, the Forward Purchasers and the Forward Sellers in accordance with Section&nbsp;6(a), and &ldquo;<B>broadly
available road show</B>&rdquo; means any road show as defined in Rule&nbsp;433(h)&nbsp;under the Securities Act. As used herein, the
terms &ldquo;Registration Statement&rdquo;, &ldquo;Basic Prospectus&rdquo;, &ldquo;Prospectus Supplement&rdquo;, &ldquo;Interim Prospectus
Supplement&rdquo; and &ldquo;Prospectus&rdquo; shall include the documents, if any, incorporated by reference therein as of the date
hereof. The terms &ldquo;<B>supplement</B>&rdquo;, &ldquo;<B>amendment</B>&rdquo; and &ldquo;<B>amend</B>&rdquo; as used herein with
respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus
shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as
amended (the &ldquo;<B>Exchange Act</B>&rdquo;), that are deemed to be incorporated by reference therein (the &ldquo;<B>Incorporated
Documents</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"></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">For purposes of this Agreement,
capitalized terms used herein and not otherwise defined shall have the following respective meanings:</P>

<P STYLE="font: 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>Actual Sold Forward
Amount</B>&rdquo; means, for any Forward Hedge Selling Period for any Forward, the number of Forward Hedge Shares that a Forward Seller
has sold during such Forward Hedge Selling Period.</P>

<P STYLE="font: 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>Forward</B>&rdquo;
means the transaction resulting from the delivery by the Company, and the acceptance by the relevant Forward Purchaser, of a Forward
Placement Notice, subject to the terms and conditions of this Agreement and the applicable Forward 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>Forward Contract</B>&rdquo;
means, for each Forward, the contract evidencing such Forward between the Company and a Forward Purchaser, which shall be comprised of
the Master Forward Confirmation and the related Supplemental Confirmation for such Forward.</P>

<P STYLE="font: 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>Forward Date</B>&rdquo;
means any Trading Day that a Forward Placement Notice is delivered or deemed to be delivered pursuant to Section&nbsp;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: justify; text-indent: 0.5in">&ldquo;<B>Forward Hedge Amount</B>&rdquo;
means the aggregate Sales Price of the Forward Hedge Shares to be sold by a Forward Seller with respect to any Forward as specified in
the Forward Placement Notice for such Forward, subject to the terms and conditions of 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>Forward Hedge Price</B>&rdquo;
means, for any Forward Contract, the product of (x)&nbsp;an amount equal to one (1)&nbsp;minus the Forward Hedge Selling Commission Rate
for such Forward Contract; and (y)&nbsp;the &ldquo;Volume-Weighted Hedge Price&rdquo; (as defined in the Master Forward Confirmation)
for such Forward 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>Forward Hedge Selling
Commission</B>&rdquo; means, for any Forward Contract, the product of (x)&nbsp;the Forward Hedge Selling Commission Rate for such Forward
Contract and (y)&nbsp;the &ldquo;Volume-Weighted Hedge Price&rdquo; (as defined in the Master Forward Confirmation) for such Forward
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>Forward Hedge Selling
Commission Rate</B>&rdquo; means, for any Forward Contract, a rate mutually agreed between the Company and a Forward Seller, not to exceed
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-align: justify; text-indent: 0.5in">&ldquo;<B>Forward Hedge Selling
Period</B>&rdquo; means the period of consecutive Trading Days (as determined by the Company in its sole discretion and specified in
the applicable Forward Placement Notice) beginning on, and including, the Trading Day immediately following the Trading Day on which
such Forward Placement Notice is delivered or deemed to be delivered pursuant to Section&nbsp;2(b); <I>provided</I> that if, prior to
the scheduled end of any Forward Hedge Selling Period, (x)&nbsp;any event occurs that would permit a Forward Purchaser to designate a
 &ldquo;Scheduled Trading Day&rdquo; (as such term is defined in the Master Forward Confirmation) as a &ldquo;Termination Settlement Date&rdquo;
(as such term is defined in the Master Forward Confirmation) under, and pursuant to, the provisions opposite the caption &ldquo;Termination
Settlement&rdquo; in the Master Forward Confirmation or (y)&nbsp;an &ldquo;Insolvency Filing&rdquo; (as such term is defined in the Master
Forward Confirmation) occurs, then the Forward Hedge Selling Period shall immediately terminate as of the first such occurrence (or,
if later, when persons at the Forward Seller responsible for executing sales of Forward Hedge Shares become aware of such occurrence).</P>

<P STYLE="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>Forward Hedge Settlement
Date</B>&rdquo; means the Trading Day (or such earlier day as is industry practice for regular-way trading) following each Trading Day
during the applicable Forward Hedge Selling Period on which a Forward Seller sells any Forward Hedge Shares 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>Forward Hedge Shares</B>&rdquo;
means all shares of Common Stock borrowed by a Forward Purchaser or its affiliate and offered and sold by the Forward Sellers in connection
with any Forward that has occurred or may occur in accordance with the terms and conditions of 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>Forward Placement
Notice</B>&rdquo; means a written notice to the applicable Forward Purchaser and Forward Seller, delivered in accordance with this Agreement
in the form attached as <U>Exhibit&nbsp;B</U> specifying that it relates to a &ldquo;Forward&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">&ldquo;<B>Issuance Shares</B>&rdquo;
means all shares of Common Stock issued and sold through a Manager in accordance with the terms and conditions of 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>Master Forward
Confirmation</B>&rdquo; means each Master Forward Confirmation, dated as of the date hereof, by and between the Company and any Forward
Purchaser, including all provisions incorporated by reference therein, substantially in the form attached as <U>Exhibit&nbsp;C</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>Sales Price</B>&rdquo;
means, for each Forward Hedge Share or each Issuance Share, the actual sale execution price of each Forward Hedge Share or Issuance Share,
respectively, sold by a Forward Seller or a Manager, as applicable, on the New York Stock Exchange, in the case of ordinary brokers&rsquo;
transactions, or as otherwise agreed by the parties in other methods of sale.</P>

<P STYLE="font: 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 any Forward Hedge Settlement Date or any Issuance Shares Settlement Date (as defined in Section&nbsp;4(a)).</P>

<P STYLE="font: 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>Supplemental Confirmation</B>&rdquo;
has the meaning set forth in the Master Forward Confirmation.</P>

<P STYLE="font: 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 which is a trading day on the New York Stock Exchange (the &ldquo;<B>Exchange</B>&rdquo;), other than a day on which the
Exchange is scheduled to close prior to its regular weekday closing 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-align: justify; text-indent: 0.5in">&ldquo;<B>Transaction Documents</B>&rdquo;
means this Agreement, each Master Forward Confirmation and each Supplemental Confirmation under each such Master Forward Confirmation.</P>

<P STYLE="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; color: #010000">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A.
<I>Representations and Warranties of the Company</I>. The Company represents and warrants to and agrees with the Managers, the Forward
Purchasers and the Forward Sellers 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Compliance
with Securities Laws</I>. (i)(A)&nbsp;At the respective times the Registration Statement and each amendment thereto became effective,
(B)&nbsp;at each deemed effective date with respect to the Managers pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act (each,
a &ldquo;<B>Deemed Effective Time</B>&rdquo;), (C)&nbsp;as of each time Shares are sold pursuant to this Agreement (each, a &ldquo;<B>Time
of Sale</B>&rdquo;), (D)&nbsp;at each Settlement Date, (E)&nbsp;at all times during which a prospectus is required by the Securities
Act to be delivered (whether physically or through compliance with Rule&nbsp;172 under the Securities Act or any similar rule) in connection
with any sale of Shares (the &ldquo;<B>Delivery Period</B>&rdquo;), and (F)&nbsp;as of the date hereof, the Registration Statement conformed
and will conform in all material respects with the requirements of the Securities Act and the rules&nbsp;and regulations of the Commission
thereunder; (ii)&nbsp;the Basic Prospectus (A)&nbsp;has conformed, or will conform, at the time it was, or will be, filed with the Commission,
(B)&nbsp;conforms as of the date hereof (if filed with the Commission on or prior to the date hereof) and (C)&nbsp;as of each Time of
Sale and at all times during the Delivery Period, will conform, in each case in all material respects, with the requirements of the Securities
Act and the rules&nbsp;and regulations of the Commission thereunder; and (iii)&nbsp;each of the Prospectus Supplement, any Interim Prospectus
Supplement and the Prospectus will conform (A)&nbsp;as of the date that such document is filed with the Commission, (B)&nbsp;as of each
Time of Sale and (C)&nbsp;as of each Settlement Date and at all times during the Delivery Period, in all material respects with the rules&nbsp;and
regulations of the Commission 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>General
Disclosure Package</I>. (i)&nbsp;As of the date hereof, at the respective times the Registration Statement and each amendment thereto
became effective and at each Deemed Effective Time, the Registration Statement did not and/or 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 statements therein not misleading; (ii)&nbsp;as of each Time of Sale, the Prospectus (as amended and supplemented
at such Time of Sale) and any Permitted Free Writing Prospectus then in use, considered together (collectively, the &ldquo;<B>General
Disclosure Package</B>&rdquo;), will not contain any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; (iii)&nbsp;as of its date,
the Prospectus did not contain an 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; and (iv)&nbsp;at any Settlement Date, the Prospectus
(as amended and supplemented as of such Settlement Date) did not and will not contain an 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; <I>provided</I>, <I>however</I>, that the Company makes no representation or warranty in this Section&nbsp;1(A)(b)&nbsp;with
respect to any statement or omission made in the Registration Statement, the Prospectus or the General Disclosure Package, or any amendment
or supplement thereto, in reliance upon and in conformity with any information furnished in writing by or on behalf of the Managers,
the Forward Purchasers or the Forward Sellers to the Company specifically for use in the Registration Statement, the Prospectus or the
Prospectus Supplement, or any amendment or supplement 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Permitted
Free Writing Prospectus</I>. The Company (including its agents and representatives, other than the Managers, the Forward Purchasers and
the Forward Sellers and their respective affiliates, agents and representatives, each in their respective capacities) has not prepared,
made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any &ldquo;<B>written
communication</B>&rdquo; (as defined in Rule&nbsp;405 under the Securities Act) that constitutes a free writing prospectus other than
a Permitted Free Writing Prospectus, which includes (i)&nbsp;the documents listed on <U>Schedule I</U> hereto as constituting part of
the General Disclosure Package and (ii)&nbsp;any broadly available road show or other written communications, in each case approved in
writing in advance by the Managers, the Forward Purchasers and the Forward Sellers. Each such Permitted Free Writing Prospectus will
not include anything that conflicts with the information contained or incorporated by reference in the Registration Statement or the
Prospectus, and any such Permitted Free Writing Prospectus has been or will be (within the time period specified in Rule&nbsp;433 under
the Securities Act) filed in accordance with the Securities Act (to the extent required thereby); and such Permitted Free Writing Prospectus,
when taken together with the Registration Statement and the Prospectus accompanying, or delivered prior to delivery of, such Permitted
Free Writing Prospectus, did not, as of its issue date and at all subsequent times through the completion of the public offer and sale
of the Shares or until any earlier date that the Company notified or notifies the Managers, the Forward Purchasers and the Forward Sellers,
and will not, when considered together with the General Disclosure Package, 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; <I>provided</I>, <I>however</I>, that the Company makes no representation or warranty with respect to any statements
or omissions made in each such Permitted Free Writing Prospectus in reliance upon and in conformity with any information furnished in
writing by or on behalf of the Managers, the Forward Purchasers or the Forward Sellers to the Company specifically for use in any Permitted
Free Writing Prospectus.</P>



<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Status
under the Securities Act; Registration Statement</I>. The Commission has not issued any order suspending the effectiveness of the Registration
Statement, and, to the knowledge of the Company, no proceeding or examination for such purpose or pursuant to Section&nbsp;8A of the
Securities Act against the Company or related to the offering has been instituted or threatened by the Commission. The Commission has
not notified the Company of any objection to the use of the form of the Registration Statement. The Company was at the time of the initial
filing of the Registration Statement, has been at all relevant determination dates thereafter (as provided in clause (2)&nbsp;of the
definition of &ldquo;well-known seasoned issuer&rdquo; in Rule&nbsp;405 under the Securities Act), is on the date hereof and will be
on each Settlement Date a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule&nbsp;405 under the Securities Act), including
not having been an &ldquo;ineligible issuer&rdquo; (as defined in Rule&nbsp;405 under the Securities Act) at any such time or date. The
Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; (as defined in Rule&nbsp;405 under the Securities Act)
and was filed not earlier than the date that is three years prior to each Settlement Date. The conditions for use of Form&nbsp;S-3, as
set forth in the General Instructions thereto, have been satisfied.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Incorporated
Documents</I>. Each document filed, and to the extent such document has been amended, as amended, or to be filed pursuant to the Exchange
Act and incorporated by reference in each of the Registration Statement, the Prospectus and the General Disclosure Package, when so filed,
conformed, or will conform, in all material respects to the requirements of the Exchange Act and the applicable rules&nbsp;and regulations
of the Commission thereunder, and none of such documents included, and to the extent such document has been amended, as amended or, when
so filed, will include any untrue statement of a material fact or omitted or, when so filed, will omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Organization
and Good Standing</I>. (i)&nbsp;The Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Arizona. The Company has the requisite corporate power and corporate authority to conduct its business as such business
is currently being conducted as described in the General Disclosure Package and is duly qualified to do business as a foreign corporation
in good standing in all other jurisdictions (i)&nbsp;in which its ownership or lease of property or the conduct of its business requires
such qualification and (ii)&nbsp;where the failure to be so qualified would be reasonably likely to have a material adverse effect on
the current or future financial condition, shareholders&rsquo; equity or results of operations of the Company and its consolidated subsidiaries,
taken as a whole (a &ldquo;<B>Material Adverse Effect</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Investment
Company Act</I>. The Company is not, and as a result of and after giving effect to the transactions contemplated by the Transaction Documents,
including, without limitation, (i)&nbsp;the issuance, sale and delivery of the Issuance Shares, if any, (ii)&nbsp;the issuance, sale
and delivery of any shares of Common Stock upon settlement of the related Forward Contract, and (iii)&nbsp;the application of the proceeds
therefrom upon such settlement, in each case, as described in the General Disclosure Package under the heading &ldquo;Use of Proceeds&rdquo;,
will not be, an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within
the meaning of the Investment Company Act of 1940, 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Financial
Statements</I>. The financial statements of the Company referred to, incorporated by reference or contained in the Registration Statement,
the General Disclosure Package and the Prospectus present fairly in all material respects the financial position of the Company as of
the dates shown and the results of its operations and cash flows for the periods shown, and such financial statements have been prepared
in conformity with generally accepted accounting principles in the United States applied on a consistent basis in all material respects
with respect to the periods involved as stated therein (except as disclosed therein). Any schedule included in the Registration Statement
presents fairly in all material respects the information required to be stated therein. The Company maintains systems of internal accounting
controls and processes sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorizations, (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and (iii)&nbsp;assets are safeguarded from loss or unauthorized use that would
have a material effect on the financial statements 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Capitalization</I>.
The Company has authorized capital stock as set forth in the General Disclosure Package. All of the issued shares of capital stock of
the Company have been duly and validly authorized, issued and delivered and are fully paid and non-assessable. The shareholders and other
security holders of the Company have no preemptive rights with respect to any shares of capital stock of the Company except as described
in the General Disclosure Package.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Description
of Common Stock</I>. The statements set forth in the General Disclosure Package under the caption &ldquo;Description of Pinnacle West
Common Stock&rdquo;, insofar as they purport to constitute a summary of the terms of the Common Stock, are accurate and complete in all
material respects.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>The
Shares</I>. The Issuance Shares, the Forward Hedge Shares and any shares of Common Stock to be delivered by the Company under a Supplemental
Confirmation (collectively, the &ldquo;<B>Company Shares</B>&rdquo;) have been, or will have been at such time of such issuance, duly
and validly authorized and, when issued and delivered against payment therefor as provided in the Transaction Documents, will be duly
and validly issued and delivered and fully paid and non-assessable. No holder of any Company Shares to be issued and sold under any Transaction
Document is or will be subject to personal liability by reason of being such a holder. The issuance and sale of the Company Shares are
not subject to any preemptive rights, rights of first refusal or other similar rights of any securityholder of the Company or any other
person or 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Conflict</I>. The issuance and sale of the Issuance Shares by the Company through the Managers, the offering and sale of any Forward
Hedge Shares, the compliance by the Company with all of the provisions of the Transaction Documents, the execution and delivery by the
Company of the Transaction Documents and the performance by the Company of its obligations under the Transaction Documents, in each case,
will not (i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
any indenture or mortgage or other deed of trust, loan agreement or other agreement or instrument to which the Company or Arizona Public
Service Company (&ldquo;<B>APS</B>&rdquo;) is a party or by which the Company or APS is bound or to which any of the property or assets
of the Company or APS is subject, (ii)&nbsp;violate or result in a breach of the Articles of Incorporation, as amended, or Bylaws, as
amended, of the Company or (iii)&nbsp;violate or result in a breach of any federal or state law, rule&nbsp;or regulation applicable to
the Company or APS (excluding state securities and blue sky laws) or any judgment, order or decree of any court or governmental agency
or body having jurisdiction over the Company or APS or any of their properties, except, in the case of clause (i)&nbsp;and clause (iii)&nbsp;above,
for any such conflict, breach or violation that is not reasonably likely to have a Material Adverse Effect or to have a material adverse
effect on the Company&rsquo;s ability to perform its obligations under any Master Forward Confirmation or any Supplemental Confirmation.
No consent, approval, authorization, order, registration or qualification of or with any such court or federal or state governmental
authority is required for the issuance and sale of the Company Shares, for the execution and delivery by the Company of, or the performance
by the Company of its obligations under, the Transaction Documents or for the consummation by the Company of the transactions contemplated
by the Transaction Documents, except (x)&nbsp;such consents, approvals, authorizations, registrations or qualifications as may be required
under state securities or blue sky laws in connection with the purchase and distribution of the Company Shares by the Managers, the Forward
Purchasers or the Forward Sellers and (y)&nbsp;the registration under the Securities Act of the Company Shares.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Due
Authorization</I>. Each of the Transaction Documents executed on or prior to the date hereof has been duly authorized, executed and delivered
by the Company and constitutes a valid and binding agreement of the Company and, assuming due authorization, execution and delivery by
the relevant Forward Purchaser or Manager, as the case may be, is enforceable against the Company in accordance with the terms thereof
subject to (i)&nbsp;the effect of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws now
or hereafter in effect relating to or affecting the rights and remedies of creditors and (ii)&nbsp;the effect of general principles of
equity, whether enforcement is considered in a proceeding in equity or at law, and the discretion of the court before which any proceeding
therefor may be brought (collectively, the &ldquo;<B>Enforceability Exceptions</B>&rdquo;). Each Transaction Document executed after
the date hereof (if any) has been duly authorized by the Company and, upon its execution and delivery by the Company, will be duly authorized,
executed and delivered by the Company and will constitute a valid and binding agreement of the Company and, assuming due authorization,
execution and delivery by the relevant Forward Purchaser, will be enforceable against the Company in accordance with the terms thereof
subject to the Enforceability Exceptions.</P>

<P STYLE="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>

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<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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Licenses</I>.
Except as disclosed in the General Disclosure Package and except with respect to applicable foreign, federal, state or local laws and
regulations and any decision or order of any governmental agency or body or any court relating to the environment, the effect of the
environment on human health or hazardous or toxic substances or wastes, pollutants or contaminants (&ldquo;<B>Environmental Laws</B>&rdquo;),
which are addressed solely by Section&nbsp;1(A)(x), each of the Company and APS has all corporate powers and all governmental licenses,
authorizations, consents and approvals required to carry on its respective business as now conducted, except where the failure to have
any such license, authorization, consent or approval is not reasonably likely to have a Material Adverse Effect and, as to APS, except
that (i)&nbsp;APS from time to time makes minor extensions of its system prior to the time a related franchise, certificate, license,
consent or permit is procured, (ii)&nbsp;from time to time communities already being served by APS become incorporated and considerable
time may elapse before a franchise, license, consent or permit is procured, (iii)&nbsp;certain franchises, licenses, consents or permits
may have expired prior to the renegotiation thereof, (iv)&nbsp;under Arizona Revised Statutes Section&nbsp;40-281.B, APS may extend distribution
facilities into areas contiguous to its certificates of convenience and necessity not already served by another electric utility without
extending its existing certificates or obtaining new certificates, (v)&nbsp;certain minor defects and exceptions may exist that, individually
and in the aggregate, are not deemed material and (vi)&nbsp;no representation is made regarding the geographical scope of any franchise,
certificate, license, consent or permit that is not specific as to its geographical scope.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Prohibited
Transactions</I>. Neither the Company nor any of its subsidiaries or, to the knowledge of the Company, any of their respective affiliates
over which any of the foregoing exercises management control (each, a &ldquo;<B>Controlled Affiliate</B>&rdquo;) or any director or officer
of the Company, any of its subsidiaries or any of their respective Controlled Affiliates (each, a &ldquo;<B>Company Manager</B>&rdquo;)
is a Person (as defined in Section&nbsp;1(A)(p)): (i)&nbsp;listed in the annex to the Executive Order (as defined in Section&nbsp;1(A)(q))
or identified pursuant to Section&nbsp;1 of the Executive Order; (ii)&nbsp;that is owned or controlled by, or acting for or on behalf
of, any Person listed in the annex to the Executive Order or identified pursuant to the provisions of Section&nbsp;1 of the Executive
Order; (iii)&nbsp;with whom a Manager, a Forward Purchaser or a Forward Seller is prohibited from dealing or otherwise engaging in any
transaction by any terrorism or anti-laundering law, including the Executive Order; (iv)&nbsp;who commits, threatens, conspires to commit,
or support &ldquo;terrorism&rdquo; as defined in the Executive Order; (v)&nbsp;who is named as a &ldquo;Specially designated national
or blocked person&rdquo; on the most current list published by the Office of Foreign Assets Control of the United States Department of
the Treasury (&ldquo;<B>OFAC</B>&rdquo;) at its official website, at https://www.treasury.gov/ofac/downloads/sdnlist.pdf or any replacement
website or other replacement official publication of such list; or (vi)&nbsp;who is owned or controlled by a Person listed above in clause
(iii)&nbsp;or (v)&nbsp;(each, a &ldquo;<B>Prohibited Person</B>&rdquo;), and the Company, its subsidiaries and, to the knowledge of the
Company, such Controlled Affiliates are in compliance with all applicable orders, rules&nbsp;and regulations of OFAC.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Sanctions</I>.
Neither the Company nor any of its subsidiaries or, to the knowledge of the Company, any of their respective Controlled Affiliates or
Company Managers: (i)&nbsp;is the target of economic or financial sanctions or trade embargoes imposed, administered or enforced from
time to time by OFAC and any similar economic or financial sanctions or trade embargoes of the type described in Section&nbsp;1(A)(o),
this Section&nbsp;1(A)(p), Section&nbsp;1(A)(q)&nbsp;and Section&nbsp;1(A)(r)&nbsp;and imposed, administered or enforced from time to
time by the United States government, including the United States Department of State (collectively, the &ldquo;<B>Sanctions</B>&rdquo;);
(ii)&nbsp;is owned or controlled by, or acts on behalf of, any individual, partnership, corporation (including a business trust), joint
stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political
subdivision or agency thereof (each, a &ldquo;<B>Person</B>&rdquo;) that is targeted by United States or multilateral economic or trade
sanctions currently in force; (iii)&nbsp;is, or is owned or controlled by, a Person who is located, organized or resident in a country
or territory that is, or whose government is, the subject of Sanctions, including, without limitation, the so-called Donetsk People&rsquo;s
Republic, the so-called Luhansk People&rsquo;s Republic or any other Covered Region of Ukraine identified pursuant to Executive Order
14065, the Crimea Region and the non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine, Cuba,&nbsp;Iran,
North Korea, Sudan and Syria; or (iv)&nbsp;is named, identified or described on any list of Persons with whom United States Persons may
not conduct business, including any such blocked persons list, designated nationals list, denied persons list, entity list, debarred
party list, unverified list, sanctions list or other such lists published or maintained by the United States, including OFAC, the United
States Department of Commerce or the United States Department of 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Anti-Corruption
Laws</I>. None of the Company&rsquo;s or its subsidiaries&rsquo; assets constitute property of, or are beneficially owned, directly or
indirectly, by any Person that is the target of Sanctions, including, but not limited to, the International Emergency Economic Powers
Act, 50 U.S.C. &sect;&sect; 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq. (the &ldquo;<B>Trading With the Enemy
Act</B>&rdquo;), any of the foreign assets control regulations of the Treasury (31 C.F.R., Subtitle B, Chapter V, as amended) (the &ldquo;<B>Foreign
Assets Control Regulations</B>&rdquo;) or any enabling legislation or regulations promulgated thereunder or executive order relating
thereto (which includes, without limitation, (i)&nbsp;Executive Order No.&nbsp;13224, effective as of September&nbsp;24, 2001, and relating
to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079
(2001)) (the &ldquo;<B>Executive Order</B>&rdquo;) and (ii)&nbsp;the USA PATRIOT Act), if the result of such ownership would be that
the Shares would be in violation of law (&ldquo;<B>Embargoed Person</B>&rdquo;). No Embargoed Person has any interest of any nature whatsoever
in the Company if the result of such interest would be that the offering and the issuance of the Shares would be in violation of law.
The Company has not engaged in business with Embargoed Persons if the result of such business would be that the offering and the issuance
of the Shares would be in violation of law. The Company will not, directly or indirectly, use the proceeds of the offering of the Shares,
or contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (1)&nbsp;to fund any
activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government
is, the subject of Sanctions, or (2)&nbsp;in any other manner that would result in a violation of Sanctions or laws, rules&nbsp;and regulations
of any jurisdiction applicable to the Company or its subsidiaries from time to time concerning or relating to bribery or corruption (collectively,
the &ldquo;<B>Anti-Corruption Laws</B>&rdquo;) by any Person (including any Person holding the Shares). Neither the Company nor any Controlled
Affiliate (A)&nbsp;is or will become a &ldquo;blocked person&rdquo; as described in the Executive Order, the Trading With the Enemy Act
or the Foreign Assets Control Regulations or (B)&nbsp;to the knowledge of the Company, engages in any dealings or transactions, or is
otherwise associated, with any such &ldquo;blocked person&rdquo;. For purposes of determining whether or not a representation is true
under this Section&nbsp;1(A)(q), the Company shall not be required to make any investigation into (x)&nbsp;the ownership of publicly
traded stock or other publicly traded securities or (y)&nbsp;the beneficial ownership of any collective investment fund.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>FCPA</I>.
Neither the Company nor any of its subsidiaries or, to the knowledge of the Company and its subsidiaries, any of their Company Managers,
has failed to comply with the United States Foreign Corrupt Practices Act, as amended from time to time (the &ldquo;<B>FCPA</B>&rdquo;),
or any other applicable anti-bribery laws or Anti-Corruption Laws, and it and they have not made, offered, promised or authorized, and
will not make, offer, promise or authorize, whether directly or indirectly, any payment, of anything of value to (i)&nbsp;an executive,
official, employee or agent of a governmental department, agency or instrumentality, (ii)&nbsp;a director, officer, employee or agent
of a wholly or partially government-owned or -controlled company or business, (iii)&nbsp;a political party or official thereof, or candidate
for political office or (iv)&nbsp;an executive, official, employee or agent of a public international organization (e.g., the International
Monetary Fund or the World Bank) (each, a &ldquo;<B>Government Official</B>&rdquo;) while knowing or having a reasonable belief that
all or some portion will be used for the purpose of: (x)&nbsp;influencing any act, decision or failure to act by a Government Official
in his or her official capacity, (y)&nbsp;inducing a Government Official to use his or her influence with a government or instrumentality
to affect any act or decision of such government or entity or (z)&nbsp;securing an improper advantage, in each case in order to obtain,
retain or direct business.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>XBRL</I>.
The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the General Disclosure
Package and the Prospectus 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 in all material respects. The Company&rsquo;s disclosure controls
and procedures provide reasonable assurance that the interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus is prepared in accordance with the Commission&rsquo;s
rules&nbsp;and guidelines 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Good
Standing of APS</I>. APS is a corporation duly organized, validly existing and in good standing under the laws of the State of Arizona.
All of the issued shares of capital stock of APS have been duly and validly authorized and issued, are fully paid and non-assessable
and are owned directly by the Company, free and clear of all liens, encumbrances, equities and claims, other than liens for taxes, assessments
or other governmental charges or levies not at the time delinquent or thereafter payable without penalty or being contested in good faith
by appropriate proceedings and for which adequate reserves shall have 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Material Adverse Change</I>. Since the respective dates as of which information is given in the General Disclosure Package, there has
not been any material adverse change in or affecting the financial condition, shareholders&rsquo; equity or results of operations of
the Company and its consolidated subsidiaries, taken as a whole, other than as set forth or contemplated in the General Disclosure Package.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Legal
Proceedings</I>. Other than as set forth in the General Disclosure Package or the Prospectus, there are no legal or governmental proceedings
pending to which the Company or any of its subsidiaries is a party that, if determined adversely to the Company or any of its subsidiaries,
would be reasonably likely to have a Material Adverse Effect and, to the Company&rsquo;s knowledge, no such proceedings are threatened
by governmental authorities or others.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Real
Property</I>. To the extent material to the Company and APS, taken as a whole, they have good and marketable title to the real and personal
property owned by them, and any real properties and buildings held under lease by the Company or APS are held under valid and enforceable
leases, in each case free and clear of all liens, encumbrances and defects except such as are described in the General Disclosure Package
or such as do not and are not reasonably likely to have a Material Adverse Effect; <I>provided</I>, <I>however</I>, that (i)&nbsp;this
representation and warranty as to leases shall not extend to property held under lease from the Navajo Nation or under easement from
the federal government, (ii)&nbsp;this representation and warranty shall not extend to easements and rights-of-way from Indian tribes
for lines and systems and (iii)&nbsp;this representation and warranty shall not extend to the potential effect on any material lease
of a bankruptcy filing of any lessor, certain issues with respect to all of which are set forth in the Company&rsquo;s periodic reports
filed with the Commission under the Exchange 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Compliance
with Environmental Laws</I>. Except as disclosed in the General Disclosure Package, the operations and properties of the Company and
APS comply with all Environmental Laws, except where the necessity of compliance therewith is being contested in good faith by appropriate
proceedings or such non-compliance with Environmental Laws is not reasonably likely to have a Material Adverse 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Registration
Rights</I>. There are no contracts, agreements or understandings between the Company and any person or entity granting such person or
entity the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the
Company owned or to be owned by such person or entity or to require the Company to include such securities in the securities registered
pursuant to the Registration Statement or in any securities being registered pursuant to any other registration statement filed by the
Company 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>PUHCA</I>.
The Company is a &ldquo;holding company&rdquo;, as such term is defined in the Public Utility Holding Company Act of 2005 (the &ldquo;<B>PUHCA</B>&rdquo;).
No approval, authorization or consent is required under the PUHCA in connection with the issuance or sale of the Shares.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>IT
Systems and Data</I>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company
has no knowledge of any security breach or other compromise of or relating to any of the Company&rsquo;s or its subsidiaries&rsquo; information
technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers
and vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, &ldquo;<B>IT Systems
and Data</B>&rdquo;), except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
The Company and its subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be
expected to result in, any security breach or other compromise to their IT Systems and Data, except as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its subsidiaries are presently in compliance
with all applicable laws and statutes, all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental or
regulatory authority, all internal policies and all contractual obligations relating to the privacy and security of IT Systems and Data
and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its subsidiaries have implemented
backup and disaster recovery technology consistent with industry standards and practices. The Company and its subsidiaries have policies
and procedures in place designed to ensure the integrity and security of the IT Systems and Data and comply with such policies and procedures
in all material respects.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Listing</I>.
The outstanding shares of Common Stock are listed on the Exchange. All of the Shares that have been or may be sold under this Agreement
have been approved for listing, subject only to official notice of issuance, on the 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(cc)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Stabilization</I>. The Company has not taken, directly or indirectly, any action designed to or that would reasonably be expected to
cause or result in any stabilization or manipulation of the price of the Shares in violation of applicable securities 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(dd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>&ldquo;Actively-Traded&rdquo;
Status</I>. The Common Stock is an &ldquo;actively-traded security&rdquo; exempted from the requirements of Rule&nbsp;101 of Regulation
M under the Exchange Act by Rule&nbsp;101(c)(1)&nbsp;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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
certificate signed by an officer of the Company and delivered to the Managers, any Forward Seller or any Forward Purchaser or to counsel
for the Managers or counsel to the Forward Sellers or the Forward Purchasers, as the case may be, in connection with the offering of
the Shares shall be deemed a representation and warranty by the Company, as to matters covered thereby on the date of such certificate,
to each Manager, each Forward Seller and each Forward Purchaser.</P>

<P STYLE="font: 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; color: #010000">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Representations
and Warranties of the Forward Sellers and Forward Purchasers</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Forward Sellers severally represents and warrants to, and agrees with, the Managers that this Agreement has been duly authorized,
executed and delivered by the Forward Sellers. At each Forward Hedge Settlement Date, the applicable Forward Seller will have full right,
power and authority to sell, transfer and deliver the Forward Hedge Shares; <I>provided</I> that such Forward Seller remains an affiliate
of the applicable Forward Purchaser on such 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Forward Purchasers severally represents and warrants that the applicable Master Forward Confirmation between the Company and the
applicable Forward Purchaser has been, and any Supplemental Confirmation between the Company and the applicable Forward Purchaser will
be, duly authorized, executed and delivered by the applicable Forward Purchaser, and, assuming due authorization, execution and delivery
by the Company, constitutes or will constitute a legal, valid and binding obligation of the applicable Forward Purchaser, enforceable
against such Forward Purchaser in accordance with its terms, except to the extent that enforceability thereof may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&rsquo;
rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or
at 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Forward Sellers severally represents and warrants that the applicable Forward Seller will, at the relevant Forward Hedge Settlement
Date, have the free and unqualified right to transfer any Forward Hedge Shares, to the extent it is required to transfer such Forward
Hedge Shares hereunder, free and clear of any security interest, mortgage, pledge, lien, charge, claim, equity or encumbrance of any
kind; <I>provided</I> that such Forward Seller remains an affiliate of the applicable Forward Purchaser on such 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; color: #010000">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Sale
of Issuance Shares and Forward Hedge Shares</I>. 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 Managers, the Forward Purchasers and the Forward Sellers agree
that the Company may from time to time seek to (i)&nbsp;sell Issuance Shares through the Managers, acting as sales agent, and (ii)&nbsp;offer
Forward Hedge Shares through the Forward Purchasers and the Forward Sellers as follows:</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may submit its orders to a Manager by telephone (including any price, time or size limits or other customary parameters or conditions)
to sell Issuance Shares on any Trading Day, which order shall be confirmed by such Manager (and accepted by the Company) by electronic
mail using a form substantially similar to that attached hereto as <U>Exhibit&nbsp;A</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(i)&nbsp;Subject
to the terms and conditions hereof, such Manager shall use commercially reasonable efforts consistent with its normal trading and sales
practices to execute any Company order submitted to it hereunder to sell Issuance Shares with respect to which such Manager has agreed
to act as sales agent. The Company acknowledges and agrees that (x)&nbsp;there can be no assurance that such Manager will be successful
in selling the Issuance Shares, (y)&nbsp;such Manager will incur no liability or obligation to the Company or any other person or entity
if it does not sell Issuance Shares for any reason and (z)&nbsp;such Manager shall be under no obligation to purchase Issuance Shares
on a principal basis pursuant to this Agreement unless a written acceptance has been delivered by the Company to such Manager.</P>

<P STYLE="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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>The
Company may request entry into a Forward with a Forward Purchaser and thereby offer Forward Hedge Shares by delivering written notice
to such Forward Purchaser and the applicable Forward Seller, at which time the Company and the applicable Forward Purchaser shall duly
execute a Master Forward Confirmation, if one has not already been executed between the Company and the applicable Forward Purchaser.</P>

<P STYLE="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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to the terms and conditions set forth in the Transaction Documents, on any Trading Day, the Company may deliver a Forward Placement Notice
executed by an authorized officer of the Company to a Forward Purchaser and a Forward Seller. The Forward Purchaser and the Forward Seller
may accept the Forward Placement Notice by e-mail to one of the individuals at the Company named on <U>Schedule II</U> hereto, as such
Schedule may be amended from time to time (which amendment may be effected in writing by the Company to the other parties to the Transaction
Documents without the consent of any other such parties), confirming the terms of such Forward Placement Notice. Upon the delivery of
a Forward Placement Notice to the Forward Purchaser and the Forward Seller and the Forward Purchaser&rsquo;s and the Forward Seller&rsquo;s
acceptance of such Forward Placement Notice by e-mail confirming the terms of such Forward Placement Notice, and unless the sale of the
Forward Hedge Shares described therein has been suspended or otherwise terminated in accordance with the terms of this Agreement or the
Master Forward Confirmation, the Forward Purchaser will use commercially reasonable efforts to borrow Forward Hedge Shares up to the
amount specified and the Forward Seller will use commercially reasonable efforts consistent with its normal trading and sales practices
to sell such Forward Hedge Shares, and otherwise in accordance with the terms of such Forward Placement Notice. The number of Forward
Hedge Shares that the Forward Purchaser shall use commercially reasonable efforts to borrow and that the Forward Seller shall use commercially
reasonable efforts to sell pursuant to such Forward shall have an aggregate actual sale execution price equal to the Forward Hedge Amount
set forth in the Forward Placement Notice accepted by the Forward Purchaser and the Forward Seller.</P>

<P STYLE="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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A
Forward Placement Notice or any amendment thereto shall be deemed delivered on the Trading Day that it is received by facsimile or otherwise
(and the Company confirms such delivery by e-mail notice or by telephone (including voicemail message)) by the Forward Purchaser and
the Forward Seller. No Forward Placement Notice may be delivered if an ex-dividend date or ex-date, as applicable, for any dividend or
distribution payable by the Company on the Common Stock, is scheduled to occur during the period from, but excluding, the first scheduled
Trading Day of the related Forward Hedge Selling Period to, and including, the last scheduled Trading Day of such Forward Hedge Selling
Period.</P>



<P STYLE="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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>No
later than the opening of the Trading Day next following the last Trading Day of each Forward Hedge Selling Period (or, if earlier, the
date on which any Forward Hedge Selling Period is terminated in accordance with the terms of this Agreement or the Master Forward Confirmation),
the Forward Purchaser shall execute and deliver to the Company, and the Company shall execute and return to the Forward Purchaser, a
Supplemental Confirmation in respect of the Forward for such Forward Hedge Selling Period, which Supplemental Confirmation shall set
forth the &ldquo;Trade Date&rdquo; for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the last
Trading Day of such Forward Hedge Selling Period), the &ldquo;Effective Date&rdquo; for such Forward (which shall, subject to the terms
of the Master Forward Confirmation, be the date one Settlement Cycle (as such term is defined in the Master Forward Confirmation) immediately
following the last Trading Day of such Forward Hedge Selling Period), the initial &ldquo;Base Amount&rdquo; for such Forward (which shall,
subject to the terms of the Master Forward Confirmation, be the Actual Sold Forward Amount for such Forward Hedge Selling Period), the
 &ldquo;Maturity Date&rdquo; for such Forward (which shall, subject to the terms of the applicable Master Forward Confirmation, be the
date that follows the last Trading Day of such Forward Hedge Selling Period by the number of days, months or years set forth opposite
the caption &ldquo;Term&rdquo; in the Forward Placement Notice for such Forward, which number of days, months or years shall in no event
be less than two (2)&nbsp;months nor more than eighteen (18) months), the &ldquo;Forward Price Reduction Dates&rdquo; for such Forward
(which shall be each of the dates set forth below the caption &ldquo;Forward Price Reduction Dates&rdquo; in the Forward Placement Notice
for such Forward), the &ldquo;Forward Price Reduction Amount&rdquo; corresponding to such Forward Price Reduction Dates (which shall
be each amount set forth opposite each &ldquo;Forward Price Reduction Date&rdquo; and below the caption &ldquo;Forward Price Reduction
Amounts&rdquo; in the Forward Placement Notice for such Forward), the &ldquo;Spread&rdquo; for such Forward (which shall be the amount
set forth opposite the term &ldquo;Spread&rdquo; in the Forward Placement Notice), the &ldquo;Initial Forward Price&rdquo; for such Forward
(which shall be determined as provided in the Master Forward Confirmation), the &ldquo;Volume-Weighted Hedge Price&rdquo; (which shall
be determined as provided in the Master Forward Confirmation), the &ldquo;Specified Borrow Rate&rdquo; (which shall be the rate set forth
opposite the term &ldquo;Specified Borrow Rate&rdquo; in the Forward Placement Notice), the &ldquo;Maximum Specified Borrow Rate&rdquo;
(which shall be the rate set forth opposite the term &ldquo;Maximum Specified Borrow Rate&rdquo; in the Forward Placement Notice), the
 &ldquo;Forward Shares&rdquo;, the &ldquo;Threshold Number of Shares&rdquo; and the &ldquo;Notice Settlement Number&rdquo; (which shall
be the number set forth opposite the term &ldquo;Notice Settlement Number&rdquo; in the Forward Placement 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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>For
each Forward, the Company shall be obligated to enter into a Forward Contract with the Forward Purchaser, and the Forward Purchaser shall
be obligated to use commercially reasonable efforts to borrow, and the Forward Seller shall use commercially reasonable efforts consistent
with its normal trading and sales practices to sell, the Forward Hedge Shares pursuant to such Forward only if and when the Company delivers
a Forward Placement Notice to the Forward Purchaser and the Forward Seller and the Forward Purchaser and the Forward Seller have accepted
such Forward Placement Notice as provided in Section&nbsp;2(b)(iii). The Company shall have the right, in its sole discretion, to request
that the Forward Seller and Forward Purchaser amend at any time and from time to time any Forward Placement Notice, and if such amendment
is accepted by the Forward Purchaser and the Forward Seller, each of the Forward Purchaser and the Forward Seller shall, as soon as reasonably
practicable after receiving notice of such amendment, modify its offers to sell or borrow, as applicable, consistent with any such amendment
notice; <I>provided</I>, <I>however</I>, that (i)&nbsp;the Company may not amend the Forward Hedge Amount if such amended Forward Hedge
Amount is less than the Actual Sold Forward Amount as of the date of such amendment and (ii)&nbsp;the Company shall not have the right
to amend a Forward Placement Notice after the related Supplemental Confirmation has been delivered 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 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Each
of the Company, the Forward Purchasers and the Forward Sellers acknowledge and agree that: (x)&nbsp;there can be no assurance that the
Forward Purchaser will be successful in borrowing or that the Forward Seller will be successful in selling Forward Hedge Shares; (y)&nbsp;a
Forward Seller will incur no liability or obligation to the Company, the Forward Purchaser or any other person if it does not sell Forward
Hedge Shares borrowed by the Forward Purchaser for any reason other than a failure by the Forward Seller to use commercially reasonable
efforts consistent with its normal trading and sales practices to sell such Forward Hedge Shares as required under this Section&nbsp;2(b);
and (z)&nbsp;the Forward Purchaser will incur no liability or obligation to the Company, the Forward Seller or any other person if it
does not borrow Forward Hedge Shares for any reason other than a failure by the Forward Purchaser to use commercially reasonable efforts
to borrow such Forward Hedge Shares as required under this Section&nbsp;2(b). Notwithstanding anything herein to the contrary, a Forward
Purchaser&rsquo;s obligation to use commercially reasonable efforts to borrow or cause its affiliate to borrow all or any portion of
the Forward Hedge Shares (and a Forward Seller&rsquo;s obligation to use commercially reasonable efforts consistent with its normal trading
and sales practices to sell such portion of the Forward Hedge Shares) for any Forward hereunder shall be subject in all respects to clause
(ii)&nbsp;of the provisions under the caption &ldquo;Conditions to Effectiveness&rdquo; in Section&nbsp;3 of the Master Forward Confirmation.
In acting hereunder, any Forward Seller will be acting as agent for the Forward Purchaser and not as principal.</P>

<P STYLE="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall not authorize the issuance and sale of, and such Manager shall not sell, any Issuance Shares, and such Forward Seller shall
not sell any Forward Hedge Shares, in each case at a price lower than the minimum price therefor designated by the Company pursuant to
Section&nbsp;2(a)&nbsp;or in a number in excess of the number of Shares approved for listing on the Exchange, or in excess of the number
or amount of Shares available for issuance on the Registration Statement for which the applicable registration fee has been paid, it
being understood and agreed by the parties hereto that compliance with any such limitations regarding the number of Shares shall be the
sole responsibility of the Company. In addition, the Company, on the one hand, or such Manager or Forward Seller, on the other hand,
may, upon notice to the other party hereto by telephone (confirmed promptly by email or facsimile), suspend an offering of the Issuance
Shares or Forward Hedge Shares pursuant to this Agreement; <I>provided</I>, <I>however</I>, that such suspension or termination shall
not affect or impair the parties&rsquo; respective obligations with respect to the Issuance Shares or Forward Hedge Shares sold hereunder
prior to the giving 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
Manager or Forward Seller shall provide written confirmation (which may be by facsimile or email) to the Company following the close
of trading on the Exchange each day on which Shares are sold under this Agreement setting forth (i)&nbsp;the amount of Issuance Shares
or the Actual Sold Forward Amount sold on such day, (ii)&nbsp;the gross offering proceeds received from such sale of the Shares, and
(iii)&nbsp;in the case of the Issuance Shares, the commission payable by the Company to such Manager with respect to such sale of Issuance
Shares.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
each Time of Sale, Settlement Date and Representation Date (as defined in Section&nbsp;6(k)), the Company shall be deemed to have affirmed
each representation and warranty contained in this Agreement as if such representation and warranty were made as of such date (except
to the extent that such representations and warranties speak as of another date, in which case such representations and warranties shall
be true and correct as of such other date) but modified to incorporate the disclosures contained in the Registration Statement and the
Prospectus, in each case as amended or supplemented as of such date. Any obligation of each Manager, Forward Purchaser and Forward Seller
to use commercially reasonable efforts consistent with its normal trading and sales practices to sell the Shares on behalf of the Company
in their respective capacities shall be subject to the continuing accuracy of the representations and warranties of the Company herein,
to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified
in Section&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"></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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
any other provision of this Agreement, the Company, the Managers, the Forward Purchasers and the Forward Sellers agree that no sales
of Shares shall take place, the Company shall not request the sales of any Shares that would be sold and the Managers, the Forward Purchasers
and the Forward Sellers shall not be obligated to sell or offer to sell, (i)&nbsp;during any period in which the Company, in its sole
discretion, determines that its insider trading policy, as such policy may be amended from time to time, would prohibit the purchase
or sale of Common Stock by the Company, or during any other period in which the Company is in possession of material non-public information
or (ii)&nbsp;except as provided in Section&nbsp;2(g), at any time from and including the date (each, an &ldquo;<B>Announcement Date</B>&rdquo;)
on which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results
of operations (each, an &ldquo;<B>Earnings Announcement</B>&rdquo;) through and including the time that the Company files (a &ldquo;<B>Filing
Time</B>&rdquo;) a Quarterly Report on Form&nbsp;10-Q or an Annual Report on Form&nbsp;10-K that includes consolidated financial statements
as of and for the same period or periods, as the case may be, covered by such Earnings Announcement.</P>



<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Company wishes to offer Shares at any time during the period from and including an Announcement Date through and including the corresponding
Filing Time, then the Company shall (i)&nbsp;prepare and deliver to the Managers (with a copy to its counsel) a Current Report on Form&nbsp;8-K
which shall include substantially the same financial and related information as was set forth in the relevant Earnings Announcement (other
than any earnings projections, similar forward-looking data and officers&rsquo; quotations) (each, an &ldquo;<B>Earnings 8-K</B>&rdquo;),
in form and substance reasonably satisfactory to the Managers, the Forward Purchasers and the Forward Sellers, and obtain the consent
of the Managers, the Forward Purchasers and the Forward Sellers to the filing thereof (such consent not to be unreasonably withheld),
(ii)&nbsp;provide the Managers, the Forward Purchasers and the Forward Sellers with the officer&rsquo;s certificate, opinions/letters
of the Company&rsquo;s counsel, opinions/letters of the Managers&rsquo; counsel and accountants&rsquo; letters called for by Section&nbsp;6(k),
Section&nbsp;6(l)&nbsp;and Section&nbsp;6(o), respectively, (iii)&nbsp;upon request, afford the Managers, the Forward Purchasers and
the Forward Sellers the opportunity to conduct a reasonable due diligence review in accordance with Section&nbsp;6(r)&nbsp;and (iv)&nbsp;file
such Earnings 8-K with the Commission, after which the provisions of clause (ii)&nbsp;of Section&nbsp;2(f)&nbsp;shall not be applicable
for the period from and after the time at which the foregoing conditions shall have been satisfied through and including the Filing Time
of the relevant Quarterly Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K under the Exchange Act, as the case may be. For
purposes of clarity, the parties hereto agree that (A)&nbsp;the delivery of any officer&rsquo;s certificate, opinions/letters of counsel
and accountants&rsquo; letters pursuant to this Section&nbsp;2(g)&nbsp;shall not relieve the Company from any of its obligations under
this Agreement with respect to any Quarterly Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K, as the case may be, including,
without limitation, the obligation to deliver officer&rsquo;s certificates, opinions/letters of counsel and accountants&rsquo; letters
as provided in Section&nbsp;6 and (B)&nbsp;this Section&nbsp;2(g)&nbsp;shall in no way affect or limit the operation of clause (i)&nbsp;of
Section&nbsp;2(f), which shall have independent application.</P>

<P STYLE="font: 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; color: #010000">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Fee</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
compensation to each Manager and Forward Seller for sales of the Shares hereunder shall be equal to up to 1% of the aggregate gross sales
price of the Shares sold by such Manager and Forward Seller pursuant to this Agreement, which commission shall be as set forth in the
applicable Company order or Forward Placement Notice, as applicable.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
the foregoing, in the event the Company engages a Manager, Forward Purchaser or Forward Seller for a sale of Shares in a transaction
that would constitute a &ldquo;distribution&rdquo;, within the meaning of Rule&nbsp;100 of Regulation M under the Exchange Act or a &ldquo;block&rdquo;
within the meaning of Rule&nbsp;10b-18(a)(5)&nbsp;under the Exchange Act, the Company will provide the Managers, the Forward Purchasers
and the Forward Sellers, at their request and upon reasonable advance notice to the Company, on or prior to the Settlement Date, the
opinions of counsel, accountants&rsquo; letters and officer&rsquo;s certificates pursuant to Section&nbsp;6, each dated the Settlement
Date, and such other documents and information as the Managers, the Forward Purchasers or the Forward Sellers shall reasonably request,
and the Company and the Managers, the Forward Purchasers and the Forward Sellers will agree to compensation that is customary for the
Managers, the Forward Purchasers and/or the Forward Sellers, as the case may be, with respect to such transaction.</P>

<P STYLE="font: 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; color: #010000">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Payment,
Delivery and Other Obligations</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Settlement
for sales of the Issuance Shares pursuant to this Agreement will occur on the Trading Day (or such earlier day as is industry practice
for regular-way trading) following the date on which such sales are made (each such day, an &ldquo;<B>Issuance Shares Settlement Date</B>&rdquo;).
On each Issuance Shares Settlement Date, the Issuance Shares sold through the relevant Manager for settlement on such date shall be issued
and delivered by the Company to such Manager against payment of the net proceeds from the sale of such Issuance Shares. Settlement for
all such Issuance Shares shall be effected by free delivery of the Issuance Shares by the Company or its transfer agent to such Manager&rsquo;s
or its designee&rsquo;s account (<I>provided</I> that such Manager shall have given the Company written notice of such designee prior
to the Issuance Shares Settlement Date) at The Depository Trust Company or by such other means of delivery as may be mutually agreed
upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in
return for payment in same day funds delivered to the account 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
sale of Forward Hedge Shares will be settled as between the Forward Purchaser and the Forward Seller on each applicable Forward Hedge
Settlement Date following the relevant Forward Date. On or before each Forward Hedge Settlement Date, the Forward Purchaser will, or
will cause its transfer agent to, electronically transfer the Forward Hedge Shares being offered and sold by crediting the Forward Seller
or its designee&rsquo;s account at The Depository Trust Company through its Deposit/Withdrawal At Custodian System, or by such other
means of delivery as may be mutually agreed upon by the Forward Purchaser and the Forward Seller and, upon receipt of such Forward Hedge
Shares, which in all cases shall be freely tradeable, transferable, registered shares in good deliverable form, the Forward Seller shall
deliver to the Forward Purchaser the related portion of the Forward Hedge Price in same day funds delivered to an account designated
by the Forward Purchaser prior to the relevant Forward Hedge Settlement 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Issuance Shares on any Issuance Shares
Settlement Date, the Company shall (i)&nbsp;hold such Manager harmless against any loss, claim, damage or reasonable and documented expense
(including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such default by the
Company and (ii)&nbsp;pay such Manager any commission, discount or other compensation to which it would otherwise be entitled absent
such 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Conditions
to the Managers&rsquo;, Forward Purchasers&rsquo; and Forward Sellers&rsquo; Obligations</I>. The obligations of the Managers, the Forward
Purchasers and the Forward Sellers are subject to the following conditions:</P>



<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Since
the later of (A)&nbsp;the date of this Agreement and (B)&nbsp;the immediately preceding 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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to
Section&nbsp;8A under the Securities Act against the Company or related to the offering shall be pending before or threatened by the
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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>there
shall not have occurred, in respect of the Company&rsquo;s securities, any downgrading or withdrawal, nor shall any notice have been
given in respect of the Company&rsquo;s securities of any intended or potential downgrading or withdrawal or of any review for a possible
change that does not indicate the direction of the possible change, and there shall have been no public announcement that any of the
Company&rsquo;s securities have been placed on CreditWatch or Watchlist or under any similar surveillance or review, in each case with
negative implications, by S&amp;P Global Ratings, a division of S&amp;P Global Inc., Moody&rsquo;s Investors Service,&nbsp;Inc. or Fitch,&nbsp;Inc.;
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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
event or condition of a type described in Section&nbsp;1(A)(u)&nbsp;shall have occurred or shall exist, which event or condition is not
described in each of the General Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any
amendment or supplement thereto) the effect of which in the good faith and commercially reasonable judgment of any Manager, Forward Purchaser
or Forward Seller makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the terms and
in the manner contemplated by this Agreement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Managers, the Forward Purchasers and the Forward Sellers shall have received on each Representation Date a certificate, dated such date
and signed by an executive officer of the Company, to the effect set forth in Section&nbsp;5(a)(i)&nbsp;and Section&nbsp;5(a)(ii)&nbsp;and
to the effect that (i)&nbsp;the representations and warranties of the Company contained in this Agreement are true and correct in all
material respects (except for those representations and warranties which are qualified as to materiality, in which case such representations
and warranties shall be true and correct in all respects) as of such date (except to the extent that such representations and warranties
speak as of another date, in which case such representations and warranties shall be true and correct as of such other date); (ii)&nbsp;the
Company has complied in all material respects with all of the agreements and satisfied all of the conditions on its part to be performed
or satisfied hereunder on or before such date; (iii)&nbsp;the Prospectus Supplement, any Interim Prospectus Supplement and each Permitted
Free Writing Prospectus, if any, have been timely filed with the Commission under the Securities Act (in the case of a Permitted Free
Writing Prospectus, to the extent required by Rule&nbsp;433 under the Securities Act), and all requests for additional information on
the part of the Commission have been complied with or otherwise satisfied; (iv)&nbsp;as of such date, and as of each Time of Sale, if
any, subsequent to the immediately preceding Representation Date, the Registration Statement did not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;
<I>provided</I>, <I>however</I>, that no certification is made with respect to any statements or omissions made in reliance upon and
in conformity with any information furnished in writing by or on behalf of the Managers, the Forward Purchasers and the Forward Sellers
to the Company specifically for use in the Registration Statement; and (v)&nbsp;as of such date, and as of each Time of Sale, if any,
subsequent to the immediately preceding Representation Date, the General Disclosure Package did not contain any untrue statement of a
material fact or omit to state any material 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; <I>provided</I>, <I>however</I>, that no certification is made with
respect to any statements or omissions made in reliance upon and in conformity with any information furnished in writing by or on behalf
of the Managers, the Forward Purchasers and the Forward Sellers to the Company specifically for use in the Registration Statement or
the General Disclosure Package. The officer signing and delivering such certificate may rely upon the best of his or her knowledge as
to proceedings threatened, if any.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Managers, the Forward Purchasers and the Forward Sellers shall have received on each Representation Date, (i)&nbsp;a written opinion
letter of Snell&nbsp;&amp; Wilmer L.L.P., Arizona counsel for the Company, dated such date, to the effect as set forth on <U>Exhibit&nbsp;D
</U>hereto, (ii)&nbsp;a written opinion letter of Sullivan&nbsp;&amp; Cromwell LLP, counsel for the Company, dated such date, to the
effect as set forth on <U>Exhibit&nbsp;E</U> hereto, and (iii)&nbsp;a disclosure letter of Sullivan&nbsp;&amp; Cromwell LLP, counsel
for the Company, dated such date, to the effect as set forth on <U>Exhibit&nbsp;F</U> hereto, but, in each case, modified as necessary
to relate to the Registration Statement, the General Disclosure Package and the Prospectus, as amended and supplemented to the time of
delivery of such letter.</P>



<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Managers, the Forward Purchasers and the Forward Sellers shall have received on each Representation Date, an opinion and negative assurance
letter, addressed to the Managers, the Forward Purchasers and the Forward Sellers, of Pillsbury Winthrop Shaw Pittman LLP, counsel for
the Managers, with respect to such matters as the Managers may reasonably request, in form and substance reasonably satisfactory to the
Managers, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon
such matters.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
each Representation Date, <I>provided</I> that Deloitte&nbsp;&amp; Touche LLP shall have received customary representation letters from
each Manager, Forward Purchaser and Forward Seller, Deloitte&nbsp;&amp; Touche LLP shall have furnished to the Managers, the Forward
Purchasers and the Forward Sellers, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed
to the Managers, the Forward Purchasers and the Forward Sellers, in form and substance reasonably satisfactory to the Managers, the Forward
Purchasers and the Forward Sellers, containing statements and information of the type customarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters with respect to the financial statements and certain financial information contained or incorporated by
reference in each of the Registration Statement, the General Disclosure Package and the Prospectus (including confirmation that they
are independent registered public accountants within the meaning of the Securities Act and the applicable published rules&nbsp;and regulations
thereunder and the applicable published rules&nbsp;and regulations of the Public Company Accounting Oversight Board); <I>provided</I>
that the letters delivered on each such date shall use a &ldquo;cut-off&rdquo; date no more than three business days prior to the date
of delivery of such letter (the first such letter from Deloitte&nbsp;&amp; Touche LLP, an &ldquo;<B>Initial Comfort Letter</B>&rdquo;)
and updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement, the Prospectus Supplement, the Prospectus or any
issuer free writing prospectus, as amended and supplemented to the date of such letter.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed by each Time of Sale or related Settlement
Date shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424 under the Securities Act (without
reliance on Rule&nbsp;424(b)(8)&nbsp;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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Shares shall have been approved for listing on the Exchange, subject only to a notice of issuance, at or prior to the applicable Settlement
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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Common Stock shall be an &ldquo;actively-traded security&rdquo; exempted from the requirements of Rule&nbsp;101 of Regulation M under
the Exchange Act by subsection (c)(1)&nbsp;of such 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Covenants
of the Company</I>. The Company covenants with the Managers, the Forward Purchasers and the Forward Sellers as follows:</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Before
making any offer relating to the Shares that would constitute a free writing prospectus or filing any Permitted Free Writing Prospectus,
and before filing any amendment or supplement to the Registration Statement or the Prospectus (other than any report filed under the
Exchange Act or any prospectus supplement relating to the offering of securities other than Common Stock), whether before or after the
time that the Registration Statement becomes effective, the Company will furnish to the Managers, the Forward Purchasers and the Forward
Sellers and their respective counsel a copy of the proposed Permitted Free Writing Prospectus, amendment or supplement for review, and
will not make any offer relating to the Shares that would constitute a free writing prospectus or file any such Permitted Free Writing
Prospectus or file any such proposed amendment or supplement to which any Manager, Forward Purchaser or Forward Seller may reasonably
object. Any such free writing prospectus consented to by the Managers, the Forward Purchasers and the Forward Sellers will be considered
a Permitted Free Writing Prospectus. The Company will file all reports and any definitive proxy or information statements required to
be filed by the Company with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act during the Delivery
Period. The Company will furnish copies of the Prospectus and each Permitted Free Writing Prospectus, if any (to the extent not previously
delivered), to the Managers, the Forward Purchasers and the Forward Sellers in New York City prior to 10:00 A.M., New York City time,
within three business days after the date of this Agreement, or as promptly as practicable thereafter with respect to any Permitted Free
Writing Prospectus first used after the date of this Agreement, in such quantities as the Managers, the Forward Purchasers or the Forward
Sellers may reasonably request.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>For
the duration of the Delivery Period, the Company will include in its Quarterly Reports on Form&nbsp;10-Q, and in its Annual Reports on
Form&nbsp;10-K, a summary detailing, for the relevant reporting period, (i)&nbsp;the number of Shares sold through the Managers, the
Forward Purchasers and the Forward Sellers pursuant to this Agreement and (ii)&nbsp;the net proceeds received by the Company from such
sales. In the alternative, at the election of the Company, the Company may prepare a prospectus supplement (each, an &ldquo;<B>Interim
Prospectus Supplement</B>&rdquo;) with such summary information and, at least once per quarter for the duration of the Delivery Period
and, subject to Section&nbsp;6(a), 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;under the Securities Act and Rule&nbsp;430A, 430B or 430C 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"></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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will file any Permitted Free Writing Prospectus to the extent required by Rule&nbsp;433 under the Securities Act and provide
copies of the Prospectus, the Prospectus Supplement and each Permitted Free Writing Prospectus, if any (to the extent not previously
delivered or filed on the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto),
to the Managers, the Forward Purchasers and the Forward Sellers via electronic mail in &ldquo;.pdf&rdquo; format on such filing date
to an electronic mail account designated by the Managers, the Forward Purchasers and the Forward Sellers in this Agreement and, at the
reasonable request of the Managers, the Forward Purchasers or the Forward Sellers, to also furnish copies of the Prospectus and the Prospectus
Supplement to the Exchange and each other exchange or market on which sales of the Shares were effected, in each case, as may be required
by the rules&nbsp;or regulations of the Exchange or such other exchange or market.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the Delivery Period, the Company will advise the Managers, the Forward Purchasers and the Forward Sellers promptly, and confirm such
advice in writing, (i)&nbsp;when any amendment to the Registration Statement has been filed or becomes effective; (ii)&nbsp;when any
supplement to the Prospectus or any amendment to the Prospectus or any Permitted Free Writing Prospectus has been filed; (iii)&nbsp;of
any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the
receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional
information; (iv)&nbsp;of the issuance by the Commission of any order suspending the effectiveness of the Registration Statement or preventing
or suspending the use of the Prospectus or the initiation or threatening of any proceeding for that purpose or pursuant to Section&nbsp;8A
of the Securities Act; (v)&nbsp;of the occurrence of any event within the Delivery Period as a result of which the Prospectus, the General
Disclosure Package or any Permitted Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances existing when the Prospectus, the General Disclosure Package or any such Permitted Free Writing Prospectus is delivered
to a purchaser, not misleading; and (vi)&nbsp;of the receipt by the Company of any notice of objection of the Commission to the use of
the Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2)&nbsp;under the Securities Act; and
the Company will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration
Statement, preventing or suspending the use of the Prospectus or suspending any such qualification of the Shares and, if any such order
is issued, the Company will use its reasonable best efforts to obtain as soon as possible the withdrawal 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"></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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
after the date hereof and during the Delivery Period, either (i)&nbsp;any event shall occur or condition shall exist as a result of which
any of the General Disclosure Package as then amended or supplemented would include any 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,
not misleading or (ii)&nbsp;it is necessary to amend or supplement the General Disclosure Package to comply with law, the Company will
promptly notify the Managers, the Forward Purchasers and the Forward Sellers thereof and forthwith prepare and, subject to Section&nbsp;6(c),
file with the Commission (to the extent required) and furnish to the Managers, the Forward Purchasers and the Forward Sellers, such amendments
or supplements to the General Disclosure Package (or any document to be filed with the Commission and incorporated by reference therein)
as may be necessary so that the statements in any of the General Disclosure Package as so amended or supplemented (including such documents
to be incorporated by reference therein) will not, in the light of the circumstances under which they were made, be misleading or so
that any of the General Disclosure Package will comply with 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Managers, the Forward
Purchasers or the Forward Sellers shall reasonably request and will continue such qualifications in effect so long as required for distribution
of the Shares; <I>provided</I> that the Company shall not be required to (i)&nbsp;qualify as a foreign corporation or other entity or
as a dealer in securities in any jurisdiction where it would not otherwise be required to so qualify, (ii)&nbsp;file any general consent
to service of process in any jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction if it is not otherwise so
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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will make generally available to the holders of the Shares and the Managers, the Forward Purchasers and the Forward Sellers as
soon as practicable an earning statement that satisfies the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158
under the Securities Act covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring
after the &ldquo;effective date&rdquo; (as defined in Rule&nbsp;158 under the Securities Act) of the 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall pay all expenses incident to the performance of its obligations under this Agreement, whether or not the transactions contemplated
hereby are consummated or this Agreement is terminated, including, without limitation: (i)&nbsp;costs, expenses, fees and taxes in connection
with the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus, the Prospectus Supplement, each
Permitted Free Writing Prospectus, if any, and any amendments or supplements thereto, and the printing and furnishing of copies of each
thereof to the Managers, the Forward Purchasers and the Forward Sellers (including costs of mailing and shipment), (ii)&nbsp;costs, expenses,
fees and taxes in connection with the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and
stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&nbsp;costs, expenses, fees and taxes in connection
with the producing, word processing and/or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations
thereof) and the reproduction and/or printing and furnishing of copies of each thereof to the Managers (including costs of mailing and
shipment), (iv)&nbsp;costs, expenses, fees and taxes in connection with the qualification of the Shares for offering and sale under state
laws and the determination of their eligibility for investment under state or foreign law (including the reasonable legal fees and filing
fees and other disbursements of U.S. or other foreign counsel for the Managers, the Forward Purchasers and the Forward Sellers) and the
printing and furnishing of copies of any blue sky surveys, (v)&nbsp;costs, expenses, fees and taxes in connection with the listing of
the Shares on the Exchange, (vi)&nbsp;costs, expenses, fees and taxes in connection with any filing with, and any review of the public
offering of the Shares by, FINRA, including the reasonable and documented legal fees and other reasonable and documented disbursements
of counsel for the Managers relating to FINRA matters; <I>provided</I> that the Company shall not be obligated to pay more than $5,000
of any such fees and disbursements pursuant to this clause (vi), and (vii)&nbsp;the fees and disbursements of the Company&rsquo;s counsel
and the Company&rsquo;s accountants. Except as set forth in this Section&nbsp;6 and Section&nbsp;8, the Managers, the Forward Purchasers
and the Forward Sellers will pay all of their other out-of-pocket costs and expenses incurred in connection with entering into the Transaction
Documents and the transactions contemplated thereby, including, without limitation, any travel and similar expenses, whether or not the
transactions contemplated thereby are consummated or any such Transaction Document is terminated.</P>



<P STYLE="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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>If
the third anniversary of the initial effective date of the Registration Statement occurs before all the Shares have been sold and this
Agreement remains in full force and effect, prior to such third anniversary, the Company will file, subject to Section&nbsp;6(a), a new
shelf registration statement and will take any other action necessary to permit the public offering of the Shares to continue without
interruption (whereupon references herein to the Registration Statement shall include such new registration statement declared effective
by the 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>The
Company will use its commercially reasonable efforts to cause the Shares to be listed for trading on the Exchange and to maintain such
listing.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
commencement of the offering of the Shares under this Agreement (and upon the recommencement of the offering of the Shares under this
Agreement following the termination of a suspension of sales hereunder), and each time that (i)&nbsp;the Registration Statement or the
Prospectus is amended or supplemented (other than a prospectus supplement relating solely to the offering of Shelf Securities other than
the Shares) or (ii)&nbsp;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a
Current Report on Form&nbsp;8-K or definitive proxy statement) (such commencement date (and any such recommencement date, if applicable)
and each such date referred to in clauses (i)&nbsp;and (ii)&nbsp;above, a &ldquo;<B>Representation Date</B>&rdquo;), the Company will
furnish or cause to be furnished to the Managers, the Forward Purchasers and the Forward Sellers forthwith a certificate dated and delivered
as of such date, in form reasonably satisfactory to the Managers, the Forward Purchasers and the Forward Sellers, to the effect that
the statements contained in the certificate referred to in Section&nbsp;5(b)&nbsp;are true and correct at the time of such commencement,
recommencement, amendment, supplement or filing, as the case may be, as though made at and as of such time modified as necessary to relate
to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>On
each Representation Date, the Company will cause to be furnished to the Managers, the Forward Purchasers and the Forward Sellers, dated
as of such date, in form and substance reasonably satisfactory to the Managers, the Forward Purchasers and the Forward Sellers, the letters
described in Section&nbsp;5(c)&nbsp;and Section&nbsp;5(d), modified as necessary to relate to the Registration Statement and the Prospectus
as amended and supplemented to the time of delivery of such letters.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Company has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1)&nbsp;of Regulation M under the Exchange
Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Managers, the Forward Purchasers
and the Forward Sellers, and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have
been satisfied in the commercially reasonable judgment of each party.</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"></P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Shares by the Company pursuant to this Agreement
shall be effected only by or through one Manager, Forward Purchaser or Forward Seller on any 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
commencement of the offering of the Shares under this Agreement (and upon the recommencement of the offering of the Shares under this
Agreement following the termination of a suspension of sales hereunder) and each time that (i)&nbsp;the Registration Statement or the
Prospectus is amended or supplemented to include additional financial information, (ii)&nbsp;the Company files an Annual Report on Form&nbsp;10-K
or Quarterly Report on Form&nbsp;10-Q, (iii)&nbsp;the Company files an Earnings 8-K, (iv)&nbsp;there is filed with the Commission any
document (other than an Annual Report on Form&nbsp;10-K or Quarterly Report on Form&nbsp;10-Q) incorporated by reference into the Prospectus
which contains additional or amended financial information or (v)&nbsp;on such other dates as may be reasonably requested by the Managers,
the Forward Purchasers or the Forward Sellers, Deloitte&nbsp;&amp; Touche LLP, or other independent accountants, shall deliver to the
Managers, the Forward Purchasers and the Forward Sellers the comfort letter described in Section&nbsp;5(e), as applicable.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligations of any party contained in Section&nbsp;6(k), Section&nbsp;6(l)&nbsp;and Section&nbsp;6(o)&nbsp;may be satisfied by delivery
on an alternative date, in which case the certificates, opinions and letters required pursuant to such sections may be dated as of such
alternative date; <I>provided</I> that such alternative date shall be mutually agreed upon by the Company and the Managers, the Forward
Purchasers and the Forward Sellers, if applicable.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligation to deliver or cause to be delivered the documents referred to in Section&nbsp;6(k), Section&nbsp;6(l)&nbsp;and Section&nbsp;6(o)&nbsp;shall
be waived for any Representation Date occurring at a time at which no instruction by the Company to any Manager to sell Shares under
this Agreement is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers an instruction to
any Manager to sell Shares pursuant to Section&nbsp;2(a)&nbsp;(which for such calendar quarter shall be considered a Representation Date)
and the next occurring Representation Date for which no such waiver is made; <I>provided</I>, <I>however</I>, that the Company may elect,
in its sole discretion, to deliver or cause to be delivered the documents referred to in Section&nbsp;6(k), Section&nbsp;6(l)&nbsp;and
Section&nbsp;6(o)&nbsp;and thereby satisfy its obligations hereunder, notwithstanding the fact that no instruction by the Company to
the Managers to sell Shares under this Agreement is in effect. Notwithstanding the foregoing, if the Company subsequently decides to
sell Shares following a Representation Date when the Company relied on such waiver and did not deliver or cause to be delivered the documents
referred to in Section&nbsp;6(k), Section&nbsp;6(l)&nbsp;and Section&nbsp;6(o), then before the Company delivers an instruction pursuant
to Section&nbsp;2(a)&nbsp;or any Manager sells any Shares, the Company shall deliver or cause to be delivered documents of the same tenor
as those referred to in Section&nbsp;5(b), Section&nbsp;5(c), Section&nbsp;5(d)&nbsp;and Section&nbsp;5(e).</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will comply with the Due Diligence Protocol attached hereto on <U>Schedule III</U> and any other due diligence review or call
reasonably requested by any Manager, Forward Purchaser or Forward Seller.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will reserve and keep available at all times, free of preemptive rights, shares of Common Stock for the purpose of enabling the
Company to satisfy its obligations 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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company consents to the Managers, the Forward Purchasers and the Forward Sellers trading in the Common Stock for each Manager&rsquo;s,
each Forward Purchaser&rsquo;s and each Forward Seller&rsquo;s own accounts, respectively, and for the account of their respective clients
at the same time as sales of the Shares occur 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company agrees that each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation
to the Managers, the Forward Purchasers and the Forward Sellers 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 acceptance as though made at and as of such date, and an
undertaking that such representations and warranties will be true and correct as of the Time of Sale and the Settlement Date for the
Shares relating to such acceptance as though made at and as of each of such dates (except (i)&nbsp;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 and (ii)&nbsp;to
the extent that such representations and warranties speak as of another date, in which case such representations and warranties shall
be true and correct as of such other 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
any time that sales of the Shares have been made but not settled, or the Company has outstanding with a Manager any instructions to sell
the Shares but such instructions have not been fulfilled or cancelled, without (a)&nbsp;giving the applicable Manager, Forward Purchaser
or Forward Seller at least two (2)&nbsp;business days&rsquo; prior written notice specifying the nature of the proposed sale and the
date of such proposed sale and (b)&nbsp;such Manager, Forward Purchaser or Forward Seller suspending activity under this program for
such period of time as requested by the Company or as deemed appropriate by such Manager, Forward Purchaser or Forward Seller in light
of the proposed sale, the Company shall not, and the Company shall not publicly disclose an intention to, sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly,
any shares of Common Stock or securities convertible into or exchangeable or exercisable for Common Stock or warrants or other rights
to purchase Common Stock or permit the registration under the Securities Act of any shares of Common Stock, except for (i)&nbsp;the registration
of the Shares and any sales through the Managers, the Forward Purchasers and the Forward Sellers pursuant to this Agreement or any Forward
Contract, (ii)&nbsp;the issuance of any shares of Common Stock upon settlement or termination of any Forward Contract during the Delivery
Period, (iii)&nbsp;the issuance of shares of Common Stock pursuant to the conversion or exchange of convertible or exchangeable securities,
the exercise of warrants or options (including through net exercise) or the settlement of restricted stock units (including through net
settlement) or the conversion, exchange, exercise or settlement of other stock-based awards, in each case outstanding on the date of
this Agreement and issued pursuant to a plan described in the Prospectus, (iv)&nbsp;the grant of stock options, restricted stock, restricted
stock units, or other equity-based awards and the issuance of shares of Common Stock or securities convertible into or exercisable or
exchangeable for shares of Common Stock (whether upon the exercise of stock options, settlement of restricted stock units or otherwise)
to employees, officers, directors, advisors, or consultants of the Company and its subsidiaries pursuant to the Company&rsquo;s existing
equity compensation plan in effect as of the date hereof and described in the Prospectus or any assumed benefit plan pursuant to an acquisition
or similar strategic transaction, (v)&nbsp;the filing of any registration statement on Form&nbsp;S-8 relating to securities granted or
to be granted pursuant to any of the Company&rsquo;s existing equity incentive and compensation plans, its savings plan and its direct
stock purchase and dividend reinvestment plan or any assumed benefit plan pursuant to an acquisition or similar strategic transaction,
(vi)&nbsp;the issuance and sale of shares of Common Stock (whether pursuant to physical settlement, net share settlement or the provisions
relating to acceleration events) pursuant to forward sale agreements entered into by the Company prior to the date hereof and described
in the General Disclosure Package or (vii)&nbsp;the issuance of shares of Common Stock upon conversion of the Company&rsquo;s convertible
notes described in the General Disclosure Package.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will not, under any circumstances, (i)&nbsp;cause or request the offer or sale of any Shares if, after giving effect to the sale
of such Shares, the aggregate gross sales price of the Shares sold pursuant to this Agreement would exceed the lesser of (A)&nbsp;$900,000,000,
(B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement, or (C)&nbsp;the amount authorized
from time to time to be issued and sold under this Agreement by the Board of Directors of the Company or a duly authorized committee
thereof or (ii)&nbsp;cause or request the offer or sale of any Shares pursuant to this Agreement at a price lower than the minimum price
authorized from time to time by the Board of Directors of the Company or a duly authorized committee thereof and notified to a Manager
or a Forward Seller, as applicable, 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Covenants
of the Managers, the Forward Purchasers and the Forward Sellers</I>. Each Manager, Forward Purchaser and Forward Seller covenants with
the Company not to take any action that would result in the Company being required to file with the Commission under Rule&nbsp;433(d)&nbsp;under
the Securities Act a free writing prospectus prepared by or on behalf of any Manager, Forward Purchaser or Forward Seller that otherwise
would not be required to be filed by the Company thereunder, but for the action of such Manager, Forward Purchaser or Forward Seller.</P>



<P STYLE="font: 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; color: #010000">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Indemnity
and Contribution</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Indemnification
of the Managers, Forward Purchasers and Forward Sellers</I>. The Company will indemnify and hold harmless each Manager, each Forward
Seller and each Forward Purchaser and their respective directors, officers and affiliates and each person, if any, who controls any Manager,
any Forward Seller or any Forward Purchaser within the meaning of the Securities Act against any losses, claims, damages or liabilities,
joint or several, to which such Manager, such Forward Seller, such Forward Purchaser, such directors and officers or such controlling
person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in
the Registration Statement, the Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement, the General Disclosure Package,
any 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 any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Manager, each
Forward Seller and each Forward Purchaser, and their respective directors, officers and affiliates and each of their respective controlling
persons for any legal or other expenses reasonably incurred by such Manager, such Forward Seller, such Forward Purchaser, such directors,
officers and affiliates or such controlling person, as incurred, in connection with investigating or defending any such loss, claim,
damage, liability or action; <I>provided</I>, <I>however</I>, that the Company will not be liable in any such case to the extent that
any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in any of such documents in reliance upon and in conformity with written information furnished by any Manager,
any Forward Seller or any Forward Purchaser through the Managers to the Company specifically for use therein, which information consists
solely of the information specified in Section&nbsp;8(b). This indemnity agreement will be in addition to any liability that the Company
may otherwise have.</P>

<P STYLE="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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Indemnification
of the Company</I>. Each Manager will severally and not jointly indemnify and hold harmless the Company, each Forward Seller, each Forward
Purchaser and each of their respective directors, officers who have signed the Registration Statement, and each person, if any, who controls
the Company, any Forward Seller or any Forward Purchaser, within the meaning of the Securities Act, against any losses, claims, damages
or liabilities to which the Company, such Forward Seller or such Forward Purchaser or any such director, officer or controlling person
of theirs may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in
the Registration Statement, the Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement, the General Disclosure Package,
any 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 any amendment or supplement thereto, or arise out of or are based upon the omission or the alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon
and in conformity with written information furnished to the Company, such Forward Seller or such Forward Purchaser by such Manager specifically
for use therein, and will reimburse any legal or other expenses reasonably incurred, as incurred, by the Company or any such director,
officer or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity
agreement will be in addition to any liability that such Manager may otherwise have. The Company, each Forward Seller and each Forward
Purchaser acknowledge that (i)&nbsp;the Managers&rsquo;, the Forward Purchasers&rsquo; and the Forward Sellers&rsquo; names and (ii)&nbsp;the
statements set forth in the third sentence of the second paragraph under the heading &ldquo;Plan of Distribution (Conflicts of Interest)&rdquo;
in the Prospectus constitute the only information furnished in writing by or on behalf of the several Managers for inclusion in the Registration
Statement, the Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement, the General Disclosure Package, and any 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
any amendment or supplement 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Notices</I>.
Promptly after receipt by an indemnified party under this Section&nbsp;8 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 Section&nbsp;8, notify the indemnifying
party of the commencement thereof; <I>provided</I> that the failure to notify the indemnifying party shall not relieve it from any liability
that it may have under Section&nbsp;8(a)&nbsp;or Section&nbsp;8(b)&nbsp;except to the extent that it has been materially prejudiced (including
through the forfeiture of substantive rights or defenses) by such failure; <I>provided</I>, <I>further</I>, that the failure to notify
the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under Section&nbsp;8(a)&nbsp;or
Section&nbsp;8(b). In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
without the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to
such indemnified party of its assumption of the defense thereof, the indemnifying party will not be liable to such indemnified party
under this Section&nbsp;8 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation. Notwithstanding the indemnifying party&rsquo;s election to appoint counsel to represent
the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel),
and the indemnifying party shall bear the reasonable and documented fees, costs and expenses of such separate counsel if (i)&nbsp;the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest,
(ii)&nbsp;the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified
parties that are different from or additional to those available to the indemnifying party, (iii)&nbsp;the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after
notice of the institution of such action or (iv)&nbsp;the indemnifying party shall authorize the indemnified party to employ separate
counsel at the expense of the indemnifying party. It is understood that the indemnifying party shall not, in respect of the legal expenses
of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (and any local counsel) for all such indemnified parties. Such firm shall be designated in writing
by the Managers, the Forward Sellers or the Forward Purchasers, as applicable, in the case of parties indemnified pursuant to Section&nbsp;8(a),
and by the Company, in the case of parties indemnified pursuant to Section&nbsp;8(b). An indemnifying party shall not be liable for any
settlement of a claim or action effected without its written consent, which shall not be unreasonably withheld. No indemnifying party
shall, without the prior written consent of the indemnified parties, which consent shall not be unreasonably withheld, settle or compromise
or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such
claim or action) unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from
all liability arising out of such claim, action, suit or proceeding and (ii)&nbsp;does not include any findings of fact or admissions
of fault or culpability as to the indemnified parties.</P>

<P STYLE="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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Contribution;
Limitation on Liability</I>. If the indemnification provided for in this Section&nbsp;8 is unavailable or insufficient to hold harmless
an indemnified party for any loss, claim, damage, liability or action described in Section&nbsp;8(a)&nbsp;or Section&nbsp;8(b), then
each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages
or liabilities referred to in Section&nbsp;8(a)&nbsp;or Section&nbsp;8(b)&nbsp;on the following basis: (i)&nbsp;if such loss, claim,
damage, liability or action arises under Section&nbsp;8(a), then (A)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Company, the Managers, the Forward Sellers and the Forward Purchasers, as the case may be, in connection with
the offering of the Shares or (B)&nbsp;if the allocation provided by clause (A)&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 (A)&nbsp;above but also the relative fault
of the Company, the Managers, the Forward Sellers and the Forward Purchasers, as the case may be, in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations; and (ii)&nbsp;if
such loss, claim, damage, liability or action arises under Section&nbsp;8(b), then in such proportion as is appropriate to reflect the
relative faults of the Company, the Managers, the Forward Sellers and the Forward Purchasers in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. For purposes of
clause (i)&nbsp;above, the relative benefits received by the Company, the Managers, the Forward Purchasers and the Forward Sellers shall
be equal to (a)&nbsp;in the case of the Company, the sum of (x)&nbsp;the Actual Sold Forward Amount for each Forward under this Agreement,
<I>multiplied by </I>the Volume-Weighted Hedge Price for such Forward, and (y)&nbsp;the total net proceeds from the offering of the Issuance
Shares sold by the Managers under this Agreement (before deducting expenses) received by the Company, (b)&nbsp;in the case of a Manager,
the total commissions received from the sale of Issuance Shares under this Agreement, (c)&nbsp;in the case of a Forward Seller, the Actual
Sold Forward Amount for each Forward under this Agreement, <I>multiplied by</I> the Forward Hedge Selling Commission for such Forward,
and (d)&nbsp;in the case of a Forward Purchaser, the net Spread (as such term is defined in the relevant Forward Contract and net of
any related stock borrow costs or other costs or expenses actually incurred) <I>multiplied by </I>the Forward Hedge Amount for each Forward
Contract executed in connection with this Agreement. For purposes of clause (i)&nbsp;and clause (ii)&nbsp;above, the relative fault shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company, the Managers, the Forward Sellers or the
Forward Purchasers, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. The Company, each of the Managers, each of the Forward Sellers and each of the Forward Purchasers agree
that it would not be just and equitable if contribution pursuant to this Section&nbsp;8(d)&nbsp;were determined by pro rata allocation
(even if the Managers, the Forward Purchasers and/or the Forward Sellers were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations referred to above in this Section&nbsp;8(d). The amount
paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this Section&nbsp;8(d)&nbsp;shall
be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any action or claim that is the subject of this Section&nbsp;8(d). Notwithstanding the provisions of this Section&nbsp;8(d), by reason
of such untrue or alleged untrue statement or omission or alleged omission, (i)&nbsp;no Manager shall be required to contribute any amount
in excess of the amount by which the total price at which the Issuance Shares sold by it were offered to the public exceeds the amount
of any damages that such Manager has otherwise been required to pay, (ii)&nbsp;no Forward Seller shall be required to contribute any
amount in excess of the aggregate Forward Hedge Selling Commissions received by it under this Agreement and (iii)&nbsp;no Forward Purchaser
shall be required to contribute any amount in excess of the net Spread (as such term is defined in the relevant Forward Contract and
net of any related stock borrow costs or other costs or expenses actually incurred) <I>multiplied by</I> the Forward Hedge Amount for
all Forward Contracts executed in connection with this Agreement. 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. The Managers&rsquo; obligations in this Section&nbsp;8(d)&nbsp;to contribute are several in proportion to their respective
underwriting obligations and not joint.</P>

<P STYLE="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; color: #010000">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Effectiveness</I>.
This Agreement shall become effective upon the execution and delivery hereof by the parties 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Termination</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall have the right, by giving written notice as hereinafter specified, to terminate this Agreement in its sole discretion at
any time. Any such termination shall be without liability of any party to any other party, except that (i)&nbsp;with respect to any pending
sale through any Manager or Forward Seller for the Company, the obligations of the Company, including, but not limited to, its obligations
under Section&nbsp;4, shall remain in full force and effect notwithstanding such termination; and (ii)&nbsp;the provisions of Section&nbsp;1
and Section&nbsp;8 shall remain in full force and effect notwithstanding such termination.</P>



<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Managers, the Forward Purchasers and the Forward Sellers shall have the right, by giving written notice as hereinafter specified, to
terminate this Agreement in their sole discretion at any time. Any such termination pursuant to this Section&nbsp;10 shall be without
liability of any party to any other party except that (i)&nbsp;with respect to any pending sale through a Manager or a Forward Seller
for the Company, the obligations of the Company, including, but not limited to, its obligations under Section&nbsp;4, shall remain in
full force and effect notwithstanding such termination; and (ii)&nbsp;the provisions of Section&nbsp;1 and Section&nbsp;8 shall remain
in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement shall remain in full force and effect until and unless terminated pursuant to Section&nbsp;10(a)&nbsp;or Section&nbsp;10(b)&nbsp;or
otherwise by mutual agreement of the parties; <I>provided</I> that any such termination by mutual agreement or pursuant to Section&nbsp;10(a)&nbsp;or
Section&nbsp;10(b)&nbsp;shall in all cases be deemed to provide that Section&nbsp;1 and Section&nbsp;8 shall remain in full force and
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-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Managers, the Forward Purchasers and
the Forward Sellers or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of
Shares, such sale shall settle in accordance with the provisions of Section&nbsp;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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
earlier terminated pursuant to this Section&nbsp;10, this Agreement shall automatically terminate upon the issuance and sale of all of
the Shares through the Managers, the Forward Purchasers and the Forward Sellers on the terms and subject to the conditions set forth
herein with an aggregate gross sales price equal to $900,000,000.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
indemnity and contribution provisions contained in Section&nbsp;8 and the representations, warranties and other statements of the Company,
the Managers, the Forward Purchasers and the Forward Sellers contained in this Agreement shall remain operative and in full force and
effect regardless of (i)&nbsp;any termination of this Agreement, (ii)&nbsp;any investigation made by or on behalf of any Manager, Forward
Purchaser or Forward Seller, any person controlling any Manager, Forward Purchaser or Forward Seller or any affiliate of any Manager,
Forward Purchaser or Forward Seller or by or on behalf of the Company, its officers or directors or any person controlling the Company
and (iii)&nbsp;acceptance of and payment for any of the Shares.</P>

<P STYLE="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; color: #010000">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Entire
Agreement</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement represents the entire agreement between the Company and the Managers, the Forward Purchasers and the Forward Sellers with respect
to the preparation of any Registration Statement, the Prospectus Supplement or the Prospectus, the conduct of the offering and the sale
and distribution of the Shares.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company acknowledges that in connection with the offering of the Shares: (i)&nbsp;the Managers, the Forward Purchasers and the Forward
Sellers have acted and will act at arm&rsquo;s length and owes no fiduciary duties to the Company or any other person, (ii)&nbsp;the
Managers, the Forward Purchasers and the Forward Sellers owe the Company only those duties and obligations set forth in this Agreement,
the other Transaction Documents, any contemporaneous written agreement and prior written agreements (to the extent not superseded by
this Agreement), if any, and (iii)&nbsp;the Managers, the Forward Purchasers and the Forward Sellers may have interests that differ from
those of the Company. The Company waives to the full extent permitted by applicable law any claims it may have against the Managers,
the Forward Purchasers and the Forward Sellers arising from an alleged breach of fiduciary duty in connection with the sale and distribution
of the Shares.</P>



<P STYLE="font: 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; color: #010000">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Counterparts</I>.
This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each
of which shall be an original and all of which together shall constitute one and the same instrument. The words &ldquo;execution&rdquo;,
 &ldquo;executed&rdquo;, &ldquo;signed&rdquo;, &ldquo;signature&rdquo;, and words of like import in this Agreement or in any other certificate,
agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile, email
or other electronic format (including, without limitation, &ldquo;pdf&rdquo;, &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and other electronic
signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including,
without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall
be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system
to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code.</P>

<P STYLE="font: 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; color: #010000">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Governing
Law</I>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed
in accordance with the laws of the State of New York.</P>

<P STYLE="font: 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; color: #010000">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Headings</I>.
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, 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"></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; color: #010000">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Recognition
of the U.S. Special Resolution Regimes</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that a Manager, a Forward Purchaser, or a Forward Seller that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such party that is a Covered Entity of this Agreement, and any interest and obligation in
or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that a Manager, a Forward Purchaser, or a Forward Seller is a Covered Entity or a BHC Act Affiliate of the Manager, the Forward
Purchaser, or the Forward Seller that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, any
Default Rights under this Agreement that may be exercised against such party that is a Covered Entity are permitted to be exercised to
no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>For
purposes of this Section&nbsp;15 a &ldquo;<B>BHC Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k)&nbsp;or 1813(w), as applicable. &ldquo;<B>Covered Entity</B>&rdquo;
means any of the following: (i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12
C.F.R. &sect; 252.82(b); (ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;
382.2(b). &ldquo;<B>Default Right</B>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable. &ldquo;<B>U.S. Special Resolution Regime</B>&rdquo; means each of (i)&nbsp;the
Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and the regulations promulgated 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"></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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><I>Notices</I>.
All communications hereunder shall be in writing and effective only upon receipt. Notices to the Managers shall be given: to BofA Securities,&nbsp;Inc.,
One Bryant Park, New York, NY 10036, Attention: ATM Execution, Email: dg.atm_execution@bofa.com; to Barclays Capital Inc., 745 Seventh
Avenue, New York, NY 10019, Attention: Syndicate Registration, Fax: (646) 834-8133, Email: robert.stowe@barclays.com; to J.P. Morgan
Securities LLC, 383 Madison Avenue, 6th Floor, New York, NY 10179, Attention: Sanjeet Dewal, Fax: (212) 622-8783, Email: sanjeet.s.dewal@jpmorgan.com;
to Mizuho Securities USA LLC, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, Attention: Equity Capital Markets, Email: us-ecm@mizuhogroup.com;
to MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New York, NY 10020, Attention: Equity Capital Markets, Fax:
(646) 434-3455, Email: FLOEStransactions@us.sc.mufg.jp and ECM@us.sc.mufg.jp; to TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York,
NY 10017, Attention: Equity Capital Markets, Email: TDS_ATM@tdsecurities.com; to Truist Securities,&nbsp;Inc., 3333 Peachtree Road NE,
11th Floor, Atlanta, GA 30326, Attention: Equity Capital Markets, Email: dl.atm.offering@truist.com, with a copy to keith.carpenter@truist.com
and geoff.fennel@truist.com; and to Wells Fargo Securities, LLC, 500 West 33rd Street, New York, NY 10001, Attention: Equity Syndicate
Department, Fax: (212) 214-5918, Email: ECMOriginationPower@wellsfargo.com, with a copy to Jennifer.R.Lynch@wellsfargo.com, fernando.a.escano@wellsfargo.com,
josie.callanan@wellsfargo.com and corporatederivativenotifications@wellsfargo.com. Notices to the Forward Purchasers shall be given:
to Bank of America, N.A., One Bryant Park, New York, NY 10036, Attention: Rohan Handa, Email: rohan.handa@bofa.com; to Barclays Bank
PLC, 745 Seventh Avenue, New York, NY 10019, Attention: Kevin Cheng, Telephone: (212) 526-8627, Email: kevin.cheng@barclays.com; to JPMorgan
Chase Bank, National Association, 383 Madison Avenue, New York, NY 10179, Attention: EDG Marketing Support, Email: edg_notices@jpmorgan.com
and edg_ny_corporate_sales_support@jpmorgan.com, with a copy to Attention: Sanjeet Dewal, Email: sanjeet.s.dewal@jpmorgan.com; to Mizuho
Markets Americas LLC, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, Attention: Equity Capital Markets, Email: us-ecm@mizuhogroup.com;
to MUFG Securities EMEA plc, Ropemaker Place, 25 Ropemaker Street, London EC27 9AJ, United Kingdom, Attention: Derivative Confirmations,
Fax: +44 (0) 20 7577 2898/2875, Email: docsconfirms@int.sc.mufg.jp, with a copy to: ECM@us.sc.mufg.jp; to The Toronto-Dominion Bank,
c/o TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, Attention: Global Equity Derivatives, Email: tdusa-gedusinvestorsolutionssales@tdsecurities.com
and TDS_ATM@tdsecurities.com; to Truist Bank, 3333 Peachtree Road NE, 11th Floor, Atlanta, GA 30326, Attention: Equity Capital Markets,
Email: dl.atm.offering@truist.com, with a copy to michael.collins@truist.com, keith.carpenter@truist.com and geoff.fennel@truist.com;
and to Wells Fargo Bank, National Association, 500 West 33rd Street, New York, NY 10001, Attention: Corporate Equity Derivatives, Email:
ECMOriginationPower@wellsfargo.com, with a copy to Jennifer.R.Lynch@wellsfargo.com, fernando.a.escano@wellsfargo.com, josie.callanan@wellsfargo.com
and corporatederivativenotifications@wellsfargo.com. Notices to the Forward Sellers shall be given: to BofA Securities,&nbsp;Inc., One
Bryant Park, New York, NY 10036, Attention: ATM Execution, Email: dg.atm_execution@bofa.com; to Barclays Capital Inc., 745 Seventh Avenue,
New York, NY 10019, Attention: Syndicate Registration, Fax: (646) 834-8133, Email: robert.stowe@barclays.com; to J.P. Morgan Securities
LLC, 383 Madison Avenue, 6th Floor, New York, NY 10179, Attention: Sanjeet Dewal, Fax: (212) 622-8783, Email: sanjeet.s.dewal@jpmorgan.com;
to Mizuho Securities USA LLC, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, Attention: Equity Capital Markets, Email: us-ecm@mizuhogroup.com;
to MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New York, NY 10020, Attention: Equity Capital Markets, Fax:
(646) 434-3455, Email: FLOEStransactions@us.sc.mufg.jp and ECM@us.sc.mufg.jp; to TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York,
NY 10017, Attention: Equity Capital Markets, Email: TDS_ATM@tdsecurities.com; to Truist Securities,&nbsp;Inc., 3333 Peachtree Road NE,
11th Floor, Atlanta, GA 30326, Attention: Equity Capital Markets, Email: dl.atm.offering@truist.com, with a copy to keith.carpenter@truist.com
and geoff.fennel@truist.com; and to Wells Fargo Securities, LLC, 500 West 33rd Street, New York, NY 10001, Attention: Equity Syndicate
Department, Fax: (212) 214-5918, Email: ECMOriginationPower@wellsfargo.com, with a copy to Jennifer.R.Lynch@wellsfargo.com, fernando.a.escano@wellsfargo.com,
josie.callanan@wellsfargo.com and corporatederivativenotifications@wellsfargo.com. Notices to the Company shall be given to: Pinnacle
West Capital Corporation, 400 North Fifth Street, Mail Station 9040, Phoenix, AZ 85004, Email: Chris.Bauer@pinnaclewest.com, Attention:
Treasurer.</P>

<P STYLE="font: 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 pages&nbsp;follow</I>}</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">PINNACLE WEST CAPITAL CORPORATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Andrew Cooper</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Andrew Cooper</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President and Chief Financial Officer</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>{Signature Page to Equity
Distribution Agreement}</I></P>

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

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

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    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted as of the date first written above</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: top">
    <TD COLSPAN="2">BOFA SECURITIES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BANK OF AMERICA, N.A.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Patrick Boultinghouse</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Rohan Handa</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Patrick Boultinghouse</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Rohan Handa</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">BARCLAYS CAPITAL INC.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BARCLAYS BANK PLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Robert Stowe</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Kevin Cheng</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Robert Stowe</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Kevin Cheng</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">J.P. MORGAN SECURITIES LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">JPMorgan Chase Bank, National Association</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Sanjeet Dewal</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Sanjeet Dewal</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Sanjeet Dewal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Sanjeet Dewal</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">MIZUHO SECURITIES USA LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MIZUHO MARKETS AMERICAS LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James Watts</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Matthew E. Chiavaroli</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;James Watts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Matthew E. Chiavaroli</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">MUFG SECURITIES AMERICAS INC.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MUFG SECURITIES EMEA PLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Geoffrey Paul</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Catherine Lucas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Geoffrey Paul</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Catherine Lucas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Authorized Signatory</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><I>&nbsp;</I></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><I>{Signature Page to Equity Distribution Agreement}</I></P>

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

<P STYLE="margin-top: 0; margin-bottom: 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="margin-top: 0; margin-bottom: 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: top">
    <TD COLSPAN="2">TD SECURITIES (USA) LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">THE TORONTO-DOMINION BANK</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Bradford Limpert</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Vanessa Simonetti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Bradford Limpert</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Vanessa Simonetti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">TRUIST SECURITIES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">TRUIST BANK</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael Collins</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael Collins</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Michael Collins</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Collins</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">WELLS FARGO SECURITIES, LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">WELLS FARGO BANK,&nbsp;NATIONAL ASSOCIATION</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Manager and Forward Seller</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">As Forward Purchaser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael Tiedmann</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Kevin Brillhert</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Michael Tiedmann</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#8239;Kevin Brillhert</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#8239;Managing Director</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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 Equity
Distribution Agreement}</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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>SCHEDULE I</U></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>Permitted Free Writing Prospectuses</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">None.</P>

<P STYLE="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: right"><B><U>SCHEDULE II</U></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>Authorized Individuals for Placement Notices
and Acceptances</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 0pt 0in; text-align: justify">[<I>Omitted.</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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>SCHEDULE III</U></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>Due Diligence Protocol</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">Set forth below are guidelines
for use by the Company and the Managers, the Forward Purchasers and the Forward Sellers in connection with the Managers&rsquo;, the Forward
Purchasers&rsquo; and the Forward Sellers&rsquo; continuous due diligence efforts in connection with the sale and distribution of the
Shares pursuant to this Agreement. For the avoidance of doubt, the Company has agreed that no sales under this Agreement will be requested
or made at any time the Company is in possession of material non-public information with respect to the Company.</P>

<P STYLE="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="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">On or immediately prior to each Representation
                                            Date (or such alternative date as may be chosen pursuant to Section&nbsp;6(p)&nbsp;of this
                                            Agreement), if the obligation to deliver or cause to be delivered the documents referred
                                            to in Section&nbsp;6(k), Section&nbsp;6(l)&nbsp;and Section&nbsp;6(o)&nbsp;of this Agreement
                                            has not been waived for such Representation Date in accordance with Section&nbsp;6(q), in
                                            addition to the documents provided pursuant to Section&nbsp;6(k), Section&nbsp;6(l)&nbsp;and
                                            Section&nbsp;6(o)&nbsp;of this Agreement, the Managers, the Forward Purchasers and the Forward
                                            Sellers expect to conduct a due diligence call with the appropriate business, financial and
                                            legal representatives of the Company.</TD></TR></TABLE>

<P STYLE="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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            to Section&nbsp;6(r)&nbsp;of this Agreement, promptly after the Company files an Annual Report
                                            on Form&nbsp;10-K or a Quarterly Report on Form&nbsp;10-Q (including any date on which an
                                            amendment to any such document is filed)</FONT>, the Managers, the Forward Purchasers and
                                            the Forward Sellers expect to conduct a due diligence call with the appropriate business,
                                            financial, accounting and legal representatives of the Company, and the Company shall provide
                                            the certificate referred to in Section&nbsp;5(b)&nbsp;of this Agreement.</TD></TR></TABLE>

<P STYLE="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="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">In the event that the Company requests
                                            any Manager or Forward Seller to sell on any one Trading Day an amount of Issuance Shares
                                            or Forward Hedge Shares, respectively, that would be equal to or greater than 20% of the
                                            average daily trading volume (calculated based on the most recent three completed Trading
                                            Days) of the Company&rsquo;s common stock, such Manager or Forward Seller expects to conduct
                                            a due diligence call with the appropriate business, financial, accounting and legal representatives
                                            of the Company, and the Company shall provide the certificate referred to in Section&nbsp;5(b)&nbsp;of
                                            this Agreement.</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">The foregoing is an expression of current intent
only, and shall not in any manner limit the Managers&rsquo;, the Forward Purchasers&rsquo; or the Forward Sellers&rsquo; rights under
this Agreement, including the right to require such additional due diligence procedures as the Managers, the Forward Purchasers and the
Forward Sellers may reasonably request 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"></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: right"><B><U>Exhibit&nbsp;A</U></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">{Letterhead of the intended Manager}</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">{&#9679;}, 20{&#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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{Address
of Recipient}<BR>
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">VIA ELECTRONIC MAIL</P>

<P STYLE="font: 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><U>TRANSACTION
CONFIRMATION</U></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-align: justify">Dear {&#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; text-align: justify">This Confirmation sets forth the terms of the
agreement of {&#9679;} (the &ldquo;<B>Manager</B>&rdquo;) with Pinnacle West Capital Corporation (the &ldquo;<B>Company</B>&rdquo;) relating
to the sale of shares of the Company&rsquo;s common stock, no par value, having an aggregate gross sales price of up to $900,000,000
pursuant to the Equity Distribution Agreement between the Company and the Managers, Forward Purchasers and Forward Sellers set forth
therein, dated November&nbsp;8, 2024 (the &ldquo;<B>Agreement</B>&rdquo;). Unless otherwise defined below, capitalized terms used but
not defined herein shall have the respective meanings set forth in the 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">By countersigning or otherwise indicating in
writing the Company&rsquo;s acceptance of this Confirmation (an &ldquo;<B>Acceptance</B>&rdquo;), the Company shall have agreed with
the Manager executing this Transaction Confirmation to engage in the following transaction:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; width: 67%; text-align: left">{Number of Issuance Shares
    to be sold}<BR> {Aggregate Gross Price of Issuance Shares to be sold}:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in; width: 1%">{</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; width: 30%; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">}</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-left: 0.2in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-left: 0.2in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; text-align: left">Minimum price at which Issuance Shares
    may be sold:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in">{</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font: 10pt Times New Roman, Times, Serif; text-align: left">}</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-left: 0.2in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-left: 0.2in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; text-align: left">Date(s)&nbsp;on which Issuance Shares
    may be sold:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in">{</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font: 10pt Times New Roman, Times, Serif; text-align: left">}</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-left: 0.2in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-left: 0.2in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; text-align: left">Compensation to such Manager (if different
    than the Agreement):</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0.2in">{</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0.2in; font: 10pt Times New Roman, Times, Serif; text-align: left">}</TD>
    </TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transaction set forth in this Confirmation
will not be binding on the Company or the Manager unless and until the Company delivers its Acceptance; <I>provided</I>, <I>however</I>,
that neither the Company nor the Manager will be bound by the terms of this Confirmation unless the Company delivers its Acceptance by
{&#9679;} a.m./p.m.&nbsp;(New York time) on {the date hereof}{{&#9679;}, 20{&#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; text-align: justify">The transaction, if it becomes binding on the
parties, shall be subject to all of the representations, warranties, covenants and other terms and conditions of the Agreement, except
to the extent amended or modified hereby, all of which are expressly incorporated herein by reference. Each of the representations and
warranties set forth in the Agreement shall be deemed to have been made at and as of every Time of Sale, every Settlement Date and every
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">If the foregoing conforms to your understanding
of our agreement, please so indicate your Acceptance by signing 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"></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">{MANAGER}</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; 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%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&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="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&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; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">ACCEPTED as of the date first above written</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">PINNACLE WEST CAPITAL CORPORATION</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <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%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font-size: 10pt">&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>

<!-- Field: Page; Sequence: 43; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit&nbsp;B</U></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="text-transform: uppercase"><B><U>FORM&nbsp;OF
FORWARD PLACEMENT NOTICE</U></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">{&#9679;}, 20{&#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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{Forward
Purchaser}<BR>
{Address}<BR>
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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{Forward
Seller}<BR>
{Address}<BR>
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; text-align: justify; text-indent: 0.5in">Reference is made to the
Equity Distribution Agreement, dated November&nbsp;8, 2024 (the &ldquo;<B>Agreement</B>&rdquo;), among Pinnacle West Capital Corporation
(the &ldquo;<B>Company</B>&rdquo;), {&#9679;} (in its capacity as agent for the Company in connection with the issuance and sale of any
Issuance Shares), {&#9679;} (in its capacity as counterparty under any Forward Contract), and {&#9679;} (in its capacity as agent for
the applicable Forward Purchaser in connection with the offering and sale of any Forward Hedge Shares). Capitalized terms used herein
without definition shall have the respective meanings assigned thereto in the Agreement. This Forward Placement Notice relates to a &ldquo;Forward&rdquo;.
The Company confirms that all conditions to the delivery of this Forward Placement 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; text-align: justify; text-indent: 0.5in">The Company confirms that
it has not declared and will not declare any dividend, or caused or cause there to be any distribution, on the Common Stock if the ex-dividend
date or ex-date, as applicable, for such dividend or distribution will occur during the period from, but excluding, the first scheduled
Trading Day of the related Forward Hedge Selling Period to, and including, the last scheduled Trading Day of such Forward Hedge Selling
Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective Date of Delivery of Forward Placement Notice (determined
pursuant to Section&nbsp;2(b)&nbsp;of the Agreement): {<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U>}</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 65%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 83%; text-align: left">Number of Days in Forward Hedge Selling Period:&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 14%">{}</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">First Date of Forward Hedge Selling Period:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">{}</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Last Date of Forward Hedge Selling Period:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">{}</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Forward Hedge Settlement Date(s):&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">{}</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Forward Hedge Amount:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">{}</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Forward Hedge Selling Commission Rate:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8239;&#8239;&#8239;&#8239;&nbsp;{}</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Forward Price Reduction Dates:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Forward
    Price Reduction Amounts:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">{Trade Date}</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 27%; font: 10pt Times New Roman, Times, Serif; text-align: right">{}</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">{}</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{}</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">{}</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{}</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">{}</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{}</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">{Thereafter}</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">{}</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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: 70%">Term:</TD>
    <TD STYLE="width: 30%">{} {Month/Years}</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Specified Borrow Rate:</TD>
    <TD STYLE="font-size: 10pt">{} basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Maximum Specified Borrow Rate:</TD>
    <TD STYLE="font-size: 10pt">{} basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Notice Settlement Number:</TD>
    <TD STYLE="font-size: 10pt">{}</TD></TR>
  </TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minimum price (Adjustable by Company during the
Forward Hedge Selling Period, and in no event less than ${1.00} without your prior written consent, which consent may be withheld in
your sole discretion): ${} per share</P>

<P STYLE="font: 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">Comments: {}</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">PINNACLE WEST CAPITAL CORPORATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; 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%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&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="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: -0.875in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: -0.875in">Title:</TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit&nbsp;C</U></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><U>FORM OF MASTER FORWARD CONFIRMATION</U></B></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">See attached.</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: left"></P>

<!-- Field: Page; Sequence: 46; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></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; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>FORM&nbsp;OF
MASTER FORWARD CONFIRMATION</U></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-align: right">November&nbsp;8, 2024</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: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify"><B>Pinnacle West Capital Corporation</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">400 North Fifth Street, Mail Station 9040</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Phoenix, Arizona 85004</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Email: paul.mountain@pinnaclewest.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Attention: Paul Mountain, VP, Finance and Treasurer</TD></TR>
     </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[From:</TD><TD STYLE="text-align: justify"><B>Bank of America, N.A.</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">c/o BofA Securities,&nbsp;Inc.</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">One Bryant Park</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">New
                                        York, New York 10036</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD></TR>
     </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">[From:</TD><TD><B>JPMorgan Chase Bank, National Association</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>New York Branch</TD></TR>
                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>383 Madison Avenue</TD></TR>
                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>New York, NY 10179]<SUP>2</SUP></TD></TR>
                                                                                                                            </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[From:</TD><TD STYLE="text-align: justify"><B>Mizuho Markets Americas LLC</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">c/o Mizuho Securities USA LLC as Agent</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">1271 Park Avenue</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">New York, NY 10020</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Attn: Equity Capital Markets Desk</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Telephone: (212) 209-9300</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">E-mail: US-ECM@mizuhogroup.com]<SUP>3</SUP></TD></TR>
     </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[From:</TD><TD STYLE="text-align: justify"><B>Barclays Bank PLC</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">1 Churchill Place</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">London E14 5HP</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">United Kingdom</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Telephone: +44 (0)20 7623 2323</TD></TR>
     </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: justify">c/o Barclays Capital Inc.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">as Agent for Barclays Bank PLC</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">745 Seventh Avenue</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">New York, NY 10019</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Telephone: 212-526-7000]<SUP>4</SUP></TD></TR>
     </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[From:</TD><TD STYLE="text-align: justify"><B>MUFG Securities EMEA plc</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Ropemaker Place</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">25 Ropemaker Street</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">London, EC2Y 9AJ, United Kingdom]<SUP>5</SUP></TD></TR>
     </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[From:</TD><TD STYLE="text-align: justify"><B>The Toronto-Dominion Bank</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">c/o TD Securities (USA) LLC, as Agent</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">1 Vanderbilt Avenue</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">New York, NY 10017</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Attention: Global Equity Derivatives</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Email: TDUSA-GEDUSInvestorSolutionsSales@tdsecurities.com;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">TDS_ATM@tdsecurities.com; vanessa.simonetti@tdsecurities.com;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">christopher.obalde@tdsecurities.com]<SUP>6</SUP></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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP></FONT>Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</SUP></FONT>Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6
</SUP></FONT>Insert for TD.</P>

<P STYLE="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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[<FONT STYLE="color: #231f20">From:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231f20"><B>Truist
                                            Bank</B></FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">3333 Peachtree Road NE, 11th Floor</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Atlanta, Georgia 30326</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
                                        Equity Capital Markets</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD></TR>
     </TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">[<FONT STYLE="color: #231f20">From:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231f20"><B>Wells
                                            Fargo Bank, National Association</B></FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">30 Hudson Yards</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">New York, NY 10001-2170</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
                                        CorporateDerivativeNotifications@wellsfargo.com</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></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; text-align: justify">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">The purpose of this letter agreement (this &ldquo;<B>Master
Forward Confirmation</B>&rdquo;) is to confirm the terms and conditions of certain transactions to be entered into from time to time
between Party A and Party B in accordance with the terms of the Equity Distribution Agreement, dated as of November&nbsp;8, 2024, among
Party B; BofA Securities,&nbsp;Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC (&ldquo;<B>MSUSA</B>&rdquo;),
MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities,&nbsp;Inc. and Wells Fargo Securities, LLC, as Managers; Bank
of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC (&ldquo;<B>MMA</B>&rdquo;),
MUFG Securities EMEA plc, TD Securities (USA) LLC acting in its capacity as agent for The Toronto-Dominion Bank, Truist Bank and Wells
Fargo Bank, National Association, as Forward Purchasers; and BofA Securities,&nbsp;Inc., Barclays Capital Inc., J.P. Morgan Securities
LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities,&nbsp;Inc. and Wells Fargo
Securities, LLC, as Forward Sellers (the &ldquo;<B>Equity Distribution Agreement</B>&rdquo;), on one or more Trade Dates specified herein
(collectively, the &ldquo;<B>Transactions</B>&rdquo; and each, a &ldquo;<B>Transaction</B>&rdquo;). This letter agreement constitutes
a &ldquo;Master Forward Confirmation&rdquo; as referred to in the Equity Distribution Agreement. Each Transaction will be evidenced by
a supplemental confirmation (each, a &ldquo;<B>Supplemental Confirmation</B>,&rdquo; and each such Supplemental Confirmation, together
with this Master Forward Confirmation, a &ldquo;<B>Confirmation</B>&rdquo; for purposes of the Agreement specified below) substantially
in the form of Exhibit&nbsp;A hereto. [This Master Forward Confirmation and each Supplemental Confirmation is a confirmation for purposes
of Rule&nbsp;10b-10 promulgated under the Exchange Act (as defined below).]<SUP>9</SUP> [MMA is acting as principal in its capacity as
Party A hereunder, and MSUSA, its affiliate, is acting as agent for MMA, in its capacity as Party A hereunder.]<SUP>10</SUP> [Party A
is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.]<SUP>11
</SUP>[Party A is not a member of the Securities Investor Protection Corporation.]<SUP>12</SUP></P>

<P STYLE="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="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The definitions and provisions contained in
                                            the [2021 ISDA Interest Rate Derivatives Definitions (the &ldquo;<B>2021 Definitions</B>&rdquo;)]<SUP>13
                                            </SUP>[2006 ISDA Definitions (the &ldquo;<B>2006 Definitions</B>&rdquo;)]<SUP>14</SUP> [2000
                                            ISDA Definitions (the &ldquo;<B>2000 Definitions</B>&rdquo;)]<SUP>15</SUP> and the 2002 ISDA
                                            Equity Derivatives Definitions (the &ldquo;<B>2002 Definitions</B>&rdquo; and, together with
                                            the [2021 Definitions]<SUP>16</SUP> [2006 Definitions]<SUP>17</SUP> [2000 Definitions]<SUP>18</SUP>,
                                            the &ldquo;<B>Definitions</B>&rdquo;), each as published by the International Swaps and Derivatives
                                            Association,&nbsp;Inc. (&ldquo;<B>ISDA</B>&rdquo;), are incorporated into each Confirmation.
                                            In the event of any inconsistency among the Agreement (as defined herein), this Master Forward
                                            Confirmation, any Supplemental Confirmation, the [2021 Definitions]<SUP>19</SUP> [2006 Definitions]<SUP>20
                                            </SUP>[2000 Definitions]<SUP>21</SUP> and the 2002 Definitions, the following will prevail
                                            in the order of precedence indicated: (i)&nbsp;such Supplemental Confirmation; (ii)&nbsp;this
                                            Master Forward Confirmation; (iii)&nbsp;the 2002 Definitions; (iv)&nbsp;the [2021 Definitions]<SUP>22
                                            </SUP>[2006 Definitions]<SUP>23</SUP> [2000 Definitions]<SUP>24</SUP>; and (v)&nbsp;the Agreement.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP></FONT>Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8
</SUP></FONT>Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9
</SUP></FONT>Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10
</SUP></FONT>Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11
</SUP></FONT>Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12
</SUP></FONT>Insert for Barclays and Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13
</SUP></FONT>Insert for Barclays, Mizuho, MUFG and WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14
</SUP></FONT>Insert for BofA, JPM and Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15
</SUP></FONT>Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16
</SUP></FONT>Insert for Barclays, Mizuho, MUFG and WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17
</SUP></FONT>Insert for BofA, JPM and Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18
</SUP></FONT>Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19
</SUP></FONT>Insert for Barclays, Mizuho, MUFG and WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20
</SUP></FONT>Insert for BofA, JPM and Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21
</SUP></FONT>Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22
</SUP></FONT>Insert for Barclays, Mizuho, MUFG and WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23
</SUP></FONT>Insert for BofA, JPM and Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24
</SUP></FONT>Insert for TD.</P>



<P STYLE="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 0pt 0.5in; text-align: justify">Each Confirmation together with the
Agreement shall evidence a complete and binding agreement between Party A and Party B as to the subject matter and terms of the Transaction
to which this Master Forward Confirmation and each related Supplemental Confirmation relate, and shall supersede all prior or contemporaneous
written or oral communications with respect thereto. Each Confirmation shall supplement, form a part of, and be subject to an agreement
in the form of the 2002 ISDA Master Agreement (the &ldquo;<B>Agreement</B>&rdquo;) as if Party A and Party B had executed the Agreement
in such form on the date hereof (but without any Schedule except for the election of the laws of the State of New York as the governing
law [(without reference to choice of law doctrine other than Article&nbsp;5 of the New York General Obligations Law)]<SUP>25</SUP>).
The parties hereby agree that no transaction other than the Transactions to which this Master Forward Confirmation, together with each
Supplemental Confirmation hereunder, relate shall be governed by the Agreement. For purposes of the 2002 Definitions, each Transaction
shall be a Share Forward Transaction.</P>

<P STYLE="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; text-align: justify">Party A and Party B each represents
to the other, with respect to each Transaction hereunder, that it has entered into such Transaction in reliance upon such tax, accounting,
regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.</P>

<P STYLE="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="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The terms of each Transaction to which this
                                            Master Forward Confirmation relates are as follows:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>General
Terms</U></FONT>:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Party
                                            A:</TD>
                                                                                <TD STYLE="text-align: justify">[Bank of America, N.A.]<SUP>26
                                            </SUP>[JPMorgan Chase Bank, National Association]<SUP>27</SUP> [Mizuho Markets Americas LLC
                                            (with Mizuho Securities USA LLC acting as agent (&ldquo;<B>Agent</B>&rdquo;))]<SUP>28</SUP>
                                            [Barclays Bank PLC, through its agent Barclays Capital Inc. (&ldquo;<B>Agent</B>&rdquo;)]<SUP>29
                                            </SUP>[MUFG Securities EMEA plc]<SUP>30</SUP> [The Toronto-Dominion Bank]<SUP>31</SUP> [Truist
                                            Bank]<SUP>32</SUP> [Wells Fargo Bank, National Association]<SUP>33</SUP></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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25
</SUP></FONT>Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26
</SUP></FONT>Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>27
</SUP></FONT>Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28
</SUP></FONT>Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>29
</SUP></FONT>Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>30
</SUP></FONT>Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>31
</SUP></FONT>Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>32
</SUP></FONT>Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>33
</SUP></FONT>Insert for WF.</P>



<P STYLE="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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Party
                                            B:</TD>
                                                                                    <TD STYLE="text-align: justify">Pinnacle West Capital
                                            Corporation.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Trade
                                            Date:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as specified in the Supplemental Confirmation for such Transaction, to be, subject to the
                                            provisions under the heading &ldquo;Acceleration Events&rdquo; in Section&nbsp;3 of this
                                            Master Forward Confirmation and the provisions under the heading &ldquo;Forward Placement
                                            Notices&rdquo; in Section&nbsp;4 of this Master Forward Confirmation, the last &ldquo;Trading
                                            Day&rdquo; (as defined in the Equity Distribution Agreement) of the &ldquo;Forward Hedge
                                            Selling Period&rdquo; (as defined in the Equity Distribution Agreement) for such Transaction.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Effective
                                            Date:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as specified in the Supplemental Confirmation for such Transaction, to be the date that is
                                            one Settlement Cycle following the Trade Date for such Transaction, or such later date on
                                            which the conditions set forth under &ldquo;Conditions to Effectiveness&rdquo; in Section&nbsp;3
                                            of this Master Forward Confirmation shall have been satisfied, subject to the provisions
                                            under the heading &ldquo;Forward Placement Notices&rdquo; in Section&nbsp;4 of this Master
                                            Forward Confirmation.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: left; width: 2in">Base
                                            Amount:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            initially, as specified in the Supplemental Confirmation for such Transaction, to be the
                                            number of Shares equal to the &ldquo;Actual Sold Forward Amount&rdquo; (as defined in the
                                            Equity Distribution Agreement) for the Forward Hedge Selling Period for such Transaction.
                                            For each Transaction, on each Settlement Date for such Transaction, the Base Amount for such
                                            Transaction shall be reduced by the relevant number of Settlement Shares for such Settlement
                                            Date.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Maturity
                                            Date:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as specified in the Supplemental Confirmation for such Transaction, to be the date that follows
                                            the Trade Date for such Transaction by the number of days, months or years set forth in the
                                            &ldquo;Forward Placement Notice&rdquo; (as defined in the Equity Distribution Agreement)
                                            for such Transaction, which number of days, months or years shall in no event be less than
                                            two (2)&nbsp;months nor more than eighteen (18) months (or, if such date is not a Scheduled
                                            Trading Day, the next following Scheduled Trading Day).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Forward
                                            Price:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            (x)&nbsp;on the Effective Date for such Transaction, the Initial Forward Price for such Transaction,
                                            and (y)&nbsp;on any other day, (1)&nbsp;the Forward Price for such Transaction as of the
                                            immediately preceding calendar day <I>multiplied by</I> (2)&nbsp;the sum of (i)&nbsp;1 <I>and
                                            </I>(ii)&nbsp;the Daily Rate for such Transaction for such day; <I>provided</I> that on each
                                            Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward
                                            Price otherwise in effect on such date, <I>minus</I> the Forward Price Reduction Amount for
                                            such Forward Price Reduction Date.</TD>
</TR></TABLE>

<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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    <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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Initial
                                            Forward Price:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as specified in the Supplemental Confirmation for such Transaction, to be the product of
                                            (i)&nbsp;an amount equal to 1 <I>minus </I>the &ldquo;Forward Hedge Selling Commission Rate&rdquo;
                                            (as defined in the Equity Distribution Agreement) applicable to such Transaction <I>and</I>
                                            (ii)&nbsp;the Volume-Weighted Hedge Price, subject to adjustment as set forth herein.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Volume-Weighted
                                            Hedge Price:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as specified in the Supplemental Confirmation for such Transaction, to be the volume-weighted
                                            average of the &ldquo;Sales Prices&rdquo; (as defined in the Equity Distribution Agreement)
                                            per share of &ldquo;Forward Hedge Shares&rdquo; (as defined in the Equity Distribution Agreement)
                                            sold on each Trading Day of the Forward Hedge Selling Period for such Transaction, as determined
                                            by the Calculation Agent; <I>provided</I> that, for the purposes of calculating the Initial
                                            Forward Price, each such Sales Price (other than the Sales Price for the last day of the
                                            relevant Forward Hedge Selling Period) shall be subject to commercially reasonable adjustment
                                            by the Calculation Agent in the same manner as the Forward Price pursuant to the definition
                                            thereof during the period from, and including, the date one Settlement Cycle immediately
                                            following the first Trading Day of the relevant Forward Hedge Selling Period during which
                                            the Forward Hedge Shares in respect of such Transaction are sold to, and including, the Effective
                                            Date of such Transaction.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Daily Rate:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction
                                            and for any day, (i)(A)&nbsp;the Overnight Bank Rate for such day <I>minus</I> (B)&nbsp;the
                                            Spread for such Transaction <I>divided by</I> (ii)&nbsp;365.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
                                                                                   <TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overnight
                                        Bank Rate:</FONT></TD>
                                                                                   <TD STYLE="text-align: justify">For any day, the rate
                                            set forth for such day opposite the caption &ldquo;Overnight bank funding rate&rdquo;, as
                                            such rate is displayed on Bloomberg Screen &ldquo;OBFR01 &lt;Index&gt; &lt;GO&gt;&rdquo;,
                                            or any successor page; <I>provided</I> that, if no rate appears for a particular day on such
                                            page, the rate for the first immediately preceding day for which a rate does so appear shall
                                            be used for such day.</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Spread:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as set forth in the Supplemental Confirmation for such Transaction.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Forward
                                            Price Reduction Dates:</TD>
                                                                                   <TD STYLE="text-align: justify">For each Transaction,
                                            as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be each
                                            date set forth under the heading &ldquo;Forward Price Reduction Dates&rdquo; in the Forward
                                            Placement Notice for such Transaction.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Forward
                                            Price Reduction Amount:</TD>
                                                                                   <TD STYLE="text-align: justify">For any Transaction,
                                            for each Forward Price Reduction Date for such Transaction, the Forward Price Reduction Amount
                                            set forth opposite such date on Schedule I to the Supplemental Confirmation for such Transaction.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Shares:</TD>
                                                                                   <TD STYLE="text-align: justify">Common stock, no par
                                            value per share, of Party B (also referred to herein as the &ldquo;<I>Issuer</I>&rdquo;)
                                            (Exchange identifier: &ldquo;PNW&rdquo;).</TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Exchange:</TD>
                                                                                   <TD STYLE="text-align: justify">The New York Stock
                                            Exchange.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Related
                                            Exchange(s):</TD>
                                                                                   <TD STYLE="text-align: justify">All Exchanges.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Clearance
                                            System:</TD>
                                                                                   <TD STYLE="text-align: justify">DTC.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Hedging
                                            Party:</TD>
                                                                                   <TD STYLE="text-align: justify">Party A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Calculation Agent:</TD>
                                                                                   <TD STYLE="text-align: justify">Party A. Whenever
                                            the Calculation Agent is required to act or to exercise judgment in any way with respect
                                            to any Transaction hereunder, it will do so in good faith and in a commercially reasonable
                                            manner.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
                                                                                   <TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
                                                                                   <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following
                                            any determination, adjustment or calculation hereunder by the Calculation Agent, the Calculation
                                            Agent will upon written request by Party B promptly following such request, provide to Party
                                            B a report (in a commonly used file format for the storage and manipulation of financial
                                            data but without disclosing Party A&rsquo;s confidential or proprietary models or other information
                                            that may be confidential, proprietary or subject to contractual, legal or regulatory obligations
                                            to not disclose such information) displaying in reasonable detail the basis for such determination,
                                            adjustment or calculation, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
                                                                                   <TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
                                                                                   <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following
                                            the occurrence and during the continuation of an Event of Default pursuant to Section&nbsp;5(a)(vii)&nbsp;of
                                            the Agreement with respect to which Party A is the sole Defaulting Party, Party B shall have
                                            the right to designate an independent, nationally recognized equity derivatives dealer to
                                            replace Party A as Calculation Agent, and the parties hereto shall work in good faith to
                                            execute any appropriate documentation required by such replacement Calculation Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -163pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Settlement
Terms</U></FONT>:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Settlement
                                            Date:</TD>
                                                                                   <TD STYLE="text-align: justify">With respect to any
                                            Transaction, any Scheduled Trading Day following the Effective Date for such Transaction
                                            up to, and including, the Maturity Date for such Transaction, as designated by (a)&nbsp;Party
                                            A pursuant to &ldquo;Termination Settlement&rdquo; below or (b)&nbsp;Party B in a written
                                            notice (a &ldquo;<B>Settlement Notice</B>&rdquo;) that satisfies the Settlement Notice Requirements
                                            and is delivered to Party A at least (i)&nbsp;two Scheduled Trading Days prior to such Settlement
                                            Date, which may be the Maturity Date for such Transaction, if Physical Settlement applies,
                                            and (ii)&nbsp;a number of Scheduled Trading Days prior to such Settlement Date equal to the
                                            Notice Settlement Number (as defined below) for such Transaction, which may be the Maturity
                                            Date for such Transaction, if Cash Settlement or Net Share Settlement applies; <I>provided
                                            </I>that (x)&nbsp;the Maturity Date for such Transaction shall be a Settlement Date for such
                                            Transaction if on such date the Base Amount for such Transaction is greater than zero, (y)&nbsp;if
                                            Physical Settlement or Net Share Settlement applies and such Settlement Date specified above
                                            (including a Settlement Date occurring on such Maturity Date) is not a Clearance System Business
                                            Day, such Settlement Date shall be the immediately succeeding Clearance System Business Day
                                            and (z)&nbsp;if Cash Settlement or Net Share Settlement applies and Party A shall have fully
                                            unwound its commercially reasonable hedge position in respect of such Transaction (or portion
                                            thereof, as applicable) during an Unwind Period (as defined below) for such Transaction by
                                            a date (the &ldquo;<B>Hedge Unwind Completion Date</B>&rdquo;) that is more than one Scheduled
                                            Trading Day prior to such Settlement Date specified above, the Settlement Date for such Transaction
                                            shall be the date that follows the Hedge Unwind Completion Date for such Cash Settlement
                                            or Net Share Settlement, as the case may be, by one Settlement Cycle. The &ldquo;<B>Notice
                                            Settlement Number</B>&rdquo; for any Transaction shall be a number of Scheduled Trading Days
                                            set forth in the Supplemental Confirmation for such Transaction.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Settlement
                                            Shares:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction and with respect to any Settlement Date for such Transaction, a number of Shares,
                                            not to exceed the Base Amount for such Transaction, designated as such by Party B in the
                                            related Settlement Notice or by Party A pursuant to &ldquo;Termination Settlement&rdquo;
                                            below; <I>provided</I> that on the Maturity Date for such Transaction the number of Settlement
                                            Shares shall be equal to the Base Amount for such Transaction on such date.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Settlement:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction, Physical Settlement, Cash Settlement or Net Share Settlement, at the election
                                            of Party B as set forth in a Settlement Notice delivered on or after the Effective Date for
                                            such Transaction that satisfies the Settlement Notice Requirements; <I>provided</I> that
                                            Physical Settlement shall apply (i)&nbsp;if no Settlement Method is validly selected, (ii)&nbsp;with
                                            respect to any Settlement Shares in respect of which Party A is unable, in its good faith,
                                            commercially reasonable judgment, to unwind its commercially reasonable hedge position in
                                            respect of such Transaction (or portion thereof, as applicable) by the end of the Unwind
                                            Period for such Transaction in a manner that, in the good faith, reasonable judgment of Party
                                            A, is consistent with the requirements for qualifying for the safe harbor provided by Rule&nbsp;10b-18
                                            under the Exchange Act or due to the lack of sufficient liquidity in the Shares on any Exchange
                                            Business Day during such Unwind Period or (iii)&nbsp;to any Termination Settlement Date (as
                                            defined below under &ldquo;Termination Settlement&rdquo;).</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Settlement
                                            Notice Requirements:</TD>
                                                                                   <TD STYLE="text-align: justify">Notwithstanding any
                                            other provision hereof, a Settlement Notice delivered in respect of any Transaction by Party
                                            B that specifies Cash Settlement or Net Share Settlement will not be effective to establish
                                            a Settlement Date for such Transaction or require Cash Settlement or Net Share Settlement
                                            unless Party B delivers to Party A with such Settlement Notice a representation signed by
                                            Party B substantially in the following form: &ldquo;As of the date of this Settlement Notice,
                                            Party B is not aware of any material nonpublic information concerning itself or the Shares,
                                            and is designating the date contained herein as a Settlement Date and is electing Cash Settlement
                                            or Net Share Settlement, as the case may be, in good faith and not as part of a plan or scheme
                                            to evade compliance with the federal securities laws.&rdquo;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Unwind
                                            Period:</TD>
                                                                                   <TD STYLE="text-align: justify">For any Transaction,
                                            each Exchange Business Day that is not a Suspension Day during the period from and including
                                            the first Exchange Business Day following the date Party B validly elects Cash Settlement
                                            or Net Share Settlement in respect of a Settlement Date for such Transaction through the
                                            Scheduled Trading Day preceding such Settlement Date (or the immediately preceding Exchange
                                            Business Day if such Scheduled Trading Day is not an Exchange Business Day), subject to &ldquo;Termination
                                            Settlement&rdquo; below. If any Exchange Business Day during an Unwind Period for any Transaction
                                            is a Disrupted Day, the Calculation Agent shall make commercially reasonable adjustments
                                            to the terms of such Transaction (including, without limitation, the Cash Settlement Amount,
                                            the number of Net Share Settlement Shares and the 10b-18 VWAP) to account for the occurrence
                                            of such Disrupted Day.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Suspension
                                            Day:</TD>
                                                                                   <TD STYLE="text-align: justify">Any Exchange Business
                                            Day on which Party A reasonably determines based on the advice of counsel that Cash Settlement
                                            or Net Share Settlement may violate applicable securities laws. Party A shall notify Party
                                            B if it receives such advice from its counsel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Market
                                            Disruption Event:</TD>
                                                                                   <TD STYLE="text-align: justify">Section&nbsp;6.3(a)(ii)&nbsp;of
                                            the 2002 Definitions is hereby amended by replacing clause (ii)&nbsp;in its entirety with
                                            &ldquo;(ii)&nbsp;an Exchange Disruption, or&rdquo; and inserting immediately following clause
                                            (iii)&nbsp;the phrase &ldquo;, in each case, that the Calculation Agent, acting in good faith
                                            and a commercially reasonably manner, determines is material.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Exchange
                                            Act:</TD>
                                                                                   <TD STYLE="text-align: justify">The Securities Exchange
                                            Act of 1934, as amended from time to time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Physical
                                            Settlement:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction, on any Settlement Date for such Transaction in respect of which Physical Settlement
                                            applies, Party B shall deliver to Party A through the Clearance System the Settlement Shares
                                            for such Transaction for such Settlement Date, and Party A shall deliver to Party B, by wire
                                            transfer of immediately available funds to an account designated by Party B, an amount in
                                            cash equal to the Physical Settlement Amount for such Transaction for such Settlement Date,
                                            on a delivery versus payment basis. If, on any Settlement Date for any Transaction, the Shares
                                            to be delivered by Party B to Party A hereunder upon Physical Settlement are not so delivered
                                            (the &ldquo;<B>Physical Deferred Shares</B>&rdquo;), and a Forward Price Reduction Date with
                                            respect to such Transaction occurs during the period from, and including, such Settlement
                                            Date to, but excluding, the date such Shares are actually delivered to Party A, then the
                                            portion of the Physical Settlement Amount for such Transaction payable by Party A to Party
                                            B in respect of the Physical Deferred Shares shall be reduced by an amount equal to (1)&nbsp;the
                                            Forward Price Reduction Amount for such Forward Price Reduction Date <I>multiplied by</I>
                                            (2)&nbsp;the number of Physical Deferred Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Physical
                                            Settlement Amount:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction and for any Settlement Date for such Transaction in respect of which Physical
                                            Settlement applies, an amount in cash equal to the product of (i)&nbsp;the Forward Price
                                            for such Transaction on such Settlement Date <I>and</I> (ii)&nbsp;the number of Settlement
                                            Shares for such Transaction for such Settlement Date.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Cash
                                            Settlement:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction, on any Settlement Date for such Transaction in respect of which Cash Settlement
                                            applies, if the Cash Settlement Amount for such Transaction for such Settlement Date is a
                                            positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement
                                            Amount for such Transaction is a negative number, Party B will pay the absolute value of
                                            such Cash Settlement Amount to Party A. Such amounts shall be paid on the relevant Settlement
                                            Date.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Cash
                                            Settlement Amount:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction and for any Settlement Date for such Transaction in respect of which Cash Settlement
                                            or Net Share Settlement applies, an amount determined by the Calculation Agent equal to the
                                            difference between (1)&nbsp;the product of (i)&nbsp;(A)&nbsp;the average Forward Price for
                                            such Transaction over the period beginning on, and including, the date that is one Settlement
                                            Cycle following the first day of the applicable Unwind Period for such Transaction and ending
                                            on, and including, such Settlement Date (calculated assuming no reduction to such Forward
                                            Price for any Forward Price Reduction Date that occurs during such Unwind Period, except
                                            as set forth in clause (2)&nbsp;below), <I>minus</I> the Commission (as defined below), <I>minus
                                            </I>(B)&nbsp;the average of the 10b-18 VWAP prices per Share on each Exchange Business Day
                                            during such Unwind Period (the &ldquo;<B>Average Unwind Period 10b-18 VWAP</B>&rdquo;) and
                                            (ii)&nbsp;the number of Settlement Shares for such Transaction for such Settlement Date <I>and
                                            </I>(2)&nbsp;the product of (i)&nbsp;the Forward Price Reduction Amount for any Forward Price
                                            Reduction Date that occurs during such Unwind Period <I>and</I> (ii)&nbsp;the number of Settlement
                                            Shares for such Transaction with respect to which Party A has not unwound its commercially
                                            reasonable hedge position as of such Forward Price Reduction Date.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Net
                                            Share Settlement:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction, on any Settlement Date for such Transaction in respect of which Net Share Settlement
                                            applies, if the number of Net Share Settlement Shares for such Transaction is a (i)&nbsp;positive
                                            number, Party A shall deliver to Party B such Net Share Settlement Shares, or (ii)&nbsp;negative
                                            number, Party B shall deliver a number of Shares to Party A equal to the absolute value of
                                            such Net Share Settlement Shares; <I>provided</I> that if Party A determines in its good
                                            faith, commercially reasonable judgment that it would be required to deliver Net Share Settlement
                                            Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares
                                            on one or more dates prior to the applicable Settlement Date. If, on any Settlement Date
                                            for any Transaction, the Shares to be delivered by Party B or Party A hereunder upon Net
                                            Share Settlement are not so delivered (the &ldquo;<B>Net Share Deferred Shares</B>&rdquo;),
                                            and a Forward Price Reduction Date with respect to such Transaction occurs during the period
                                            from, and including, such Settlement Date to, but excluding, the date such Shares are actually
                                            delivered to such party, then the portion of the Net Share Settlement Shares for such Transaction
                                            deliverable by Party A or Party B in respect of the Net Share Deferred Shares shall be adjusted
                                            by the Calculation Agent to reflect the occurrence of such Forward Price Reduction Amount
                                            for such Forward Price Reduction Date.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Net
                                            Share Settlement Shares:</TD>
                                                                                   <TD STYLE="text-align: justify">In respect of any
                                            Transaction and for any Settlement Date in respect of which Net Share Settlement applies,
                                            a number of Shares equal to (i)&nbsp;the Cash Settlement Amount in respect of such Settlement
                                            Date <I>divided by </I>(ii)&nbsp;the Average Unwind Period 10b-18 VWAP, with the number of
                                            Shares rounded up in the event such calculation results in a fractional number of Shares.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">10b-18
                                            VWAP:</TD>
                                                                                   <TD STYLE="text-align: justify">For any Exchange Business
                                            Day during an Unwind Period that is not a Suspension Day, the volume-weighted average price
                                            at which the Shares trade as reported in the composite transactions for the Exchange on such
                                            Exchange Business Day, excluding (i)&nbsp;trades that do not settle regular way, (ii)&nbsp;opening
                                            (regular way) reported trades on the Exchange on such Exchange Business Day, (iii)&nbsp;trades
                                            that occur in the last ten minutes before the scheduled close of trading on the Exchange
                                            on such Exchange Business Day and ten minutes before the scheduled close of the primary trading
                                            session in the market where the trade is effected and (iv)&nbsp;trades on such Exchange Business
                                            Day that do not satisfy the requirements of Rule&nbsp;10b-18(b)(3), as published by Bloomberg
                                            L.P. or its successor at 4:15 p.m.&nbsp;New York time (or 15 minutes following the end of
                                            any extension of the regular trading session) on such Exchange Business Day, on Bloomberg
                                            page&nbsp;&ldquo;PNW &lt;Equity&gt; AQR SEC&rdquo; (or any successor thereto), or if such
                                            price is not so reported on such Exchange Business Day for any reason or is, in the Calculation
                                            Agent&rsquo;s reasonable determination, erroneous, such 10b-18 VWAP shall be as determined
                                            by the Calculation Agent in good faith and in a commercially reasonable manner including
                                            only those trades that are reported during the period of time during which Party B could
                                            purchase its own shares under Rule&nbsp;10b-18(b)(2)&nbsp;and effected pursuant to the conditions
                                            of Rule&nbsp;10b-18(b)(3), each under the Exchange Act.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Commission:</TD>
                                                                                   <TD STYLE="text-align: justify">For purposes of the
                                            calculation of the Cash Settlement Amount in connection with Cash Settlement, USD 0.03 per
                                            share, and for purposes of the calculation of the Cash Settlement Amount in connection with
                                            Net Share Settlement, USD 0.02 per share (the &ldquo;<B>Commission</B>&rdquo;).</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Settlement
                                            Currency:</TD>
                                                                                   <TD STYLE="text-align: justify">USD.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Failure
                                            to Deliver:</TD>
                                                                                   <TD STYLE="text-align: justify">Inapplicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Adjustments</U></FONT>:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Method
                                            of Adjustment:</TD>
                                                                                   <TD STYLE="text-align: justify">Calculation Agent
                                            Adjustment</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Potential
                                            Adjustment Events:</TD>
                                                                                   <TD STYLE="text-align: justify">An Extraordinary Dividend
                                            shall not constitute a Potential Adjustment Event.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Additional
                                            Adjustment:</TD>
                                                                                   <TD STYLE="text-align: justify">If with respect to
                                            any Transaction, in Party A&rsquo;s good faith, commercially reasonable judgment, the stock
                                            loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest
                                            rate component payable by the relevant stock lender to Party A or such affiliate (the &ldquo;<B>Stock
                                            Loan Fee</B>&rdquo;), over any one month period, of borrowing a number of Shares equal to
                                            the Base Amount for such Transaction to hedge its exposure to such Transaction exceeds a
                                            weighted average rate equal to the Specified Borrow Rate for such Transaction, the Calculation
                                            Agent shall reduce the Forward Price for such Transaction in order to compensate Party A
                                            for the amount by which such Stock Loan Fee exceeded a weighted average rate equal to such
                                            Specified Borrow Rate during such period. The Calculation Agent shall notify Party B prior
                                            to making any such adjustment to such Forward Price and, upon the request of Party B, Party
                                            A shall provide an itemized list of the Stock Loan Fees for the applicable one month period.
                                            The &ldquo;<B>Specified Borrow Rate</B>&rdquo; for any Transaction shall be the per annum
                                            rate set forth in the Supplemental Confirmation for such Transaction.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -163pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Account
Details</U></FONT>:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Payments
                                            to Party A:</TD>
                                                                                   <TD STYLE="text-align: justify">To be advised under
                                            separate cover or telephone confirmed prior to each Settlement Date.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Payments
                                            to Party B:</TD>
                                                                                   <TD STYLE="text-align: justify">To be advised under
                                            separate cover or telephone confirmed prior to each Settlement Date.</TD>
</TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Delivery
                                            of Shares to Party A:</TD>
                                                                                   <TD STYLE="text-align: justify">To be advised.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 2in">Delivery
                                            of Shares to Party B:</TD>
                                                                                   <TD STYLE="text-align: justify">To be advised.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Offices</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 0pt 0.75in; text-align: justify">The Office of Party A for each Transaction
is: [New York, NY]<SUP>34</SUP> [Inapplicable, Party A is not a Multibranch Party]<SUP>35</SUP> [Toronto. Notwithstanding the foregoing,
for U.S. federal income tax purposes and for purposes of the Tax Representations herein, the Office of Party A for each Transaction is
its New York Office.]<SUP>36</SUP> [Atlanta, GA]<SUP>37</SUP> [Charlotte, NC]<SUP>38</SUP></P>

<P STYLE="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 3in; text-align: justify; text-indent: -2.25in">[Bank of America,
N.A.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">c/o BofA Securities,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">One Bryant Park&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">New York, NY 10036]<SUP>39</SUP></P>

<P STYLE="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: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>34
</SUP></FONT>Insert for BofA, JPM and Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>35
</SUP></FONT>Insert for Barclays</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>36
</SUP></FONT>Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>37
</SUP></FONT>Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>38
</SUP></FONT>Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>39
</SUP></FONT>Insert for BofA.</P>


<P STYLE="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 0pt 0.75in">[JPMorgan Chase Bank, National Association</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">New York Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">New York, NY 10179]<SUP>40</SUP></P>

<P STYLE="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 3in; text-align: justify; text-indent: -2.25in">[Mizuho Markets
Americas LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">c/o Mizuho Securities
USA LLC as agent&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">1271 Avenue of
the Americas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">New York, NY 10020&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Attn: Equity Capital
Markets Desk&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Telephone: (212)
209-9300&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">E-mail: US-ECM@mizuhogroup.com]<SUP>41</SUP></P>

<P STYLE="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 3in; text-align: justify; text-indent: -2.25in">[Barclays Bank
PLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">c/o Barclays Capital
Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">745 Seventh Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">New York, NY 10019&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Attn: Kevin Cheng&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Telephone: (+1)
212-526-8627&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Facsimile: (+1)
917-522-0458&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Email: kevin.cheng@barclays.com]<SUP>42</SUP></P>

<P STYLE="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 3in; text-align: justify; text-indent: -2.25in">[MUFG Securities
EMEA plc&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Ropemaker Place,
25 Ropemaker Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">London, EC2Y 9AJ,
United Kingdom&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Attention: Derivative
Confirmations (fax: +44 (0) 20 7577 2898/2875),&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">Email: docsconfirms@int.sc.mufg.jp,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">With a copy to:
Jason.Stanger@mufgsecurities.com,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Sean.McElwaine@mufgsecurities.com, and ECM@us.sc.mufg.jp]<SUP>43</SUP></P>

<P STYLE="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 0.75in; text-align: justify">The Office of Party B for each Transaction
is: Inapplicable, Party B is not a Multibranch Party.</P>

<P STYLE="font: 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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Provisions:</P>

<P STYLE="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 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Opinion</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 0pt 1in; text-align: justify">For each Transaction, Party B shall deliver
to Party A an opinion of counsel, dated as of the Trade Date for such Transaction, with respect to the matters set forth in Section&nbsp;3(a)&nbsp;of
the Agreement (subject to customary exceptions, limitations, qualifications and assumptions reasonably acceptable to Party A). Delivery
of such opinion to Party A shall be a condition precedent for the purpose of Section&nbsp;2(a)(iii)&nbsp;of the Agreement with respect
to each obligation of Party A under Section&nbsp;2(a)(i)&nbsp;of the 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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Conditions
to Effectiveness</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 0pt 1in; text-align: justify">The effectiveness of each Supplemental
Confirmation and the related Transaction on the Effective Date for such Transaction shall be subject to (i)&nbsp;the satisfaction of
all of the conditions set forth in Section&nbsp;5 of the Equity Distribution Agreement and (ii)&nbsp;that neither of the following has
occurred: (A)&nbsp;Party A (or its affiliate) is unable after using commercially reasonable efforts to borrow and deliver for sale a
number of Shares equal to the Base Amount for such Transaction or (B)&nbsp;in Party A&rsquo;s good faith, commercially reasonable judgment,
either it is impracticable to do so or Party A (or its affiliate) would incur a Stock Loan Fee to borrow a number of Shares equal to
the Base Amount for such Transaction of more than a rate equal to the Specified Borrow Rate for such Transaction to do so (in which event
such Supplemental Confirmation and the related Transaction shall be effective but the Base Amount for such Transaction shall be the number
of Shares Party A (or an affiliate thereof) is required to deliver in accordance with Section&nbsp;2 of the Equity Distribution 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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&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 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>40
</SUP></FONT>Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>41
</SUP></FONT>Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>42
</SUP></FONT>Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>43
</SUP></FONT>Insert for MUFG.</P>


<P STYLE="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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations
and Agreements of Party B</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 0pt 1in; text-align: justify">Party B (i)&nbsp;has such knowledge and
experience in financial and business affairs as to be capable of evaluating the merits and risks of entering into any Transaction hereunder;
(ii)&nbsp;has consulted with its own legal, financial, accounting and tax advisors in connection with each Transaction hereunder; and
(iii)&nbsp;is entering into each Transaction hereunder for a bona fide business purpose.</P>

<P STYLE="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; text-align: justify">Party B is not the subject of any civil
proceeding of a judicial or administrative body of competent jurisdiction that would reasonably be expected to impair materially Party
B&rsquo;s ability to perform its obligations 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 0pt 1in; text-align: justify">Party B will notify Party A by the next
succeeding New York Business Day after obtaining knowledge of the occurrence of any event that would constitute an Event of Default or
a Potential Adjustment 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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
Representations, Warranties and Agreements of Party B</U></FONT>: Party B hereby represents and warrants to, and agrees with, Party A
as of the date hereof, on each &ldquo;Forward Date&rdquo; (as defined in the Equity Distribution Agreement) for any Transaction hereunder,
on each &ldquo;Forward Hedge Settlement Date&rdquo; (as defined in the Equity Distribution Agreement) for any Transaction hereunder and
on each Trade Date for any Transaction hereunder that:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Any Shares, when issued and delivered in
                                            accordance with the terms of any Transaction hereunder, will be duly authorized and validly
                                            issued, fully paid and nonassessable, and the issuance thereof will not be subject to any
                                            preemptive or similar rights.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Party B has reserved and will keep available
                                            at all times, free from preemptive rights, out of its authorized but unissued Shares, solely
                                            for the purpose of issuance upon settlement of any Transaction hereunder as herein provided,
                                            the full number of Shares as shall be issuable at such time upon settlement of such Transaction.
                                            All Shares so issuable shall, upon such issuance, be accepted for listing or quotation on
                                            the Exchange. Party B shall have submitted an application for the listing of the Forward
                                            Shares (as defined below) for each Transaction hereunder on the Exchange, and such application
                                            and listing shall have been approved by the Exchange, subject only to official notice of
                                            issuance, in each case, on or prior to the Effective Date for such Transaction. Party B agrees
                                            and acknowledges that such submission and approval shall be a condition precedent for the
                                            purpose of Section&nbsp;2(a)(iii)&nbsp;of the Agreement with respect to each obligation of
                                            Party A under Section&nbsp;2(a)(i)&nbsp;of the Agreement in respect of the relevant Transaction.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Party B agrees to provide Party A at least
                                            three Exchange Business Days&rsquo; written notice (an &ldquo;<B>Issuer Repurchase Notice</B>&rdquo;)
                                            prior to executing any repurchase of Shares by Party B or any of its subsidiaries (or entering
                                            into any contract that would require, or give the option to, Party B or any of its subsidiaries,
                                            to purchase or repurchase Shares), whether out of profits or capital or whether the consideration
                                            for such repurchase is cash, securities or otherwise (an &ldquo;<B>Issuer Repurchase</B>&rdquo;),
                                            that alone or in the aggregate would result in the Base Amount Percentage (as defined below)
                                            for all Transactions hereunder being greater by 0.5% or more than the Base Amount Percentage
                                            at the time of the immediately preceding Issuer Repurchase Notice (or in the case of the
                                            first such Issuer Repurchase Notice, greater than the Base Amount Percentage as of the later
                                            of the date hereof or the immediately preceding Settlement Date for a Transaction hereunder,
                                            if any). The &ldquo;<B>Base Amount Percentage</B>&rdquo; as of any day is the fraction (1)&nbsp;the
                                            numerator of which is the Base Amount for all Transactions hereunder and (2)&nbsp;the denominator
                                            of which is the number of Shares outstanding on such day.</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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">No filing with, or approval, authorization,
                                            consent, license, registration, qualification, order or decree of, any court or governmental
                                            authority or agency, domestic or foreign, is necessary or required for the execution, delivery
                                            and performance by Party B of this Master Forward Confirmation or any Supplemental Confirmation
                                            and the consummation of the relevant Transaction (including, without limitation, the issuance
                                            and delivery of Shares on any Settlement Date for a Transaction hereunder) except (i)&nbsp;such
                                            as have been obtained under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
                                            Act</B>&rdquo;), (ii)&nbsp;as may be required to be obtained under state securities laws
                                            and (iii)&nbsp;as required by the rules&nbsp;and regulations of the Exchange.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Party B agrees not to make any Issuer Repurchase
                                            if, immediately following such Issuer Repurchase, the Base Amount Percentage for all Transactions
                                            hereunder would be equal to or greater than 8.0%.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">Party B is not insolvent, nor will Party
                                            B be rendered insolvent as a result of any Transaction hereunder.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">Neither Party B nor any of its affiliates
                                            shall take or refrain from taking any action (including, without limitation, any direct purchases
                                            by Party B or any of its affiliates or any purchases by a party to a derivative transaction
                                            with Party B or any of its affiliates), either under this Master Forward Confirmation, under
                                            any Supplemental Confirmation, under an agreement with another party or otherwise, that might
                                            cause any purchases of Shares by Party A or any of its affiliates in connection with any
                                            Cash Settlement or Net Share Settlement of any Transaction hereunder not to meet the requirements
                                            of the safe harbor provided by Rule&nbsp;10b-18 under the Exchange Act if such purchases
                                            were made by Party B and Rule&nbsp;10b-18 were applicable to such purchases.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">Party B will not engage in any &ldquo;distribution&rdquo;
                                            (as defined in Regulation M under the Exchange Act (&ldquo;<B>Regulation M</B>&rdquo;)) that
                                            would cause a &ldquo;restricted period&rdquo; (as defined in Regulation M) to occur during
                                            any Unwind Period for any Transaction hereunder.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">In addition to any other requirements set
                                            forth herein, Party B agrees not to elect Cash Settlement or Net Share Settlement in respect
                                            of any Transaction if, in the good faith, reasonable judgment of either Party A or Party
                                            B, such settlement or Party A&rsquo;s related market activity would result in a violation
                                            of the U.S. federal securities laws or any other federal or state law or regulation applicable
                                            to Party B.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">Party B (i)&nbsp;is capable of evaluating
                                            investment risks independently, both in general and with regard to all transactions and investment
                                            strategies involving a security or securities; (ii)&nbsp;will exercise independent judgment
                                            in evaluating the recommendations of any broker-dealer or its associated persons, unless
                                            it has otherwise notified the broker-dealer in writing; and (iii)&nbsp;has total assets of
                                            at least USD 50 million as of the date hereof, the Forward Date for each Transaction hereunder
                                            and the Trade Date for each Transaction hereunder.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">Party B acknowledges and agrees that:</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">during the term of each Transaction,
                                            Party A and its affiliates may buy or sell Shares or other securities or buy or sell options
                                            or futures contracts or enter into swaps or other derivative securities in order to establish,
                                            adjust or unwind its hedge position with respect to such Transaction;</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Party A and its affiliates may also
                                            be active in the market for the Shares and Share-linked transactions other than in connection
                                            with hedging activities in relation to each Transaction;</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>

<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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">Party A shall make its own determination
                                            as to whether, when or in what manner any hedging or market activities in Party B&rsquo;s
                                            securities shall be conducted and shall do so in a manner that it deems appropriate to hedge
                                            its price and market risk with respect to the Forward Price for each Transaction and the
                                            10b-18 VWAP for each Transaction;</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">any market activities of Party A and
                                            its affiliates with respect to the Shares may affect the market price and volatility of the
                                            Shares, as well as the Forward Price for each Transaction and 10b-18 VWAP for each Transaction,
                                            each in a manner that may be adverse to Party B; and</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify">each Transaction is a derivatives transaction
                                            in which it has granted Party A the right, under certain circumstances, to receive cash or
                                            Shares, as the case may be; Party A may purchase Shares for its own account at an average
                                            price that may be greater than, or less than, the effective price paid by Party B under the
                                            terms of such Transaction.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify">Party B represents and warrants to Party
                                            A that the representations and warranties of Party B contained in Section&nbsp;1 of the Equity
                                            Distribution Agreement are true and correct, or, as provided in the Equity Distribution Agreement,
                                            true and correct in all material respects, on such Effective Date as if made as of such Trade
                                            Date and the corresponding Effective Date.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify">Party B covenants and agrees that it shall
                                            perform all of the obligations required to be performed by it under the Equity Distribution
                                            Agreement (including, without limitation, to the extent required to satisfy the conditions
                                            set forth in Section&nbsp;5 of the Equity Distribution Agreement) on or prior to such Trade
                                            Date and the corresponding Effective Date.</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 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
Mutual Representation and Warranty</U></FONT>:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="text-align: justify">Each party represents and warrants to the other party that it is an &ldquo;eligible
                            contract participant&rdquo; (as such term is defined in Section&nbsp;1a(18) of the Commodity Exchange Act,
                            as amended).</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 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Covenant
of Party B</U></FONT>:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="text-align: justify">Subject to the provisions of &ldquo;Private Placement Procedures&rdquo; below,
                            the parties acknowledge and agree that any Shares delivered by Party B to Party A on any Settlement Date
                            for a Transaction hereunder will be newly issued Shares and when delivered by Party A (or an affiliate of
                            Party A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection
                            with hedging its exposure to such Transaction will be freely saleable without further registration or other
                            restrictions under the Securities Act, in the hands of those securities lenders, irrespective of whether
                            such stock loan is effected by Party A or an affiliate of Party A. Accordingly, subject to the provisions
                            of &ldquo;Private Placement Procedures&rdquo; below, Party B agrees that the Shares that it delivers to Party
                            A on each Settlement Date for a Transaction hereunder will not bear a restrictive legend and that such Shares
                            will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance
                            System.</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 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Covenants
of Party A</U></FONT>:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Unless the provisions set forth below under
                                            &ldquo;Private Placement Procedures&rdquo; shall be applicable, Party A shall use any Shares
                                            delivered by Party B to Party A on any Settlement Date for a Transaction hereunder to return
                                            to securities lenders to close out open Share loans created by Party A or an affiliate of
                                            Party A in the course of Party A&rsquo;s or such affiliate&rsquo;s hedging activities related
                                            to Party A&rsquo;s exposure under this Master Forward Confirmation and the relevant Supplemental
                                            Confirmation.</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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">In connection with bids and purchases of
                                            Shares in connection with any Cash Settlement or Net Share Settlement of any Transaction,
                                            Party A shall use its commercially reasonable efforts to conduct its activities, or cause
                                            its affiliates to conduct their activities, in a manner consistent with the requirements
                                            of the safe harbor provided by Rule&nbsp;10b-18 under the Exchange Act, as if such provisions
                                            were applicable to such purchases.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Party A hereby represents and warrants
                                            to Party B that it has implemented policies and procedures, taking into consideration the
                                            nature of its business, reasonably designed to ensure that individuals conducting hedging
                                            activity related to any Transaction do not have access to material non-public information
                                            regarding Party B or the Shares.</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 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Insolvency
Filing</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 0pt 1in; text-align: justify">Notwithstanding anything to the contrary
herein, in any Supplemental Confirmation, in the Agreement or in the Definitions, upon any Insolvency Filing in respect of Party B, each
Transaction hereunder shall automatically terminate on the date thereof without further liability of either party to this Master Forward
Confirmation or any related Supplemental Confirmation to the other party (except for any liability in respect of any breach of representation
or covenant by a party under this Master Forward Confirmation or any Supplemental Confirmation prior to the date of such Insolvency Filing).</P>

<P STYLE="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 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Extraordinary
Dividends</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 0pt 1in; text-align: justify">If an ex-dividend date for an Extraordinary
Dividend occurs on or after the Trade Date for any Transaction and on or prior to the Maturity Date for such Transaction (or, if later,
the last date on which Shares are delivered by Party B to Party A in settlement of such Transaction), Party B shall pay an amount, as
determined by the Calculation Agent in a commercially reasonable manner, in cash equal to the product of (1)&nbsp;such Extraordinary
Dividend <I>and</I> (2)&nbsp;the Base Amount for such Transaction to Party A on the earlier of (i)&nbsp;the date on which such Extraordinary
Dividend is paid by Party B to holders of record of the Shares or (ii)&nbsp;the Maturity Date for such Transaction. &ldquo;<B>Extraordinary
Dividend</B>&rdquo; means the per Share amount of any cash dividend or distribution, or a portion thereof, declared by Party B with respect
to the Shares that is specified by the board of directors of Party B as an &ldquo;extraordinary&rdquo; dividend. For the avoidance of
doubt, a regular, quarterly cash dividend that is in an amount per Share equal to or less than the Forward Price Reduction Amount corresponding
to the relevant quarter and that has an ex-dividend date not earlier than the Forward Price Reduction Date corresponding to the relevant
quarter shall not be an Extraordinary Dividend.</P>

<P STYLE="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 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Acceleration
Events</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 0pt 0.75in">The following events shall each constitute an &ldquo;<B>Acceleration
Event</B>&rdquo; with respect to any Transaction:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Stock Borrow Events</U>. In the good
                                            faith, commercially reasonable judgment of Party A (i)&nbsp;Party A (or its affiliate) is
                                            unable to hedge Party A&rsquo;s exposure to such Transaction because of the lack of sufficient
                                            Shares being made available for Share borrowing by lenders, or (ii)&nbsp;Party A (or its
                                            affiliate) would incur a Stock Loan Fee to borrow a number of Shares equal to the Base Amount
                                            for such Transaction of more than a rate equal to the Maximum Specified Borrow Rate for such
                                            Transaction (each, a &ldquo;<B>Stock Borrow Event</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Dividends and Other Distributions</U>.
                                            On any day occurring after the Trade Date for such Transaction, Party B declares a distribution,
                                            issue or dividend to existing holders of the Shares of (i)&nbsp;any cash dividend (other
                                            than an Extraordinary Dividend) to the extent all cash dividends having an ex-dividend date
                                            during the period from, and including, any Forward Price Reduction Date for such Transaction
                                            (with the Trade Date for such Transaction being a Forward Price Reduction Date for purposes
                                            of this clause (b)&nbsp;only) to, but excluding, the next subsequent Forward Price Reduction
                                            Date exceeds, on a per Share basis, the Forward Price Reduction Amount set forth opposite
                                            the first date of any such period on Schedule I to the relevant Supplemental Confirmation,
                                            (ii)&nbsp;share capital or securities of another issuer acquired or owned (directly or indirectly)
                                            by Party B as a result of a spin-off or other similar transaction or (iii)&nbsp;any other
                                            type of securities (other than Shares), rights or warrants or other assets, for payment (cash
                                            or other consideration) at less than the prevailing market price as reasonably determined
                                            by Party A;</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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>ISDA Early Termination Date</U>. Party
                                            A has the right to designate an Early Termination Date pursuant to Section&nbsp;6 of the
                                            Agreement, in which event, except as otherwise specified in this Master Forward Confirmation
                                            and except as a result of an Event of Default under Section&nbsp;5(a)(i)&nbsp;of the Agreement,
                                            the provisions specified under &ldquo;Termination Settlement&rdquo; below shall apply in
                                            lieu of the consequences specified in Section&nbsp;6 of the Agreement;</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Other ISDA Events</U>. The announcement
                                            of any event that if consummated, would result in an Extraordinary Event or the occurrence
                                            of any Change in Law or a Delisting; <I>provided</I> that in case of a Delisting, in addition
                                            to the provisions of Section&nbsp;12.6(a)(iii)&nbsp;of the 2002 Definitions, it will also
                                            constitute a Delisting if the Exchange is located in the United States and the Shares are
                                            not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange,
                                            the Nasdaq Global Select Market or the Nasdaq Global Market (or their respective successors);
                                            and <I>provided further </I>that the definition of &ldquo;Change in Law&rdquo; provided in
                                            Section&nbsp;12.9(a)(ii)&nbsp;of the 2002 Definitions is hereby amended by (i)&nbsp;replacing
                                            the phrase &ldquo;the interpretation&rdquo; in the third line thereof with the phrase &ldquo;,
                                            or public announcement of, the formal or informal interpretation&rdquo;, (ii)&nbsp;replacing
                                            the parenthetical beginning after the word &ldquo;regulation&rdquo; in the second line thereof
                                            with the words &ldquo;(including, for the avoidance of doubt and without limitation, (x)&nbsp;any
                                            tax law or (y)&nbsp;adoption, effectiveness or promulgation of new regulations authorized
                                            or mandated by existing statute)&rdquo; and (iii)&nbsp;immediately following the word &ldquo;Transaction&rdquo;
                                            in clause (X)&nbsp;thereof, adding the phrase &ldquo;in the manner contemplated by Party
                                            A on the Forward Date for such Transaction&rdquo;; or</TD></TR></TABLE>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify"><U>Ownership Event</U>.
                                            In the good faith, reasonable judgment of Party A, on any day, the Share Amount for such
                                            day exceeds the Post-Effective Limit for such day (if any applies).</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 0pt 1in; text-align: justify">The &ldquo;<B>Maximum Specified Borrow
Rate</B>&rdquo; for any Transaction shall be the per annum rate set forth in the Supplemental Confirmation for such Transaction.</P>

<P STYLE="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; text-align: justify">The &ldquo;<B>Share Amount</B>&rdquo;
as of any day is the number of Shares that Party A and any person whose ownership position would be aggregated with that of Party A,
including any &ldquo;group&rdquo; (within the meaning of Section&nbsp;13 of the Exchange Act) of which Party A is or may be deemed to
be a part (Party A or any such person, a &ldquo;<B>Party A Person</B>&rdquo;) under any law, rule, regulation, regulatory order or organizational
documents or contracts of Party B that are, in each case, applicable to ownership of Shares (&ldquo;<B>Applicable Restrictions</B>&rdquo;),
owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership
of under any Applicable Restriction, as determined by Party A in its reasonable discretion. The &ldquo;<B>Post-Effective Limit</B>&rdquo;
means a number of Shares equal to (x)&nbsp;the minimum number of Shares that could reasonably be expected to give rise to reporting or
registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Party A Person, or
could reasonably be expected to result in an adverse effect on a Party A Person, under any Applicable Restriction, as determined by Party
A in its reasonable discretion, <I>minus</I> (y)&nbsp;1% of the number of Shares 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"></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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination
Settlement</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 0pt 1in; text-align: justify">Upon the occurrence of any Acceleration
Event in respect of any Transaction, Party A shall have the right to designate, upon at least one Scheduled Trading Day&rsquo;s notice,
any Scheduled Trading Day following such occurrence to be a Settlement Date under such Transaction (a &ldquo;<B>Termination Settlement
Date</B>&rdquo;) to which Physical Settlement shall apply, and to select the number of Settlement Shares relating to such Termination
Settlement Date; <I>provided</I> that (i)&nbsp;in the case of an Acceleration Event arising out of an Ownership Event, the number of
Settlement Shares for the relevant Transaction so designated by Party A shall not exceed the number of Shares necessary to reduce the
Share Amount to the Post-Effective Limit and (ii)&nbsp;in the case of an Acceleration Event arising out of a Stock Borrow Event, the
number of Settlement Shares for the relevant Transaction so designated by Party A shall not exceed the number of Shares as to which such
Stock Borrow Event exists. If, upon designation of a Termination Settlement Date by Party A pursuant to the preceding sentence, Party
B fails to deliver the Settlement Shares relating to such Termination Settlement Date when due or otherwise fails to perform obligations
within its control in respect of the relevant Transaction, it shall be an Event of Default with respect to Party B and Section&nbsp;6
of the Agreement shall apply. If an Acceleration Event occurs during an Unwind Period for any Transaction relating to a number of Settlement
Shares for the relevant Transaction to which Cash Settlement or Net Share Settlement applies, then on the Termination Settlement Date
relating to such Acceleration Event, notwithstanding any election to the contrary by Party B, Cash Settlement or Net Share Settlement
shall apply to the portion of such Settlement Shares relating to such Unwind Period as to which Party A has unwound its hedge and Physical
Settlement shall apply in respect of (x)&nbsp;the remainder (if any) of such Settlement Shares and (y)&nbsp;the Settlement Shares designated
by Party A in respect of such Termination Settlement Date. Under no circumstances will Party A be entitled to an adjustment to the terms
of any Transaction for the effects of an Extraordinary Dividend (other than as set forth above under the heading &ldquo;Extraordinary
Dividends&rdquo;) or a change in expected dividends. For the avoidance of doubt, the immediately preceding sentence shall not preclude
or otherwise limit Party A from exercising its &ldquo;Termination Settlement&rdquo; rights pursuant to this paragraph upon the occurrence
of an Acceleration Event as set forth in clause (b)&nbsp;of such definition.</P>

<P STYLE="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 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Private
Placement Procedures</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 0pt 1in; text-align: justify">If Party B is unable to comply with the
provisions of &ldquo;Covenant of Party B&rdquo; above because of a change in law or a change in the policy of the Securities and Exchange
Commission or its staff, or Party A otherwise determines that in its reasonable opinion any Settlement Shares to be delivered to Party
A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described under &ldquo;Covenant of Party
B&rdquo; above, then delivery of any such Settlement Shares (the &ldquo;<B>Restricted Shares</B>&rdquo;) shall be effected pursuant to
Annex A hereto, unless waived by Party A, but Party A may not otherwise determine that the Settlement Shares are Restricted Shares based
solely upon Party A (or its affiliates) not having borrowed a number of Shares equal to the Base Amount for the relevant Transaction
on or before the Effective Date for such Transaction if there has been no change in law or change in the policy of the Securities and
Exchange Commission or its staff.</P>

<P STYLE="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 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rule&nbsp;10b5-1</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 0pt 1in; text-align: justify">It is the intent of Party A and Party
B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind
Period comply with the requirements of Rule&nbsp;10b5-1(c)(1)(i)(B)&nbsp;of the Exchange Act and that this Master Forward Confirmation
and each Supplemental Confirmation shall be interpreted to comply with the requirements of Rule&nbsp;10b5-1(c).</P>

<P STYLE="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; text-align: justify">Party B acknowledges that (i)&nbsp;during
any Unwind Period, Party B does not have, and shall not attempt to exercise, any influence over how, when or whether to effect purchases
of Shares by Party A (or its agent or affiliate) in connection with this Master Forward Confirmation or any Supplemental Confirmation
and (ii)&nbsp;Party B is entering into the Agreement, this Master Forward Confirmation and each Supplemental Confirmation in good faith
and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule&nbsp;10b-5 promulgated
under the Exchange 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 0pt 1in; text-align: justify">Party B hereby agrees with Party A that,
during any Unwind Period, Party B shall not communicate, directly or indirectly, any Material Non-Public Information (as defined herein)
to any [employee of Party A other than any Permitted]<SUP>44</SUP> EDG Personnel (as defined below). For purposes of each Transaction,
 &ldquo;<B>Material Non-Public Information</B>&rdquo; means information relating to Party B or the Shares that (a)&nbsp;has not been widely
disseminated by wire service, in one or more newspapers of general circulation, by communication from Party B to its shareholders or
in a press release, or contained in a public filing made by Party B with the Securities and Exchange Commission, or otherwise disseminated
in a manner constituting &ldquo;public disclosure&rdquo; within the meaning of Regulation FD under the Exchange Act and (b)&nbsp;a reasonable
investor might consider to be of importance in making an investment decision to buy, sell or hold Shares. For the avoidance of doubt
and solely by way of illustration, information should be presumed &ldquo;material&rdquo; if it relates to such matters as dividend increases
or decreases, earnings estimates, changes in previously released earnings estimates, significant expansion or curtailment of operations,
a significant increase or decline of customers, significant merger or acquisition proposals or agreements, significant new supply shortages
or disruptions, extraordinary borrowing, major litigation, liquidity problems, extraordinary management developments, purchase or sale
of substantial assets, or other similar information. [For purposes of each Transaction, &ldquo;<B>EDG Personnel</B>&rdquo; means any
employee on the trading side of the Equity Derivatives Group of Party A and does not include any of Party A&rsquo;s &ldquo;private side&rdquo;
equity or equity-linked personnel (including, without limitation, any Party A equity or equity-linked legal personnel) (or any other
person or persons designated from time to time in writing to Party B by Party A).]<SUP>45</SUP> [For purposes of each Transaction, &ldquo;<B>Permitted
EDG Personnel</B>&rdquo;: Not Applicable.]<SUP>46</SUP></P>

<P STYLE="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 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Maximum
Share Delivery</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 0pt 1in; text-align: justify">Notwithstanding any other provision of
this Master Forward Confirmation or any Supplemental Confirmation, in no event will Party B be required to deliver on any Settlement
Date for any Transaction hereunder, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private
Placement Settlement, more than a number of Shares equal to the Forward Shares for such Transaction to Party A. The &ldquo;<B>Forward
Shares</B>&rdquo; for any Transaction shall be as set forth in the Supplemental Confirmation for such Transaction.</P>

<P STYLE="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 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interpretive
Letter</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 0pt 1in; text-align: justify">The parties intend this Master Forward
Confirmation to constitute a &ldquo;Contract&rdquo; as described in the letter dated October&nbsp;6, 2003 submitted on behalf of Goldman,
Sachs&nbsp;&amp; Co. to Paula Dubberly of the staff of the Securities and Exchange Commission (the &ldquo;<B>Staff</B>&rdquo;) to which
the Staff responded in an interpretive letter dated October&nbsp;9, 2003 (the &ldquo;<B>Interpretive Letter</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 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Transfer
and Assignment</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 0pt 1in; text-align: justify">Party A may assign or transfer any of
its rights or delegate any of its duties hereunder to any affiliate of Party A or any entity organized or sponsored by Party A (a &ldquo;<B>Transferee</B>&rdquo;)
without the prior written consent of Party B so long as (a)(i)&nbsp;the Transferee has at the time of the assignment or transfer a senior
unsecured debt rating by at least one of Moody&rsquo;s Investors Services,&nbsp;Inc. or Standard&nbsp;&amp; Poor&rsquo;s Inc. (the &ldquo;<B>Credit
Rating</B>&rdquo;) equal to or higher than the Credit Rating of Party A or (ii)&nbsp;the Transferee&rsquo;s obligations are fully and
unconditionally guaranteed by Party A or, if Party A&rsquo;s ultimate parent entity satisfies the Credit Rating requirements that would
otherwise apply to a Transferee, by Party A&rsquo;s ultimate parent entity without the prior written consent of Party B; (b)&nbsp;Party
B will not (including, for the avoidance of doubt, after giving effect to any indemnity from the Transferee to Party B provided in connection
with such transfer or assignment) be required to pay (including a payment in kind) to such assignee or transferee an amount in respect
of an Indemnifiable Tax under Section&nbsp;2(d)(i)(4)&nbsp;of the Agreement greater than the amount in respect of which Party B would
have been required to pay (including a payment in kind) Party A in the absence of such assignment or transfer; (c)&nbsp;Party B will
not (including, for the avoidance of doubt, after giving effect to any indemnity from the transferee or assignee to Party B provided
in connection with such transfer or assignment) receive a payment (including a payment in kind) from which an amount has been withheld
or deducted on account of a Tax (after accounting for amounts paid by the transferee or assignee under Section&nbsp;2(d)(i)(4)&nbsp;of
the Agreement) in excess of that which Party A would have been required to so withhold or deduct in the absence of such assignment or
transfer; (d)&nbsp;no Acceleration Event or other event or circumstance giving rise to a right or responsibility to terminate or cancel
any Transaction hereunder will occur as a result of such assignment or transfer; and (e)&nbsp;such transfer does not materially and adversely
affect the availability of the relief provided in the Interpretive Letter or the application thereof to such Transaction in the manner
contemplated by Party B on the applicable Trade Date. Notwithstanding any other provision in this Master Forward Confirmation to the
contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party
A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform
Party A&rsquo;s obligations in respect of a Transaction and any such designee may assume such obligations. Party A shall be discharged
of its obligations to Party B to the extent of any such performance.</P>

<P STYLE="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>44</SUP> Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>45</SUP> Insert for Barclays, BofA, JPM, Mizuho, MUFG,
Truist and WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>46</SUP> Insert for TD.</P>

<P STYLE="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 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnity</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 0pt 1in; text-align: justify">Party B agrees to indemnify Party A and
its affiliates (within the meaning of Rule&nbsp;405 under the Securities Act), directors, officers and each person, if any, who controls
Party A (within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) (Party A and each
such affiliate or person being an &ldquo;<B>Indemnified Party</B>&rdquo;) from and against any and all losses, claims, damages and liabilities
(including reasonable and documented legal fees and expenses of a single counsel for all Indemnified Parties), joint or several, incurred
by or asserted against such Indemnified Party arising out of, in connection with, or relating to, any breach of any covenant or representation
made by Party B in this Master Forward Confirmation, any Supplemental Confirmation or the Agreement and will reimburse any Indemnified
Party for all reasonable and documented expenses as they are incurred in connection with the investigation of and defense of any claim
or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto. Party B will not be liable under
this Indemnity paragraph to the extent that any loss, claim, damage, liability or expense is found in a final and nonappealable judgment
by a court to have resulted from Party A&rsquo;s gross negligence, willful misconduct or bad faith, or from a breach of any representation
or covenant of Party A contained in this Master Forward Confirmation, any Supplemental Confirmation or the Agreement. In no case will
Party B be liable with respect to any claims made against an Indemnified Party unless such Indemnified Party shall have notified Party
B in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall
have been served upon such Indemnified Person, but failure to notify Party B of any such claim (i)&nbsp;shall not relieve Party B from
liability under this paragraph unless and to the extent Party B did not otherwise learn of such claim and such failure results in the
forfeiture by Party B of substantial rights and defenses and (ii)&nbsp;shall not relieve Party B from any liability which it may have
to such Indemnified Party otherwise than on account of the indemnity agreement contained in this paragraph.</P>

<P STYLE="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; text-align: justify">Party B will be entitled to participate
at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any such liability, but,
if Party B elects to assume the defense, such defense shall be conducted by counsel chosen by it; <I>provided, however</I>, that such
counsel shall be reasonably satisfactory to Party A. In the event that Party B elects to assume the defense of any such suit and retains
such counsel, Party A or affiliate or affiliates, director or directors, officer or officers, controlling person or persons, defendant
or defendants in the suit, may retain additional counsel but shall bear the fees and expenses of such counsel unless (i)&nbsp;Party B
shall have specifically authorized the retaining of such counsel or (ii)&nbsp;the parties to such suit include Party A or affiliate or
affiliates, director or directors, officer or officers or controlling person or persons and Party A or affiliate or affiliates, director
or directors, officer or officers or controlling person or persons and Party B have been advised by such counsel that one or more legal
defenses may be available to it or them which may not be available to Party B, in which case Party B shall not be entitled to assume
the defense of such suit on behalf of Party A or affiliate or affiliates, director or directors, officer or officers or controlling person
or persons, notwithstanding Party B&rsquo;s obligation to bear the reasonable and documented fees and expenses of such counsel, it being
understood, however, that Party B shall not, in connection with any one such suit or proceeding or separate but substantially similar
or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for
the reasonable and documented fees and expenses of more than one separate firm of attorneys (and not more than one local counsel) at
any time for Party A or affiliate or affiliates, director or directors, officer or officers or controlling person or persons, which firm
shall be designated in writing by Party A. Party B shall not be liable to indemnify any person for any settlement of any such claim effected
without Party B&rsquo;s prior written consent, which consent shall not be unreasonably withheld. Party B shall not, without the prior
written consent of Party A or affiliate or affiliates, director or directors, officer or officers or controlling person or persons, effect
any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of
which Party A or affiliate, director, officer or controlling person is or could have been a party and indemnity was or could have been
sought hereunder by Party A or affiliate, director, officer or controlling person, unless such settlement, compromise or consent (x)&nbsp;includes
an unconditional release of Party A or affiliate, director, officer or controlling person from all liability on claims that are the subject
matter of such action, suit or proceeding and (y)&nbsp;does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of Party A or affiliate, director, officer or controlling person.</P>

<P STYLE="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 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice</U></FONT>:</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: 10%"></TD><TD STYLE="width: 70%; text-align: left">Non-Reliance:</TD><TD STYLE="text-align: right; width: 20%">Applicable</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Additional Acknowledgments:</TD><TD STYLE="text-align: right">Applicable</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Agreements and Acknowledgments Regarding Hedging Activities:</TD><TD STYLE="text-align: right">Applicable</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">&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="width: 0pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">The Agreement is further supplemented by the
                                            following provisions:</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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
Collateral or Setoff</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 0pt 1in; text-align: justify">Notwithstanding Section&nbsp;6(f)&nbsp;or
any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B under the
Transactions are not secured by any collateral. Obligations under the Transactions shall not be set off against any other obligations
of the parties, whether arising under the Agreement, under this Master Forward Confirmation, under any Supplemental Confirmation, under
any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set
off against obligations under any Transaction, whether arising under the Agreement, under this Master Forward Confirmation, under any
Supplemental Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby
waives any such right of setoff. In calculating any amounts under Section&nbsp;6(e)&nbsp;of the Agreement with respect to any Transaction,
notwithstanding anything to the contrary in the Agreement, (a)&nbsp;separate amounts shall be calculated as set forth in such Section&nbsp;6(e)&nbsp;with
respect to (i)&nbsp;such Transaction and (ii)&nbsp;all other Transactions and (b)&nbsp;such separate amounts shall be payable pursuant
to Section&nbsp;6(d)(ii)&nbsp;of the 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 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Status
of Claims in Bankruptcy</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 0pt 1in; text-align: justify">Party A acknowledges and agrees that
neither this Master Forward Confirmation nor any Supplemental Confirmation is intended to convey to Party A rights with respect to the
Transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B;
<I>provided, however</I>, that nothing herein shall limit or shall be deemed to limit Party A&rsquo;s right to pursue remedies in the
event of a breach by Party B of its obligations and agreements with respect to this Master Forward Confirmation, any Supplemental Confirmation
and the Agreement; and <I>provided further</I>, that nothing herein shall limit or shall be deemed to limit Party A&rsquo;s rights in
respect of any transaction other than the Transactions.</P>

<P STYLE="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 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Limit
on Beneficial Ownership</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 0pt 1in; text-align: justify">Notwithstanding any other provisions
hereof, Party A shall not have an &ldquo;interest&rdquo; in (within the meaning of NYSE Rule&nbsp;312.04(e)) Shares hereunder and Party
A shall not be entitled to take delivery of any Shares deliverable hereunder in respect of any Transaction (in each case, whether in
connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or
otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i)&nbsp;the Share Amount would exceed
the Post-Effective Limit for such Transaction, (ii)&nbsp;the Section&nbsp;16 Percentage would exceed 7.5% or (iii)&nbsp;Party A and each
person subject to aggregation of Shares with Party A under Section&nbsp;13 or Section&nbsp;16 of the Exchange Act and rules&nbsp;promulgated
thereunder (the &ldquo;<B>Party A Group</B>&rdquo;) would directly or indirectly beneficially own (as such term is defined for purposes
of Section&nbsp;13 or Section&nbsp;16 of the Exchange Act and rules&nbsp;promulgated thereunder) in excess of the Threshold Number of
Shares for such Transaction. Any purported delivery hereunder in respect of any Transaction shall be void and have no effect to the extent
(but only to the extent) that, after such delivery, (i)&nbsp;the Share Amount would exceed the Post-Effective Limit for such Transaction,
(ii)&nbsp;the Section&nbsp;16 Percentage would exceed 7.5% or (iii)&nbsp;Party A Group would directly or indirectly so beneficially own
in excess of the Threshold Number of Shares for such Transaction. If any delivery owed to Party A hereunder in respect of any Transaction
is not made, in whole or in part, as a result of this provision, Party B&rsquo;s obligation to make such delivery shall not be extinguished
and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party
A gives notice to Party B that, after such delivery, (i)&nbsp;the Share Amount would not exceed the Post-Effective Limit for such Transaction,
(ii)&nbsp;the Section&nbsp;16 Percentage would not exceed 7.5% and (iii)&nbsp;Party A Group would not directly or indirectly so beneficially
own in excess of the Threshold Number of Shares for such Transaction. The &ldquo;<B>Threshold Number of Shares</B>&rdquo; for any Transaction
means a number of Shares equal to 4.9% of the outstanding Shares on the Trade Date for such Transaction and shall be specified for each
such Transaction in the relevant Supplemental Confirmation for such Transaction. The &ldquo;<B>Section&nbsp;16 Percentage</B>&rdquo;
as of any day is the fraction, expressed as a percentage, (A)&nbsp;the numerator of which is the number of Shares that Party A and any
of its affiliates or any other person subject to aggregation with Party A for purposes of the &ldquo;beneficial ownership&rdquo; test
under Section&nbsp;13 of the Exchange Act, or any &ldquo;group&rdquo; (within the meaning of Section&nbsp;13 of the Exchange Act) of
which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section&nbsp;13 of the Exchange Act), without
duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section&nbsp;16 of the Exchange Act
and the rules&nbsp;and regulations thereunder results in a higher number, such higher number) and (B)&nbsp;the denominator of which is
the number of Shares outstanding on such 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 0pt 1in; text-align: justify">In addition, notwithstanding anything
herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding
paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that correspond
in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph.</P>

<P STYLE="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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other
Forward Transactions</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 0pt 1in; text-align: justify">Party A acknowledges that Party B has
entered into or may enter in the future into one or more similar forward transactions on the Shares (each, an &ldquo;<B>Other Forward</B>&rdquo;
and, collectively, the &ldquo;<B>Other Forwards</B>&rdquo;) with one or more other forward purchasers. Party A and Party B agree that
if Party B designates a &ldquo;Settlement Date&rdquo; (or equivalent concept) with respect to one or more Other Forwards for which &ldquo;Cash
Settlement&rdquo; (or equivalent concept) or &ldquo;Net Share Settlement&rdquo; (or equivalent concept) is applicable, and the resulting
 &ldquo;Unwind Period&rdquo; (or equivalent concept) for such Other Forward(s)&nbsp;coincides for any period of time with an Unwind Period
for this Transaction (the &ldquo;<B>Overlap Unwind Period</B>&rdquo;), Party B shall notify Party A at least one Scheduled Trading Day
prior to the commencement of such Overlap Unwind Period of the first Scheduled Trading Day and the length of such Overlap Unwind Period,
and Party A shall be permitted to purchase Shares to unwind its hedge in respect of this Transaction only on alternating Scheduled Trading
Days during such Overlap Unwind Period, as notified to Party A by Party B at least one Exchange Business Day prior to such Overlap Unwind
Period (which alternating Scheduled Trading Days, for the avoidance of doubt, shall be every other Scheduled Trading Day if there is
only one Other Forward, every third Scheduled Trading Day if there are two Other Forwards,&nbsp;etc.).</P>

<P STYLE="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 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>New
York General Obligations Law</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 0pt 1in; text-align: justify">Party B and Party A agree and acknowledge
that: (A)&nbsp;the Transactions contemplated by this Master Forward Confirmation will be entered into in reliance on the fact that this
Master Forward Confirmation and each Supplemental Confirmation hereto form a single agreement between Party B and Party A, and Party
A would not otherwise enter into such Transactions; (B)&nbsp;this Master Forward Confirmation, together with each Supplemental Confirmation
hereto, is a &ldquo;qualified financial contract&rdquo;, as such term is defined in Section&nbsp;5-701(b)(2)&nbsp;of the New York General
Obligations Law; (C)&nbsp;each Supplemental Confirmation hereto, regardless of whether transmitted electronically or otherwise, constitutes
a &ldquo;confirmation in writing sufficient to indicate that a contract has been made between the parties&rdquo; hereto, as set forth
in Section&nbsp;5-701(b)(3)(b)&nbsp;of the New York General Obligations Law; and (D)&nbsp;this Master Forward Confirmation and each Supplemental
Confirmation hereto constitute a prior &ldquo;written contract&rdquo;, as set forth in Section&nbsp;5-701(b)(1)(b)&nbsp;of the New York
General Obligations Law, and each party hereto intends and agrees to be bound by this Master Forward Confirmation and such Supplemental
Confirmation.</P>

<P STYLE="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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Forward
Placement Notices</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 0pt 1in; text-align: justify">Party B and Party A agree that, upon
the effectiveness of any accepted Forward Placement Notice relating to a Forward (as such term is defined in the Equity Distribution
Agreement), in respect of the Transaction to which such accepted Forward Placement Notice relates, each of the representations, warranties,
covenants, agreements and other provisions of this Master Forward Confirmation and the Supplemental Confirmation for such Transaction
(including, without limitation, the provisions above in Section&nbsp;3 of this Master Forward Confirmation under the heading &ldquo;Extraordinary
Dividends,&rdquo; Party A&rsquo;s right to designate a Termination Settlement Date in respect of such Transaction and the termination
of such Transaction following an Insolvency Filing) shall govern, and be applicable to, such Transaction as of the first Trading Day
of the Forward Hedge Selling Period for such Transaction as if the Trade Date for such Transaction were such first Trading Day. Notwithstanding
anything to the contrary in this Master Forward Confirmation, any Supplemental Confirmation, the Agreement, or the Definitions, if Party
A designates a Termination Settlement Date with respect to a Transaction (1)&nbsp;following the occurrence of an Event of Default or
Termination Event, other than an Insolvency Filing, and such Termination Settlement Date is to occur before the date that is one Settlement
Cycle after the last day of the Forward Hedge Selling Period for such Transaction or (2)&nbsp;prior to Party B&rsquo;s execution of the
Supplemental Confirmation relating to such Transaction, then, for purposes of such Termination Settlement Date, a Supplemental Confirmation
relating to such Transaction reasonably completed by Party A (as if the Trade Date for such Transaction were the last day of the Forward
Hedge Selling Period on which the Forward Seller sold Forward Hedge Shares for such Transaction) shall, notwithstanding the provisions
under &ldquo;Conditions to Effectiveness&rdquo; above, be deemed to be immediately effective.</P>

<P STYLE="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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Wall
Street Transparency and Accountability Act</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 0pt 1in; text-align: justify">In connection with Section&nbsp;739 of
the Wall Street Transparency and Accountability Act of 2010 (the &ldquo;<B>WSTAA</B>&rdquo;), the parties hereby agree that neither the
enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall
limit or otherwise impair either party&rsquo;s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this
Master Forward Confirmation, any Supplemental Confirmation or the Agreement, as applicable, arising from a termination event, force majeure,
illegality, increased costs, regulatory change or similar event under this Master Forward Confirmation, any Supplemental Confirmation,
the Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality
(as defined in the 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"></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 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Miscellaneous</U></FONT>:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><I>Addresses for Notices</I>. For the purpose
                                            of Section&nbsp;12(a)&nbsp;of the Agreement:</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 0pt 1.25in; text-align: justify">Address for notices or communications
to Party A:</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: 1.5in"></TD><TD STYLE="width: 1.5in; text-align: left">[Bank of America, N.A.&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">One Bryant Park, 8th Fl.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">New York, NY 10036</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Strategic Equity Solutions Group&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone:</TD><TD STYLE="text-align: justify">(646) 855-6770&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">dg.issuer_derivatives_notices@bofa.com]<SUP>47</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">[JPMorgan Chase Bank, National Association</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">EDG Marketing Support</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">edg_notices@jpmorgan.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">edg_ny_corporate_sales_support@jpmorgan.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Facsimile No:</TD><TD STYLE="text-align: justify">866-886-4506</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>With a copy
               to</I></FONT>:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Mr.&nbsp;Sanjeet S. Dewal</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">Managing Director</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone No:</TD><TD STYLE="text-align: justify">212-622-8783</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">sanjeet.s.dewal@jpmorgan.com]<SUP>48</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">[Mizuho Securities USA LLC</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">1271 Avenue of the Americas</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">New York, NY 10020</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Kevin Mullane</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Executive Director</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone:</TD><TD STYLE="text-align: justify">(212) 205-7645</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">Kevin.Mullane@mizuhogroup.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>With a copy
               to</I></FONT>:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Mizuho Markets Americas LLC</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">c/o Mizuho Securities USA LLC as agent</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">1271 Avenue of the Americas</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">New York, NY 10020</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Equity Capital Markets Desk</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone:</TD><TD STYLE="text-align: justify">(212) 209-9300</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></TD><TD STYLE="text-align: justify">US-ECM@mizuhogroup.com]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>49</SUP></FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">[MUFG Securities EMEA plc</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Ropemaker Place, 25 Ropemaker Street</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">London, EC2Y 9AJ, United Kingdom</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Derivative Confirmations</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Facsimile:</TD><TD STYLE="text-align: justify">docsconfirms@int.sc.mufg.jp</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>47</SUP> Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>48</SUP> Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>49</SUP> Insert for Mizuho.</P>

<P STYLE="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>

<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: 1.5in"></TD><TD STYLE="width: 1.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>With
                              a copy to</I></FONT>:</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Jason.Stanger@mufgsecurities.com, Sean.McElwaine@mufgsecurities.com, and ECM@us.sc.mufg.jp]<SUP>50</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">[Barclays Bank PLC</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">c/o Barclays Capital Inc.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">745 Seventh Avenue</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">New York, NY 10019</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attn: Kevin Cheng</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone:</TD><TD STYLE="text-align: justify">(+1) 212-526-8627</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Facsimile:</TD><TD STYLE="text-align: justify">(+1) 917-522-0458</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">kevin.cheng@barclays.com]<SUP>51</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">[The Toronto-Dominion Bank</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">c/o TD Securities (USA) LLC, as Agent</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">1 Vanderbilt Avenue</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">New York, NY 10017</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Attn: Global Equity Derivatives</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Email: TDUSA-GEDUSInvestorSolutionsSales@tdsecurities.com and bradford.limpert@tdsecurities.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
               (212) 827-2896</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>52</SUP></FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">[Truist Bank</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">3333 Peachtree Road NE, 11th Floor</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Atlanta, Georgia 30326</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Attn: Equity Capital Markets</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">dl.atm.offering@truist.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left"><I>With a copy to</I>:</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Michael Collins</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">Managing Director</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">(203) 832-2333</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">michael.collins@truist.com]<SUP>53</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">[For notices with respect to any Transaction: Notwithstanding anything to
               the contrary in the Agreement, all notices to Party A in connection with any Transaction are effective only upon receipt
               of email message to CorporateDerivativeNotifications@wellsfargo.com.]<SUP>54</SUP></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>50</SUP> Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>51</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>52</SUP> Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>53</SUP> Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>54</SUP> Insert for WF.</P>

<P STYLE="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 0pt 1in; text-align: justify; text-indent: 0.25in">Address for notices
or communications to Party 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: 1.5in"></TD><TD STYLE="width: 1.5in; text-align: left">Address:</TD><TD STYLE="text-align: justify">Pinnacle West Capital
                                            Corporation</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">400 North Fifth Street, Mail Station 9040</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Phoenix, Arizona 85004</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Paul Mountain</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">VP, Finance and Treasurer</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone:</TD><TD STYLE="text-align: justify">(602) 250-4952</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">paul.mountain@pinnaclewest.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><I>With a copy to:</I></P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><I>&nbsp;</I></P></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Address:</TD><TD STYLE="text-align: justify">Pinnacle West Capital Corporation</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">400 North Fifth Street, Mail Station 9040</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Phoenix, Arizona 85004</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Attention:</TD><TD STYLE="text-align: justify">Susan Lee</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Assistant Treasurer</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Telephone:</TD><TD STYLE="text-align: justify">(856) 777-6612</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Email:</TD><TD STYLE="text-align: justify">susan.lee@pinnaclewest.com</TD></TR>
     </TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><B><I>Waiver of Right to Trial by Jury</I>.
                                            Each party waives, to the fullest extent permitted by applicable law, any right it may have
                                            to a trial by jury in respect of any suit, action or proceeding relating to this Master Forward
                                            Confirmation and/or any Supplemental Confirmation. </B>Each party (i)&nbsp;certifies that
                                            no representative, agent or attorney of the other party has represented, expressly or otherwise,
                                            that such other party would not, in the event of such a suit action or proceeding, seek to
                                            enforce the foregoing waiver and (ii)&nbsp;acknowledges that it and the other party have
                                            been induced to enter into this Master Forward Confirmation and each Supplemental Confirmation
                                            by, among other things, the mutual waivers and certifications herein.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">[<I>Communications with Employees of J.P.
                                            Morgan Securities LLC.</I> If Party B interacts with any employee of J.P. Morgan Securities
                                            LLC with respect to the Transactions, Party B is hereby notified that such employee will
                                            act solely as an authorized representative of JPMorgan Chase Bank, N.A. (and not as a representative
                                            of J.P. Morgan Securities LLC) in connection with the Transactions.]<SUP>55</SUP></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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Acknowledgements</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 0pt 1in; text-align: justify">The parties hereto intend for:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">each Transaction to be a &ldquo;securities
                                            contract&rdquo; as defined in Section&nbsp;741(7)&nbsp;of Title 11 of the United States Code
                                            (the &ldquo;<B>Bankruptcy Code</B>&rdquo;), qualifying for the protections under Section&nbsp;555
                                            of the Bankruptcy Code;</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">a party&rsquo;s right to liquidate each
                                            Transaction and to exercise any other remedies upon the occurrence of any Event of Default
                                            under the Agreement with respect to the other party to constitute a &ldquo;contractual right&rdquo;
                                            as defined in the Bankruptcy Code;</TD></TR></TABLE>

<P STYLE="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="width: 72.9pt"></TD><TD STYLE="width: 17.55pt">(c)</TD><TD STYLE="text-align: justify">Party A to be a &ldquo;financial institution&rdquo;
                                            within the meaning of Section&nbsp;101(22) of the Bankruptcy Code; and</TD></TR></TABLE>

<P STYLE="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="width: 72.9pt"></TD><TD STYLE="width: 17.55pt">(d)</TD><TD STYLE="text-align: justify">all payments for, under or in connection
                                            with each Transaction, all payments for the Shares and the transfer of such Shares to constitute
                                            &ldquo;settlement payments&rdquo; as defined in the Bankruptcy Code.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>55</SUP> Insert for JPM.</P>

<P STYLE="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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</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 0pt 1in; text-align: justify">If any term, provision, covenant or condition
of this Master Forward Confirmation or any Supplemental Confirmation, or the application thereof to any party or circumstance, shall
be held to be invalid or unenforceable in whole or in part for any reason, the remaining terms, provisions, covenants, and conditions
hereof shall continue in full force and effect as if this Master Forward Confirmation and the related Supplemental Confirmation had been
executed with the invalid or unenforceable provision eliminated, so long as this Master Forward Confirmation and such related Supplemental
Confirmation as so modified continues to express, without material change, the original intentions of the parties as to the subject matter
of this Master Forward Confirmation and such Supplemental Confirmation and the deletion of such portion of the Master Forward Confirmation
and/or such Supplemental Confirmation will not substantially impair the respective benefits or expectations of parties to this Master
Forward Confirmation and such Supplemental Confirmation; <I>provided, however</I>, that this severability provision shall not be applicable
if any provision of Section&nbsp;2, 5, 6 or 13 of the Agreement (or any definition or provision in Section&nbsp;14 to the extent that
it relates to, or is used in or in connection with any such Section) shall be so held to be invalid or unenforceable.</P>

<P STYLE="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 0.75in; text-align: justify">[<U>U.S. Resolution Stay Protocol</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 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties agree that (i)&nbsp;to the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay
Protocol (the &ldquo;<B>Protocol</B>&rdquo;), the terms of the Protocol are incorporated into and form a part of this Master Forward
Confirmation, and for such purposes this Master Forward Confirmation shall be deemed a Protocol Covered Agreement and each party shall
be deemed to have the same status as &ldquo;Regulated Entity&rdquo; and/or &ldquo;Adhering Party&rdquo; as applicable to it under the
Protocol; (ii)&nbsp;to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is
to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules&nbsp;(the &ldquo;<B>Bilateral
Agreement</B>&rdquo;), the terms of the Bilateral Agreement are incorporated into and form a part of this Master Forward Confirmation
and for such purposes, the Agreement shall be deemed to be a Covered Agreement and each party shall be deemed to have the status of &ldquo;Covered
Entity&rdquo; or &ldquo;Counterparty Entity&rdquo; (or other similar term) as applicable to it under the Bilateral Agreement; or (iii)&nbsp;if
clause (i)&nbsp;and clause (ii)&nbsp;do not apply, the terms of Section&nbsp;1 and Section&nbsp;2 and the related defined terms (together,
the &ldquo;<B>Bilateral Terms</B>&rdquo;) of the form of bilateral template entitled &ldquo;Full-Length Omnibus (for use between U.S.
G-SIBs and Corporate Groups)&rdquo; published by ISDA on November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution
Stay Protocol page&nbsp;at&nbsp;<U>www.isda.org</U></FONT>&nbsp;and, a copy of which is available upon request), the effect of which
is to amend the qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are
hereby incorporated into and form a part of this Master Forward Confirmation, and for such purposes this Master Forward Confirmation
shall be deemed a &ldquo;Covered Agreement,&rdquo; Party B shall be deemed a &ldquo;Covered Entity&rdquo; and Party A shall be deemed
a &ldquo;Counterparty Entity.&rdquo; In the event that, after the date of this Master Forward Confirmation, both parties hereto become
adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies
between this Master Forward Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the &ldquo;<B>QFC
Stay Terms</B>&rdquo;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the
meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to &ldquo;this Master Forward Confirmation&rdquo;
include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree
that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to
a party replaced by references to the related covered affiliate support provider.</P>

<P STYLE="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; text-align: justify">&ldquo;<B>QFC Stay Rules</B>&rdquo; means
the regulations codified at 12 C.F.R. 252.2, 252.81&ndash;8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions,
require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation
Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related
directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered
affiliate credit enhancements.]<SUP>56</SUP></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>56</SUP> Insert for BofA, JPM and Mizuho.</P>

<P STYLE="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 0pt 0.75in; text-align: justify">[<U>U.S. Resolution Stay Protocol</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 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties agree that (i)&nbsp;to the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay
Protocol (the &ldquo;<B>Protocol</B>&rdquo;), the terms of the Protocol are incorporated into and form a part of this Master Forward
Confirmation, and for such purposes this Master Forward Confirmation shall be deemed a Protocol Covered Agreement and each party shall
be deemed to have the same status as &ldquo;Regulated Entity&rdquo; and/or &ldquo;Adhering Party&rdquo; as applicable to it under the
Protocol; (ii)&nbsp;to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is
to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules&nbsp;(the &ldquo;<B>Bilateral
Agreement</B>&rdquo;), the terms of the Bilateral Agreement are incorporated into and form a part of this Master Forward Confirmation
and for such purposes, the Agreement shall be deemed to be a Covered Agreement and each party shall be deemed to have the status of &ldquo;Covered
Entity&rdquo; or &ldquo;Counterparty Entity&rdquo; (or other similar term) as applicable to it under the Bilateral Agreement; or (iii)&nbsp;if
clause (i)&nbsp;and clause (ii)&nbsp;do not apply, the terms of Section&nbsp;1 and Section&nbsp;2 and the related defined terms (together,
the &ldquo;<B>Bilateral Terms</B>&rdquo;) of the form of bilateral template entitled &ldquo;Full-Length Omnibus (for use between U.S.
G-SIBs and Corporate Groups)&rdquo; published by ISDA on November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution
Stay Protocol page&nbsp;at&nbsp;www.isda.org</FONT>&nbsp;and, a copy of which is available upon request), the effect of which is to amend
the qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated
into and form a part of this Master Forward Confirmation, and for such purposes this Master Forward Confirmation shall be deemed a &ldquo;Covered
Agreement,&rdquo; Party B shall be deemed a &ldquo;Covered Entity&rdquo; and Party A shall be deemed a &ldquo;Counterparty Entity.&rdquo;
In the event that, after the date of this Master Forward Confirmation, both parties hereto become adhering parties to the Protocol, the
terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies between this Master Forward Confirmation
and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the &ldquo;<B>QFC Stay Terms</B>&rdquo;), as applicable,
the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC
Stay Rules. For purposes of this paragraph, references to &ldquo;this Master Forward Confirmation&rdquo; include any related credit enhancements
entered into between the parties or provided by one to the other.</P>

<P STYLE="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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>QFC
Stay Rules</B>&rdquo; means the regulations codified at 12 C.F.R. 252.2, 252.81&ndash;8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which,
subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance
Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override
of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions
on the transfer of any covered affiliate credit enhancements</FONT>.]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>57</SUP></FONT></P>

<P STYLE="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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>57</SUP> Insert for TD.</P>

<P STYLE="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 0pt 0.75in; text-align: justify">[<U>U.S. QFC Stay Rules</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 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties agree that (i)&nbsp;to the extent that prior to the date hereof all parties have adhered to the 2018 ISDA U.S. Resolution Stay
Protocol (the &ldquo;<B>Protocol</B>&rdquo;), the terms of the Protocol are incorporated into and form a part of the Agreement and this
Master Forward Confirmation, and for such purposes the Agreement and this Master Forward Confirmation shall be deemed a Protocol Covered
Agreement and each party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as applicable to it under
the Protocol; (ii)&nbsp;to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which
is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules&nbsp;(the &ldquo;<B>Bilateral
Agreement</B>&rdquo;), the terms of the Bilateral Agreement are incorporated into and form a part of the Agreement and this Master Forward
Confirmation and each party shall be deemed to have the status of &ldquo;Covered Entity&rdquo; or &ldquo;Counterparty Entity&rdquo; (or
other similar term) as applicable to it under the Bilateral Agreement; or (iii)&nbsp;if clause (i)&nbsp;and clause (ii)&nbsp;do not apply,
the terms of Section&nbsp;1 and Section&nbsp;2 and the related defined terms (together, the &ldquo;<B>Bilateral Terms</B>&rdquo;) of
the form of bilateral template entitled &ldquo;Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)&rdquo; published
by ISDA on November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page&nbsp;at www.isda.org</FONT>
and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties
thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement and this
Master Forward Confirmation, and for such purposes the Agreement and this Master Forward Confirmation shall be deemed a &ldquo;Covered
Agreement,&rdquo; Party A shall be deemed &ldquo;Covered Entity&rdquo; and Party B shall be deemed a &ldquo;Counterparty Entity.&rdquo;
In the event that, after the date of the Agreement and this Master Forward Confirmation, all parties hereto become adhering parties to
the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies between the Agreement
and this Master Forward Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the &ldquo;<B>QFC
Stay Terms</B>&rdquo;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the
meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to &ldquo;the Agreement and this Master
Forward Confirmation&rdquo; include any related credit enhancements entered into between the parties or provided by one to the other.</P>

<P STYLE="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; text-align: justify">&ldquo;<B>QFC Stay Rules</B>&rdquo; means
the regulations codified at 12 C.F.R. 252.2, 252.81&ndash;8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions,
require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation
Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related
directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered
affiliate credit enhancements.]<SUP>58</SUP></P>

<P STYLE="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 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Tax
Matters</U></FONT>:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">For the purpose of Section&nbsp;3(e)&nbsp;of
                                            the Agreement, each of Party A and Party B makes the following representation: &ldquo;It
                                            is not required by any applicable law, as modified by the practice of any relevant governmental
                                            revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for
                                            or on account of any Tax from any payment (other than interest under Section&nbsp;9(h)&nbsp;of
                                            the Agreement and any other payments of interest and penalty charges for late payment) to
                                            be made by it to the other party under the Agreement. In making this representation, it may
                                            rely on (i)&nbsp;the accuracy of any representations made by the other party pursuant to
                                            Section&nbsp;3(f)&nbsp;of the Agreement; (ii)&nbsp;the satisfaction of the agreement contained
                                            in Section&nbsp;4(a)(i)&nbsp;or 4(a)(iii)&nbsp;of the Agreement and the accuracy and effectiveness
                                            of any document provided by the other party pursuant to Section&nbsp;4(a)(i)&nbsp;or 4(a)(iii)&nbsp;of
                                            the Agreement; and (iii)&nbsp;the satisfaction of the agreement of the other party contained
                                            in Section&nbsp;4(d)&nbsp;of the Agreement; <I>provided</I> that it shall not be a breach
                                            of this representation where reliance is placed on clause (ii)&nbsp;and the other party does
                                            not deliver a form or document under Section&nbsp;4(a)(iii)&nbsp;of the Agreement by reason
                                            of material prejudice to its legal or commercial position.&rdquo;</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>58</SUP> Insert for WF.</P>

<P STYLE="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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">For the purpose of Section&nbsp;3(f)&nbsp;of
                                            the Agreement:</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Party A makes the following representation(s):</TD></TR></TABLE>

<P STYLE="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="width: 1.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify">[It is a &ldquo;U.S. person&rdquo; (as
                                            that term is used in Section&nbsp;1.1441-4(a)(3)(ii)&nbsp;of United States Treasury Regulations)
                                            for U.S. federal income tax purposes.]<SUP>59</SUP> [It is a corporation for U.S. federal
                                            income tax purposes.]<SUP>60</SUP> [It is a national banking association organized or formed
                                            under the laws of the United States and is a United States resident for United States federal
                                            income tax purposes.]<SUP>61</SUP> [It is a &ldquo;foreign person&rdquo; (as that term is
                                            used in Section&nbsp;1.6041-4(a)(4)&nbsp;of the United States Treasury Regulations) for United
                                            States federal income tax purposes.]<SUP>62</SUP> [Each payment received or to be received
                                            in connection with this Master Forward Confirmation will be effectively connected with its
                                            conduct of a trade or business in the United States.]<SUP>63</SUP></TD></TR></TABLE>

<P STYLE="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="width: 1.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD STYLE="text-align: justify">It is a [national banking association
                                            organized and existing under the laws of the United States of America, is an exempt recipient
                                            under Treasury Regulation Section&nbsp;1.6049-4(c)(1)(ii)(M), and its federal taxpayer identification
                                            number is 94-1687665.]<SUP>64</SUP> [national banking association organized and existing
                                            under the laws of the United States of America and is an exempt recipient under Treasury
                                            Regulation Section&nbsp;1.6049-4(c)(1)(ii)(M).]<SUP>65</SUP> [U.S. limited liability company
                                            for U.S. federal income tax purposes and is organized under the laws of the State of Delaware.]<SUP>66
                                            </SUP>[&ldquo;non-U.S. branch of a foreign person&rdquo; as that term is used in Section&nbsp;1.1441-4(a)(3)(ii)&nbsp;of
                                            the United States Treasury Regulations, a &ldquo;foreign person&rdquo; as that term is used
                                            in Section&nbsp;1.6041-4(a)(4)&nbsp;of the United States Treasury Regulations and a &ldquo;Qualified
                                            Derivatives Dealer&rdquo;, as defined for purposes of Chapter 3 of the United States Internal
                                            Revenue Code of 1986, as amended, and is acting as a principal with respect to each Transaction
                                            under this Master Forward Confirmation.]<SUP>67</SUP> [corporation organized and existing
                                            under the laws of the State of North Carolina and is an exempt recipient within the meaning
                                            of Treasury Regulation Section&nbsp;1.6049-4(c)(1)(ii).]<SUP>68</SUP> [Each payment received
                                            or to be received by Party A in connection with this Master Forward Confirmation and each
                                            Transaction will be effectively connected with its conduct of a trade or business in the
                                            United States.]<SUP>69</SUP></TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Party B makes the following representation(s):</TD></TR></TABLE>

<P STYLE="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="width: 1.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify">It is a &ldquo;U.S. person&rdquo; (as
                                            that term is used in Section&nbsp;1.1441-4(a)(3)(ii)&nbsp;of United States Treasury Regulations)
                                            for U.S. federal income tax purposes.</TD></TR></TABLE>

<P STYLE="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="width: 1.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD STYLE="text-align: justify">It is a corporation for U.S. federal
                                            income tax purposes, is organized under the laws of the State of Arizona, and is an exempt
                                            recipient under Treasury Regulation Section&nbsp;1.6049-4(c)(1)(ii)(A).</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Withholding Tax Imposed on Payments
                                            to non-US Counterparties under the United States Foreign Account Tax Compliance Act</U>.
                                            &ldquo;Tax&rdquo; and &ldquo;Indemnifiable Tax&rdquo;, each as defined in Section&nbsp;14
                                            of the Agreement, shall not include any U.S. federal withholding tax imposed or collected
                                            pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended
                                            (the &ldquo;<B>Code</B>&rdquo;), any current or future regulations or official interpretations
                                            thereof, any agreement entered into pursuant to Section&nbsp;1471(b)&nbsp;of the Code, or
                                            any fiscal or regulatory legislation, rules&nbsp;or practices adopted pursuant to any intergovernmental
                                            agreement entered into in connection with the implementation of such Sections of the Code
                                            (a &ldquo;<B>FATCA Withholding Tax</B>&rdquo;). For the avoidance of doubt, a FATCA Withholding
                                            Tax is a Tax the deduction or withholding of which is required by applicable law for the
                                            purposes of Section&nbsp;2(d)&nbsp;of the Agreement.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">59 Insert for BofA, JPM, Mizuho and Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">60 Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">61 Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">62 Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">63 Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">64 Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">65 Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">66 Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">67 Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">68 Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">69 Insert for TD.</P>

<P STYLE="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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>HIRE Act</U>. To the extent that either
                                            party to the Agreement with respect to each Transaction is not an adhering party to the ISDA
                                            2015 Section&nbsp;871(m)&nbsp;Protocol published by the International Swaps and Derivatives
                                            Association,&nbsp;Inc. on November&nbsp;2, 2015 and available at www.isda.org, as may be
                                            amended, supplemented, replaced or superseded from time to time (the &ldquo;<B>871(m)&nbsp;Protocol</B>&rdquo;),
                                            the parties agree that the provisions and amendments contained in the Attachment to the 871(m)&nbsp;Protocol
                                            are incorporated into and apply to the Agreement with respect to each Transaction as if set
                                            forth in full herein. The parties further agree that, solely for purposes of applying such
                                            provisions and amendments to the Agreement with respect to each Transaction, references to
                                            &ldquo;each Covered Master Agreement&rdquo; in the 871(m)&nbsp;Protocol will be deemed to
                                            be references to the Agreement with respect to each Transaction, and references to the &ldquo;Implementation
                                            Date&rdquo; in the 871(m)&nbsp;Protocol will be deemed to be references to the Trade Date
                                            of each Transaction. For greater certainty, if there is any inconsistency between this provision
                                            and the provisions contained in any other agreement between the parties with respect to each
                                            Transaction, this provision shall prevail unless such other agreement expressly overrides
                                            the provisions of the Attachment to the 871(m)&nbsp;Protocol.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Tax Documentation</U>. For the purposes
                                            of Sections 4(a)(i)&nbsp;and 4(a)(ii)&nbsp;of the Agreement, Party B shall provide to Party
                                            A a valid and duly executed U.S. Internal Revenue Service Form&nbsp;W-9, or any successor
                                            thereto, (i)&nbsp;on or before the date of execution of this Master Forward Confirmation;
                                            and (ii)&nbsp;promptly upon learning that any such tax form previously provided has become
                                            inaccurate or incorrect. For the purposes of Sections 4(a)(i)&nbsp;and 4(a)(ii)&nbsp;of the
                                            Agreement, Party A shall provide to Party B a valid and duly executed U.S. Internal Revenue
                                            Service Form&nbsp;W-8ECI, W-8IMY or W-9 (as applicable) or, or any successor thereto, (i)&nbsp;on
                                            or before the date of execution of this Master Forward Confirmation; and (ii)&nbsp;promptly
                                            upon learning that any such tax form previously provided by Party A has become inaccurate
                                            or incorrect. Furthermore, for the purposes of Sections 4(a)(i)&nbsp;and 4(a)(ii)&nbsp;of
                                            the Agreement, each party shall, promptly upon reasonable demand by the other party, provide
                                            any other tax form or document, accurately completed and in a manner reasonably satisfactory
                                            to such other party, that may be required or reasonably requested in order to allow such
                                            party to make a payment under this Master Forward Confirmation without any deduction or withholding
                                            for or on account of any tax or with such deduction or withholding at a reduced rate.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>Change of Account</U>. Section&nbsp;2(b)&nbsp;of
                                            the Agreement is hereby amended (1)&nbsp;by the addition of the following after the word
                                            &ldquo;delivery&rdquo; in the first line thereof: &ldquo;to another account in the same legal
                                            and tax jurisdiction&rdquo; and (2)&nbsp;by the addition of the following after the word
                                            &ldquo;change&rdquo; in the fourth line thereof: &ldquo;; <I>provided</I> that if a new account
                                            of one party is not in the same tax jurisdiction as the original account, the other party
                                            shall not be obliged to pay, for tax reasons, any greater amount and shall not be obliged
                                            to accept any lesser amount as a result of such change than would have been the case if such
                                            change had not taken place.&rdquo;</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 0pt 0.75in; text-align: justify">[<U>Additional Provisions</U>:]<SUP>70</SUP></P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">[(a)</TD><TD STYLE="text-align: justify">MSUSA received or will receive other remuneration
                                            from MMA in relation to this Master Forward Confirmation and each Transaction hereunder.
                                            The amount and source of such other remuneration will be furnished upon written request.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>70</SUP> Insert for Mizuho, Barclays and MUFG.</P>

<P STYLE="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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Party B understands and agrees that MSUSA
                                            will act as agent for both parties with respect to each Transaction and has no obligation,
                                            by way of issuance, endorsement, guarantee or otherwise with respect to the performance of
                                            either party under any Transaction. MSUSA shall have no responsibility or personal liability
                                            to Party B arising from any failure by MMA to pay or perform any obligations hereunder or
                                            to monitor or enforce compliance by MMA or Party B with any obligation hereunder, including,
                                            without limitation, any obligations to maintain collateral. MSUSA is so acting solely in
                                            its capacity as agent for Party B and MMA pursuant to instructions from Party B and MMA.
                                            Each of MMA and Party B agrees to proceed solely against the other to collect or recover
                                            any securities or monies owing to it in connection with or as a result of a Transaction.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding any provisions of the Agreement,
                                            all communications relating to each Transaction or the Agreement shall be transmitted exclusively
                                            through MSUSA at 1271 Avenue of the Americas, New York, NY 10020, c/o Equity Capital Markets
                                            Desk, (212) 209-9300, Stephen.roney@mizuhogroup.com.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><B>MMA hereby provides notice that (a)&nbsp;except
                                            as otherwise agreed in writing by MMA and Party B, MMA may commingle, repledge or otherwise
                                            use any collateral Party B provides in its business; (b)&nbsp;in the event of MMA&rsquo;s
                                            failure, Party B will likely be considered an unsecured creditor of MMA as to that collateral;
                                            (c)&nbsp;the Securities Investor Protection Act of 1970 (&ldquo;SIPA&rdquo;) does not protect
                                            Party B and MMA is not a member of the Securities Investor Protection Corporation (&ldquo;SIPC&rdquo;);
                                            and (d)&nbsp;the collateral will not be subject to the requirements of U.S. Securities Exchange
                                            Act Rules&nbsp;8c-1 (Hypothecation of customers&rsquo; securities), 15c2-1 (Hypothecation
                                            of customers&rsquo; securities), or 15c3-3 (Customer protection &ndash; reserves and custody
                                            of securities).</B>]<SUP>71</SUP></TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">[(a)</TD><TD STYLE="text-align: justify"><I>2013 EMIR Portfolio Reconciliation,
                                            Dispute Resolution and Disclosure Protocol</I>. The parties agree that the terms of the Attachment
                                            to the [2020 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published
                                            by ISDA on 17 December&nbsp;2020]<SUP>72</SUP> [2013 EMIR Portfolio Reconciliation, Dispute
                                            Resolution and Disclosure Protocol published by ISDA on July&nbsp;19, 2013]<SUP>73</SUP>
                                            (&ldquo;<B>EMIR Protocol</B>&rdquo;) apply to the Agreement as if the parties had adhered
                                            to the EMIR Protocol without amendment. In respect of the Attachment to the EMIR Protocol,
                                            (i)&nbsp;the definition of &ldquo;Adherence Letter&rdquo; shall be deemed to be deleted and
                                            references to &ldquo;Adherence Letter&rdquo; shall be deemed to be to this clause (a)&nbsp;(and
                                            references to &ldquo;such party&rsquo;s Adherence Letter&rdquo; and &ldquo;its Adherence
                                            Letter&rdquo; shall be read accordingly), (ii)&nbsp;references to &ldquo;adheres to the Protocol&rdquo;
                                            shall be deemed to be &ldquo;enters into the Agreement&rdquo;, (iii)&nbsp;references to &ldquo;Protocol
                                            Covered Agreement&rdquo; shall be deemed to be references to the Agreement (and each &ldquo;Protocol
                                            Covered Agreement&rdquo; shall be read accordingly), and (iv)&nbsp;references to &ldquo;Implementation
                                            Date&rdquo; shall be deemed to be references to the date of this Master Forward Confirmation.
                                            For the purposes of this clause (a):</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Party A is a Portfolio Data Sending
                                            Entity and Party B is a Portfolio Data Receiving Entity.</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Party A and Party B may use a Third
                                            Party Service Provider, and each of Party A and Party B consents to such use, including the
                                            communication of the relevant data in relation to Party A and Party B to such Third Party
                                            Service Provider for the purposes of the reconciliation services provided by such entity.</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">The Local Business Days for such purposes
                                            in relation to Party A are [<I>For MUFG</I>: London] [<I>For Barclays</I>: New York] and
                                            in relation to Party B are New York.</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">The provisions in this paragraph shall
                                            survive the termination of this Master Forward Confirmation.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>71</SUP> Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>72</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>73</SUP> Insert for MUFG.</P>

<P STYLE="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>

<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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify">The following are the applicable email
                                            addresses:</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 0pt 1.25in; text-align: justify; text-indent: -0.25in">Portfolio Data:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify; width: 1in">Party
                                            A:</TD>
                                                                                    <TD STYLE="text-align: justify">[<I>For MUFG</I>:
                                            OPS-ClientValuations@int.sc.mufg.jp]</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                    <TD STYLE="text-align: justify">[<I>For Barclays</I>:
                                            MarginServicesPortRec@barclays.com]</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">Party B:</TD>
                                                                                    <TD STYLE="text-align: justify">paul.mountain@pinnaclewest.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">Notice of discrepancy:</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">Party A:</TD>
                                                                                    <TD STYLE="text-align: justify">[<I>For MUFG</I>:
                                            OPS-ClientValuations@int.sc.mufg.jp]</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                    <TD STYLE="text-align: justify">[<I>For Barclays</I>:
                                            PortRecDiscrepancy@barclays.com]</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">Party B:</TD>
                                                                                    <TD STYLE="text-align: justify">paul.mountain@pinnaclewest.com</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">Dispute Notice:</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">Party A:</TD>
                                                                                    <TD STYLE="text-align: justify">[<I>For MUFG</I>:
                                            OPS-ClientValuations@int.sc.mufg.jp]</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                    <TD STYLE="text-align: justify">[<I>For Barclays</I>:
                                            EMIRdisputenotices@barclays.com]</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-left: 0.25in; text-align: justify">Party B:</TD>
                                                                                    <TD STYLE="text-align: justify">paul.mountain@pinnaclewest.com]<SUP>74</SUP></TD></TR>
     </TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>NFC Representation Protocol</I>. [Party
                                            B represents and warrants to Party A (which representation and warranty will be deemed to
                                            be made under the Agreement and repeated at all times while any &ldquo;Transaction&rdquo;
                                            under any Confirmation under the Agreement remains outstanding, unless Party B notifies Party
                                            A promptly otherwise of any change in its status from that represented) that:</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">it is an entity established outside
                                            the European Union and the United Kingdom of Great Britain and Northern Ireland (the &ldquo;<B>UK</B>&rdquo;)
                                            that would constitute (i)&nbsp;a non-financial counterparty (as such term is defined in Regulation
                                            (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central
                                            counterparties and trade repositories dated 4 July&nbsp;2012 (&ldquo;<B>EMIR</B>&rdquo;))
                                            if it were established in the European Union, and (ii)&nbsp;a non-financial counterparty
                                            (as defined in EMIR as it forms part of &lsquo;retained EU law&rsquo; (as defined in the
                                            European Union (Withdrawal) Act 2018 (as amended from time to time)) (&ldquo;<B>UK EMIR</B>&rdquo;))
                                            if it were established in the United Kingdom; and</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">as at the date of the trade, the entity
                                            would not have executed a sufficient amount of derivative activity such that the month-end
                                            average notional during the previous 12 months would classify the entity as exceeding the
                                            &ldquo;clearing&rdquo; threshold, as established by EMIR or UK EMIR, as relevant, if the
                                            entity were established in the European Union or the United Kingdom.]<SUP>75</SUP></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 0pt 1.25in; text-align: justify">[The parties agree that the provisions
set out in the Attachment to the ISDA 2013 EMIR NFC Representation Protocol published by ISDA on March&nbsp;8, 2013 (the &ldquo;<B>NFC
Representation Protocol</B>&rdquo;) shall apply to the Agreement as if each party were an Adhering Party under the terms of the NFC Representation
Protocol. In respect of the Attachment to the Protocol, (i)&nbsp;the definition of &ldquo;Adherence Letter&rdquo; shall be deemed to
be deleted and references to &ldquo;Adherence Letter&rdquo; shall be deemed to be to this clause (b)&nbsp;(and references to &ldquo;the
relevant Adherence Letter&rdquo; and &ldquo;its Adherence Letter&rdquo; shall be read accordingly), (ii)&nbsp;references to &ldquo;adheres
to the Protocol&rdquo; shall be &ldquo;enters into the Agreement&rdquo;, (iii)&nbsp;references to &ldquo;Covered Master Agreement&rdquo;
shall be deemed to be references to the Agreement (and each &ldquo;Covered Master Agreement&rdquo; shall be read accordingly), and (iv)&nbsp;references
to &ldquo;Implementation Date&rdquo; shall be deemed to be references to the date of this Master Forward Confirmation. Party B confirms
that it enters into this Master Forward Confirmation as a party making the NFC Representation (as such term is defined in the NFC Representation
Protocol). Party B shall promptly send any required notification of any change to its status as a party making the NFC Representation
under the NFC Representation Protocol to Party A (with a copy to MUSICMP.EMIREnquiries@int.sc.mufg.jp).]<SUP>76</SUP></P>

<P STYLE="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>74</SUP> Insert for Barclays and MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>75</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>76</SUP> Insert for MUFG</P>

<P STYLE="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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">[<I>Transaction Reporting &ndash; Consent
                                            for Disclosure of Information</I>. Notwithstanding anything to the contrary herein or in
                                            the Agreement or any non-disclosure, confidentiality or other agreements entered into between
                                            the parties from time to time, each party hereby consents to the Disclosure of information
                                            (the &ldquo;<B>Reporting Consent</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">to the extent required by, or necessary
                                            in order to comply with, any applicable law, rule&nbsp;or regulation which mandates Disclosure
                                            of transaction and similar information or to the extent required by, or necessary in order
                                            to comply with, any order, request or directive regarding Disclosure of transaction and similar
                                            information issued by any relevant authority or body or agency (&ldquo;<B>Reporting Requirements</B>&rdquo;);
                                            or</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">to and between the other party&rsquo;s
                                            head office, branches or affiliates; to any person, agent, third party or entity who provides
                                            services to such other party or its head office, branches or affiliates; to a Market; or
                                            to any trade data repository or any systems or services operated by any trade repository
                                            or Market, in each case, in connection with such Reporting Requirements.</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 0pt 1.25in; text-align: justify">&ldquo;<B>Disclosure</B>&rdquo; means
disclosure, reporting, retention, or any action similar or analogous to any of the aforementioned.</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>Market</B>&rdquo; means
any exchange, regulated market, clearing house, central clearing counterparty or multilateral trading facility.</P>

<P STYLE="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 1.25in; text-align: justify">Disclosures made pursuant to this
Reporting Consent may include, without limitation, Disclosure of information relating to disputes over transactions between the parties,
a party&rsquo;s identity and certain transaction and pricing data and may result in certain anonymous information becoming available
to the public or to recipients in a jurisdiction which may have a different level of protection for personal data from that of the relevant
party&rsquo;s home 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 0pt 1.25in; text-align: justify">This Reporting Consent shall be deemed
to constitute an agreement between the parties with respect to Disclosure in general and shall survive the termination of this Master
Forward Confirmation. No amendment to or termination of this Reporting Consent shall be effective unless such amendment or termination
is made in writing between the parties and specifically refers to this Reporting Consent.]<SUP>77</SUP></P>

<P STYLE="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 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>[Bail-In
Protocol</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 0pt 1in; text-align: justify">The parties agree that the provisions
set out in the attachment (the &ldquo;<B>Attachment</B>&rdquo;) to the ISDA 2016 Bail-in Article&nbsp;55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK
entity-in-resolution version) are incorporated into and form part of the Agreement, provided that the definition of &ldquo;UK Bail-in
Power&rdquo; in the Attachment shall be deleted and replaced with the following definition:</P>

<P STYLE="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; text-align: justify">&ldquo;<B>UK Bail-in Power</B>&rdquo;
means any write-down or conversion power existing from time to time (including, without limitation, any power to amend or alter the maturity
of eligible liabilities of an institution under resolution or amend the amount of interest payable under such eligible liabilities or
the date on which interest becomes payable, including by suspending payment for a temporary period) under, and exercised in compliance
with, any laws, regulations, rules&nbsp;or requirements (together, the &ldquo;<B>UK Regulations</B>&rdquo;) in effect in the United Kingdom,
including but not limited to, the Banking Act 2009 as amended from time to time, and the instruments, rules&nbsp;and standards created
thereunder, pursuant to which the obligations of a regulated entity (or other affiliate of a regulated entity) can be reduced (including
to zero), cancelled or converted into shares, other securities, or other obligations of such regulated entity or any other person.</P>

<P STYLE="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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>77</SUP> Insert for MUFG</P>

<P STYLE="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 0pt 1in; text-align: justify">A reference to a &ldquo;regulated entity&rdquo;
is to any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the United Kingdom Prudential Regulation Authority
or to any person falling within IFPRU 11.6, of the FCA Handbook promulgated by the United Kingdom Financial Conduct Authority, both as
amended from time to time, which includes, certain credit institutions, investment firms, and certain of their parent or holding companies.</P>

<P STYLE="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; text-align: justify">The Agreement shall be deemed a &ldquo;Protocol
Covered Agreement&rdquo; for the purposes of the Attachment and the Implementation Date for the purposes of the Attachment shall be deemed
to be the date of this Master Forward Confirmation. In the event of any inconsistencies between the Attachment and the other provisions
of the Agreement, the Attachment will prevail.</P>

<P STYLE="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 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Contractual
Recognition of UK Stay Resolution</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 0pt 1in; text-align: justify">Notwithstanding anything contained in
the Agreement, the parties agree that the provisions of the 2020 UK (PRA Rule) Jurisdictional Module (the &ldquo;<B>UK Module</B>&rdquo;)
published by the International Swaps and Derivatives Association,&nbsp;Inc. on 22 December&nbsp;2020, as amended from time to time, shall
be deemed to be incorporated into the Agreement as if references in those provisions to &ldquo;Covered Agreement&rdquo; were references
to the Agreement, and on the basis that: (i)&nbsp;Party A shall be treated as a &ldquo;Regulated Entity&rdquo; and as a &ldquo;Regulated
Entity Counterparty&rdquo; with respect to Party B, (ii)&nbsp;Party B shall be treated as a &ldquo;Module Adhering Party&rdquo;, and
(iii)&nbsp;references to the &ldquo;Implementation Date&rdquo; in the UK Module shall be deemed to be the date of this Master Forward
Confirmation.]<SUP>78</SUP></P>

<P STYLE="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 0.75in; text-align: justify">[<U>Contractual Recognition of Bail-In
(United Kingdom)</U>:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary
                                            in the Agreement or in any other agreement, arrangement or understanding among the parties,
                                            each party acknowledges and accepts that liabilities arising under the Agreement (other than
                                            Excluded Liabilities) may be subject to the exercise of the UK Bail-in Power by the relevant
                                            resolution authority and agrees and consents to, and acknowledges and accepts to be bound
                                            by, any Bail-in Action and the effects thereof (including any variation, modification and/or
                                            amendment to the terms of the Agreement as may be necessary to give effect to any such Bail-in
                                            Action), which if the Bail-in Termination Amount is payable by the BRRD Party to the Creditor
                                            Counterparty may include, without limitation:</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">a reduction, in full or in part, of
                                            the Bail-in Termination Amount; and/or</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">a conversion of all, or a portion of,
                                            the Bail-in Termination Amount into shares or other instruments of ownership, in which case
                                            the Creditor Counterparty acknowledges and accepts that any such shares or other instruments
                                            of ownership may be issued to or conferred upon it as a result of the Bail-in Action.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Each party acknowledges and accepts that
                                            this provision is exhaustive on the matters described herein to the exclusion of any other
                                            agreements, arrangements or understanding between the parties relating to the subject matter
                                            of the Agreement and that no further notice shall be required between the parties pursuant
                                            to the Agreement in to order to give effect to the matters described herein.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>78</SUP> Insert for Barclays.</P>

<P STYLE="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>

<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="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The acknowledgements and acceptances contained
                                            in clauses (a)&nbsp;and (b)&nbsp;above will not apply if:</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">the relevant resolution authority determines
                                            that the liabilities arising under the Agreement may be subject to the exercise of the UK
                                            Bail-in Power pursuant to the law of a third country governing such liabilities or a binding
                                            agreement concluded with such third country and in either case the UK Regulations have been
                                            amended to reflect such determination; and/or</TD></TR></TABLE>

<P STYLE="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="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">the UK Regulations have been repealed
                                            or amended in such a way as to remove the requirement for either party to give or obtain
                                            the acknowledgements and acceptances contained in paragraphs (a)&nbsp;and (b).</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Definitions.</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 0pt 1.25in; text-align: justify">&ldquo;<B>Bail-in Action</B>&rdquo;
means the exercise of the UK Bail-in Power by the relevant resolution authority in respect of any transaction under the 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 0pt 1.25in; text-align: justify">&ldquo;<B>Bail-in Termination Amount</B>&rdquo;
means the early termination amount or early termination amounts (howsoever described), together with any accrued but unpaid interest
thereon, in respect of all transactions (or if the Bail-in Action is exercised only with respect to transactions in one or more netting
sets, all transactions relating to such netting set(s), as applicable) under the Agreement (before, for the avoidance of doubt, any such
amount is written down or converted by the relevant resolution authority).</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>BRRD</B>&rdquo; means Article&nbsp;55
of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>BRRD Party</B>&rdquo; means
the party in respect of which the UK Bail-in Power has been exercised by the relevant resolution authority.</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>Creditor Counterparty</B>&rdquo;
means the party which is not the BRRD Party.</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>Excluded Liabilities</B>&rdquo;
means liabilities excluded from the scope of the contractual recognition of bail-in requirement pursuant to the UK Regulations.</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>UK Bail-in Power</B>&rdquo;
means any write-down or conversion power existing from time to time (including, without limitation, any power to amend or alter the maturity
of eligible liabilities of an institution under resolution or amend the amount of interest payable under such eligible liabilities or
the date on which interest becomes payable, including by suspending payment for a temporary period) under, and exercised in compliance
with, the UK Regulations.</P>

<P STYLE="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 1.25in; text-align: justify">&ldquo;<B>UK Regulations</B>&rdquo;
means any laws, regulations, rules&nbsp;or requirements in effect in the United Kingdom relating to the transposition of the BRRD as
amended from time to time, including but not limited to, the Banking Act 2009 as amended from time to time, and the instruments, rules&nbsp;and
standards created thereunder, pursuant to which the obligations of a regulated entity (or other affiliate of a regulated entity) can
be reduced (including to zero), cancelled or converted into shares, other securities, or other obligations of such regulated entity or
any other person.</P>

<P STYLE="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 1.25in; text-align: justify">A reference to a &ldquo;regulated
entity&rdquo; is to any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the United Kingdom Prudential
Regulation Authority or to any person falling within IFPRU 11.6, of the FCA Handbook promulgated by the United Kingdom Financial Conduct
Authority, both as amended from time to time, which includes certain credit institutions, investment firms, and certain of their parent
or holding companies.</P>

<P STYLE="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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Special
Resolution Regime Termination Right</U></FONT>:</P>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Upon the occurrence of a Crisis Prevention
                                            Measure, Crisis Management Measure or a Recognised Third-Country Resolution Action (each
                                            as defined in section 48Z(1)&nbsp;of the U.K. Banking Act 2009) and/or any Bail-in Action
                                            in relation to Party A, Party B shall be entitled to exercise termination rights under, or
                                            rights to enforce its rights, in connection with the Agreement, to the extent that it would
                                            be entitled to do so under the Special Resolution Regime (as defined in the U.K. Banking
                                            Act 2009) if the Agreement were governed by the laws of any part of the United Kingdom.</TD></TR></TABLE>

<P STYLE="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="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">For the purposes of clause (a)&nbsp;above,
                                            Section&nbsp;48Z of the U.K. Banking Act 2009 is to be disregarded to the extent that it
                                            relates to a Crisis Prevention Measure other than the making of a &ldquo;mandatory reduction
                                            instrument&rdquo; by the Bank of England under section 6B of the U.K. Banking Act 2009.]<SUP>79</SUP></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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>[Role
of Agent</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 0pt 1in; text-align: justify">Each of Party A and Party B acknowledges
to and agrees with the other party hereto and to and with the Agent that (i)&nbsp;the Agent is acting as agent for Party A under each
Transaction pursuant to instructions from such party, (ii)&nbsp;the Agent is not a principal or party to any Transaction, and may transfer
its rights and obligations with respect to any Transaction, (iii)&nbsp;the Agent shall have no responsibility, obligation or liability,
by way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either party under any Transaction,
(iv)&nbsp;Party A and the Agent have not given, and Party B is not relying (for purposes of making any investment decision or otherwise)
upon, any statements, opinions or representations (whether written or oral) of Party A or the Agent, other than the representations expressly
set forth in this Master Forward Confirmation or the Agreement, and (v)&nbsp;each party agrees to proceed solely against the other party,
and not the Agent, to collect or recover any money or securities owed to it in connection with any Transaction. Each party hereto acknowledges
and agrees that the Agent is an intended third party beneficiary hereunder. Party B acknowledges that the Agent is an affiliate of Party
A. Party A will be acting for its own account in respect of this Master Forward Confirmation and the Transactions contemplated 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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regulatory
Provisions</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 0pt 1in; text-align: justify">The time of dealing for each Transaction
will be confirmed by Party A upon written request by Party B. The Agent will furnish to Party B upon written request a statement as to
the source and amount of any remuneration received or to be received by the Agent in connection with any Transaction.</P>

<P STYLE="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 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Method
of Delivery</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 0pt 1in; text-align: justify">Whenever delivery of funds or other assets
is required hereunder by or to Party B, such delivery shall be effected through the Agent. In addition, all notices, demands and communications
of any kind relating to each Transaction between Party A and Party B shall be transmitted exclusively through the Agent.]<SUP>80</SUP></P>

<P STYLE="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 0.75in; text-align: justify">[<U>Capacity of Dealer</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 0pt 1in; text-align: justify">The parties acknowledge and agree that
Party A is not a U.S. registered broker-dealer and that its participation in the Agreement and any Transaction is pursuant and subject
to Rule&nbsp;15a-6. Further, the parties acknowledge and agree that Party A&rsquo;s U.S. registered broker-dealer affiliate, MUFG Securities
Americas Inc. (its &ldquo;<B>U.S. Affiliate</B>&rdquo;), will act as Party A&rsquo;s chaperone for purposes of the activities contemplated
in the Agreement and that any reference to any obligation of Party A in the Agreement shall, to the extent that such obligations are
required to be carried out by a registered broker or dealer under Rule&nbsp;15a-6, be deemed to be a requirement that Party A procure
that its U.S. Affiliate perform such obligations. Such obligations include but are not limited to effecting transactions, issuing confirmations,
maintaining books and records, participating in oral communications, and obtaining certain representations and consents.]<SUP>81</SUP></P>

<P STYLE="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>79</SUP> Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>80</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>81</SUP> Insert for MUFG.</P>

<P STYLE="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 0pt 0.75in; text-align: justify">[<U>Role of 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 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
A has acted, and will act, as principal in respect of this Master Forward Confirmation, each Supplemental Confirmation and each Transaction
and TD Securities (USA) LLC, its affiliate, is acting as agent for Party A (the &ldquo;<B>Agent</B>&rdquo;). With respect to the Agent,
each of Party B and Party A acknowledges to and agrees with the other party hereto and with the Agent that (i)&nbsp;the Agent is acting
as agent for Party A under each Transaction pursuant to instructions from Party A, (ii)&nbsp;the Agent is not a principal or party to
this Master Forward Confirmation, any Supplemental Confirmation or Transaction, (iii)&nbsp;the Agent shall have no responsibility, obligation
or liability, by way of issuance, guaranty, endorsement or otherwise in any manner, to either party in respect of this Master Forward
Confirmation, any Supplemental Confirmation or Transaction, (iv)&nbsp;Party A and the Agent have not given, and Party B is not relying
(for purposes of making any investment decision or otherwise) upon, any statements, opinions or representations (whether written or oral)
of Party A or the Agent, other than the representations expressly set forth in this Master Forward Confirmation, any Supplemental Confirmation
or the Agreement, and (v)&nbsp;each party agrees to proceed solely against the other party, and not the Agent, to collect or recover
any money or securities owed to it in connection with any Transaction. Each party hereto acknowledges and agrees that the Agent is an
intended third party beneficiary hereunder. Party A is not a member of the Securities Investor Protection Corporation.</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>82</SUP></FONT></P>

<P STYLE="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 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Adjustments</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 0pt 1in; text-align: justify">For the avoidance of doubt, whenever
the Calculation Agent or the Hedging Party is called upon to make an adjustment, determination or election pursuant to the terms of this
Master Forward Confirmation, any Supplemental Confirmation or the Definitions to take into account the effect of an event, the Calculation
Agent or the Hedging Party, as applicable, shall make such adjustment determination or election in a commercially reasonable manner by
reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge
position at the time of the 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 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</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 0pt 1in; text-align: justify">This Master Forward Confirmation may
be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or e-mail transmission. The
words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and words of like import in this Master Forward Confirmation
or in any other certificate, agreement or document related to this Master Forward Confirmation, if any, shall include images of manually
executed signatures transmitted by facsimile or other electronic format (including, without limitation, &ldquo;pdf,&rdquo; &ldquo;tif&rdquo;
or &ldquo;jpg&rdquo;) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature
or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.</P>

<P STYLE="font: 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">[Remainder of page&nbsp;intentionally left blank]</P>

<P STYLE="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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>82</SUP> Insert for TD.</P>

<P STYLE="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: justify">Please confirm that the foregoing correctly sets
forth the terms of our agreement by executing a copy of this Master Forward Confirmation and returning it to Party A [at CorporateDerivativeNotifications@wellsfargo.com]<SUP>83</SUP>.</P>

<P STYLE="font: 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">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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><B>BANK
OF AMERICA, N.A.</B>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>84</SUP></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</B>]<SUP>85</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>MIZUHO MARKETS AMERICAS LLC</B>]<SUP>86</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>BARCLAYS BANK PLC</B>]<SUP>87</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>MUFG SECURITIES EMEA PLC</B>]<SUP>88</SUP>&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"><B>[THE
TORONTO-DOMINION BANK</B></FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>89</SUP></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>TRUIST BANK</B>]<SUP>90</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>WELLS FARGO BANK, NATIONAL ASSOCIATION</B>]<SUP>91</SUP></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: 3%; text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Name:&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">&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; text-align: justify">[[<B>MIZUHO SECURITIES USA LLC</B>]<SUP>92</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acting solely as agent in connection with this&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Master Forward Confirmation</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: 3%; text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Name:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Title:]<SUP>93</SUP></TD><TD STYLE="text-align: justify">&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; text-align: justify">Accepted and confirmed as&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; text-align: justify"><B>PINNACLE WEST CAPITAL CORPORATION</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"></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: 3%; text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Name:&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">&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>

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<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 0pt 0.25in"><SUP>83</SUP> Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>84</SUP> Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>85</SUP> Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>86</SUP> Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>87</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>88</SUP> Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>89</SUP> Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>90</SUP> Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>91</SUP> Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>92</SUP> Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>93</SUP> Insert for Mizuho and TD.</P>

<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: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to Master
Forward Confirmation</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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><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"><B>FORM&nbsp;OF SUPPLEMENTAL CONFIRMATION</B></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>
    <TD STYLE="border: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To:</B></FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 85%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pinnacle
    West Capital Corporation </B></FONT>(&ldquo;<B>Party B</B>&rdquo;) <B><BR>
    </B>400 North Fifth Street, Mail Station 9040<BR>
    Phoenix, Arizona 85004</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35pt">Email: paul.mountain@pinnaclewest.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35pt">Attention: Paul Mountain, VP, Finance and Treasurer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35pt"><BR></P></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 5pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>From:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 85%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Bank
                                            of America, N.A. (&ldquo;</FONT><B>Party A</B>&rdquo;)<BR>
                                            c/o BofA Securities,&nbsp;Inc.<BR>
                                            One Bryant Park<BR>
                                            New York, NY 10036]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>94</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[JPMorgan
    Chase Bank, National Association (&ldquo;</FONT><B>Party A</B>&rdquo;)<BR>
    New York Branch<BR>
    383 Madison Avenue<BR>
    New York, NY 10179]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>95</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Mizuho
    Markets Americas LLC (&ldquo;</FONT><B>Party A</B>&rdquo;)<BR>
    c/o Mizuho Securities USA LLC as Agent<BR>
    1271 Avenue of the Americas<BR>
    New York, NY 10020<BR>
    Attn: Equity Capital Markets Desk<BR>
    Telephone: (212) 209-9300<BR>
    E-mail: US-ECM@mizuhogroup.com]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>96</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Barclays
    Bank PLC (&ldquo;</FONT><B>Party A</B>&rdquo;)<BR>
    c/o Barclays Capital Inc.<BR>
    as Agent for Barclays Bank PLC<BR>
    745 Seventh Avenue<BR>
    New York, NY 10019<BR>
    Telephone: +1 212 526 7000]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>97</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[MUFG
    Securities EMEA plc (&ldquo;</FONT><B>Party A</B>&rdquo;)<BR>
    Ropemaker Place<BR>
    25 Ropemaker Street<BR>
    London, EC2Y 9AJ, United Kingdom]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>98</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[The
    Toronto-Dominion Bank (&ldquo;</FONT><B>Party A</B>&rdquo;)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">c/o TD Securities (USA) LLC, as Agent</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">1 Vanderbilt Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">New York, NY 10017]<SUP>99</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Truist
    Bank (&ldquo;</FONT><B>Party A</B>&rdquo;)<BR>
    3333 Peachtree Road NE, 11th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">Atlanta, Georgia 30326</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">Attn: Equity Capital Markets]<SUP>100</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Wells
    Fargo Bank, National Association (&ldquo;</FONT><B>Party A</B>&rdquo;)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">30 Hudson Yards</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">New York, NY 10001-2170</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt">Email: CorporateDerivativeNotifications@wellsfargo.com]<SUP>101</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt; border: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 5pt 0.1in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________],
    20[__]</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>94</SUP> Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>95</SUP> Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>96</SUP> Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>97</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>98</SUP> Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>99</SUP> Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>100</SUP> Insert for Truist. 101 Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>101</SUP> Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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">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">The purpose of this Supplemental
Confirmation is to confirm the terms and conditions of the Transaction entered into between Party A and Party B (together, the &ldquo;<B>Contracting
Parties</B>&rdquo;) on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Party A and Party
B as of the relevant Trade Date for the Transaction referenced below. [Party A is acting as principal in this Transaction and Mizuho
Securities USA LLC, its affiliate, is acting as agent for Party A and Party B in this Transaction.]<SUP>102</SUP> [Party A is not a member
of the Securities Investor Protection Corporation.]<SUP>103</SUP> [Party A is authorized by the Prudential Regulation Authority and regulated
by the Financial Conduct Authority and the Prudential Regulation Authority.]<SUP>104</SUP> [This Supplemental Confirmation is a confirmation
for purposes of Rule&nbsp;10b-10 promulgated under the Securities Exchange Act of 1934, as amended.]<SUP>105</SUP></P>

<P STYLE="font: 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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Supplemental Confirmation supplements, forms part of, and is subject to the Master Forward Confirmation dated as of November&nbsp;8,
2024 (the &ldquo;<B>Master Forward Confirmation</B>&rdquo;) between the Contracting Parties, as amended and supplemented from time to
time. All provisions contained in the Master Forward Confirmation govern this Supplemental Confirmation except as expressly modified
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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of the Transaction to which this Supplemental Confirmation relates are as follows:</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: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    Date:</FONT></TD>
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_______],
    20[__]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
    Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_______],
    20[__]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity
    Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_______],
    20[__]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base
    Amount:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[________]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    Forward Price:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    [____]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_.__]%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volume-Weighted
    Hedge Price:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    [____]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specified
    Borrow Rate:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[___]
    basis points per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
    Specified Borrow Rate:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[___]
    basis points per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward
    Shares:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_______]<SUP>106
    </SUP>Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threshold
    Number of Shares:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_______]
    Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    Settlement Number:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_______]
    Scheduled Trading Days</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>102</SUP> Insert for Mizuho</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>103</SUP> Insert for Barclays, Mizuho and TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>104</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>105</SUP> Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>106</SUP> To be twice the Base 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"></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; text-align: right; margin: 0pt 0"><IMG SRC="tm2427616d2_ex1-1img012.jpg" ALT="">&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"><IMG SRC="tm2427616d2_ex1-1img013.jpg" ALT="">&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: justify">Please confirm that the foregoing correctly sets
forth the terms of our agreement by executing a copy of this Supplemental Confirmation and returning it to Party A [at CorporateDerivativeNotifications@wellsfargo.com]<SUP>107</SUP>.</P>

<P STYLE="font: 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">Very truly yours,</P>

<P STYLE="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>[BANK OF AMERICA, N.A.]<SUP>108</SUP></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</B>]<SUP>109</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>MIZUHO MARKETS AMERICAS LLC</B>]<SUP>110</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>BARCLAYS BANK PLC</B>]<SUP>111</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>MUFG SECURITIES EMEA PLC</B>]<SUP>112</SUP>&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"><B>[THE
TORONTO-DOMINION BANK</B></FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>113</SUP></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>TRUIST BANK</B>]<SUP>114</SUP>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<B>WELLS FARGO BANK, NATIONAL ASSOCIATION</B>]<SUP>115</SUP></P>

<P STYLE="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="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: 3%; text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Name:&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">&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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[[MIZUHO
SECURITIES USA LLC] </B></FONT>[<B>TD SECURITIES (USA) LLC</B>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>116</SUP></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acting solely as agent in connection with this&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Supplemental Confirmation</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: 3%; text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Name:&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Title:]<SUP>117</SUP></TD><TD STYLE="text-align: justify">&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; text-align: justify">Accepted and confirmed as&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; text-align: justify"><B>PINNACLE WEST CAPITAL CORPORATION</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"></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: 3%; text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Name:&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">&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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&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 0pt 0.25in"><SUP>107</SUP> Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>108</SUP> Insert for BofA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>109</SUP> Insert for JPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>110</SUP> Insert for Mizuho.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>111</SUP> Insert for Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>112</SUP> Insert for MUFG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>113</SUP> Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>114</SUP> Insert for Truist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>115</SUP> Insert for WF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>116</SUP> Insert for TD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>117</SUP> Insert for Mizuho.</P>

<P STYLE="font: 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;to Forward Supplemental
Confirmation</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>
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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: right; text-indent: 0.5in">Schedule I</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: top">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Forward
    Price Reduction Date</U></B></FONT></TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Forward
    Price Reduction Amount<SUP>118</SUP></U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    Date</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    0.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________],
    20[__]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    [____]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________],
    20[__]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    [____]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________],
    20[__]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    [____]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&hellip;&hellip;.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&hellip;&hellip;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________],
    20[__]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD
    [____]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><SUP>118 </SUP>Forward Price Reduction
Amounts set forth above are determined based on anticipated dividend amounts. Actual dividend timing and amounts to be declared and paid
to shareholders is subject to Board approval (which, for the avoidance of doubt, shall not impact the schedule set forth above).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX 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">PRIVATE PLACEMENT PROCEDURES</P>

<P STYLE="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="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">If Party B delivers the Restricted Shares
                                            pursuant to this clause (i)&nbsp;(a &ldquo;<B>Private Placement Settlement</B>&rdquo;), then
                                            delivery of Restricted Shares by Party B shall be effected in customary private placement
                                            procedures with respect to such Restricted Shares reasonably acceptable to Party A; <I>provided
                                            </I>that if, on or before the date that a Private Placement Settlement would occur, Party
                                            B has taken, or caused to be taken, any action that would make unavailable either the exemption
                                            pursuant to Section&nbsp;4(a)(2)&nbsp;of the Securities Act for the sale by Party B to Party
                                            A (or any affiliate designated by Party A) of the Restricted Shares or the exemption pursuant
                                            to Section&nbsp;4(a)(1)&nbsp;or Section&nbsp;4(a)(3)&nbsp;of the Securities Act for resales
                                            of the Restricted Shares by Party A (or any such affiliate of Party A) or Party B fails to
                                            deliver the Restricted Shares when due or otherwise fails to perform obligations within its
                                            control in respect of a Private Placement Settlement, it shall be an Event of Default with
                                            respect to Party B and Section&nbsp;6 of the Agreement shall apply. The Private Placement
                                            Settlement of such Restricted Shares shall include customary representations, covenants,
                                            blue sky and other governmental filings and/or registrations, indemnities to Party A, reasonable
                                            due diligence rights (for Party A or any designated buyer of the Restricted Shares by Party
                                            A), customary opinions and certificates, and such other documentation as is customary for
                                            private placement agreements, all reasonably acceptable to Party A. In the case of a Private
                                            Placement Settlement, Party A shall, in its good faith discretion, adjust the number of Restricted
                                            Shares to be delivered to Party A hereunder and/or the Forward Price for the relevant Transaction
                                            in a commercially reasonable manner to reflect the fact that such Restricted Shares may not
                                            be freely returned to securities lenders by Party A and may only be saleable by Party A at
                                            a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding the Agreement,
                                            this Master Forward Confirmation or any Supplemental Confirmation, the date of delivery of
                                            such Restricted Shares shall be the Clearance System Business Day following notice by Party
                                            A to Party B of the number of Restricted Shares to be delivered pursuant to this clause (i).
                                            For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the
                                            previous sentence and not be due on the Settlement Date for the relevant Transaction or Termination
                                            Settlement Date for the relevant Transaction that would otherwise be applicable.</TD></TR></TABLE>

<P STYLE="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="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">If Party B delivers any Restricted Shares
                                            in respect of any Transaction, Party B agrees that (i)&nbsp;such Shares may be transferred
                                            by and among Party A and its affiliates and (ii)&nbsp;after the minimum &ldquo;holding period&rdquo;
                                            within the meaning of Rule&nbsp;144(d)&nbsp;under the Securities Act has elapsed after the
                                            applicable Settlement Date, Party B shall promptly remove, or cause the transfer agent for
                                            the Shares to remove, any legends referring to any transfer restrictions from such Shares
                                            upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer agent
                                            of seller&rsquo;s and broker&rsquo;s representation letters customarily delivered by Party
                                            A or its affiliates in connection with resales of restricted securities pursuant to Rule&nbsp;144
                                            under the Securities Act, each without any further requirement for the delivery of any certificate,
                                            consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps
                                            or payment of any other amount or any other action by Party A (or such affiliate of Party
                                            A).</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-align: right"><B><U>Exhibit&nbsp;D</U></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="text-transform: uppercase"><B><U>FORM&nbsp;OF
OPINION of Snell&nbsp;&amp; Wilmer L.L.P.</U></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-align: center">See attached.</P>

<P STYLE="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: The dates appearing throughout this Exhibit&nbsp;D will be updated
appropriately each time this opinion is delivered.</P>

<P STYLE="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: right"><B><U>Exhibit&nbsp;E</U></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="text-transform: uppercase"><B><U>FORM&nbsp;OF
OPINION of Sullivan&nbsp;&amp; Cromwell LLP</U></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-align: center">See attached.</P>

<P STYLE="font: 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">Note: The dates appearing throughout this Exhibit&nbsp;E
will be updated appropriately each time this opinion is delivered.</P>

<P STYLE="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: right"><B><U>Exhibit&nbsp;F</U></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="text-transform: uppercase"><B><U>FORM&nbsp;OF
NEGATIVE ASSURANCE LETTER of Sullivan&nbsp;&amp; Cromwell LLP</U></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-align: center">See attached.</P>

<P STYLE="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: The dates appearing throughout this Exhibit&nbsp;F will be updated
appropriately each time this letter is delivered.</P>

<P STYLE="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-5.1
<SEQUENCE>3
<FILENAME>tm2427616d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT&nbsp;5.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[SNELL&nbsp;&amp;
                                            WILMER L.L.P. LETTERHEAD]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">November&nbsp;8, 2024</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pinnacle West Capital Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">400 North Fifth Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Phoenix, Arizona 85072-3999</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">We
have acted as Arizona counsel to Pinnacle West Capital Corporation, an Arizona corporation (the &ldquo;<U>Company</U>&rdquo;), in connection
with the sale and issuance of shares of the Company&rsquo;s common stock, no par value per share (the &ldquo;<U>Shares</U></FONT><FONT STYLE="font-size: 10pt">&rdquo;)
having an aggregate gross sales price up to $900,000,000, pursuant to (i)&nbsp;the Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-277448),
which was filed with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on February&nbsp;28, 2024 (the
 &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
including a base prospectus dated February&nbsp;28, 2024 (the &ldquo;<U>Base Prospectus</U>&rdquo;); and (ii)&nbsp;the final prospectus
supplement, dated November&nbsp;8, 2024, relating to the offer and sale of the Shares and filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of
the Securities Act (together with the Base Prospectus, the &ldquo;<U>Final Prospectus</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In rendering this
opinion, we have examined such matters of fact as we have deemed necessary in order to render the opinion set forth herein, which included
examination of the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s Articles of Incorporation, restated as of May&nbsp;21, 2008, as certified by the Arizona Corporation Commission on November&nbsp;5,
2024 (the &ldquo;<U>Articles of Incorporation</U>&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s Bylaws, amended as of February&nbsp;19, 2020, as certified to us as of the date hereof pursuant to the Secretary&rsquo;s
Certificate (as defined below);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, together with the exhibits filed as a part thereof or incorporated therein by reference;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Final Prospectus, together with the exhibits filed as a part thereof or incorporated therein by reference;</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ALBUQUERQUE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOISE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DALLAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DENVER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAS
VEGAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS ANGELES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS CABOS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORANGE COUNTY</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">PHOENIX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTLAND&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RENO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALT
LAKE CITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN DIEGO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEATTLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TUCSON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON,
D.C.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pinnacle West Capital Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">November 8, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
executed copy of (i)&nbsp;the Equity Distribution Agreement (the &ldquo;<U>Equity Distribution Agreement</U>&rdquo;), dated </FONT><FONT STYLE="font-size: 10pt">November&nbsp;8,
2024, among the Company and each of BofA Securities,&nbsp;Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities
USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities,&nbsp;Inc. and Wells Fargo Securities, LLC, as managers
(each, a &ldquo;<U>Manager</U>&rdquo;), Bank of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank, National Association, Mizuho Markets
Americas LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association or one or more
of their respective affiliates, as forward purchasers (each, a &ldquo;<U>Forward Purchaser</U>&rdquo;) and BofA Securities,&nbsp;Inc.,
Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC,
Truist Securities,&nbsp;Inc. and Wells Fargo Securities, LLC, as forward sellers, and (ii)&nbsp;each of the Master Forward Confirmations,
each dated November&nbsp;8, 2024 (the &ldquo;<U>Master Forward Confirmations</U>&rdquo;), between the Company and each of the Forward
Purchasers. The Equity Distribution Agreement together with the Master Forward Confirmations are collectively referred to in this opinion
letter as the &ldquo;<U>Transaction Documents</U>&rdquo;.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
specimen certificate evidencing the Company&rsquo;s common stock;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
certificate of good standing for the Company, dated November&nbsp;5, 2024, issued by the Arizona Corporation Commission and the bringdown
verification dated November&nbsp;8, 2024 (the &ldquo;<U>Good Standing Certificate</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Secretary&rsquo;s Certificate of Diane Wood, Secretary of the Company (the &ldquo;<U>Secretary&rsquo;s Certificate</U>&rdquo;)</FONT><FONT STYLE="font-size: 10pt">;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
of the Company&rsquo;s board of directors (the &ldquo;<U>Board of Directors</U>&rdquo;) provided to us by the Company relating to the
adoption, approval, authorization and/or ratification of (i)&nbsp;the Registration Statement and the authorization, issuance and sale
of the Shares pursuant to the Registration Statement and the Final Prospectus; and (ii)&nbsp;the Transaction Documents, and other actions
with regard thereto; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Resolutions of the
pricing committee of the Board of Directors (the &ldquo;<U>Pricing Committee</U>&rdquo;) provided to us by the Company, relating to the
adoption, approval, authorization and/or ratification of the pricing and issuance and sale of the Shares pursuant to the Transaction
Documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In our examination,
we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photostatic
copies, and the authenticity of the originals of such copies. In making our examination of documents executed or to be executed, we have
assumed that the parties thereto, other than the Company, had or will have the power, corporate or other, to enter into and perform all
obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the execution and
delivery by such parties of such documents and the validity and binding effect thereof on such parties. We have also assumed that the
authorized officers of the Company will act in accordance with the resolutions of the Board of Directors and the Pricing Committee with
respect to any sales and issuances of Shares to be made pursuant to the Transaction Documents. As to any facts material to the opinions
expressed herein that we did not independently establish or verify, we have relied upon statements and representations of officers and
other representatives of the Company and others and of public officials.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pinnacle West Capital Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">November 8, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">We
are admitted to practice law in the State of Arizona, and we render this opinion only with respect to, and express no opinion herein
concerning the application or effect of the laws of any jurisdiction other than the existing laws of the State of Arizona</FONT> <FONT STYLE="font-size: 10pt">and
reported judicial decisions relating thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With respect to
our opinion expressed in paragraph (1)&nbsp;below as to the valid existence and good standing of the Company under the laws of the State
of Arizona, we have relied solely upon the Good Standing Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In accordance with
Section&nbsp;95 of the American Law Institute&rsquo;s Restatement (Third) of the Law Governing Lawyers (2000), this opinion letter is
to be interpreted in accordance with customary practices of lawyers rendering opinions to third parties in connection with the filing
of a registration statement with the Commission of the type described herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Based upon the foregoing,
it is our opinion that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company is a corporation validly
                                            existing, in good standing, under the laws of the State of Arizona.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Shares to be issued and sold by the Company pursuant to the Transaction Documents have been
                                            duly authorized by all necessary corporate action on the part of the Company, and, when issued
                                            and delivered by the Company against payment of the purchase price therefor in accordance
                                            with the terms of the Transaction Documents and resolutions of the Board of Directors and
                                            Pricing Committee authorizing the pricing terms of the Shares, will be validly issued, fully
                                            paid and non-assessable.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We consent to the
use of this opinion as an exhibit to the Current Report on Form&nbsp;8-K, dated November&nbsp;8, 2024, filed by the Company. We also
consent to the reference to our firm under the heading &ldquo;Legal Matters&rdquo; in the Final Prospectus. In rendering the opinions
set forth above, we are opining only as to the specific legal issues expressly set forth therein, and no opinion shall be inferred as
to any other matter or matters.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This opinion is
intended solely for use in connection with issuance and sale of the Shares and is not to be relied upon for any other purpose. This opinion
is rendered as of the date first written above and based solely on our understanding of facts in existence as of such date after the
aforementioned examination. We assume no obligation to advise you of any fact, circumstance, event or change in the law or the facts
that may hereafter be brought to our attention whether or not such occurrence would affect or modify any of the opinions expressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Snell and Wilmer L.L.P.</FONT></TD></TR>
  </TABLE>


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

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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>pnw-20241108_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.3</span><table class="report" border="0" cellspacing="2" id="idm45638744836288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 08, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov.  08,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-8962<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">PINNACLE
    WEST CAPITAL CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000764622<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">86-0512431<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">AZ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">400 North
    Fifth Street, P.O. Box 53999<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Phoenix<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">AZ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">85072-3999<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">602<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">250-1000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PNW<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
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<td>dei:employerIdItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:edgarExchangeCodeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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