<SEC-DOCUMENT>0001104659-25-039411.txt : 20250425
<SEC-HEADER>0001104659-25-039411.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250425160531
ACCESSION NUMBER:		0001104659-25-039411
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20250423
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		25873814

	BUSINESS ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
</SEC-HEADER>
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<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE
COMMISSION</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <span id="xdx_90C_edei--DocumentType_c20250423__20250423_zOHxMhyLxuu5"><ix:nonNumeric contextRef="AsOf2025-04-23" id="Fact000010" 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">CURRENT REPORT</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">(Registrant&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt"><span style="text-decoration: underline">Not
applicable </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">(Former
name or former address, if changed since last report)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">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:</span></p>

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

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    under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
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    under the Exchange Act (17 CFR 240.13e-4(c))</span></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-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

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

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exchange <br/>
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 registered</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">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
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Emerging growth company <span id="xdx_904_edei--EntityEmergingGrowthCompany_c20250423__20250423_zlCvQegveel2" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-04-23" format="ixt:booleanfalse" id="Fact000032" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></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; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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. <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"></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%">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 8.01.</b></span></td>
    <td style="font-size: 10pt; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Events.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>April&#160;2025 Forward Transaction</i></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; text-align: justify">On April&#160;23, 2025, Agree Realty Corporation,
a Maryland corporation (the &#8220;Company&#8221;) entered into (a)&#160;a forward sale agreement (the &#8220;Forward Sale Agreement&#8221;)
with Bank of America, N.A., as forward purchaser, and (b)&#160;an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with
(i)&#160;Agree Limited Partnership, a Delaware limited partnership (the &#8220;Operating Partnership&#8221;), for which the Company is
the sole general partner, (ii)&#160;BofA Securities,&#160;Inc., in its capacity as forward seller, (iii)&#160;BofA Securities,&#160;Inc.,
as representative of the several underwriters named therein, and (iv)&#160;Bank of America, N.A., in its capacity as forward counterparty,
relating to the issuance and sale of up to 5,175,000 shares (the &#8220;Shares&#8221;) of the Company&#8217;s common stock, $0.0001 par
value per share (the &#8220;Common Stock&#8221;), at a public offering price of $75.70 per share. In connection with the offering, the
Company granted the underwriters an option to purchase up to 675,000 additional shares of Common Stock. The sale of the Shares closed
on April&#160;25, 2025.</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; text-align: justify">The Company expects to use the net proceeds, if
any, it receives upon the future settlement of the forward sale agreement for general corporate purposes, including to fund property acquisitions
and development activity or the repayment of outstanding indebtedness.&#160;As of April&#160;16, 2025, the revolving credit facility had
no outstanding balance, and the Company had $350 million in aggregate notes outstanding under its commercial paper program.</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; text-align: justify">The Shares were offered pursuant to the Company&#8217;s
registration statement on Form&#160;S-3ASR (File No.&#160;333-271668) which became effective upon filing with the Securities and Exchange
Commission (&#8220;SEC&#8221;) on May&#160;5, 2023. Copies of the Forward Sale Agreement and the Underwriting Agreement are filed herewith
as Exhibits 1.1 and 1.2, respectively, to this Current Report on Form&#160;8-K and are incorporated herein by reference. The summary set
forth above is qualified in its entirety by reference to Exhibits 1.1 and 1.2.</p>

<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%">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 9.01.</b></span></td>
    <td style="font-size: 10pt; width: 88%"><span style="font-family: Times New Roman, Times, Serif; 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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font-size: 10pt; text-align: justify; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></td></tr>
  </table>
<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%">
  <tr style="vertical-align: top">
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Exhibit</span></span></td>
    <td style="width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Description</span></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2511171d4_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</span></a></td>
    <td><a href="tm2511171d4_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Sale Agreement, dated as of April&#160;23, 2025 between the Company and Bank of America, N.A.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2511171d4_ex1-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2* </span></a></td>
    <td style="text-align: justify"><a href="tm2511171d4_ex1-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated as of April&#160;23, 2025 by and among the Company, the Operating Partnership, BofA Securities,&#160;Inc., as representative of the several underwriters named therein.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2511171d4_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 </span></a></td>
    <td><a href="tm2511171d4_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ballard Spahr LLP regarding the validity of the Shares to be issued and offered.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2511171d4_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1 </span></a></td>
    <td><a href="tm2511171d4_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ballard Spahr LLP (included in Exhibit&#160;5.1).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File</span></td></tr>
  </table>
<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; color: #212529"><span style="background-color: white">* Schedules and
certain portions of this exhibit have been omitted pursuant to Items 601(a)(5)&#160;and 601(a)(6)&#160;of Regulation S-K.</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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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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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: center"><b>SIGNATURES</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; text-align: justify; text-indent: 0.5in">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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>Date: April&#160;25, 2025</td>
    <td colspan="3" style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGREE REALTY CORPORATION</b></span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 50%">&#160;</td>
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 5%">&#160;</td>
    <td style="text-align: justify; width: 42%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Peter Coughenour </span></td>
    </tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Coughenour </span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Secretary</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&#160;&#160;</p>

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

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

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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>tm2511171d4_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;1.1</B></P>

<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">Date:</TD><TD STYLE="text-align: justify">April&nbsp;23, 2025</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">To:</TD><TD>Agree Realty Corporation </TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>32301 Woodward Avenue</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Royal Oak, Michigan 48073</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 STYLE="text-align: justify">Bank of America, N.A.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">One Bryant Park, 8th Fl.</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">New York, New York 10036</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; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Registered Forward Transaction</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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 is to confirm
the terms and conditions of the Transaction entered into between Bank of America, N.A. (&ldquo;<B>Dealer</B>&rdquo;) and Agree Realty
Corporation (&ldquo;<B>Counterparty</B>&rdquo;) on the Trade Date specified below (the &ldquo;<B>Transaction</B>&rdquo;). This letter
agreement constitutes a &ldquo;Confirmation&rdquo; as referred to in the ISDA Master Agreement specified 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">The definitions and provisions contained in the
2002 ISDA Equity Derivatives Definitions (the &ldquo;<B>Equity Definitions</B>&rdquo;), as published by the International Swaps and Derivatives
Association,&nbsp;Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and
this Confirmation, this Confirmation shall govern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each party is hereby advised, and each such party
acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other
material actions in reliance upon the parties&rsquo; entry into the Transaction to which this Confirmation relates on the terms and conditions
set forth 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this
Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the ISDA 2002
Master Agreement (the &ldquo;<B>Agreement</B>&rdquo;) as if Dealer and Counterparty had executed an agreement in such form (without any
Schedule except for (i)&nbsp;the election of New York law (without regard to New York&rsquo;s choice of laws doctrine other than Title
14 of Article&nbsp;5 of the New York General Obligations Law (the &ldquo;<B>General Obligations Law</B>&rdquo;)) as the governing law
and US Dollars (&ldquo;<B>USD</B>&rdquo;) as the Termination Currency and (ii)&nbsp;the election that the &ldquo;Cross Default&rdquo;
provisions of Section&nbsp;5(a)(vi)&nbsp;shall apply to Dealer and Counterparty with a &ldquo;Threshold Amount&rdquo; in respect of Dealer
of 3% of the stockholders&rsquo; equity of Dealer and a &ldquo;Threshold Amount&rdquo; in respect of Counterparty of USD $100 million
(including its equivalent in another currency); <I>provided</I> that (x)&nbsp;the words &ldquo;, or becoming capable at such time of
being declared,&rdquo; shall be deleted from clause (1)&nbsp;thereof, (y)&nbsp;&ldquo;Specified Indebtedness&rdquo; has the meaning specified
in Section&nbsp;14 of the Agreement, except that such term shall not include obligations in respect of deposits received in the ordinary
course of Dealer&rsquo;s banking business and (z)&nbsp;the following language shall be added to the end of such Section&nbsp;5(a)(vi):
 &ldquo;Notwithstanding the foregoing, a default under subsection (2)&nbsp;hereof shall not constitute an Event of Default if (X)&nbsp;the
default was caused solely by error or omission of an administrative or operational nature; (Y)&nbsp;funds were available to enable the
party to make the payment when due; and (Z)&nbsp;the payment is made within two Local Business Days of such party&rsquo;s receipt of
written notice of its failure to pay;&rdquo;). In the event of any inconsistency between provisions of that Agreement and this Confirmation,
this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that,
other than the Transaction to which this Confirmation relates, no Transaction shall be governed by the Agreement. For purposes of the
Equity Definitions, this Transaction is 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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
terms of the particular Transaction to which this Confirmation relates are as follows:</P>

<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">General Terms:</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="padding-left: 0.5in; vertical-align: top; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;23, 2025</FONT></TD></TR>
<TR>
<TD STYLE="padding-left: 0.5in; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="padding-left: 0.5in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective Date:</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;25, 2025</FONT></TD></TR>
<TR>
<TD STYLE="padding-left: 0.5in; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="padding-left: 0.5in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller:</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparty</FONT></TD></TR>
<TR>
<TD STYLE="padding-left: 0.5in; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top">Buyer:</TD>
<TD>&nbsp;</TD>
<TD>Dealer</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares:</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The common stock of Counterparty, USD 0.0001 par value per share (Ticker Symbol: &ldquo;ADC&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares:</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">Initially, 4,500,000 Shares (the &ldquo;<B>Initial Number of Shares</B>&rdquo;); <I>provided </I>that the Number of Shares is subject to reduction as provided in Section&nbsp;7(a)&nbsp;below. &nbsp; On each Settlement Date, the Number of Shares shall be reduced by the number of Settlement Shares settled on such date.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;26, 2026 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Forward Price:</FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD $75.09629 per Share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price:</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
<TD STYLE="width: 65%">On the Effective Date, the Initial Forward Price; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
<TD STYLE="text-align: justify">on each calendar day thereafter, (i)&nbsp;the Forward Price as of the immediately preceding calendar day <U>multiplied by</U> (ii)&nbsp;the
sum of one and the Daily Rate 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, <U>minus</U> the Forward Price Reduction Amount for such Forward
Price Reduction Date.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">Notwithstanding the foregoing, to the extent Counterparty delivers
Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend
date corresponding to such Forward Price Reduction Date (and, for the avoidance of doubt, the related dividend will be paid on such Shares),
the Calculation Agent shall adjust the Forward Price to the extent it determines, in good faith and its commercially reasonable discretion,
that such an adjustment is practicable and appropriate to preserve the economic intent of the parties (taking into account Dealer&rsquo;s
commercially reasonable Hedge Positions in respect of the Transaction).</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; vertical-align: top; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daily Rate:</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 70%">For any day, a rate (which may be positive or negative) equal to (i) (a)&nbsp;Overnight Bank Rate (or if the Overnight Bank Rate is no longer available, a successor rate selected by the Calculation Agent in its commercially reasonable discretion) for such day <U>minus</U> (b)&nbsp;the Spread <U>divided by</U> (ii)&nbsp;360.</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overnight Bank Rate:</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 immediately preceding day for which a rate does so appear shall be used for such day.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Obligation:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction Dates:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As set forth on Schedule I</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction Amounts:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Exchange(s):</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Exchanges</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&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-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clearance System:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Depository Trust Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Disruption Event:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3(a)&nbsp;of the Equity Definitions is hereby amended by replacing the first sentence in its entirety with the following: &ldquo;&lsquo;Market Disruption Event&rsquo; means in respect of a Share or an Index, the occurrence or existence of (i)&nbsp;a Trading Disruption, (ii)&nbsp;an Exchange Disruption, (iii)&nbsp;an Early Closure or (iv)&nbsp;a Regulatory Disruption, in each case that the Calculation Agent determines is material&rdquo;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Early Closure:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3(d)&nbsp;of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term &ldquo;Scheduled Closing Time&rdquo; in the fourth line thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory Disruption:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any event that Dealer, based on the advice of counsel, determines makes it reasonably necessary or appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures that generally apply to transactions of a nature and kind similar to the Transaction for Dealer to refrain from or decrease any market activity in connection with the Transaction.</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; width: 28%">Settlement Currency:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 70%">USD (all amounts shall be converted to the Settlement Currency in good faith and in a commercially reasonable manner by the Calculation Agent)</TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">Any Scheduled Trading Day following the Effective Date and up to and including the Maturity Date that is either:
 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 20.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 20.5pt; width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT></TD>
<TD STYLE="text-align: justify; width: 65%">designated by Counterparty as a &ldquo;Settlement Date&rdquo; by a written notice (a &ldquo;<B>Settlement Notice</B>&rdquo;) that satisfies
the Settlement Notice Requirements and is delivered to Dealer no less than (i)&nbsp;two Scheduled Trading Days prior to such Settlement
Date, which may be the Maturity Date, if Physical Settlement applies, and (ii)&nbsp;90 Scheduled Trading Days prior to such Settlement
Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement applies; <I>provided </I>that, if Dealer shall fully
unwind its hedge with respect to the portion of the Number of Shares to be settled during an Unwind Period by a date that is more than
one Scheduled Trading Day prior to a Settlement Date specified above, Dealer may, by written notice to Counterparty, specify any Scheduled
Trading Day prior to such original Settlement Date as the Settlement Date (with prior notice to Counterparty at least one Scheduled Trading
Day prior to such specified Settlement Date); or &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 20.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 20.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT></TD>
<TD STYLE="text-align: justify">designated by Dealer as a &ldquo;Settlement Date&rdquo; pursuant to the &ldquo;Termination Settlement&rdquo; provisions of Paragraph
7(f)&nbsp;below;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 20.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 20.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">  <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided </I></FONT>that the Maturity Date will be a Settlement Date if on such date the Number of Shares for which a Settlement Date has not already been designated is greater than zero, and <I>provided further</I> that, following the occurrence of at least three consecutive Disrupted Days during an Unwind Period and while such Disrupted Days are continuing, Dealer may designate any subsequent Scheduled Trading Day as the Settlement Date with respect to the portion of the Settlement Shares, if any, for which Dealer has determined an Unwind Purchase Price during such Unwind Period, it being understood that the Unwind Period with respect to the remainder of such Settlement Shares shall, subject to clause (ii)&nbsp;in &ldquo;Settlement Method Election&rdquo; below, recommence on the next succeeding Exchange Business Day that is not a Disrupted Day in whole.</TD></TR>
</TABLE>

<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: 28%; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Shares:</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT></TD>
<TD STYLE="text-align: justify; width: 65%">With respect to any Settlement Date other than the Maturity Date, the number of Shares designated as such by Counterparty in the relevant
Settlement Notice or designated by Dealer pursuant to the &ldquo;Termination Settlement&rdquo; provisions of Paragraph 7(f)&nbsp;below,
as applicable; <I>provided </I>that the Settlement Shares so designated shall (i)&nbsp;not exceed the Number of Shares at that time and
(ii)&nbsp;in the case of a designation by Counterparty, be at least equal to the lesser of 100,000 and the Number of Shares at that time;
and &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 2.5pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 2.5pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>(b)</TD>
<TD STYLE="text-align: justify">with respect to the Settlement Date on the Maturity Date, a number of Shares equal to the Number of Shares at that time;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 2.5pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 2.5pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">in each case with the Number of Shares determined taking into account pending Settlement Shares.</TD></TR>
</TABLE>


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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Method Election:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Physical Settlement, Cash Settlement, or
Net Share Settlement, at the election of Counterparty as set forth in a Settlement Notice that satisfies the Settlement Notice Requirements;
<I>provided </I>that Physical Settlement shall apply (i)&nbsp;if no Settlement Method is validly selected,&#8239;(ii)&nbsp;with respect to any
Settlement Shares in respect of which Dealer is unable, in good faith and in its commercially reasonable discretion, to unwind its hedge
by the end of the Unwind Period (A)&nbsp;in a manner that, in the reasonable discretion of Dealer, based on advice of counsel and taking
into account (x)&nbsp;any unwind period (or equivalent concept) under any outstanding ATM Forward Transactions (as defined below) to
which Dealer or its affiliate is a party and (y)&nbsp;any restrictions on Dealer resulting from any Overlap Unwind Period (as defined
below), is consistent with the requirements for qualifying for the safe harbor provided by Rule&nbsp;10b-18 (&ldquo;<B>Rule&nbsp;10b-18</B>&rdquo;)
under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) or (B)&nbsp;due to the occurrence of Disrupted
Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period, (iii)&nbsp;to any Termination
Settlement Date (as defined under &ldquo;Termination Settlement&rdquo; in Paragraph 7(f)&nbsp;below) and (iv)&nbsp;if the Maturity Date
is a Settlement Date other than as the result of a valid Settlement Notice, in respect of such Settlement Date; <I>provided further </I>that,
if Physical Settlement applies under clause (ii)&nbsp;immediately above, Dealer shall provide written notice to Counterparty at least
one Scheduled Trading Day prior to the applicable Settlement Date.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Notice Requirements:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any other provision hereof, a Settlement Notice delivered by Counterparty that specifies Cash Settlement or Net Share Settlement will not be effective to establish a Settlement Date or require Cash Settlement or Net Share Settlement unless Counterparty delivers to</FONT> Dealer with such Settlement Notice a representation, dated as of the date of such Settlement Notice and signed by Counterparty, (1)&nbsp;in the form set forth in clause (i)&nbsp;under the heading &ldquo;Additional Representations and Agreements of Counterparty&rdquo; in Paragraph 7(d)&nbsp; below and (2)&nbsp;that neither Counterparty nor any of its subsidiaries has applied, and shall not until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the &ldquo;<B>CARES Act</B>&rdquo;)) or other investment, or receive any financial assistance or relief under any program or facility (collectively &ldquo;<B>Financial Assistance</B>&rdquo;) that (I)&nbsp;is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (II)&nbsp;(X)&nbsp;requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Issuer, and that it has not, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (Y)&nbsp;where the terms of the Transaction would cause Counterparty under any circumstances to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively &ldquo;<B>Restricted Financial Assistance</B>&rdquo;), other than any such applications for Restricted Financial Assistance that were (or would be) made (x)&nbsp;determined based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty to fail to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (y)&nbsp;after delivery to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects).</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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<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-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If Physical Settlement is applicable, then Counterparty shall deliver to Dealer through the Clearance System a number of Shares equal to the Settlement Shares for such Settlement Date, and Dealer shall pay to Counterparty, by wire transfer of immediately available funds to an account designated by Counterparty, an amount equal to the Physical Settlement Amount for such Settlement Date. If, on any Settlement Date, the Shares to be delivered by Counterparty to Dealer hereunder are not so delivered (the &ldquo;<B>Deferred Shares</B>&rdquo;), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Dealer, then the portion of the Physical Settlement Amount payable by Dealer to Counterparty in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, <U>multiplied by</U> the number of Deferred Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement Amount:</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement Date for which Physical Settlement is applicable, an amount in cash equal to the product of (a)&nbsp;the Forward Price in effect on the relevant Settlement Date <U>multiplied by</U> (b)&nbsp;the Settlement Shares for such Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Settlement:</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount is a positive number, Dealer will pay the Cash Settlement Amount to Counterparty. If the Cash Settlement Amount is a negative number, Counterparty will pay the&nbsp;&nbsp;absolute value of the Cash Settlement Amount to Dealer. Such amounts shall be paid on such Settlement Date by wire transfer of immediately available funds.</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Settlement Amount:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 70%">An amount determined by the Calculation Agent equal to: &nbsp; </TD></TR>
</TABLE>

<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-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">(a)</TD>
    <TD STYLE="text-align: justify">(i)(A)&nbsp;the weighted average (weighted on the same basis as clause (B)) of the Forward Prices on each day during the applicable Unwind Period (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during such Unwind Period, which is accounted for in clause (b)&nbsp;below), <U>minus</U> USD 0.02, <U>minus</U> (B)&nbsp;the weighted average price (the &ldquo;<B>Unwind Purchase Price</B>&rdquo;) at which Dealer purchases Shares during the Unwind Period to unwind its hedge with respect to the portion of the Number of Shares to be settled during the Unwind Period (including, for the avoidance of doubt, purchases on any Disrupted Day in part), taking into account Shares anticipated to be delivered or received if Net Share Settlement applies, and the restrictions of Rule&nbsp;10b-18 under the Exchange Act agreed to hereunder, <U>multiplied by</U> (ii)&nbsp;the Settlement Shares for the relevant Settlement Date; <U>minus</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="width: 65%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Settlement Date with respect to which Dealer has not unwound its hedge, including the settlement of such unwinds, as of such Forward
Price Reduction Date.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Share Settlement:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On any Settlement Date in respect of which Net Share Settlement applies, if the Cash Settlement Amount is a (i)&nbsp;positive number, Dealer shall deliver a number of Shares to Counterparty equal to the Net Share Settlement Shares, or (ii)&nbsp;negative number, Counterparty shall deliver a number of Shares to Dealer equal to the Net Share Settlement Shares; <I>provided </I>that, if Dealer determines in its commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Counterparty, Dealer may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Share Settlement Shares:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to a Settlement Date, the absolute value of the Cash Settlement Amount <U>divided by</U> the Unwind Purchase Price, with the number of Shares rounded up in the event such calculation results in a fractional number.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unwind Period:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The period from and including the first Exchange Business Day following the date Counterparty validly elects Cash Settlement or Net Share Settlement in respect of a Settlement Date through the first Scheduled Trading Day preceding such Settlement Date, subject to &ldquo;Termination Settlement&rdquo; as described in Paragraph 7(f)&nbsp;below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure to Deliver:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable.</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Cap:</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any other provision of this Confirmation, in no event will Counterparty be required to deliver to Dealer on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement or any Private Placement Settlement, a number of Shares in excess of (i)&nbsp;1.5 times the Initial Number of Shares, subject to adjustment from time to time in accordance with the provisions of this Confirmation or the Equity Definitions <U>minus</U> (ii)&nbsp;the aggregate number of Shares delivered by Counterparty to Dealer hereunder prior to such Settlement Date.</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; width: 28%">Method of Adjustment:</TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 70%">Calculation Agent Adjustment. Section&nbsp;11.2(e)&nbsp;of the Equity Definitions is hereby amended by deleting clause (iii)&nbsp;thereof, and Section&nbsp;11.2(e)(vii)&nbsp;of the Equity Definitions is hereby amended by adding the words &ldquo;that is within the Issuer&rsquo;s control&rdquo; immediately after the word &ldquo;event&rdquo;. For the avoidance of doubt, the declaration or payment of a cash dividend will not constitute a Potential Adjustment Event.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Adjustment:</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, in Dealer&rsquo;s commercially reasonable judgment, the actual cost to Dealer (or an affiliate of Dealer), on any Scheduled Trading Day, of borrowing a number of Shares equal to the Number of Shares to hedge in a commercially reasonable manner its exposure to this Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Dealer for the amount by which such cost exceeded a weighted average rate equal to 25 basis points per annum on such day.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraordinary Events:</Font></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; width: 28%">Extraordinary Events:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 70%">In lieu of the applicable provisions contained in Article&nbsp;12 of the Equity Definitions, the consequences of any Extraordinary Event (including, for the avoidance of doubt, any Merger Event, Tender Offer, Nationalization,&nbsp;Insolvency, Delisting, or Change In Law) shall be as specified below under the headings &ldquo;Acceleration Events&rdquo; and &ldquo;Termination Settlement&rdquo; in Paragraphs 7(e)&nbsp;and 7(f), respectively. Notwithstanding anything to the contrary herein or in the Equity Definitions, no Additional Disruption Event will be applicable except to the extent expressly referenced in Section&nbsp;7(e)(iv)&nbsp;below. The definition of &ldquo;Tender Offer&rdquo; in Section&nbsp;12.1(d)&nbsp;of the Equity Definitions is hereby amended by replacing &ldquo;10%&rdquo; with &ldquo;15%.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Reliance:</FONT></TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements and Acknowledgments Regarding Hedging Activities:</FONT></TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Acknowledgments:</FONT></TD>
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable</FONT></TD></TR>
</TABLE>


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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding anything to the contrary herein or in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under this Transaction, in whole or in part, to (A)&nbsp;an affiliate of Dealer wholly owned by, wholly owning, or under 100% common control with, Dealer, whose obligations hereunder are fully and unconditionally guaranteed by Dealer, or (B)&nbsp;an affiliate of Dealer, directly or indirectly wholly owned by, directly or indirectly wholly owning, or under 100% direct or indirect common control with, Dealer, with a long-term issuer rating equal to or better than the credit rating of Dealer at the time of transfer without the consent of Counterparty; provided that (i)&nbsp;at the time of such assignment or transfer, Counterparty would not, as a result of such assignment or transfer, reasonably be expected (A)&nbsp;to be required to pay (including a payment in kind) to such transferee or assignee an amount in respect of an Indemnifiable Tax greater than the amount Counterparty would have been required to pay to Dealer in the absence of such assignment or transfer or (B)&nbsp;to receive a payment (including a payment in kind) from such transferee or assignee an amount less than the amount Counterparty would have been entitled to receive in the absence of such assignment or transfer, (ii)&nbsp;Dealer shall have caused the assignee or transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Counterparty to permit Counterparty to determine that the transfer complies with the requirements of clause (i)&nbsp;in this paragraph, (iii)&nbsp;any assignee or transferee would be eligible to provide a U.S. Internal Revenue Service Form&nbsp;W-9 or W-8ECI with respect to any payments or deliveries under the Agreement, and (iv)&nbsp;such assignment or transfer would not at the time, as a result of such transfer or assignment, reasonably be expected to require Counterparty to take any additional action or incur any additional obligation, cost or expense to ensure the continued fulfillment of Counterparty&rsquo;s representations, warranties and covenants set forth herein, in each case as to such assignee or transferee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Calculation Agent:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dealer, whose judgments, determinations and
calculations shall be made in good faith and in a commercially reasonable manner; <I>provided </I>that, following the occurrence and
during the continuance of an Event of Default of the type described in Section&nbsp;5(a)(vii)&nbsp;of the Agreement with respect to which
Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment or determination required
to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and such failure continues
for five Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the
right to designate a nationally recognized third-party dealer in over-the- counter corporate equity derivatives to act, during the period
commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default,
as the Calculation Agent. Following any determination or calculation by the Calculation Agent hereunder, upon a request by Counterparty,
the Calculation Agent shall promptly (but in any event&#8239;within three Scheduled Trading Days) provide to Counterparty by e-mail to the e-mail
address provided by Counterparty in such request a report (in a commonly used file format for the storage and manipulation of financial
data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used in making such
determination or calculation), it being understood that the Calculation Agent shall not be obligated to disclose any proprietary or confidential
models or other proprietary or confidential information used by it for such determination or calculation.</P></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 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: 28%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Account
Details:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 70%; font-size: 10pt; 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="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT>Account
for delivery of Shares to Dealer:</TD>
    <TD>&nbsp;</TD>
<TD>To be furnished</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Account for delivery of Shares to Counterparty:</FONT></TD>
    <TD>&nbsp;</TD>
<TD>To be furnished</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Account for payments to Counterparty:</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be advised under separate cover or telephone confirmed prior to each Settlement Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;Account for payments to Dealer:</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be advised under separate cover or telephone confirmed prior to each Settlement Date</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Offices:</P>

<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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party </P>

<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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">The Office of Dealer for the Transaction is: New York</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notices: For purposes of this Confirmation:</P>

<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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT>Address
for notices or communications to Counterparty:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">32301 Woodward</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Avenue Royal Oak, MI 48073</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Attn: Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Telephone: (248) 737-4190</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Facsimile: (248) 737-9110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Donald J. Kunz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Honigman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">660 Woodward Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">2290 First National Building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Detroit, Michigan 48226</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Email: dkunz@honigman.com &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(b)&nbsp;Address for notices or communications to Dealer: &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Bank of America, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">One Bryant Park, 8th Fl.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Attention: Strategic Equity Solutions Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Telephone: 646-855-6770</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">Email: dg.issuer_derivatives_notices@bofa.com &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>

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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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify">Other 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
to Effectiveness</U>. The effectiveness of this Confirmation on the Effective Date shall be subject to the satisfaction or waiver by Dealer
of the following conditions: (i)&nbsp;the condition that the representations and warranties of Counterparty contained in the Underwriting
Agreement, dated April&nbsp;23, 2025 among Counterparty, Agree Limited Partnership, BofA Securities,&nbsp;Inc. (as agent for Bank of America,
N.A.) as the forward seller and underwriter (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) and any certificate delivered pursuant thereto
by Counterparty are true and correct on the Effective Date as if made as of the Effective Date, (ii)&nbsp;the condition that Counterparty
has performed all of the obligations required to be performed by it under the Underwriting Agreement on or prior to the Effective Date,
(iii)&nbsp;all of the conditions set forth or referenced in Section&nbsp;8 of the Underwriting Agreement, (iv)&nbsp;the Underwriting Agreement
remains in effect and has not terminated pursuant to Section&nbsp;10 of the Underwriting Agreement, and (v)&nbsp;the condition that, as
determined by Dealer in good faith and a commercially reasonable manner, neither of the following has occurred (A)&nbsp;Dealer or its
affiliate is unable to borrow and deliver for sale a number of Shares equal to the Initial Number of Shares, or (B)&nbsp;in Dealer&rsquo;s
commercially reasonable judgment either it is impracticable to do so or Dealer or its affiliate would incur a stock loan cost of more
than a rate equal to 200 basis points per annum to do so (in either of which events this Confirmation shall be effective but the Initial
Number of Shares for this Transaction shall be the number of Shares Dealer is required to deliver in accordance with Section&nbsp;2 of
the Underwriting Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Interpretive
Letter</U>. Counterparty agrees and acknowledges that this Transaction is being entered into in accordance with the October&nbsp;9, 2003
interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs&nbsp;&amp; Co. (the &ldquo;<B>Interpretive
Letter</B>&rdquo;) and agrees to take all actions, and to omit to take any actions, reasonably requested by Dealer for this Transaction
to comply with the Interpretive Letter. Without limiting the foregoing, Counterparty agrees that neither it nor any &ldquo;affiliated
purchaser&rdquo; (as defined in Regulation M (&ldquo;<B>Regulation M</B>&rdquo;) promulgated under the Exchange Act) will, directly or
indirectly, bid for, purchase or attempt to induce any person to bid for or purchase, the Shares or securities that are convertible into,
or exchangeable or exercisable for, Shares during any &ldquo;restricted period&rdquo; as such term is defined in Regulation M. In addition,
Counterparty represents that it is eligible to conduct a primary offering of Shares on Form&nbsp;S-3, the offering contemplated by the
Underwriting Agreement complies with Rule&nbsp;415 under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;),
and the Shares are &ldquo;actively traded&rdquo; as defined in Rule&nbsp;101(c)(1)&nbsp;of Regulation M.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Agreements and Acknowledgments Regarding Shares</U>.</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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
agrees and acknowledges that, in respect of any Shares delivered to Dealer hereunder, such Shares shall be newly issued (unless mutually
agreed otherwise by the parties) and, upon such delivery, duly and validly authorized, issued and outstanding, fully paid and nonassessable,
free of any lien, charge, claim or other encumbrance and not subject to any preemptive or similar rights and shall, upon such issuance,
be accepted for listing or quotation 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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
agrees and acknowledges that Dealer (or an affiliate of Dealer) will hedge its exposure to this Transaction by selling Shares borrowed
from third party securities lenders or other Shares pursuant to a registration statement, and that, pursuant to the terms of the Interpretive
Letter, the Shares (up to the Initial Number of Shares) delivered, pledged or loaned by Counterparty to Dealer (or an affiliate of Dealer)
in connection with this Transaction may be used by Dealer (or an affiliate of Dealer) to return to securities lenders without further
registration or other restrictions under the Securities Act, in the hands of&#8239;those securities lenders, irrespective of whether such securities
loan is effected by Dealer or an affiliate of Dealer. Accordingly, subject to Section&nbsp;7(g)&nbsp;below, Counterparty agrees that
the Shares that it delivers, pledges or loans to Dealer (or an affiliate of Dealer) on or prior to the final Settlement Date 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.</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
agrees and acknowledges that it has reserved and will keep available at all times, free from preemptive or similar rights and free from
any lien, charge, claim or other encumbrance, authorized but unissued Shares at least equal to the Share Cap, solely for the purpose of
settlement under this 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
the provisions set forth below under &ldquo;Private Placement Procedures&rdquo; are applicable, Dealer agrees to use any Shares delivered
by Counterparty hereunder on any Settlement Date to return to securities lenders to close out open securities loans created by Dealer
or an affiliate of Dealer in the course of Dealer&rsquo;s or such affiliate&rsquo;s hedging activities related to Dealer&rsquo;s exposure
under this 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with bids and purchases of Shares in connection with any Cash Settlement or Net Share Settlement of this Transaction, Dealer
shall use its reasonable efforts, based on the advice of counsel and taking into account (x)&nbsp;any unwind period (or equivalent concept)
under any outstanding ATM Forward Transactions to which Dealer or its affiliate is a party and (y)&nbsp;any restrictions on Dealer resulting
from any Overlap Unwind Period (as defined below), 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Additional
Representations and Agreements of Counterparty</U>. Counterparty represents, warrants and agrees 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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
represents to Dealer on the Trade Date and on any date that Counterparty notifies Dealer that Cash Settlement or Net Share Settlement
applies to this Transaction, that (A)&nbsp;Counterparty is not aware of any material nonpublic information regarding Counterparty or the
Shares, (B)&nbsp;each of its filings under the Securities Act, the Exchange Act or other applicable securities laws that are required
to be filed have been filed and that, as of the date of this representation, when considered as a whole (with the more recent such filings
deemed to amend inconsistent statements contained in any earlier such filings), there is no misstatement of material fact contained therein
or omission of a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading and (C)&nbsp;Counterparty is not entering into this Confirmation nor making any election hereunder
to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise
or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise
in violation of the Exchange Act. In addition to any other requirement set forth herein, Counterparty agrees not to designate, or to appropriately
rescind or modify a prior designation of, any Settlement Date if it is notified by Dealer that, in the reasonable determination of Dealer,
based on the advice of counsel, such settlement or Dealer&rsquo;s related market activity in respect of such date would result in a violation
of any applicable federal or state law or regulation, including the U.S. federal 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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>It
is the intent of Dealer and Counterparty that following any election of Cash Settlement or Net Share Settlement by Counterparty, the purchase
of Shares by Dealer during any Unwind Period comply with the requirements of Rule&nbsp;10b5-l(c)(l)(i)(B)&nbsp;of the Exchange Act and
that this Confirmation shall be interpreted to comply with the requirements of Rule&nbsp;10b5-l(c). Counterparty acknowledges that (i)&nbsp;during
any Unwind Period, Counterparty shall not have, and shall not attempt to exercise, any influence over how, when or whether to effect purchases
of Shares by Dealer (or its agent or affiliate) in connection with this Confirmation and (ii)&nbsp;Counterparty is entering into the Agreement
and this 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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
shall, at least one day prior to the first day of any Unwind Period, notify Dealer of the total number of Shares purchased in Rule&nbsp;10b-18
purchases of blocks pursuant to the once-a- week block exception contained in Rule&nbsp;10b-18(b)(4)&nbsp;by or for Counterparty or any
of its affiliated purchasers during each of the four calendar weeks preceding the first day of the Unwind Period and during the calendar
week in which the first day of the Unwind Period occurs (&ldquo;Rule&nbsp;10b-18 purchase&rdquo;, &ldquo;blocks&rdquo; and &ldquo;affiliated
purchaser&rdquo; each being used as defined in Rule&nbsp;10b-18).</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
any Unwind Period, Counterparty shall (i)&nbsp;notify Dealer prior to the opening of trading in the Shares on any day on which Counterparty
makes, or Counterparty reasonably expects in advance of the opening to be made, any public announcement (as defined in Rule&nbsp;165(f)&nbsp;under
the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to Counterparty (other than
any such transaction in which the consideration consists solely of cash and there is no valuation period), (ii)&nbsp;promptly notify Dealer
following any such announcement that such announcement has been made and (iii)&nbsp;promptly deliver to Dealer following the making of
any such announcement information indicating (A)&nbsp;Counterparty&rsquo;s average daily Rule&nbsp;10b-18 purchases (as defined in Rule&nbsp;10b-18)
during the three full calendar months preceding the date of the announcement of such transaction and (B)&nbsp;Counterparty&rsquo;s block
purchases (as defined in Rule&nbsp;10b-18) effected pursuant to paragraph (b)(4)&nbsp;of Rule&nbsp;10b-18 during the three full calendar
months preceding the date of the announcement of such transaction. In addition, Counterparty shall promptly notify Dealer of the earlier
to occur of the completion of such transaction and the completion of the vote by target shareholders.</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
Counterparty nor any of its affiliated purchasers (within the meaning of Rule&nbsp;10b-- 18 under the Exchange Act) shall take or refrain
from taking any action (including, without limitation, any direct purchases by Counterparty or any of its affiliates, or any purchases
by a party to a derivative transaction with Counterparty or any of its affiliates), either under this Confirmation, under another agreement
with Dealer or another party or otherwise, that might reasonably be expected to cause any purchases of Shares by Dealer or any of its
affiliates in connection with any Cash Settlement or Net Share Settlement (or equivalent concept) of this Transaction or any outstanding
ATM Forward Transactions to which Dealer or its affiliate is a party not to meet the requirements of the safe harbor provided by Rule&nbsp;10b-18
determined as if all such foregoing purchases were made by Counterparty.</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
will not engage in any &ldquo;distribution&rdquo; (as defined in Regulation M), other than a distribution meeting the requirements of
the exception set forth in Rules&nbsp;101(b)(10)&nbsp;or 102(b)(7)&nbsp;of Regulation M, that would cause a &ldquo;restricted period&rdquo;
(as defined in Regulation M) to occur during any Unwind 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an &ldquo;investment company&rdquo;
as such term is defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
is not insolvent, nor will Counterparty be rendered insolvent as a result of this Transaction or its performance of the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Without
limiting the generality of Section&nbsp;13.1 of the Equity Definitions, Counterparty acknowledges that Dealer is not making any representations
or warranties or taking any position or expressing any view with respect to the treatment of this Transaction under any accounting standards
including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from
Equity and ASC 815-40, Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (or any successor issue statements) or under
FASB&rsquo;s Liabilities&nbsp;&amp; Equity Project.</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
understands no obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance and that such obligations will
not be guaranteed by any affiliate of Dealer or any governmental agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Counterparty&rsquo;s actual knowledge, no federal, state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory
order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation
a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined)
Shares, other than Sections 13 and 16 under the Exchange Act and Article&nbsp;Ninth of Counterparty&rsquo;s Articles of Incorporation,
as amended and supplemented (the &ldquo;<B>Charter</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 Counterparty of this
Confirmation and the consummation of this Transaction (including, without limitation, the issuance and delivery of Shares on any Settlement
Date) except (i)&nbsp;such as have been obtained under the Securities Act and (ii)&nbsp;as may be required to be obtained under state
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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
(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 this Transaction; (ii)&nbsp;has consulted with its own legal, financial, accounting and tax advisors in connection with this Transaction;
and (iii)&nbsp;is entering into this Transaction 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 0.5in; text-align: justify; text-indent: 0.5in">(xiv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparty
is, and shall during the terms of the Transactions maintain its status as, a real estate investment trust under the U.S. Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Counterparty
will, by the next succeeding Scheduled Trading Day, notify Dealer upon obtaining knowledge of the occurrence of any event that would constitute
an Event of Default, a Potential 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 0.5in; text-align: justify; text-indent: 0.5in">(xvi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparty
(i)&nbsp;is capable of evaluating investment risks independently, both in general and with regard to particular 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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><U>Acceleration Events</U>. Each of the following events shall constitute an &ldquo;<B>Acceleration Event</B>&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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Stock
Borrow Event</U>. In the commercially reasonable judgment of Dealer (A)&nbsp;Dealer (or an affiliate of Dealer) is not able to hedge in
a commercially reasonable manner its exposure under this Transaction because insufficient Shares are made available for borrowing by securities
lenders or (B)&nbsp;Dealer (or an affiliate of Dealer) would incur a cost to borrow (or to maintain a borrow of) Shares to hedge in a
commercially reasonable manner its exposure under this Transaction that is greater than a rate equal to 200 basis points per annum (each,
a &ldquo;<B>Stock Borrow Event</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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Dividends
and Other Distributions</U>. On any day occurring after the Trade Date, Counterparty declares a distribution, issue or dividend to existing
holders of the Shares of (A)&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 (with the Trade Date being a Forward Price Reduction
Date for purposes of this paragraph (ii)&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, (B)&nbsp;any Extraordinary
Dividend, (C)&nbsp;any share capital or other securities of another issuer acquired or owned (directly or indirectly) by Counterparty
as a result of a spin-off or other similar transaction or (D)&nbsp;any other type of securities (other than Shares), rights or warrants
or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price, as determined in a commercially
reasonable manner by Dealer; &ldquo;<B>Extraordinary Dividend</B>&rdquo; means any dividend or distribution (that is not an ordinary cash
dividend) declared by the Issuer with respect to the Shares that, in the commercially reasonable determination of Dealer, is (1)&nbsp;a
dividend or distribution declared on the Shares at a time at which the Issuer has not previously declared or paid dividends or distributions
on such Shares for the prior four quarterly periods, (2)&nbsp;a payment or distribution by the Issuer to holders of Shares that the Issuer
announces will be an &ldquo;extraordinary&rdquo; or &ldquo;special&rdquo; dividend or distribution, (3)&nbsp;a payment by the Issuer to
holders of Shares out of the Issuer&rsquo;s capital and surplus or (4)&nbsp;any other &ldquo;special&rdquo; dividend or distribution on
the Shares that is, by its terms or declared intent, outside the normal course of operations or normal dividend policies or practices
of the Issuer;</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>ISDA
Termination</U>. Either Dealer or Counterparty has the right to designate an Early Termination Date pursuant to Section&nbsp;6 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"></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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Other
ISDA Events</U>. The announcement of any event that, if consummated, would result in a Merger Event, Tender Offer, Nationalization,&nbsp;Insolvency
or Delisting or the occurrence of any Hedging Disruption or Change in Law; <I>provided </I>that, in case of a Delisting, in addition to
the provisions of Section&nbsp;12.6(a)(iii)&nbsp;of the Equity 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); <I>provided further </I>that (i)&nbsp;the definition
of &ldquo;Change in Law&rdquo; provided in Section&nbsp;12.9(a)(ii)&nbsp;of the Equity Definitions is hereby amended by (A)&nbsp;replacing
the phrase &ldquo;the interpretation&rdquo; in the third line thereof with the phrase &ldquo;or announcement or statement of the formal
or informal interpretation&rdquo; and (B)&nbsp;immediately following the word &ldquo;Transaction&rdquo; in clause (X)&nbsp;thereof, adding
the phrase &ldquo;in the manner contemplated by Dealer on the Trade Date&rdquo; and (ii)&nbsp;any determination as to whether (A)&nbsp;the
adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (B)&nbsp;the promulgation
of or any change in or announcement or statement of the formal or informal interpretation by any court, tribunal or regulatory authority
with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes
a &ldquo;Change in Law&rdquo; shall be made without regard to Section&nbsp;739 of the Wall Street Transparency and Accountability Act
of 2010 (the &ldquo;<B>WSTAA</B>&rdquo;) or any similar provision in any legislation enacted on or after the Trade Date; or</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Ownership
Event</U>. In the good faith judgment of Dealer, on any day, the Share Amount for such day exceeds the Post-Effective Limit for such day
(if any applies) (an &ldquo;<B>Ownership Event</B>&rdquo;). For purposes of this clause (v), the &ldquo;<B>Share Amount</B>&rdquo; as
of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer
or any such person, a &ldquo;<B>Dealer Person</B>&rdquo;) under any law, rule, regulation or regulatory order (other than any obligations
under Section&nbsp;13 of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder) or Counterparty constituent document
that for any reason is, or after the Trade Date becomes, applicable to ownership of Shares (&ldquo;<B>Applicable Provisions</B>&rdquo;),
owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership
of under the Applicable Provisions, as determined by Dealer in its reasonable discretion. The &ldquo;<B>Post-Effective Limit</B>&rdquo;
means (x)&nbsp;the minimum number of Shares that would give rise to reporting or registration obligations or other requirements (including
obtaining prior approval from any person or entity) of a Dealer Person, or would result in an adverse effect on a Dealer Person, under
the Applicable Provisions, as determined by Dealer in its reasonable discretion, <U>minus</U> (y)&nbsp;1.0% 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination
Settlement</U>. Upon the occurrence of any Acceleration Event, Dealer 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 hereunder (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 so designated by Dealer shall not exceed the number of Shares necessary to reduce the Share Amount to reasonably below 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 so designated
by Dealer shall not exceed the number of Shares as to which such Stock Borrow Event exists. If, upon designation of a Termination Settlement
Date by Dealer pursuant to the preceding sentence, Counterparty 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 this Transaction, it shall be an Event of Default
with respect to Counterparty and Section&nbsp;6 of the Agreement shall apply. If an Acceleration Event occurs during an Unwind Period
relating to a number of Settlement Shares 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 Counterparty, Cash Settlement or Net Share Settlement
shall apply to the portion of the Settlement Shares relating to such Unwind Period as to which Dealer 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 Dealer in respect of such Termination Settlement Date. If an Acceleration Event occurs after Counterparty has designated a Settlement
Date to which Physical Settlement applies but before the relevant Settlement Shares have been delivered to Dealer, then Dealer shall have
the right to cancel such Settlement Date and designate a Termination Settlement Date in respect of such Shares pursuant to the first sentence
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"></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">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Private
Placement Procedures</U>. If Counterparty is unable to comply with the provisions of Section&nbsp;7(c)(ii)&nbsp;above because of a change
in law or a change in the policy of the Securities and Exchange Commission or its staff, or Dealer otherwise determines that in its reasonable
opinion any Shares to be delivered to Dealer by Counterparty may not be freely returned by Dealer or its affiliates to securities lenders
as described under such sub- paragraph (ii)&nbsp;or otherwise constitute &ldquo;restricted securities&rdquo; as defined in Rule&nbsp;144
under the Securities Act, then delivery of any such Shares (the &ldquo;<B>Restricted Shares</B>&rdquo;) shall be effected as provided
below, unless waived by Dealer.</P>

<P STYLE="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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
Counterparty delivers the Restricted Shares pursuant to this clause (i)&nbsp;(a &ldquo;<B>Private Placement Settlement</B>&rdquo;), then
delivery of Restricted Shares by Counterparty shall be effected in accordance with private placement procedures customary for private
placements of equity securities of substantially similar size with respect to such Restricted Shares reasonably acceptable to Dealer;
<I>provided </I>that Counterparty may not elect a Private Placement Settlement if, on the date of its election, it 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 Counterparty to Dealer (or any affiliate designated by Dealer) 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 Dealer (or any such affiliate of Dealer), and
if Counterparty 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 Counterparty 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 Dealer, due diligence rights (for Dealer or any designated buyer of the Restricted
Shares by Dealer), opinions and certificates, and such other documentation as is customary for private placement agreements of equity
securities of a substantially similar size, all reasonably acceptable to Dealer. In the case of a Private Placement Settlement, Dealer
shall, in its good faith discretion, adjust the amount of Restricted Shares to be delivered to Dealer hereunder in a commercially reasonable
manner to reflect the fact that such Restricted Shares may not be freely returned to securities lenders by Dealer and may only be saleable
by Dealer at a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding the Agreement or this Confirmation, the
date of delivery of such Restricted Shares shall be the Clearance System Business Day following notice by Dealer to Counterparty 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 date that would otherwise be 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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
Counterparty delivers any Restricted Shares in respect of this Transaction, Counterparty agrees that (A)&nbsp;such Shares may be transferred
by and among Dealer and its affiliates and (B)&nbsp;after the minimum &ldquo;holding period&rdquo; within the meaning of Rule&nbsp;144(d)&nbsp;under
the Securities Act has elapsed, Counterparty 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 Dealer (or such affiliate of Dealer) to Counterparty or such
transfer agent of any seller&rsquo;s and broker&rsquo;s representation letters customarily delivered by Dealer 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 Dealer (or such affiliate of Dealer).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnity</U>.
Counterparty agrees to indemnify Dealer and its affiliates and their respective directors, officers, employees, agents and controlling
persons (Dealer 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, joint and 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 Counterparty in this Confirmation or the Agreement and will
reimburse any Indemnified Party for all reasonable expenses (including reasonable legal fees and reasonable expenses) as they are incurred
in connection with the investigation of, preparation for, or defense of any pending or threatened claim or any action or proceeding arising
therefrom (whether or not such Indemnified Party is a party thereto), except to the extent determined in a final and non-appealable judgment
by a court of competent jurisdiction to have resulted from Dealer&rsquo;s gross negligence, fraud, bad faith and/or willful misconduct
or from a breach of any representation or covenant of Dealer contained in this Confirmation or the Agreement. The foregoing provisions
shall survive any termination or completion of the 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"></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">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver
of Trial by Jury</U>. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE
OR ENFORCEMENT 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Governing
Law/Jurisdiction</U>. This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation shall be governed
by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit
to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern District of New York
in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum
with respect to, these courts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Designation
by Dealer</U>. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell,
receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell,
receive or deliver such Shares or other securities and otherwise to perform Dealer obligations in respect of the Transaction and any such
designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty only 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Insolvency
Filing</U>. Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, upon any Insolvency Filing
or other proceeding under the U.S. Bankruptcy Code in respect of the Issuer, this Transaction shall automatically terminate on the date
thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect of any
breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing or other proceeding),
it being understood that this Transaction is a contract for the issuance of Shares by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Disclosure</U>.
Effective from the date of commencement of discussions concerning the Transaction, each of Dealer and Counterparty and each of their employees,
representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure
of the Transaction and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Right
to Extend</U>. Dealer may postpone any Settlement Date or any other date of valuation or delivery, with respect to some or all of the
relevant Settlement Shares, if Dealer determines, based on the advice of counsel, that such extension is reasonably necessary or appropriate
to enable Dealer to effect purchases of Shares in connection with its hedging activity hereunder in a manner that would, if Dealer were
Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal and regulatory requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Counterparty
Share Repurchases</U>. Counterparty agrees not to repurchase, directly or indirectly, any Shares if, immediately following such purchase,
the Outstanding Share Percentage would be equal to or greater than 9.8%. The &ldquo;<B>Outstanding Share Percentage</B>&rdquo; as of any
day is the fraction (1)&nbsp;the numerator of which is the aggregate &ldquo;Number of Shares&rdquo; (or equivalent concept) for this Transaction
and all outstanding ATM Forward Transactions to which Dealer or its affiliate is a party and (2)&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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Limit
on Beneficial Ownership</U>. Notwithstanding any other provisions hereof, Dealer shall not have the right to acquire Shares hereunder
and Dealer shall not be entitled to take delivery of any Shares hereunder (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, (ii)&nbsp;Dealer
and each person subject to aggregation of Shares with Dealer under Section&nbsp;13 or Section&nbsp;16 of the Exchange Act and rules&nbsp;promulgated
thereunder, including any &ldquo;group&rdquo; of which Dealer or its affiliates is a part, (the &ldquo;<B>Dealer 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 4.0% of the then outstanding Shares (the &ldquo;<B>Threshold Number of Shares</B>&rdquo;),
(iii)&nbsp;such acquisition would result in a violation of any restriction on ownership and transfers set forth in Article&nbsp;Ninth
of Counterparty&rsquo;s Charter (the &ldquo;<B>Counterparty Stock Ownership Restriction</B>&rdquo;) or (iv)&nbsp;Dealer would hold 5%
or more of the number of Shares of Counterparty&rsquo;s outstanding common stock or 5% or more of Counterparty&rsquo;s outstanding voting
power (the &ldquo;<B>Exchange Limit</B>&rdquo;). Any purported delivery hereunder shall be void and have no effect to the extent (but
only to the extent) that, after such delivery, (A)&nbsp;the Share Amount would exceed the Post-Effective Limit, (B)&nbsp;the Dealer Group
would directly or indirectly so beneficially own in excess of the Threshold Number of Shares, (C)&nbsp;such delivery would result in a
violation of the Counterparty Stock Ownership Restriction or (D)&nbsp;Dealer would directly or indirectly hold in excess of the Exchange
Limit. If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, Counterparty&rsquo;s
obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after,
but in no event later than one Scheduled Trading Day after, Dealer gives notice to Counterparty that, after such delivery, (w)&nbsp;the
Share Amount would not exceed the Post-Effective Limit, (x)&nbsp;the Dealer Group would not directly or indirectly so beneficially own
in excess of the Threshold Number of Shares, (y)&nbsp;such delivery would not result in a violation of the Counterparty Stock Ownership
Restriction, as applicable or (z)&nbsp;Dealer would not directly or indirectly hold in excess of the Exchange Limit.</P>

<P STYLE="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">In addition, notwithstanding anything in this
Confirmation to the contrary, if any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of the immediately
preceding paragraph, Dealer shall be permitted to make any payment due in respect of such Shares to Counterparty in two or more tranches
that correspond in amount to the number of Shares delivered by Counterparty to Dealer 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Commodity
Exchange Act</U>. Each of Dealer and Counterparty agrees and represents that it is an &ldquo;eligible contract participant&rdquo; as defined
in Section&nbsp;1a(18) of the U.S. Commodity Exchange Act, as amended (the &ldquo;<B>CEA</B>&rdquo;), the Agreement and this Transaction
are subject to individual negotiation by the parties and have not been executed or traded on a &ldquo;trading facility&rdquo; as defined
in Section&nbsp;1a(51) of the CEA.</P>

<P STYLE="font: 10pt Times 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">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Bankruptcy
Status</U>. Subject to Paragraph 7(l)&nbsp;above, Dealer acknowledges and agrees that this Confirmation is not intended to convey to Dealer
rights with respect to the transactions contemplated hereby that are senior to the claims of Counterparty&rsquo;s common stockholders
in any U.S. bankruptcy proceedings of Counterparty; <I>provided</I>, <I>however</I>, that nothing herein shall be deemed to limit Dealer&rsquo;s
right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to this Confirmation
and the Agreement; and <I>provided</I>, <I>further</I>, that nothing herein shall limit or shall be deemed to limit Dealer&rsquo;s rights
in respect of any transaction other than this 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">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Collateral or Setoff</U>. 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 Counterparty hereunder are not secured by any collateral. Obligations in respect of this
Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, 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
in respect of this Transaction, whether arising under the Agreement, under any other agreement between the parties hereto, by operation
of law or otherwise, and each party hereby waives any such right of setoff.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT></TD><TD STYLE="text-align: justify"><U>Tax Matters</U>.</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">(i)</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">Dealer makes the following representations:</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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">It is a &ldquo;U.S. person&rdquo; (as that term is used in section 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">It is a 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).</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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">Counterparty makes the following representations:</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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">It is a &ldquo;U.S. person&rdquo; (as that term is used in section 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">It is a corporation for U.S. federal income tax purposes and is organized under the laws of the State
of Maryland, and is an exempt recipient under Treasury Regulation Section&nbsp;1.6049-4(c)(1)(ii)(J).</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></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;Indemnifiable Tax&rdquo;, 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 <FONT STYLE="font-size: 10pt">through 1474 of the Code, 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.</FONT></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">(iii)</FONT></TD><TD STYLE="text-align: justify"><U>871(m)&nbsp;Protocol.</U> The parties agree that the definitions and provisions contained in the ISDA
2015 Section&nbsp;871(m)&nbsp;Protocol, as published by ISDA and as may be amended, supplemented, replaced or superseded from time to
time (the &ldquo;<B>871(m)&nbsp;Protocol</B>&rdquo;) shall apply to the Agreement as if the parties had adhered to the 871(m)&nbsp;Protocol
as of the effective date 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></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,
Counterparty shall provide to Dealer, and Dealer shall deliver to Counterparty, 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 Confirmation; (ii)&nbsp;promptly upon reasonable
demand by the other party; and (iii)&nbsp;promptly upon learning that any such tax form previously provided has become invalid, obsolete,
or incorrect. Additionally, Counterparty or Dealer shall, promptly upon reasonable request by the other party, provide such other tax
forms and documents reasonably requested by the other party.</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">(v)</FONT></TD><TD STYLE="text-align: justify"><U>Change of Account</U>. Section&nbsp;2(b)&nbsp;of the Agreement is hereby amended 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;.</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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Wall
Street Transparency and Accountability Act of 2010</U>. The parties hereby agree that none of (i)&nbsp;Section&nbsp;739 of the WSTAA,
(ii)&nbsp;any similar legal certainty provision included in any legislation enacted, or rule&nbsp;or regulation promulgated, on or after
the Trade Date, (iii)&nbsp;the enactment of the WSTAA or any regulation under the WSTAA, (iv)&nbsp;any requirement under the WSTAA or
(v)&nbsp;any amendment made by the WSTAA shall limit or otherwise impair either party&rsquo;s right to terminate, renegotiate, modify,
amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
cost, regulatory change or similar event under this Confirmation, the Equity Definitions or the Agreement (including, but not limited
to, any right arising from any Acceleration Event).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Other
Forward Transactions</U>. Counterparty agrees that it shall not cause to occur, or permit to exist, an Unwind Period hereunder at any
time there is an (1)&nbsp;&ldquo;Unwind Period&rdquo; (or equivalent concept) relating to any other issuer forward sale or similar transaction
(including, without limitation, any &ldquo;Transaction&rdquo; under (and as defined under) any master confirmation for registered forward
transactions) (an &ldquo;<B>ATM Forward Transaction</B>&rdquo;) with any financial institution other than Dealer (an &ldquo;<B>Other Forward
Transaction</B>&rdquo;), (2)&nbsp;any &ldquo;Forward Hedge Selling Period&rdquo; (or equivalent concept) under any ATM Forward Transaction
or (3)&nbsp;any other period in which Counterparty directly or indirectly issues and sells Shares pursuant to an underwriting agreement
(or similar agreement including, without limitation, any 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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><U>US
                                            QFC Stay Rules</U>. 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 Confirmation, and
                                            for such purposes this 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 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 <U>www.isda.org</U>
                                            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 Confirmation, and for such
                                            purposes this Confirmation shall be deemed a &ldquo;Covered Agreement,&rdquo; Dealer shall
                                            be deemed a &ldquo;Covered Entity&rdquo; and Counterparty shall be deemed a &ldquo;Counterparty
                                            Entity.&rdquo; In the event that, after the date of this 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 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 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 Dealer replaced
                                            by references to the covered affiliate support provider. &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.</TD></TR></TABLE>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; color: #131315">Please confirm your agreement to be bound
by the terms stated herein by executing the copy of this Confirmation enclosed for that purpose and returning it to us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #131315">Yours sincerely, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #131315"><B>Bank of America, N.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #131315">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #131315">/s/ Christine Roemer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #131315">Name:&nbsp;&nbsp;Christine Roemer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #131315">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0a0a0a">Confirmed a</FONT><FONT STYLE="font-size: 10pt; color: #232326">s </FONT><FONT STYLE="font-size: 10pt; color: #0a0a0a">of the date first above written:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0a0a0a"><B>AGREE REALTY CORPORATION</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0a0a0a">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0a0a0a">/s/ Peter Coughenour</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0a0a0a">Name: Peter Coughenour</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0a0a0a">Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer and Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>tm2511171d4_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit<FONT STYLE="text-transform: uppercase">&nbsp;1.2</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AGREE
REALTY CORPORATION</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"><B>4,500,000 Shares of Common Stock</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>(Par Value $0.0001 Per Share)</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>UNDERWRITING
AGREEMENT</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">April&nbsp;23, 2025</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As representative of the several underwriters named
in <U>Schedule I</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o BofA Securities,&nbsp;Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="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">Agree Realty Corporation,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<B>Operating
Partnership</B>&rdquo;), and BofA Securities,&nbsp;Inc. (&ldquo;<B>BofA</B>&rdquo;), in its capacity as seller of Common Stock (as defined
below), the &ldquo;<B>Forward Seller</B>&rdquo;), at the request of the Company in connection with the Forward Sale Agreement (as defined
below), confirm their agreement with each of the underwriters named in <U>Schedule&nbsp;I</U> hereto (collectively, the &ldquo;<B>Underwriters</B>,&rdquo;
which term shall also include any underwriter hereinafter substituted as provided in Section&nbsp;11 hereof), for whom BofA is acting
as representative (in such capacity, if and as applicable, the &ldquo;<B>Representative</B>&rdquo;) with respect to the sale by the Forward
Seller and the purchase by the Underwriters, acting severally and not jointly, of an aggregate of 4,500,000 shares (the &ldquo;<B>Borrowed
Firm Shares</B>&rdquo;) of the Company&rsquo;s common stock, par value $0.0001 per share (&ldquo;<B>Common Stock</B>&rdquo;), and the
grant to the Underwriters, acting severally and not jointly, of the option described in Section&nbsp;2 hereof to purchase all or any part
of 675,000 additional shares of Common Stock (the &ldquo;<B>Additional 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">Any Additional Shares sold
to the Underwriters by the Forward Seller pursuant to Section&nbsp;2 hereof upon exercise of the option described therein are herein referred
to as the &ldquo;<B>Borrowed Additional Shares</B>.&rdquo; Any Additional Shares sold to the Underwriters by the Company pursuant to Section&nbsp;2
hereof upon exercise of such option and any Company Top-Up Additional Shares (as defined in Section&nbsp;24(a)&nbsp;hereof) are herein
referred to as the &ldquo;<B>Company Additional Shares</B>.&rdquo; The Borrowed Firm Shares and the Company Top-Up Firm Shares (as defined
in Section&nbsp;24(a)&nbsp;hereof) are herein referred to collectively as the &ldquo;<B>Firm Shares</B>.&rdquo; The Company Top-Up Firm
Shares and the Company Additional Shares are herein referred to collectively as the &ldquo;<B>Company Shares</B>.&rdquo; The Borrowed
Firm Shares and the Borrowed Additional Shares are herein referred to collectively as the &ldquo;<B>Borrowed Shares</B>.&rdquo; The Borrowed
Shares and the Company Shares are herein referred to as the &ldquo;<B>Shares</B>.&rdquo;&nbsp; The Shares are described in the Prospectus
which is referred to below. The shares of Common Stock issued, sold and delivered by the Company to a Forward Counterparty in settlement
of all or any portion of the Company&rsquo;s obligations under the Forward Sale Agreement are herein referred to as the &ldquo;<B>Confirmation
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"></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">As used herein, &ldquo;<B>Forward
Sale Agreement</B>&rdquo; means the letter agreement, dated the date hereof, between the Company and Bank of America, N.A. (the &ldquo;<B>Forward
Counterparty</B>&rdquo;), relating to the forward sale by the Company, subject to the Company&rsquo;s right to elect Cash Settlement or
Net Share Settlement (as such terms are defined in the Forward Sale Agreement), of a number of shares of Common Stock equal to the number
of Borrowed Firm Shares sold by the Forward Seller to the Underwriters pursuant to this Agreement. References herein to the &ldquo;Forward
Sale Agreement&rdquo; is to the initial Forward Sale Agreement and/or the Additional Forward Sale Agreement (as defined below) as the
context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company understands that
the Underwriters propose to make a public offering of the Shares on the terms set forth herein as soon as the Underwriters deem advisable
after this Underwriting Agreement (the &ldquo;<B>Agreement</B>&rdquo;) has been executed and delivered, it being understood that the Company,
the Forward Counterparty, the Forward Seller and the Underwriters will determine the public offering price per share for the Shares on
the first business day after the date the Agreement has been executed and 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; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registration
Statement and Prospectus</U>. The Company has prepared and filed on May&nbsp;5, 2023 with the United States Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;) in accordance with the provisions of the Securities Act of 1933, as amended, and the rules&nbsp;and
regulations of the Commission thereunder (collectively, the &ldquo;<B>Act</B>&rdquo;), a shelf registration statement on Form&nbsp;S-3
(File No.&nbsp;333-271668) under the Act (&ldquo;<B>Registration Statement 333-271668</B>&rdquo;), including the prospectus contained
therein (the &ldquo;<B>Basic Prospectus</B>&rdquo;), relating to the issuance and sale of certain securities, including the Shares. The
Company has filed with, or transmitted for filing to, or shall promptly hereafter file with or transmit for filing to, the Commission
a supplement to the prospectus included in such registration statement (the &ldquo;<B>Prospectus Supplement</B>&rdquo;) specifically
relating to the Shares and the plan of distribution thereof pursuant to Rule&nbsp;424. Registration Statement 333-271668 was automatically
effective upon filing pursuant to Rule&nbsp;462(e)&nbsp;under the Act. Except where the context otherwise requires, Registration Statement
333-271668, on each date and time that such registration statement and any post-effective amendment or amendments thereto became or becomes
effective (each, an &ldquo;<B>Effective Date</B>&rdquo;), including all exhibits filed as part thereof or incorporated by reference therein,
and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;and
deemed part of such registration statement by virtue of Rule&nbsp;430B (the &ldquo;<B>Rule&nbsp;430B Information</B>&rdquo;), collectively,
are herein called the &ldquo;<B>Registration Statement</B>,&rdquo; and the Basic Prospectus, as supplemented by the final Prospectus
Supplement, in the form first used by the Company in connection with confirmation of sales of the Shares, is herein called the &ldquo;<B>Prospectus</B>;&rdquo;
and the term &ldquo;<B>Preliminary Prospectus</B>&rdquo; means each preliminary form of the Prospectus Supplement used in connection
with the offering of the Shares that omitted Rule&nbsp;430B Information, including the related Basic Prospectus in the form first filed
by the Company pursuant to Rule&nbsp;424(b). The Basic Prospectus together with the Preliminary Prospectus, if any, as amended or supplemented,
immediately prior to the Applicable Time is hereafter called the &ldquo;<B>Pricing Prospectus</B>,&rdquo; and any &ldquo;issuer free
writing prospectus&rdquo; (as defined in Rule&nbsp;433) relating to the Shares is hereafter called an &ldquo;<B>Issuer Free Writing Prospectus</B>.&rdquo;
The &ldquo;<B>Applicable Time</B>&rdquo; shall mean 6.25 p.m.&nbsp;(Eastern Time) on April&nbsp;23, 2025 or such other time as agreed
by the Company and the Representative. The Pricing Prospectus, as supplemented by the Issuer Free Writing Prospectuses, if any, listed
in <U>Schedule II</U> hereto or that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure
Package (as defined below) together with the information included on <U>Exhibit&nbsp;A</U> all considered together, are hereafter collectively
called the &ldquo;<B>Disclosure Package</B>.&rdquo; Any reference in this Agreement to the Registration Statement, the Disclosure Package,
the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference
therein pursuant to Item 12 of Form&nbsp;S-3 under the Act (the &ldquo;<B>Incorporated Documents</B>&rdquo;), as of each Effective Date
or the Applicable Time or the date of the Prospectus, as the case may be (it being understood that the several specific references in
this Agreement to documents incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus are for
clarifying purposes only and are not meant to limit the inclusiveness of any other definition herein). For purposes of this Agreement,
all references to the Registration Statement, the Disclosure Package or the Prospectus or any amendment or supplement thereto shall be
deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<B>EDGAR</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">All references in this Agreement
to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;stated&rdquo;
or &ldquo;described&rdquo; in the Registration Statement, the Disclosure Package or the Prospectus (and all other references of like import)
shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated
by reference in the Registration Statement, the Disclosure Package or the Prospectus, as the case may be; and all references in this Agreement
to amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus shall be deemed to include the filing
after the Applicable Time of any document under the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of
the Commission promulgated thereunder (collectively, the &ldquo;<B>Exchange Act</B>&rdquo;), which is or is deemed to be incorporated
by reference in the Registration Statement, the Disclosure Package or the Prospectus, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Agreement
to Sell and Purchase</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">On the basis of the representations
and warranties herein contained and subject to the terms and conditions herein set forth, the Forward Seller (with respect to the Borrowed
Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), severally and not jointly, agrees to sell to the Underwriters,
and each Underwriter agrees, severally and not jointly, to purchase from the Forward Seller (with respect to the Borrowed Firm Shares)
and the Company (with respect to any Company Top-Up Firm Shares), at a purchase price of $75.09629 (the &ldquo;<B>Purchase Price</B>&rdquo;)
per Firm Share, the number of Firm Shares set forth in <U>Schedule I</U> opposite the name of such Underwriter. The Forward Seller&rsquo;s
obligations extend solely to the respective number of Borrowed Firm Shares set forth opposite the name of the Forward Seller in <U>Schedule
I</U> under the heading &ldquo;Number of Borrowed Firm Shares To Be Sold&rdquo;, in each case, at the Purchase Price.</P>

<P STYLE="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">In addition, the several Underwriters
shall have the option to purchase pursuant to clause (a)&nbsp;or clause (b)&nbsp;below as applicable, severally and not jointly, ratably
in accordance with the number of Firm Shares to be purchased by each of them, all or a portion of the Additional Shares at a purchase
price per Additional Share equal to the Purchase Price less an amount per Additional Share equal to any dividends or distributions declared
by the Company and payable on the Firm Shares but not payable on the Additional Shares (the &ldquo;<B>Additional Shares Purchase Price</B>&rdquo;).
Said option may be exercised by the Underwriters at any time and from time to time on or before the thirtieth (30<SUP>th</SUP>) day following
the date hereof, by written, electronic or telegraphic notice by the Representative to the Company and the Forward Seller. Such notice
shall set forth the aggregate number of Additional Shares as to which the option is being exercised and the date and time when the Additional
Shares are to be delivered (such date and time being herein referred to as the &ldquo;<B>Option Closing Date</B>&rdquo;); provided, however,
that the Option Closing Date shall not be (i)&nbsp;earlier than the Closing Date (as defined below) or (ii)&nbsp;unless otherwise agreed
to by the Company, the Forward Seller and the Underwriters, earlier than the second or later than the tenth Business Day after the date
on which the option shall have been exercised. As used herein &ldquo;<B>Business Day</B>&rdquo; shall mean a day on which the New York
Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;) is open for trading or commercial banks in the City of New York are open for 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: 0.5in">Following delivery of an exercise
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">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company agrees that it will use its commercially reasonable best efforts to, within one Business Day after such notice is given, execute
and deliver to the Forward Seller an additional letter agreement between the Company and the Forward Counterparty (the &ldquo;<B>Additional
Forward Sale Agreement</B>&rdquo;) relating to the forward sale by the Company, subject to the Company&rsquo;s right to elect Cash Settlement
or Net Share Settlement (as such terms are defined in the Additional Forward Sale Agreement), of a number of shares of Common Stock equal
to the aggregate number of Additional Shares being purchased by the Underwriters from the Forward Seller pursuant to the exercise of such
option, on terms substantially similar to the initial Forward Sale Agreement<I>, mutatis mutandis</I>, as agreed by the parties. Upon
the Company&rsquo;s execution and delivery to the Forward Counterparty of such Additional Forward Sale Agreement, the Forward Counterparty
shall promptly execute and deliver such Additional Forward Sale Agreement to the Company, and upon such execution and delivery to the
Company, upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, the Forward Seller
(or, in the case of any Company Top-Up Additional Shares, the Company) hereby agrees to sell to the several Underwriters such number of
Additional Shares at the Additional Shares Purchase Price. The Forward Seller&rsquo;s obligations extend solely to the number of Borrowed
Additional Shares, which shall be not more than the number set forth opposite the name of the Forward Seller in <U>Schedule I</U> under
the heading &ldquo;Maximum Number of Borrowed Additional Shares To Be Sold,&rdquo; at the Additional Shares Purchase Price.</P>

<P STYLE="font: 10pt Times 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">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Company does not timely execute and deliver the Additional Forward Sale Agreement pursuant to clause (a)&nbsp;above, then, upon the
basis of the warranties and representations and subject to the terms and conditions herein set forth, the Company agrees to sell to the
several Underwriters the aggregate number of Additional Shares with respect to which the option is being exercised at the Additional Shares
Purchase Price.</P>

<P STYLE="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">If (i)&nbsp;any of the representations
and warranties of the Company contained herein or any certificate delivered by the Company pursuant hereto are not true and correct as
of the Closing Date or any Option Closing Date, as the case may be, as if made as of the Closing Date or such Option Closing Date, (ii)&nbsp;the
Company has not performed all of the obligations required to be performed by it under this Agreement on or prior to the Closing Date or
such Option Closing Date, (iii)&nbsp;any of the conditions set forth in Section&nbsp;8 hereof have not been satisfied on or prior to the
Closing Date or such Option Closing Date, (iv)&nbsp;this Agreement shall have been terminated pursuant to Section&nbsp;10 hereof on or
prior to the Closing Date or such Option Closing Date or the Closing Date or such Option Closing Date shall not have occurred, (v)&nbsp;any
of the conditions set forth in Section&nbsp;7(a)&nbsp;of the initial Forward Sale Agreement (or the equivalent section of the Additional
Forward Sale Agreement) shall not have been satisfied on or prior to the Closing Date or such Option Closing Date or (vi)&nbsp;any of
the representations and warranties of the Company contained in the Forward Sale Agreement are not true and correct as of the Closing Date
or such Option Closing Date as if made as of the Closing Date or such Option Closing Date (clauses (i)&nbsp;through (vi), together, the
 &ldquo;<B>Conditions</B>&rdquo;), then the Forward Seller, in its sole discretion, may elect not to (or in the case of clause (iv), will
not) borrow and deliver for sale to the Underwriters the Borrowed Shares otherwise deliverable on such date. In addition, in the event
a Forward Seller determines in good faith and a commercially reasonable manner that (A)&nbsp;in connection with establishing its commercially
reasonable hedge position the Forward Seller is unable to borrow and deliver for sale under this Agreement a number of shares of Common
Stock equal to the number of Borrowed Shares to be sold by it hereunder, or (B)&nbsp;it would be impracticable for the Forward Seller
to do so or they would incur a stock loan cost (excluding, for the avoidance of doubt, the federal funds rate component payable by the
relevant stock lender to the Forward Seller) of more than 200 basis points per annum with respect to all or any portion of such shares
to do so, then, in each case, the Forward Seller shall only be required to deliver for sale to the Underwriters at the Closing Date or
any Option Closing Date, as the case may be, the aggregate number of shares of Common Stock that the Forward Seller or its affiliates
is able to so borrow in connection with establishing its commercially reasonable hedge position at or below such cost.</P>

<P STYLE="font: 10pt Times 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">If the Forward Seller elects,
pursuant to the preceding paragraph not to borrow and deliver for sale to the Underwriters at the Closing Date or any Option Closing Date,
as the case may be, the total number of Borrowed Shares to be sold by it hereunder, such Forward Seller will use its commercially reasonable
efforts to notify the Company no later than 5:00 p.m., New York City time, on the Business Day prior to the Closing Date or such Option
Closing Date. Notwithstanding anything to the contrary herein, in no event will the Company be required to issue or deliver any Company
Shares prior to the Business Day following notice to the Company of the relevant number of Shares so deliverable in accordance with 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; text-align: justify; text-indent: 0.5in">3<FONT STYLE="font-size: 10pt">.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Offering
by Underwriters</U>. It is understood that the Underwriters propose to offer the Shares for sale to the public as soon after this Agreement
has become effective as in their judgment is advisable and initially to offer the Shares upon the terms set forth in 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: 0.5in">The Underwriters represent
and agree that, unless they have or shall have obtained, as the case may be, the prior written consent of the Company, the Underwriters
have not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would
otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule&nbsp;405, a &ldquo;<B>Free Writing Prospectus</B>&rdquo;)
required to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433; <I>provided</I> that the prior
written consent of the parties hereto shall be deemed to have been given in respect of any Free Writing Prospectuses listed in <U>Schedule
II</U> hereto and any electronic road show.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4<FONT STYLE="font-size: 10pt">.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Delivery
of the Shares and Payment Therefor</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">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Firm
Shares</U>.<FONT STYLE="font-size: 10pt">&#8239;</FONT>The Firm Shares to be purchased by the Underwriters
hereunder, in definitive form, and in such authorized denominations and registered in such names as the Representative may request upon
at least twenty-four (24) hours&rsquo; prior notice to the Forward Seller or the Company, as the case may be, shall be delivered by or
on behalf of the Forward Seller or the Company, as the case may be, to the Representative, including, at the option of the Representative,
through the facilities of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) for the account of the Underwriters, against payment
by or on behalf of the Underwriters of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified
to the Representative by the Forward Seller (with respect to the Borrowed Firm Shares) or by the Company (with respect to the Company
Top-Up Shares), in either case, upon at least twenty-four (24) hours&rsquo; prior notice. The time, date and place of such delivery and
payment shall be 10:00 a.m., New York City time, on the first (second, if the determination of the purchase price of the Firm Shares occurs
after 4:00 p.m., New York City time) business day after the date hereof (unless another time and date shall be agreed to by the Representative,
the Forward Seller or the Company, as applicable) at the office of Latham&nbsp;&amp; Watkins LLP, counsel for the Underwriters, 355 South
Grand Avenue, Suite&nbsp;100, Los Angeles, California 90071. The time and date at which such delivery and payment are actually made is
hereinafter called the &ldquo;<B>Closing Date</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">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Additional
Shares</U>.<FONT STYLE="font-size: 10pt">&#8239;</FONT>Any Additional Shares to be purchased by the Underwriters
hereunder, in definitive form, and in such authorized denominations and registered in such names as the Representative may request upon
at least twenty-four (24) hours&rsquo; prior notice to the Forward Seller shall be delivered by or on behalf of the Forward Seller or
the Company, as the case may be, to the Representative, including, at the option of the Representative, through the facilities of DTC
for the account of the Underwriters, against payment by or on behalf of the Underwriters of the purchase price therefor by wire transfer
of Federal (same-day) funds to the account specified to the Representative by the Company (with respect to the Company Additional Shares)
or the Forward Seller (with respect to the Borrowed Additional Shares), as the case may be, upon at least twenty-four (24) hours&rsquo;
prior notice. The time, date and place of such delivery and payment shall be 9:30 a.m., New York City time, on the date specified by the
Representative in the notice given by the Representative to the Company or the Forward Seller, as the case may be, of the Underwriters&rsquo;
election to purchase such Additional Shares or on such other time and date as the Company and the Representative may agree upon in writing
at the office of Latham&nbsp;&amp; Watkins LLP, counsel for the Underwriters, 355 South Grand Avenue, Suite&nbsp;100, Los Angeles, California
90071.</P>

<P STYLE="font: 10pt Times 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Agreements of the Company</U>. The Company agrees with the Underwriters, the Forward Seller and the Forward Counterparty as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If, at the time this Agreement is executed and delivered, it is necessary for a post-effective amendment to the Registration Statement
to be declared effective before the offering of the Shares may commence, the Company will use its best efforts to cause such post-effective
amendment to become effective as soon as possible and will advise the Representative, the Forward Seller and the Forward Counterparty
promptly and, if requested by the Representative, the Forward Seller or the Forward Counterparty, will confirm such advice in writing,
immediately after such post-effective amendment has become effective.</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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<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: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>If, at any time prior to the filing of the Prospectus pursuant to Rule 424(b), any event occurs as a result of which the Disclosure
Package would (x) include 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 or the circumstances then prevailing, not misleading or (y) conflict
with the information contained in the Registration Statement, the Company will (i) notify promptly the Representative, the Forward Seller
and the Forward Counterparty so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement
the Disclosure Package to correct such statement, omission or conflicting information; and (iii) supply any amendment or supplement to
the Representative, the Forward Seller or the Forward Counterparty in such quantities as may be reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will advise the Representative, the Forward Seller and the Forward Counterparty promptly and, if requested by the Representative,
the Forward Seller or the Forward Counterparty, will confirm such advice in writing: (i) of any review, issuance of comments or request
by the Commission or its staff on or for an amendment of or a supplement to the Registration Statement, any Preliminary Prospectus or
the Prospectus or for additional information regarding the Company, its affiliates or its filings with the Commission, whether or not
such filings are incorporated by reference into the Registration Statement, any Preliminary Prospectus or the Prospectus; (ii) of the
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of the suspension of qualification
of the Shares for offering or sale in any jurisdiction or the initiation of any proceeding for such purpose or any examination pursuant
to Section 8(e) of the Act relating to the Registration Statement or Section 8A of the Act in connection with the offering of the Shares;
(iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in
any jurisdiction or the institution or threatening of any proceeding for such purpose; and (iv) within the period of time referred to
in the first sentence in subsection (f) below, of any change in the Company&rsquo;s condition (financial or other), business, prospects,
properties, net worth or results of operations, or of the happening of any event, which results in any statement of a material fact made
in the Registration Statement or the Prospectus (as then amended or supplemented) being untrue or which requires the making of any additions
to or changes in the Registration Statement or the Prospectus (as then amended or supplemented) in order to state a material fact required
by the Act to be stated therein or necessary in order to make the statements therein not misleading, or of the necessity to amend or
supplement the Prospectus (as then amended or supplemented) to comply with the Act or any other law. If at any time the Commission shall
issue any stop order suspending the effectiveness of the Registration Statement, the Company will make every reasonable effort to obtain
the withdrawal of such order at the earliest possible time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
request, the Company will furnish to the Representative, the Forward Seller and the Forward Counterparty, and to counsel to the Underwriters,
the Forward Seller and the Forward Counterparty, without charge: (i)&nbsp;one (1) signed copy of the Registration Statement as originally
filed with the Commission and of each amendment thereto, including financial statements and all exhibits to the Registration Statement;
(ii)&nbsp;such number of conformed copies of the Registration Statement as originally filed and of each amendment thereto, but without
exhibits, as the Representative, the Forward Seller or the Forward Counterparty may request; (iii)&nbsp;such number of copies of the
Incorporated Documents, without exhibits, as the Representative, the Forward Seller or the Forward Counterparty may request; and (iv)&nbsp;one
(1) copy of the exhibits to the Incorporated Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Company will not file any amendment to the Registration Statement or make any amendment or supplement to the Prospectus or,
prior to the end of the period of time referred to in the first sentence in subsection (f) below, file any document which upon filing
becomes an Incorporated Document, of which the Representative, the Forward Seller or the Forward Counterparty shall not previously have
been advised or to which, after the Representative, the Forward Seller and the Forward Counterparty shall have received a copy of the
document proposed to be filed, the Representative, the Forward Seller or the Forward Counterparty shall reasonably object; and no such
further document, when it is filed, will contain an untrue statement of a material fact or will omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. The Company will give the Representative, the Forward Seller and the Forward Counterparty notice of its intention to make
any other filing pursuant to the Exchange Act from the Applicable Time to the Closing Date and will furnish the Representative with copies
of any such documents a reasonable amount of time prior to such proposed filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>After
the execution and delivery of this Agreement and thereafter from time to time for such period as in the opinion of counsel for the Underwriters
a prospectus is required by the Act to be delivered (or in lieu thereof, the notice referred to in Rule 173(a)) in connection with sales
by the Underwriters or any dealer (including circumstances where such requirement may be satisfied pursuant to Rule 172), the Company
will file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act and the Company will expeditiously deliver to the Underwriters and
each dealer, without charge, as many copies of the Prospectus (and of any amendment or supplement thereto), any Preliminary Prospectus
and any Issuer Free Writing Prospectus as each Underwriter may request. The Company consents to the use of the Prospectus (and of any
amendment or supplement thereto) in accordance with the provisions of the Act and with the securities or blue sky laws of the jurisdictions
in which the Shares are offered by the Underwriters and by all dealers to whom Shares may be sold, both in connection with the offering
and sale of the Shares and for such period of time thereafter as the Prospectus is required by the Act to be delivered (or in lieu thereof,
the notice referred to in Rule 173(a)) in connection with sales by the Underwriters or any dealers. If during such period of time: (i)&nbsp;any
event shall occur as a result of which, in the judgment of the Company, or in the opinion of counsel for the Underwriters, the Prospectus
as supplemented would include an 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 when the Prospectus is delivered to a purchaser, not misleading; or (ii)&nbsp;if it is necessary
to supplement the Prospectus or amend the Registration Statement (or to file under the Exchange Act any document which, upon filing,
becomes an Incorporated Document) in order to comply with the Act, the Exchange Act or any other law, the Company will promptly notify
the Representative, the Forward Seller and the Forward Counterparty of such event and forthwith prepare and, subject to the provisions
of paragraph (e) above, file with the Commission an appropriate supplement or amendment thereto (or to such document), and will expeditiously
furnish to the Underwriters, the Forward Seller, the Forward Counterparty and dealers a reasonable number of copies thereof. In the event
that the Company and the Representative agree that the Prospectus should be amended or supplemented, the Company, if requested by the
Representative, will promptly issue a press release announcing or disclosing the matters to be covered by the proposed amendment or supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Company will: (i)&nbsp;cooperate with the Underwriters, the Forward Seller and the Forward Counterparty and their counsel in
connection with the registration or qualification of the Shares for offering and sale by the Underwriters and by dealers under the securities
or blue sky laws of such jurisdictions as the Underwriters may designate; (ii)&nbsp;maintain such qualifications in effect so long as
required for the distribution of the Shares; and (iii)&nbsp;file such consents to service of process or other documents necessary or appropriate
in order to effect such registration or qualification; <I>provided</I> that in no event shall the Company be obligated to qualify to do
business in any jurisdiction where it is not now so qualified or to take any action which would subject it to service of process in suits,
other than those arising out of the offering or sale of the Shares, in any jurisdiction where it is not now so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company agrees that, unless it has or shall have obtained the prior written consent of the Representative, it has not made
and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute
a Free Writing Prospectus required to be filed by the Company with the Commission or retained by the Company under Rule 433; <U>provided</U>
that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Free Writing Prospectuses listed
in <U>Schedule II</U> hereto and any electronic road show. Any such free writing prospectus consented to by the Representative or the
Company is hereinafter referred to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo; The Company agrees that (x) it has treated
and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (y) it has complied
and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including
in respect of timely filing with the Commission, legending and record keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will make generally available to its security holders and to the Underwriters as soon as practicable, but in no event
later than fifteen (15) months after the end of the Company&rsquo;s current fiscal quarter, a consolidated earnings statement, which need
not be audited, covering a 12-month period, which consolidated earnings statement shall satisfy the provisions of Section&nbsp;11(a) of
the Act and Rule 158.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>During the period commencing on the date hereof and ending on the date occurring three (3) years hereafter, the Company will furnish
to the Underwriters, the Forward Seller and the Forward Counterparty: (i)&nbsp;as soon as available, if requested, a copy of each report
of the Company mailed to stockholders or filed with the Commission that is not publicly available on EDGAR or the Company&rsquo;s website;
and (ii)&nbsp;from time to time such other information concerning the Company as the Representative, the Forward Seller or the Forward
Counterparty may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If this Agreement shall terminate or shall be terminated after execution pursuant to any provisions hereof, or if this Agreement
shall be terminated by the Representative because of any inability, failure or refusal on the part of the Company to comply with the terms
or fulfill any of the conditions of this Agreement, the Company shall reimburse the Underwriters, the Forward Seller and the Forward Counterparty
for reasonable, accountable out-of-pocket expenses (including the reasonable fees and expenses of counsel for the Underwriters, the Forward
Seller or the Forward Counterparty) actually incurred by the Underwriters, the Forward Seller or the Forward Counterparty, as applicable,
in connection herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will apply the net proceeds from the sale of the Shares and any Confirmation Shares in the manner specified in the
Registration Statement, the Disclosure Package and the Prospectus under the heading &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If Rule 430A, 430B or 430C is employed, the Company will timely file the Prospectus pursuant to Rule 424(b) and will advise the
Representative of the time and manner of such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate of the Company take, directly
or indirectly, any action designed to, or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will use its best efforts to continue to qualify as a real estate investment trust (a &ldquo;<B>REIT</B>&rdquo;) under
the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively, the &ldquo;<B>Code</B>&rdquo;),
so long as its Board of Directors deems it in the best interest of the Company&rsquo;s stockholders to remain so qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will use all reasonable best efforts to do or perform all things required to be done or performed by the Company prior
to the Closing Date to satisfy all conditions precedent to the delivery of the Shares pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will not, without the prior written consent of the Representative, offer, sell, contract to sell, pledge or otherwise
dispose of or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by
actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any affiliate of the Company
or the Operating Partnership, directly or indirectly, of any shares of Common Stock (excluding the Shares) or any securities convertible
into or exercisable or exchangeable for, shares of Common Stock, including the filing (or participation in the filing) of a registration
statement with the Commission in respect of any of the foregoing, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position (within the meaning of Section 16 of the Exchange Act), any shares of Common Stock (excluding the Shares) or
any securities convertible into or exercisable or exchangeable for, shares of Common Stock; or publicly announce an intention to effect
any such transaction, until thirty (30) days from the date of the Prospectus; <I>provided</I>, <I>however</I>, that the Company may issue
and sell Common Stock, or any securities convertible into or exchangeable for shares of Common Stock, (i) pursuant to the conversion or
exchange of convertible or exchangeable securities or the exercise of warrants or options, in each case outstanding at the Applicable
Time, (ii) grant employees stock options and restricted shares pursuant to the terms of any equity incentive plan in effect at the Applicable
Time, (iii) in connection with the acquisition of properties or in connection with joint ventures or similar arrangements, so long as
the recipients agree in writing not to sell or transfer the Common Stock or such securities for a period of thirty (30) days from the
date of the Prospectus without the prior written consent of the Representative, (iv) in connection with sales of Common Stock pursuant
to that certain equity distribution agreement, dated October 25, 2024, by and between the Company and the managers named therein, <I>provided</I>
the Company obtains the written or electronic consent of the Representative, which consent shall not be unreasonably withheld, at least
one Business Day prior to making sales under such agreements, (v) in connection with the physical settlement of those certain forward
transactions governed by the letter agreements, dated October 25, 2024, between the Company and each forward counterparty named therein,
and (vi) pursuant to the settlement of the Forward Sale Agreement or pursuant to an Acceleration Event (as defined in the relevant Forward
Sale Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will comply with all applicable securities and other applicable laws, rules and regulations, including, without limitation,
the Sarbanes-Oxley Act of 2002 (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;), and will use its reasonable best efforts to cause the Company&rsquo;s
directors and officers, in their capacities as such, to comply with such laws, rules and regulations, including, without limitation, the
provisions of the Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will file any Issuer Free Writing Prospectus to the extent required by Rule 433 within the time period required by
such rule. The Company will retain, pursuant to reasonable procedures developed in good faith, copies of each Issuer Free Writing Prospectus
that is not filed with the Commission in accordance with Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company will use reasonable best efforts to complete all required filings with the NYSE and other necessary actions in order
to cause the Shares and any Confirmation Shares to be listed and admitted and authorized for trading on the NYSE, subject solely to notice
of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Representations and Warranties of the Company and Operating Partnership</U>. The Company and the Operating Partnership, jointly
and severally, represent, warrant and covenant to each Underwriter, the Forward Seller and the Forward Counterparty as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Basic Prospectus and each Preliminary Prospectus, if any, included as part of the Registration Statement as originally filed
or as part of any amendment or supplement thereto, or filed pursuant to Rule 424, complied when so filed in all material respects with
the provisions of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>No order preventing or suspending the use of the Preliminary Prospectus has been issued by the Commission, and the Preliminary
Prospectus included in the Disclosure Package, at the time of filing thereof, complied in all material respects with the Act, and the
Preliminary Prospectus, as of its date and as of the date hereof, did not, does not and will not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The representation and warranty contained in this Section&nbsp;6(b) does not apply to statements in or
omissions from the Preliminary Prospectus made in reliance upon and in conformity with the Underwriters Content (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>(i) At the original effectiveness of the Registration Statement, (ii) at the time of the most recent amendment thereto for the
purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed
pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or any person acting on its
behalf (within the meaning, for this clause only, of Rule 163(c) under the Act) made any offer relating to the Shares in reliance on the
exemption of Rule 163 under the Act, and (iv) as of the Applicable Time, the Company was and is a &ldquo;well-known seasoned issuer&rdquo;
(as defined in Rule 405).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; (as defined in Rule 405) and the Shares have
been and remain eligible for registration by the Company on such automatic shelf registration statement. The Registration Statement has
become effective under the Act. No order suspending the effectiveness of the Registration Statement has been issued by the Commission,
and no proceeding for that purpose or pursuant to Section 8A of the Act against the Company or related to the offering of the Shares has
been initiated or, to the knowledge of the Company and the Operating Partnership, threatened by the Commission; the Registration Statement,
as of the date hereof, and any post-effective amendment thereto, as of its applicable effective date, and at each deemed effective date
with respect to the Underwriters pursuant to paragraph (f)(2) of Rule 430B, complied and will comply in all material respects with the
Act, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein not misleading; and (ii) as of the date of the Prospectus and any amendment or supplement
thereto and as of the Closing Date and as of each Option Closing Date, as the case may be, the Prospectus, will not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Company has not received from the Commission any notice objecting to the use of the shelf
registration statement form. The representation and warranty contained in this Section&nbsp;6(d) does not apply to statements in or omissions
from the Registration Statement, the Disclosure Package or the Prospectus made in reliance upon and in conformity with the Underwriters
Content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>(i) The Disclosure Package, and (ii) each electronic road show, if any, when taken together as a whole with the Disclosure Package,
did not at the Applicable Time, and will not on the Closing Date and on each Option Closing Date, as applicable, contain 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. The preceding sentence does not apply to statements in or omissions from the Disclosure Package
made in reliance upon and in conformity with the Underwriters Content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>(i) At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a
<I>bona fide </I>offer (within the meaning of Rule 164(h)(2)) of the Shares and (ii) as of the Applicable Time (with such date being used
as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405),
without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered
an Ineligible Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each Issuer Free Writing Prospectus does not include any information that conflicts with the information contained in the Registration
Statement, including any Incorporated Document and any prospectus supplement deemed to be a part thereof that has not been superseded
or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and
in conformity with the Underwriters Content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Incorporated Documents heretofore filed, when they were filed (or, if any amendment with respect to any such document was filed,
when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and the rules and regulations
of the Commission thereunder. No such document when it was filed (or, if an amendment with respect to any such document was filed, when
such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Shares have been duly and validly authorized and conform in all material respects to the description thereof contained in the
Registration Statement, the Disclosure Package and the Prospectus and, when issued and delivered pursuant to this Agreement or any Forward
Sale Agreement, will be fully paid and nonassessable free and clear of any pledge, lien, encumbrance, security interest or other claim,
and the issuance and sale of the Shares by the Company is not subject to preemptive or other similar rights arising by operation of law,
under the articles of incorporation, by-laws or other organizational documents of the Company or under any agreement to which the Company
or any one of its subsidiaries is a party; no person has a right of participation or first refusal with respect to the sale of the Shares
by the Company or the Forward Seller. The form of certificate for the Shares will be in valid and sufficient form in compliance with Maryland
law and the NYSE requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A number of shares of Common Stock equal to the aggregate of the Share Cap (as defined in the Forward Sale Agreement) under the
Forward Sale Agreement has been duly authorized and reserved for issuance upon settlement of the Forward Sale Agreement and, when issued
and delivered by the Company to the Forward Counterparty pursuant thereto, against payment of any consideration required to be paid by
the Forward Counterparty pursuant to the terms of the Forward Sale Agreement, the shares of Common Stock so issued and delivered will
be validly issued, fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and
the issuance of such shares of Common Stock will not be subject to any preemptive or other similar rights arising by operation of law,
under the articles of incorporation, by-laws or other organizational documents of the Company or any one of its subsidiaries or under
any agreement to which the Company or any one of its subsidiaries is a party or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The authorized, issued and outstanding capital stock of the Company is as set forth in the Registration Statement, the Disclosure
Package and the Prospectus (other than for subsequent issuances, if any, pursuant to this Agreement, the Forward Sale Agreement, the Additional
Forward Sale Agreement, any other underwritten public offerings and other than for subsequent issuances or share repurchases or cancellations,
if any, pursuant to any employee benefit plans or dividend reinvestment plans described in the Registration Statement, the Disclosure
Package and the Prospectus or upon exercise of outstanding options or other equity awards pursuant to any stock option, stock bonus or
other stock or compensatory plan or arrangement described in the Registration Statement, the Disclosure Package and the Prospectus, as
the case may be, or upon the redemption of units of limited partnership interest in the Operating Partnership); all of the outstanding
shares of Common Stock of the Company have been duly and validly authorized and issued and are fully paid and nonassessable and are free
of any preemptive or similar rights. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or
any amendment or supplement thereto), there are no outstanding (i) securities or obligations of the Company or any of its subsidiaries
convertible into or exchangeable for any equity interests of the Company or any such subsidiary, (ii) warrants, rights or options to subscribe
for or purchase from the Company or any such subsidiary any such equity interests or any such convertible or exchangeable securities or
obligations or (iii) obligations of the Company or any such subsidiary to issue any equity interests, any such convertible or exchangeable
securities or obligation, or any such warrants, rights or options. Except as disclosed in the Registration Statement, the Disclosure Package
and the Prospectus (or any amendment or supplement thereto), there are no persons with registration or other similar rights to have any
equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant
to the Registration Statement or otherwise registered by the Company under the Act (other than those that have been waived).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each of the Company and the Operating Partnership is a corporation and limited partnership, respectively, duly organized, validly
existing and in good standing under the laws of the state of its formation, with full corporate or partnership power, as applicable, and
authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure
Package and the Prospectus, and each is duly registered and qualified to conduct its business, and is in good standing, in each jurisdiction
or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the
failure to so register or qualify would not reasonably be expected to have a material adverse effect on the condition (financial or other),
prospects, earnings, business, properties, net worth or results of operations of the Company and its subsidiaries taken as a whole, whether
or not arising from transactions in the ordinary course of business (a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each of the direct and indirect subsidiaries of the Company (other than the Operating Partnership) is a corporation, limited liability
company, limited partnership or trust, as applicable, duly organized, validly existing and in good standing under the laws of the state
of its formation, as set forth on <U>Schedule III</U> hereto, except where the failure to be in good standing would not result in a Material
Adverse Effect, with full corporate, limited liability company, partnership or trust power, as applicable, and authority to own, lease
and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package and the Prospectus,
and each is duly registered and qualified to conduct its business, and is in good standing, in each jurisdiction or place where the nature
of its properties or the conduct of its business requires such registration or qualification, except where the failure to so register
or qualify or be in good standing would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Other than as set forth on <U>Schedule III</U> hereto, the Company has no subsidiary or subsidiaries and does not control, directly
or indirectly, any corporation, partnership, joint venture, association or other business association. The issued shares of capital stock
of each of the Company&rsquo;s subsidiaries (including the Operating Partnership) have been duly authorized and validly issued, are fully
paid and nonassessable and are owned legally and beneficially by the Company free and clear of any security interests, liens, encumbrances,
equities or claims, except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>There are no legal or governmental actions, suits, inquiries, investigations or proceedings pending or, to the knowledge of the
Company, threatened, against the Company, the Operating Partnership or any of their subsidiaries, or to which the Company, the Operating
Partnership or any properties of the Company, the Operating Partnership or any of their subsidiaries is subject, that (A)&nbsp;are required
to be described in the Registration Statement, the Disclosure Package or the Prospectus but are not described as required; (B)&nbsp;could
reasonably be expected to have a Material Adverse Effect on the performance of this Agreement or the Forward Sale Agreement or the consummation
of any of the transactions contemplated hereby or thereby; or (C)&nbsp;could reasonably be expected to have a Material Adverse Effect,
except as set forth in or contemplated in the Registration Statement, the Disclosure Package and the Prospectus (exclusive of any supplement
thereto). There are no statutes, regulations, off-balance sheet transactions, contingencies or agreements, contracts, indentures, leases
or other instruments or documents of a character that are required to be described in the Registration Statement or the Prospectus or
to be filed or incorporated by reference as an exhibit to the Registration Statement or any Incorporated Document that are not described,
filed or incorporated as required by the Act or the Exchange Act (and the Pricing Prospectus contains or incorporates by reference in
all material respects the same description of the foregoing matters contained in the Prospectus). The statements in the Registration Statement,
the Disclosure Package and the Prospectus under the heading &ldquo;Material Federal Income Tax Considerations&rdquo; fairly summarize
the matters therein described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>None of the Company, the Operating Partnership or any of their subsidiaries is: (A) in violation of (i) its respective articles
of incorporation, partnership agreement, operating agreement or by-laws (or analogous governing instruments), (ii)&nbsp;any law, ordinance,
administrative or governmental rule or regulation applicable to the Company, the Operating Partnership or any of their subsidiaries, except
in the case of clause (ii), which violation would not reasonably be expected to have a Material Adverse Effect, or (iii)&nbsp;any decree
of any court or governmental agency or body having jurisdiction over the Company or its subsidiaries; or (B)&nbsp;except as disclosed
in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement thereto), in default in any material
respect in the performance of any obligation, agreement, condition or covenant (financial or otherwise) contained in any bond, debenture,
note or any other evidence of indebtedness or in any Material Agreement (as defined below), indenture, lease or other instrument to which
the Company, the Operating Partnership or any of their subsidiaries is a party or by which the Company, the Operating Partnership or any
of their subsidiaries or any of their respective properties may be bound, and, to the Company&rsquo;s knowledge, no such default is expected.
All agreements, contracts or other arrangements that are material to the Company and the Operating Partnership are set forth on <U>Schedule
IV</U> of this Agreement (the &ldquo;<B>Material Agreements</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>(A) As of the date of this Agreement and the Forward Sale Agreement, the Company owns either directly or indirectly through its
subsidiaries and has good and marketable title in fee simple to all of the real properties (the &ldquo;<B>Properties</B>&rdquo;) described
in the Registration Statement, Disclosure Package and the Prospectus as owned by them. To the Company&rsquo;s knowledge, none of the Company,
the Operating Partnership or any of their subsidiaries is in violation of any municipal, state or federal law, rule or regulation concerning
any of their Properties, which violation would reasonably be expected to have a Material Adverse Effect; (B) to the Company&rsquo;s knowledge,
each of the Properties complies with all applicable zoning laws, ordinances and regulations in all material respects and, if and to the
extent there is a failure to comply, such failure does not materially impair the value of any of such Properties and will not result in
a forfeiture or reversion of title thereof; (C)&nbsp;none of the Company, the Operating Partnership or any of their subsidiaries has received
from any governmental authority any written notice of any condemnation of, or zoning change affecting any of, the Properties, and the
Company does not know of any such condemnation or zoning change which is threatened and which, in each case, if consummated would reasonably
be expected to have a Material Adverse Effect; (D) the leases under which the Company or any of its subsidiaries leases the Properties
as lessor (the &ldquo;<B>Leases</B>&rdquo;) are in full force and effect and have been entered into in the ordinary course of business
of such entity, except as would not reasonably be expected to have a Material Adverse Effect; (E)&nbsp;the Company and each of its subsidiaries
has complied with its respective obligations under the Leases in all material respects and the Company does not know of any default by
any other party to the Leases which, alone or together with other such defaults, would reasonably be expected to have a Material Adverse
Effect; and (F)&nbsp;all liens, charges, encumbrances, claims or restrictions on or affecting the assets (including the Properties) of
the Company and its subsidiaries that are required to be disclosed in the Registration Statement, the Disclosure Package and the Prospectus
are disclosed therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Neither the issuance and sale of the Shares and any Confirmation Shares, the execution, delivery or performance of this Agreement
or any Forward Sale Agreement by the Company or the Operating Partnership, nor the consummation by the Company or the Operating Partnership
of the transactions contemplated hereby or therein (including the application of the proceeds from the sale of the Shares and Confirmation
Shares as described in the Registration Statement, the Disclosure Package and the Prospectus): (A)&nbsp;requires any consent, approval,
authorization or other order of, or registration or filing with, any court, regulatory body, administrative agency or other governmental
body, agency or official (except such as may be required for the registration of the Shares under the Act, the listing of the Shares on
the NYSE and compliance with the securities or blue sky laws of various jurisdictions), or conflicts or will conflict with or constitutes
or will constitute a breach or violation of, or a default under, the articles of incorporation, or by-laws (or analogous governing documents)
of the Company, the Operating Partnership or any of their subsidiaries; or (B)&nbsp;(i) conflicts or will conflict with or constitutes
or will constitute a breach of, or a default under, any agreement, indenture, lease or other instrument to which the Company, the Operating
Partnership or any of their subsidiaries is a party or by which the Company or the Operating Partnership or any properties of the Company
or the Operating Partnership or any of their subsidiaries may be bound, except as would not reasonably be expected to have a Material
Adverse Effect, or (ii) violates or will violate any statute, law, regulation or filing or judgment, injunction, order or decree applicable
to the Company, the Operating Partnership or any of their subsidiaries or any properties of the Company, the Operating Partnership or
any of their subsidiaries, or (iii) will result in the creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to the terms of any agreement or instrument to
which the Company, the Operating Partnership or any of their subsidiaries is a party or by which the Company, the Operating Partnership
or any of their subsidiaries may be bound, or to which any property or assets of the Company, the Operating Partnership or any of their
subsidiaries is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>To the Company&rsquo;s knowledge, Grant Thornton LLP, who has certified or shall certify the financial statements and schedules
included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement
thereto), is and was, as of the date of this Agreement and the Forward Sale Agreement and during the periods covered by the financial
statements on which Grant Thornton LLP reported, an independent registered public accounting firm with respect to the Company as required
by the Act and the Exchange Act and the applicable published rules and regulations thereunder and by the Public Company Accounting Oversight
Board (&ldquo;<B>PCAOB</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The historical financial statements, together with related schedules and notes, included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus (and any amendment or supplement thereto), present fairly in all material respects
the financial position, results of operations and changes in financial position of the Company and its subsidiaries on the basis stated
in the Registration Statement and the Incorporated Documents at the respective dates or for the respective periods to which they apply.
Such statements and related schedules and notes have been prepared in accordance with generally accepted accounting principles consistently
applied throughout the periods involved, except as disclosed therein. The other historical financial and statistical information and data
included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus (and any amendment or supplement
thereto) are accurately presented and prepared on a basis consistent with the audited financial statements, included or incorporated in
the Registration Statement, the Disclosure Package and the Prospectus, and the books and records of the Company and its subsidiaries.
The financial statements of the businesses or properties acquired or proposed to be acquired, if any, included in, or incorporated by
reference into, the Registration Statement, the Disclosure Package or the Prospectus present fairly in all material respects the information
set forth therein, have been prepared in conformity with generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied
on a consistent basis and otherwise have been prepared in accordance with the applicable financial statement requirements of Rule 3-05
or Rule 3-14 of Regulation S-X with respect to real estate operations acquired or to be acquired. The pro forma financial statements and
other pro forma financial information included, or incorporated by reference in, the Registration Statement, Disclosure Package and the
Prospectus include assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the transactions
and events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments
reflect the proper application of those adjustments to the historical financial statement amounts in the pro forma financial statements
included in the Registration Statement, the Disclosure Package and the Prospectus. The pro forma financial statements included in the
Registration Statement, the Disclosure Package and the Prospectus comply as to form in all material respects with the applicable accounting
requirements of Regulation S-X under the Act. The Company has filed with the Commission all financial statements, together with related
schedules and notes, required to be filed pursuant to Regulation S-X under the Act. Any disclosures contained or incorporated in the Registration
Statement, the Disclosure Package or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the
rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K of the Act, to
the extent applicable. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement,
the Disclosure Package and the Prospectus fairly presents the information called for in all material respects and has been prepared in
accordance in all material respects with the Commission&rsquo;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company has the corporate power to issue, sell and deliver the Shares as provided herein and in the Forward Sales Agreements;
the execution and delivery of, and the performance by the Company of its obligations under, this Agreement have been duly and validly
authorized by the Company, and this Agreement has been duly executed and delivered by the Company and constitutes the valid and legally
binding agreement of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally and by general principles of
equity and to the extent that rights to indemnity and contribution hereunder may be limited by federal or state securities laws; the execution
and delivery of, and the performance by the Operating Partnership of its obligations under, this Agreement have been duly and validly
authorized by the Operating Partnership, and this Agreement has been duly executed and delivered by the Operating Partnership and constitutes
the valid and legally binding agreement of the Operating Partnership, enforceable against the Operating Partnership in accordance with
its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo;
rights generally and by general principles of equity and to the extent that rights to indemnity and contribution hereunder may be limited
by federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Forward Sale Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding
agreement of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally or by general principles of
equity, and except to the extent that any indemnification and contribution provisions thereof may be limited by federal or state securities
laws or public policy considerations in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement thereto),
subsequent to the respective dates as of which such information is given in the Registration Statement, the Disclosure Package and the
Prospectus (or any amendment or supplement thereto), (A) none of the Company, the Operating Partnership or any of their subsidiaries has
incurred any liability or obligation (financial or other), direct or contingent, or entered into any transaction (including any off-balance
sheet activities or transactions), not in the ordinary course of business, that is material to the Company and its subsidiaries, as a
whole; (B) there has not been any material change in the capital stock, or partnership interests, as the case may be, or material increase
in the short-term debt or long-term debt (including any off-balance sheet activities or transactions), of either of the Company or the
Operating Partnership or the occurrence of or any development which may reasonably be expected to result in a Material Adverse Effect;
and (C) except for regular monthly dividends on the Common Stock in amounts per share that are consistent with the past practice, there
has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company, the Operating Partnership and each of their subsidiaries has good and marketable title to all property (real and personal)
described in the Registration Statement, the Disclosure Package and the Prospectus as being owned by each of them (including the Properties),
free and clear of all liens, claims, security interests or other encumbrances that would materially and adversely affect the value thereof
or materially interfere with the use made or presently contemplated to be made thereof by them as described in the Registration Statement,
the Disclosure Package and the Prospectus, except such as are described in the Registration Statement, the Disclosure Package and the
Prospectus, or in any document filed as an exhibit to the Registration Statement, and each property described in the Registration Statement,
the Disclosure Package and the Prospectus as being held under lease by the Company or any of its subsidiaries is held by it under a valid,
subsisting and enforceable lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The &ldquo;significant subsidiaries&rdquo; of the Company as defined in Section 1-02(w) of Regulation S-X of the Act are set forth
in <U>Schedule III</U> hereto (the &ldquo;<B>Significant Subsidiaries</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company has not distributed and, prior to the later to occur of (x) the Closing Date and (y) completion of the distribution
of the Shares, will not distribute, any offering material in connection with the offering and sale of the Shares other than the Registration
Statement, the Disclosure Package or the Prospectus. The Company has not, directly or indirectly: (i)&nbsp;taken any action designed to
cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Shares; or (ii)&nbsp;since the filing of the Registration
Statement (A)&nbsp;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or (B)&nbsp;paid
or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits, licenses, franchises and
authorizations of governmental or regulatory authorities (the &ldquo;<B>permits</B>&rdquo;) as are necessary to own their respective properties
and to conduct their respective businesses in the manner described in the Registration Statement, the Disclosure Package and the Prospectus,
where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject to such qualifications
as may be set forth in the Registration Statement, the Disclosure Package and the Prospectus. The Company, the Operating Partnership and
each of their subsidiaries has fulfilled and performed all of their respective material obligations with respect to such permits, and
no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or which would result
in any other material impairment of the rights of the holder of any such permit, subject in each case to such qualification as may be
set forth in the Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Company, the Operating Partnership and each of their subsidiaries have established and maintain disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are designed to ensure that information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Commission&rsquo;s rules and forms and is accumulated and communicated to the Company&rsquo;s management, including
its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure; and the Company, the Operating Partnership and each of their subsidiaries maintain a system of internal
control over financial reporting sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles and which includes policies
and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of the Company, the Operating Partnership and each of their subsidiaries, (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles and that receipts and expenditures of the Company, the Operating Partnership and each of their subsidiaries are being made
only in accordance with the authorization of management, (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisitions, use or dispositions of assets that could have a material effect on the financial statements, and (iv) provide
reasonable assurance that the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
Registration Statement, the Disclosure Package and the Prospectus fairly presents the information called for in all material respects
and is prepared in accordance with the Commission&rsquo;s rules and guidelines applicable thereto. The Company&rsquo;s disclosure controls
and procedures have been evaluated for effectiveness as of the end of the period covered by the Company&rsquo;s most recently filed Quarterly
Report on Form 10-Q or, if more recent, the most recently filed Annual Report on Form 10-K (in each case as amended, if applicable), as
the case may be, which precedes the date of the Prospectus and were effective in all material respects to perform the functions for which
they were established. Based on the most recent evaluation of its internal control over financial reporting, the Company was not aware
of (i) any material weaknesses in the design or operation of internal control over financial reporting, except as disclosed in the Registration
Statement, the Disclosure Package and the Prospectus, or (ii) any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company&rsquo;s internal control over financial reporting. There has been no change in the Company&rsquo;s
internal control over financial reporting that has occurred during its most recently completed fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting, except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith, including,
without limitation, Section&nbsp;402 related to loans to insiders and Sections 302 and 906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries nor any employee
or agent of the Company, the Operating Partnership or any of their subsidiaries has made any payment of funds of the Company or its subsidiaries
or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character
required to be disclosed in the Registration Statement, the Disclosure Package or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>None of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company, the Operating Partnership or any of their subsidiaries is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as
amended, and the rules and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation, making use of the mails
or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &ldquo;foreign
official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA; and the Company, the Operating Partnership, their subsidiaries and, to the knowledge of
the Company, their affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The operations of the Company, the Operating Partnership and their subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>To the Company&rsquo;s knowledge, with such exceptions as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect: there has been no security breach, incident, or other compromise of the Company&rsquo;s, the Operating
Partnership&rsquo;s or any of their subsidiaries&rsquo; information computer systems, networks, and databases (including, without limitation,
the personal data and information of their respective customers, employees, suppliers and vendors and any third party data maintained,
processed or stored by the Company, the Operating Partnership and each of their subsidiaries, (collectively, &ldquo;<B>IT Systems and
Data</B>&rdquo;); neither the Company, the Operating Partnership nor any of their subsidiaries have been notified of, or have knowledge
of any event or condition that would reasonably be expected to result in, any security breach, incident or other compromise to their IT
Systems and Data; the Company, the Operating Partnership and each of their subsidiaries have implemented appropriate physical, technological
and administrative controls designed to maintain and protect the integrity, confidentiality and availability of their IT Systems and Data,
taking into account the nature, sensitivity and use of such IT Systems and Data, or as required by applicable regulatory standards in
all respects; and the Company, the Operating Partnership and each of their subsidiaries are presently in compliance with all applicable
laws or statutes, applicable judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority
having jurisdiction over the Company, the Operating Partnership or any of their subsidiaries and internal policies and contractual obligations
relating to the privacy and security of IT Systems and Data and the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Neither the Company, the Operating Partnership, or any of their subsidiaries, directors, officers or employees, nor, to the knowledge
of the Company, any agent, or affiliate or other person associated with or acting on behalf of the Company, the Operating Partnership
or any of their subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. Government,
(including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;),
the United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
 &ldquo;<B>Sanctions</B>&rdquo;), nor is the Company, the Operating Partnership or any of their subsidiaries located, organized or resident
in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria,
the Crimea Region of Ukraine, the non-designated controlled areas of Zaporizhzhia and Kherson Regions of Ukraine, the so-called Donetsk
People&rsquo;s Republic, the so-called Luhansk People&rsquo;s Republic or in any other country or territory that is the subject of Sanctions
(each, a &ldquo;<B>Sanctioned Country</B>&rdquo;); and the Company will not directly or indirectly use the proceeds of the sale of the
Shares and the Confirmation Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint
venture partners or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of
such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any
Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the
transaction, whether as Manager, advisor, investor or otherwise) of Sanctions. For the past ten years, the Company, the Operating Partnership
and their subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not knowingly engage in, any dealings
or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with
any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No labor problem or dispute with the employees of the Company and/or any of its subsidiaries or, to the Company&rsquo;s knowledge,
any of the Company&rsquo;s or its subsidiaries&rsquo; principal suppliers, contractors or customers, exists, is threatened or imminent
that could result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no labor problem or dispute with the Company&rsquo;s
or its subsidiaries&rsquo; tenants exists, is threatened or imminent that could result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each of the Company, the Operating Partnership and their subsidiaries has timely filed all foreign, federal, state and local tax
returns that are required to be filed, which returns are complete and correct, or has requested extensions thereof (except in any case
in which the failure to so file timely would not reasonably be expected to have a Material Adverse Effect and except as set forth in the
Registration Statement, the Disclosure Package and the Prospectus) and has paid all material taxes required to be paid by it and any material
other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment,
fine or penalty that is currently being contested in good faith. The Company has made appropriate provisions in the Company&rsquo;s financial
statements that are incorporated by reference into the Registration Statement (or otherwise described in the Registration Statement, the
Disclosure Package and the Prospectus) in respect of all federal, state, local and foreign income and franchise taxes for all current
or prior periods as to which the tax liability of the Company, the Operating Partnership and their subsidiaries has not been finally determined,
except to the extent of any inadequacy that would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(kk)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No holder of any security
of the Company or the Operating Partnership has any right to require registration of the Shares or any other security of the Company
or the Operating Partnership because of the filing of the Registration Statement or consummation of the transactions contemplated by
this Agreement or the Forward Sale Agreement, which right has not been waived in connection with the transactions contemplated by this
Agreement or the Forward Sale Agreement. The holders of outstanding shares of capital stock of the Company and the Operating Partnership
are not entitled to preemptive or other rights to subscribe for the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Company, the Operating Partnership and their subsidiaries own or possess all patents, trademarks, trademark registrations,
service marks, service mark registrations, trade names, copyrights, licenses, inventions, trade secrets and rights described in the Registration
Statement, the Disclosure Package and the Prospectus as being owned by them or necessary for the conduct of their respective businesses.
The Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company, the Operating
Partnership and their subsidiaries with respect to the foregoing that would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither the Company nor
any subsidiary is now, and after sale of the Shares to be sold by the Company hereunder and any Confirmation Shares to be sold under
any Forward Sale Agreement and the application of the net proceeds from such sale as described in the Registration Statement, the Disclosure
Package and the Prospectus under the caption &ldquo;Use of Proceeds,&rdquo; will be, an &ldquo;investment company&rdquo; within the meaning
of the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(nn)&#8239;&#8239;&#8239;&#8239;&#8239; To the Company&rsquo;s
knowledge, the Company, the Operating Partnership, their subsidiaries, the Properties and the operations conducted thereon comply and
heretofore have complied with all applicable Environmental Laws, and no expenditures are required to maintain or achieve such compliance,
except as disclosed in environmental site assessment reports obtained by the Company on or before the date hereof in connection with
the purchase of any of the Properties or in a written summary maintained by the Company of the status of ongoing environmental projects
at the Properties, each of which have been directly provided to the Underwriters, the Forward Seller, the Forward Counterparty or their
counsel (collectively, the &ldquo;<B>Environmental Reports</B>&rdquo;) and except for those circumstances that have not had or would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or as disclosed in the Registration
Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; None of the Company, the
Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;s knowledge, no other party has at any time,
handled, buried, stored, retained, refined, transported, processed, manufactured, generated, produced, spilled, allowed to seep, leak,
escape or leach, or be pumped, poured, emitted, emptied, discharged, injected, dumped, transferred or otherwise disposed of or dealt
with, Hazardous Materials (as defined below) on, to, under or from the Properties, except as disclosed in Environmental Reports, the
Registration Statement, the Disclosure Package and the Prospectus and except for those circumstances that have not had or would not reasonably
be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries intends to
use the Properties or any subsequently acquired properties for the purpose of handling, burying, storing, retaining, refining, transporting,
processing, manufacturing, generating, producing, spilling, seeping, leaking, escaping, leaching, pumping, pouring, emitting, emptying,
discharging, injecting, dumping, transferring or otherwise disposing of or dealing with Hazardous Materials; <I>provided</I>, <I>however</I>,
the tenants of the Company and the Operating Partnership may use Properties for their intended purpose, which may involve the handling,
storing and transporting of Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; To the Company&rsquo;s
knowledge, no seepage, leak, escape, leach, discharge, injection, release, emission, spill, pumping, pouring, emptying or dumping of
Hazardous Materials into any surface water, groundwater, soil, air or other media on or adjacent to the Properties has occurred, is occurring
or is reasonably expected to occur, except as is disclosed in the Environmental Reports or the Registration Statement, the Disclosure
Package and the Prospectus, and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(qq)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; None of the Company, the
Operating Partnership or any of their subsidiaries has received written notice from any Governmental Authority or other person of, or
has knowledge of, any occurrence or circumstance which, with notice, passage of time, or failure to act, would give rise to any claim
against the Company, the Operating Partnership or any of their subsidiaries under or pursuant to any Environmental Law or under common
law pertaining to Hazardous Materials on or originating from the existing Properties or any act or omission of any party with respect
to the existing Properties, except as disclosed in the Environmental Reports, or the Registration Statement, the Disclosure Package and
the Prospectus and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>To the Company&rsquo;s knowledge, none of the Properties is included or proposed for inclusion on any federal, state, or local
lists of sites which require or might require environmental cleanup, including, but not limited to, the National Priorities List or CERCLIS
List issued pursuant to CERCLA (as defined below) by the United States Environmental Protection Agency or any analogous state list, except
as is disclosed in the Environmental Reports or the Registration Statement, the Disclosure Package and the Prospectus and except for those
circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations
and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities
(including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with
Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities
to third parties). On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would
not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect, whether or not arising from transactions in
the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Disclosure Package and the
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As used herein, &ldquo;<B>Hazardous
Material</B>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous materials, hazardous
wastes, hazardous or toxic substances, or related materials, asbestos, polychlorinated biphenyls (&ldquo;<B>PCBs</B>&rdquo;), petroleum
products and by-products and substances defined or listed as &ldquo;hazardous substances,&rdquo; &ldquo;toxic substances,&rdquo; &ldquo;hazardous
waste,&rdquo; or &ldquo;hazardous materials&rdquo; in any Federal, state or local Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As used herein, &ldquo;<B>Environmental
Law</B>&rdquo; shall mean all laws, common law duties, regulations or ordinances (including any orders or agreements) of any Federal,
state or local governmental authority having or claiming jurisdiction over any of the Properties (a &ldquo;<B>Governmental Authority</B>&rdquo;)
that are designed or intended to protect the public health and the environment or to regulate the handling of Hazardous Materials, including,
without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. Section 9601
et seq.) (&ldquo;<B>CERCLA</B>&rdquo;), the Hazardous Material Transportation Act, as amended (49 U.S.C. Section 1801 et seq.), the Resource
Conservation and Recovery Act, as amended (42 U.S.C. Section 6901 et seq.), the Federal Water Pollution Control Act, as amended (33 U.S.C.
Section 1251 et seq.), and the Clean Air Act, as amended (42 U.S.C. Section 7401 et seq.), and any and all analogous state or local laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Commencing with its taxable year ended December 31, 1994, the Company has been organized and operated in conformity with the requirements
for qualification and taxation as a REIT under the Code, and the Company&rsquo;s current and proposed method of operations as described
in the Registration Statement, the Disclosure Package and the Prospectus will enable it to continue to meet the requirements for qualification
and taxation as a REIT under the Code for its taxable year ending December 31, 2025 and thereafter. No transaction or other event has
occurred, and none of the Company, the Operating Partnership, or any of their subsidiaries has taken any action, that would reasonably
be expected to cause the Company to not be able to qualify as a REIT for its taxable year ending December 31, 2025 or future taxable years.
Each of the Company&rsquo;s direct or indirect subsidiaries that is treated as a corporation for U.S. federal income tax purposes will
qualify as a &ldquo;taxable REIT subsidiary&rdquo; within the meaning of Section 856(l) of the Code. The Operating Partnership will be
treated as a partnership and not as an association taxable as a corporation for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(uu)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company, the Operating
Partnership and each of their subsidiaries is insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which they are engaged and the value of their properties. All policies
of insurance and fidelity or surety bonds insuring the Company, the Operating Partnership or any of their subsidiaries or their respective
businesses, assets, employees, officers and directors are in full force and effect. The Company, the Operating Partnership and each of
their subsidiaries are in compliance with the terms of such policies and instruments in all material respects and there are no claims
by the Company, the Operating Partnership or any of their subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause, except as would not reasonably be expected to have a
Material Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries has been refused any insurance coverage
sought or applied for, and the Company does not have any reason to believe that the Company, the Operating Partnership and each of their
subsidiaries will not be able to renew its respective existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue their respective businesses at a cost that would not reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Company, the Operating
Partnership and their subsidiaries have title insurance on each of the Properties owned in fee simple in amounts at least equal to the
cost of acquisition of such property; with respect to an uninsured loss on any of the Properties, the title insurance shortfall would
not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ww)&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or pursuant to the terms of the indebtedness
described therein), no subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company,
from making any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such
subsidiary from the Company or from transferring any of such subsidiary&rsquo;s assets or property to the Company or any other subsidiary
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xx)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>There are no transfer taxes or other similar fees or charges under Federal law or the laws of any state, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the Forward Sale Agreement or the issuance
by the Company or sale by the Company of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(yy)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Each of the Company and
its subsidiaries has fulfilled its obligations, if any, under the minimum funding standards of Section 302 of the United States Employee
Retirement Income Security Act of 1974 (&ldquo;<B>ERISA</B>&rdquo;) and the regulations and published interpretations thereunder with
respect to each &ldquo;plan&rdquo; (as defined in Section&nbsp;3(3) of ERISA and such regulations and published interpretations) in which
employees of the Company and its subsidiaries are eligible to participate. Each such plan is in compliance in all material respects with
the presently applicable provisions of ERISA and such regulations and published interpretations. Neither the Company nor any of its subsidiaries
has incurred any unpaid liability to the Pension Benefit Guaranty Corporation (other than for the payment of premiums in the ordinary
course) or to any such plan under Title IV of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(zz)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
the knowledge of the Company, no stock option awards granted by the Company have been retroactively granted, or the exercise or purchase
price of any stock option award determined retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aaa)&#8239;&#8239;&#8239;&#8239;&#8239; The Company&rsquo;s authorized
capitalization is as set forth in the Registration Statement, the Disclosure Package and the Prospectus; the capital stock of the Company
conforms in all material respects to the description thereof contained in the Registration Statement, the Disclosure Package and the
Prospectus; the outstanding shares of Common Stock of the Company have been duly and validly authorized and issued in compliance with
all Federal and state securities laws, and are fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bbb)&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company will use its reasonable best efforts to cause the Shares and any Confirmation Shares to be listed on the NYSE and to
maintain such listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ccc)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The statistical and market related data included in the Registration Statement, the Disclosure Package, and the Prospectus are
based on or derived from sources the Company believes to be reliable and accurate as of the respective dates of such documents, and the
Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ddd)&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Each of the independent directors (or independent director nominees, once appointed, if applicable) named in the Registration Statement,
the Disclosure Package and Prospectus satisfies the independence standards established by NYSE and, with respect to members of the Company&rsquo;s
audit committee, the enhanced independence standards contained in Rule 10A-3(b)(1) promulgated by the Commission under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(eee)&#8239;&#8239;&#8239;&#8239;&#8239; The Company is not required
to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the rules and the Exchange Act and
does not, directly or indirectly through one or more intermediaries, control or have any other association with (within the meaning of
Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)) any member firm of FINRA.
No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors, officers or stockholders
of the Company, on the other hand, which is required by the rules of FINRA to be described in the Registration Statement, the Disclosure
Package and the Prospectus, which is not so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(fff)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Except as disclosed in
the Registration Statement, the Disclosure Package and the Prospectus, (i) neither the Company nor any of its subsidiaries has any material
lending or similar relationship with any Underwriter or any bank or other lending institution affiliated with any Underwriter; and (ii)
the Company does not intend to use any of the proceeds from the sale of the Shares or Confirmation Shares by the Company hereunder to
reduce or retire the balance of any loan or credit facility extended by any affiliate of any Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ggg)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>None of the Company, the Operating Partnership or any of their subsidiaries, nor any of the officers, directors or partners thereof
has taken, nor will any of them take, directly or indirectly, any action resulting in a violation of Regulation M under the Exchange Act
or designed to cause or result in, or which has constituted or which reasonably might be expected to constitute, the stabilization or
manipulation of the price of the Common Stock or facilitation of the sale or resale of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hhh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&#8239;&#8239;&#8239;&#8239;The shares of Common Stock are &ldquo;actively-traded securities&rdquo; excepted from the requirements of Rule 101 of Regulation
M under the Exchange Act by subsection (c)(1) of such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Indemnification and Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless the Underwriters, the directors,
officers, employees, affiliates and agents of each Underwriter and each person who controls the Underwriters, within the meaning of Section
15 of the Act or Section&nbsp;20 of the Exchange Act, the Forward Seller, the Forward Counterparty, their respective directors, officers,
employees, affiliates and agents and any person who controls the Forward Seller or the Forward Counterparty within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, against any and all losses, claims, damages or liabilities, joint or several,
to which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation,
at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) (i) arise out of or
are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in any amendment
thereof (including the Rule 430B Information), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statement therein not misleading; (ii)&nbsp;arise out of or are based upon any untrue statement or alleged
untrue statement of material fact included in any Preliminary Prospectus, the Disclosure Package or the Prospectus (or any amendment or
supplement thereof) or the omission or alleged omission therefrom of a 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; and (iii) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free Writing Prospectus or the omission
or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Company and Operating Partnership, jointly and severally, agree to reimburse each such
indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending
any such loss, claim, damage, liability or action; <U>provided</U>, <U>however</U>, that the Company and the Operating Partnership will
not be liable in any such case arising in connection with this Section&nbsp;7 to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with the Underwriters Content. This indemnity agreement will be in addition to any liability, which the Company
and the Operating Partnership may otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each Underwriter severally agrees to indemnify and hold harmless the Company and each of its directors, the Operating Partnership
and each of the Company&rsquo;s officers who signs the Registration Statement, and each person who controls the Company or the Operating
Partnership within the meaning of Section 15 of the Act or Section&nbsp;20 of the Exchange Act, the Forward Seller, the Forward Counterparty,
their respective directors, officers, employees, affiliates and agents and any person who controls the Forward Seller or the Forward Counterparty
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, to the same extent as the foregoing
indemnity from the Company and the Operating Partnership to the Underwriters, but only with reference to the Underwriters Content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Promptly after receipt by an indemnified party under this Section&nbsp;7 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;7, notify the indemnifying
party in writing of the commencement thereof; but the failure so to notify the indemnifying party: (i)&nbsp;will not relieve it from liability
under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture
by the indemnifying party of substantial rights and defenses; and (ii)&nbsp;will not, in any event, relieve the indemnifying party from
any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying
party shall be entitled to appoint counsel of the indemnifying party&rsquo;s choice at the indemnifying party&rsquo;s expense to represent
the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be
responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties, except as set forth below);
<U>provided</U>, <U>however</U>, that such counsel shall be reasonably satisfactory to the indemnified party. 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 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 which 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 in writing authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. In no event will the indemnifying parties be
liable for the fees, costs or expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for
all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances. An indemnifying party will not, without the prior written consent of the indemnified
parties, 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 (x) includes an unconditional release of
each indemnified party from all liability arising out of such claim, action, suit or proceeding and (y) does not include a statement as
to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that the indemnity provided in paragraph (a) or (b) of this Section&nbsp;7 is unavailable to, or insufficient to hold
harmless, an indemnified party for any reason, the Company and the Operating Partnership, on the one hand, and the Underwriters, the Forward
Counterparty and the Forward Seller on the other, agree to contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively &ldquo;<B>Losses</B>&rdquo;)
to which the Company, the Operating Partnership, the Underwriters, the Forward Counterparty or the Forward Seller may be subject in such
proportion as is appropriate to reflect the relative benefits received by the Company and by the Underwriters, the Forward Counterparty
or the Forward Seller from the offering of the Shares; <U>provided</U>, <U>however</U>, that in no case shall (i) the Underwriters be
responsible for any amount in excess of the underwriting discount or commission applicable to the Shares purchased by the Underwriters
hereunder nor (ii) the Forward Seller and the Forward Counterparty be responsible for any amount in excess of the Spread (as defined in
the Forward Sale Agreement) retained by the Forward Counterparty under the Forward Sale Agreement, net of any costs associated therewith,
as reasonably determined by the Forward Counterparty, as set forth in the Forward Sale Agreement. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, then each applicable indemnifying party shall contribute in such proportion as is appropriate
to reflect not only such relative benefits but also the relative fault of the Company, and of the Underwriters, the Forward Counterparty
or the Forward Seller, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable
considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting
expenses) received by it, which such proceeds shall include the proceeds to be received by the Company pursuant to the Forward Sale Agreement
assuming full Physical Settlement on the Effective Date (each as defined in the Forward Sale Agreement), and benefits received by the
Underwriters shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page
of the Prospectus. Benefits received by the Forward Counterparty and the Forward Seller shall be deemed to be equal to the Spread (as
defined in the Forward Sale Agreement) retained by the Forward Counterparty under the Forward Sale Agreement, net of any costs associated
therewith, as reasonably determined by the Forward Counterparty, as set forth in the Forward Sale Agreement. Relative fault of the Company,
the Underwriters, the Forward Counterparty and the Forward Seller shall be determined by reference to, among other things: (i)&nbsp;whether
any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information provided by the Company or the Operating Partnership, or the Underwriters, the Forward Counterparty or the Forward Seller;
(ii)&nbsp;the intent of the parties and their relative knowledge; (iii)&nbsp;access to information; and (iv)&nbsp;the opportunity to correct
or prevent such untrue statement or omission. The Company, the Operating Partnership, the Underwriters, the Forward Counterparty and the
Forward Seller agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method
of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph
(d), no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section&nbsp;7, each person who controls
an Underwriter, the Forward Counterparty or the Forward Seller within the meaning of either the Act or the Exchange Act and each director,
officer, employee and agent of an Underwriter, the Forward Counterparty or the Forward Seller shall have the same rights to contribution
as the Underwriters, the Forward Counterparty, the Forward Seller and each person who controls the Company within the meaning of either
the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company
shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph
(d). The Underwriters&rsquo; respective obligations to contribute pursuant to this Section 7 are several in proportion to the number of
Borrowed Firm Shares set forth opposite their respective names in <U>Schedule I</U> hereto and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Conditions of the Obligations of the Underwriters and the Forward Seller</U>. The obligations of the Forward Seller hereunder
to sell and deliver the Borrowed Firm Shares and the Borrowed Additional Shares and of the Underwriters hereunder to purchase and pay
for the Shares, in each case on the Closing Date or on each Option Closing Date, as applicable, are subject to the following further conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>(i) The Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule 424(b)
(without reference to Rule 424(b)(8)); and any material required to be filed by the Company pursuant to Rule 433(d) shall have been filed
with the Commission within the applicable time periods prescribed for such filings by Rule 433 and (ii)&nbsp;any request of the Commission
for additional information (to be included in the Registration Statement, the Disclosure Package or the Prospectus or otherwise) shall
have been complied with to the reasonable satisfaction of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Subsequent to the Applicable Time, or, if earlier, the dates as of which information is given in the Registration Statement (exclusive
of any amendment thereto), the Disclosure Package and the Prospectus (exclusive of any amendment thereof), there shall not have occurred
any event or development relating to or involving the Company and its subsidiaries or any officer or director of the Company and its subsidiaries
which makes any statement made in the Disclosure Package or the Prospectus untrue or which, in the opinion of the Company and its counsel
or the Representative and counsel to the Underwriters, requires the making of any addition to or change in the Disclosure Package in order
to state a material fact required by the Act or any other law to be stated therein, or necessary in order to make the statements therein
not misleading, if amending or supplementing the Disclosure Package to reflect such event or development would, in the opinion of the
Representative, adversely affect the market for the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representative, the Forward Seller and the Forward Counterparty shall have received on the Closing Date and on each Option
Closing Date, as applicable, an opinion and negative assurance letter included therewith, and tax opinion of Honigman LLP, counsel for
the Company, dated as of such date and addressed to the Representative, the Forward Seller and the Forward Counterparty, in form and substance
acceptable to the Representative, the Forward Seller and the Forward Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representative, the Forward Seller and the Forward Counterparty shall have received on the Closing Date and on each Option
Closing Date, as applicable, an opinion and negative assurance letter of Latham &amp; Watkins LLP, counsel for the Underwriters, dated
as of such date and addressed to the Representative, the Forward Seller and the Forward Counterparty with respect to such matters as the
Representative, the Forward Seller and the Forward Counterparty may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representative, the Forward Seller and the Forward Counterparty shall have received on the Closing Date and on each Option
Closing Date, as applicable, an opinion of Ballard Spahr LLP, Maryland counsel for the Company, dated as of such date and addressed to
the Representative, the Forward Seller and the Forward Counterparty, in form and substance acceptable to the Representative, the Forward
Seller and the Forward Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representative shall have received letters addressed to the Underwriters and dated as of the date hereof, the Closing Date
and on each Option Closing Date, as applicable, from Grant Thornton LLP, an independent registered public accounting firm, substantially
in the form heretofore approved by the Representative; <U>provided</U> that the letter delivered on the Closing Date and each Option Closing
Date, as applicable, shall use a &ldquo;cut-off&rdquo; date no more than three (3) Business Days prior to the Closing Date or such Option
Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>(i) No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that
purpose shall have been taken or, to the knowledge of the Company, shall be contemplated by the Commission at or prior to the Closing
Date and on each Option Closing Date, as applicable; (ii)&nbsp;there shall not have been any change in the capital stock of the Company
nor any material increase in the short-term or long-term debt (including any off-balance sheet activities or transactions) of the Company
and its subsidiaries (other than in the ordinary course of business) from that set forth or contemplated in the Registration Statement,
the Disclosure Package or the Prospectus (or any amendment or supplement thereto); (iii)&nbsp;there shall not have been, since the respective
dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement
thereto), except as may otherwise be stated in the Registration Statement, the Disclosure Package and Prospectus (or any amendment or
supplement thereto), any Material Adverse Effect; (iv)&nbsp;the Company and its subsidiaries shall not have any liabilities or obligations
(financial or other), direct or contingent (whether or not in the ordinary course of business), that are material to the Company or its
subsidiaries, other than those reflected in the Registration Statement or the Disclosure Package and the Prospectus (or any amendment
or supplement thereto); and (v)&nbsp;all the representations and warranties of the Company and the Operating Partnership contained in
this Agreement shall be true and correct at and as of the Applicable Time and on and as of the Closing Date and each Option Closing Date,
as applicable, as if made at and as of such time or on and as of such date, and the Representative, the Forward Seller and the Forward
Counterparty shall have received a certificate, dated the Closing Date and each Option Closing Date, as applicable, and signed by either
the chief executive officer or the chief operating officer and chief financial officer of the Company (or such other officers as are acceptable
to the Representative, the Forward Seller and the Forward Counterparty), to the effect set forth in this Section&nbsp;8(g) and in Section&nbsp;8(i)
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company shall not have failed at or prior to the Closing Date and any Option Closing Date, as applicable, to have performed
or complied with any of its agreements herein contained and required to be performed or complied with by it hereunder, at or prior to
the Closing Date and on each Option Closing Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representative, the Forward Seller and the Forward Counterparty shall have received a certificate, dated the date hereof, the
Closing Date and on each Option Closing Date, as applicable, and signed by the chief financial officer of the Company, in form and substance
reasonably satisfactory to the Representative, the Forward Seller and the Forward Counterparty, certifying to the accuracy of certain
financial information contained in the Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Subsequent to the Applicable Time, there shall not have been any decrease in the rating of any of the Company&rsquo;s debt securities
by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined in Section 3(a)(62) of the Exchange Act) or any
notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate
the direction of the possible change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Company shall have completed all required filings with the NYSE and other necessary actions in order to cause the Shares and
any Confirmation Shares to be listed and admitted and authorized for trading on the NYSE, subject only to notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>On or about the date of this Agreement, but in no event later than the Closing Date, the Representative shall have received &ldquo;lock-up&rdquo;
agreements relating to sales and certain other dispositions of shares of Common Stock or certain other securities, each substantially
in the form of <U>Exhibit B</U> attached hereto, from the persons set forth on <U>Schedule V</U> attached hereto, and all of such &ldquo;lock-up&rdquo;
agreements shall be in full force and effect at the Closing Date and on each Option Closing Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Company shall have furnished or caused to be furnished to the Representative, the Forward Seller and the Forward Counterparty
such further certificates and documents as the Representative, the Forward Seller and the Forward Counterparty shall have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any certificate or document
signed by any officer of the Company or the general partner of the Operating Partnership and delivered to the Representative, or to counsel
for the Underwriters, shall be deemed a representation and warranty by the Company or the Operating Partnership, as the case may be, to
the Underwriters as to the statements made therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any of the conditions specified
in this Section&nbsp;8 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the
opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory
in form and substance to the Underwriters, the Forward Seller and their counsel, this Agreement and all obligations of the Underwriters
and the Forward Seller hereunder may be canceled by the Representative or the Forward Seller, as applicable, at, or at any time prior
to, the Closing Date or on each Option Closing Date, as applicable, with respect to any Additional Shares remaining to be purchased. Notice
of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">With respect to the Closing
Date and each applicable Option Closing Date, the documents required to be delivered by this Section&nbsp;8 shall be delivered at the
offices of Latham &amp; Watkins LLP, Attention: Julian Kleindorfer and Lewis Kneib, counsel for the Underwriters, at 355 South Grand Avenue,
Suite 100, Los Angeles, California 90071 on or prior to such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Expenses</U>. The Company agrees to pay the following costs and expenses and all other costs and expenses incident to the performance
by the Company of its obligations hereunder: (i)&nbsp;the preparation, printing or reproduction, and filing with the Commission of the
registration statement (including financial statements and exhibits thereto), each Preliminary Prospectus, if any, the Prospectus, each
Issuer Free Writing Prospectus and each amendment or supplement to any of them; (ii)&nbsp;the printing (or reproduction) and delivery
(including postage, air freight charges and charges for counting and packaging) of such copies of the Registration Statement, each Preliminary
Prospectus, the Prospectus, each Issuer Free Writing Prospectus, the Incorporated Documents, and all amendments or supplements to any
of them, as may be reasonably requested for use in connection with the offering and sale of the Shares; (iii)&nbsp;the preparation, printing,
authentication, issuance and delivery of certificates for the Shares and any Confirmation Shares, including any stamp or other taxes in
connection with the original issuance and sale of the Shares; (iv)&nbsp;the printing (or reproduction) and delivery of this Agreement,
the preliminary and supplemental blue sky memoranda and all other agreements or documents printed (or reproduced) and delivered in connection
with the offering of the Shares; (v)&nbsp;the registration or qualification of the Shares and any Confirmation Shares for offer and sale
under the securities or blue sky laws of the several states as provided in Section&nbsp;5(g) hereof (including the reasonable fees, expenses
and disbursements of counsel for the Underwriters relating to the preparation, printing or reproduction, and delivery of the preliminary
and supplemental blue sky memoranda and such registration and qualification (which fees, expenses and disbursements of counsel shall not
exceed $10,000)); (vi)&nbsp;the filing fees and the fees and expenses of counsel for the Underwriters in connection with any filings required
to be made with FINRA (which fees and expenses of counsel shall not exceed $10,000); (vii) the transportation and other expenses incurred
by or on behalf of Company Representative in connection with presentations to prospective purchasers of the Shares; (viii)&nbsp;the fees
and expenses of the Company&rsquo;s accountants and counsel (including local and special counsel) for the Company; and (ix) the fees and
expenses incurred in connection with the listing on the NYSE of the Company Shares, if any, and the Confirmation Shares.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT><U>Termination of Agreement</U>. This Agreement shall be subject to termination in the absolute discretion of the Representative,
without liability on the part of the Underwriters, the Forward Seller or the Forward Counterparty to the Company, by notice to the Company,
the Forward Seller and the Forward Counterparty, if, prior to the Closing Date: (i)&nbsp;there shall have occurred any change, or any
development involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business, prospects, properties,
net worth, or results of operations of the Company and its subsidiaries, whether or not arising from transactions in the ordinary course
of business, the effect of which, in the sole judgment of the Representative, is so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendments
thereto), the Disclosure Package and the Prospectus (exclusive of any supplement thereto); (ii) there shall have occurred any downgrading
in the rating of any debt securities or preferred stock of the Company by any &ldquo;nationally recognized statistical rating organization&rdquo;
(as defined for purposes of Section 3(a)(62) of the Exchange Act), or any public announcement that any such organization has under surveillance
or review its rating of any debt securities or preferred stock of the Company (other than an announcement with positive implications of
a possible upgrading, and no implication of a possible downgrading, of such rating); (iii)&nbsp;trading in the Company&rsquo;s common
stock or outstanding preferred stock shall have been suspended by the Commission or the NYSE or trading in securities generally on the
NYSE or the Nasdaq Stock Market shall have been suspended or materially limited; (iv)&nbsp;a general moratorium on commercial banking
activities in New York or Florida shall have been declared by either federal or state authorities; (v)&nbsp;the Company or any of its
subsidiaries shall have sustained a substantial loss by fire, flood, accident or other calamity which renders it impracticable, in the
reasonable judgment of the Representative, to consummate the sale of the Shares and the delivery of the Shares by the Underwriters at
the initial public offering price; or (vi)&nbsp;there shall have occurred any outbreak or escalation of hostilities or other international
or domestic calamity, crisis or change in political, financial or economic conditions, the effect of which on the financial markets of
the United States is such as to make it, in the sole judgment of the Representative, impracticable or inadvisable to commence or continue
the offering as contemplated by the Registration Statement (exclusive of any amendments thereto), the Disclosure Package, and the Prospectus
(exclusive of any supplement thereto). Notice of such termination may be given to the Company, the Forward Seller and the Forward Counterparty
by telegram, telecopy, electronic transmission or telephone and shall be subsequently confirmed by letter.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Default by One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at the Closing Date or an Option
Closing Date to purchase the Shares that it or they are obligated to purchase under this Agreement (the &ldquo;<B>Defaulted Shares</B>&rdquo;),
the Representative shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase all, but not less than all, of the Defaulted Shares in such amounts as may be agreed upon and upon
the terms herein set forth; if, however, the Representative shall not have completed such arrangements within such 24 hour period, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>if the number of Defaulted Shares does not exceed 10% of the number of Shares to be purchased on such date, each of the non-defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective
underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>if the number of Defaulted Shares exceeds 10% of the number of Shares to be purchased on such date, this Agreement, or, with respect
to any Option Closing Date which occurs after the Closing Date, the obligation of the Underwriters to purchase and of the Forward Seller
or the Company to sell the Additional Shares to be purchased and sold on such Option Closing Date, shall terminate without liability on
the part of any non-defaulting Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No action taken pursuant to
this Section 11 shall relieve any defaulting Underwriter from liability in respect of its default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any such default
which does not result in a termination of this Agreement or, in the case of an Option Closing Date that is after the Closing Date, which
does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Additional Shares,
as the case may be, either (i) the Representative or (ii) the Company shall have the right to postpone the Closing Date or Option Closing
Date, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement
or Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;Underwriter&rdquo; includes any person substituted
for an Underwriter under this Section 11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Information Furnished by the Underwriters</U>. The Company hereby acknowledges that the only information that the Underwriters
have furnished to the Company expressly for use in the Registration Statement, the Disclosure Package or the Prospectus is paragraph 9
under the heading &ldquo;Underwriting&rdquo; in such documents (collectively, the &ldquo;<B>Underwriters Content</B>&rdquo;). The Company
hereby acknowledges that no information has been provided by the Forward Counterparty or the Forward Seller for inclusion in the Registration
Statement, the Disclosure Package or the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Representations and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other
statements of the Company, the Operating Partnership or any of their officers and of the Underwriters set forth in or made pursuant to
this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company,
the Operating Partnership or any of the officers, directors, employees, agents or controlling persons referred to in Section&nbsp;7 hereof,
and will survive delivery of and payment for the Shares. The provisions of Sections 5(j), 7 and 9 hereof shall survive the termination
or cancellation of this Agreement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Absence of Fiduciary Relationship</U>. Each of the Company and Operating Partnership acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>the purchase and sale of the Shares pursuant to this Agreement and the Confirmation Shares pursuant to the Forward Sale Agreement
are an arm&rsquo;s-length commercial transaction among the Company, the Underwriters, the Forward Seller, the Forward Counterparty and
any affiliate or affiliates through which the Underwriters, the Forward Seller or the Forward Counterparty may be acting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>the Underwriters are acting as principal and not as an agent or fiduciary of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>the engagement by the Company of the Underwriters in connection with the offering and the process leading up to the offering is
as independent contractors and not in any other capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the Company agrees that it is solely
responsible for making its own judgments in connection with the offering (irrespective of whether any Underwriter, the Forward Seller
or the Forward Counterparty have advised or is currently advising the Company on related or other matters). The Company agrees that it
will not claim that the Underwriters, the Forward Seller or the Forward Counterparty have rendered advisory services of any nature or
respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.</P>

<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; text-indent: 0.5in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notices</U>. All communications hereunder will be in writing and effective only on receipt, and, (i) if sent to the Underwriter,
will be mailed, delivered or telefaxed to: BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention: ATM Execution
Group, email: dg.atm_execution@bofa.com; (ii) if to the Forward Seller or Forward Counterparty, will be mailed, delivered, telefaxed or
sent by electronic transmission to: Bank of America, N.A. at One Bryant Park, New York, New York 10036, Attention: Christine Roemer, with
a copy to ECM Legal (Fax: (212) 230-8730) or, (iii) if sent to the Company, will be mailed, delivered, telefaxed or sent by electronic
transmission to the office of the Company at 32301 Woodward Avenue, Royal Oak, Michigan 48073 (facsimile: 248-737-9110), Attention: Peter
Coughenour, Email: peter@agreerealty.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Recognition of the U.S. Special Resolution Regimes.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Underwriter 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; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter 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; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&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 Section
16: (A) 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); (B) &ldquo;<B>Covered Entity</B>&rdquo; means any of the following: (i) a &ldquo;<B>covered
entity</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii) a &ldquo;<B>covered
bank</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii) a &ldquo;<B>covered
FSI</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b); (C) &ldquo;Default Right&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; and (D) &ldquo;U<B>.S. Special Resolution Regime</B>&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations
promulgated thereunder and (ii) 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT><U>Successors</U>. This Agreement has been made solely for the benefit of the Underwriters, the Forward Seller, the Forward Counterparty,
the Company, the Operating Partnership, their directors and officers, and the other controlling persons referred to in Section&nbsp;7
hereof and their respective successors and assigns, to the extent provided herein. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in
Section&nbsp;7 hereof, and no other person shall acquire or have any right under or by virtue of this Agreement. Neither the term &ldquo;successor&rdquo;
nor the term &ldquo;successors and assigns&rdquo; as used in this Agreement shall include a purchaser from the Underwriters of any of
the Shares in his status as such purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Integration</U>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company,
the Operating Partnership, the Underwriters, the Forward Seller and the Forward Counterparty, or any of them, with respect to the subject
matter hereof, other than the Forward Sale Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Applicable Law</U>. This Agreement will 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Waiver of Jury Trial</U>. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all such counterparts shall together constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic
mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Headings</U>. The section headings used herein are for convenience only and shall not affect the construction hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Research Analyst Independence</U>. The Company acknowledges that the Underwriters&rsquo; research analysts and research departments
are required to be independent from their investment banking divisions and are subject to certain regulations and internal policies, and
that Underwriters&rsquo; research analysts may hold views and make statements or investment recommendations and/or publish research reports
with respect to the Company and/or the offering that differ from the views of their respective investment banking divisions. The Company
hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with
respect to any conflict of interest that may arise from the fact that the views expressed by their research analysts and research departments
may be different from or inconsistent with the views or advice communicated to the Company by Underwriters&rsquo; investment banking divisions.
The Company acknowledges that each Underwriter is a full service securities firm and as such from time to time, subject to applicable
securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt
or equity securities of the Company and any other companies that may be the subject of the transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Issuance and Sale by the Company</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that the Forward Seller elects not to borrow Shares, pursuant to Section&nbsp;2 hereof, or the Forward Seller is unable
to borrow and deliver for sale under this Agreement a number of shares of Common Stock equal to the number of Borrowed Firm Shares or
Borrowed Additional Shares, as applicable, to be sold by it to the Underwriters on the Closing Date or the Option Closing Date, as applicable,
and deliverable by the Forward Seller hereunder, or any Forward Seller determines in good faith, in its commercially reasonable judgment,
it is either impracticable to do so or that the Forward Seller would incur a stock loan cost (excluding, for the avoidance of doubt, the
federal funds rate component payable by the relevant stock lender to the Forward Seller) of more than a rate equal to 200 basis points
per annum to do so, then, upon notice by the Forward Seller to the Company (which notice shall be delivered no later than 5:00 p.m., New
York City time, on the Business Day immediately preceding the Closing Date or any Option Closing Date, as the case may be), the Company
shall issue and sell to the Underwriters, pursuant to Section&nbsp;2 hereof, in whole but not in part, an aggregate number of shares of
Common Stock equal to the number of Borrowed Firm Shares or Borrowed Additional Shares, as applicable, deliverable by the Forward Seller
hereunder that the Forward Seller does not so deliver and sell to the Underwriters. In connection with any such issuance and sale by the
Company, the Company or the Representative shall have the right to postpone the Closing Date or the Option Closing Date, as applicable,
for one business day in order to effect any required changes in any documents or arrangements. Any shares of Common Stock sold by the
Company to the Underwriters pursuant to this Section&nbsp;24(a) in lieu of any Borrowed Firm Shares are referred to herein as the &ldquo;<B>Company
Top-Up Firm Shares</B>.&rdquo; Any shares of Common Stock sold by the Company to the Underwriters pursuant to this Section&nbsp;24(a)
in lieu of any Borrowed Additional Shares in respect of which Additional Forward Sale Agreement has been executed is referred to herein
as the &ldquo;<B>Company Top-Up Additional Shares</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></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 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Neither any of the Forward Counterparty nor any of the Forward Seller shall have any liability whatsoever for any Borrowed Firm
Shares or Borrowed Additional Shares that the Forward Seller does not deliver and sell to the Underwriters or any other party if (i) all
of the Conditions with respect to the Forward Counterparty and the Forward Seller are not satisfied on or prior to the Closing Date or
the Option Closing Date or any additional time of purchase (in respect of any Borrowed Additional Shares in respect of which the Additional
Forward Sale Agreement has been executed), as applicable, and the Forward Seller elects pursuant to Section&nbsp;2 hereof not to deliver
and sell to the Underwriters the Borrowed Firm Shares or Borrowed Additional Shares, as applicable, deliverable by the Forward Seller
hereunder, or (ii) the Forward Seller determines in good faith, in its commercially reasonable judgment, it is unable to borrow and cause
delivery for sale under this Agreement on the Closing Date or the Option Closing Date, as applicable, a number of shares of Common Stock
equal to the number of Borrowed Firm Shares or Borrowed Additional Shares, as applicable, deliverable by the Forward Seller hereunder
or (iii) the Forward Seller determines in good faith, in its commercially reasonable judgment, it is either impracticable to do so or
that the Forward Seller would incur a stock loan cost of more than a rate equal to 200 basis points per annum to do so (excluding, for
the avoidance of doubt, the federal funds rate component payable by the relevant stock lender to the Forward Seller), it being understood
that the foregoing exclusion of liability shall not apply in the case of fraud and/or any intentional misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Duties</U>. Nothing in this Agreement shall be deemed to create a partnership, joint venture or agency relationship between
the parties. The parties hereto undertake to perform such duties and obligations only as expressly set forth herein. Such duties and obligations
of the parties hereto with respect to the Shares shall be determined solely by the express provisions of this Agreement, and the parties
hereto shall not be liable except for the performance of such duties and obligations with respect to the Shares as are specifically set
forth in this Agreement. The Company acknowledges that the Underwriters, the Forward Seller and the Forward Counterparty disclaim any
implied duties (including any fiduciary duty), covenants or obligations arising from the Underwriters&rsquo;, the Forward Seller&rsquo;
and the Forward Counterparty&rsquo; performance of their respective duties and obligations expressly set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Definitions</U>. The terms that follow, when used in this Agreement, shall have the meanings indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rule 158</B>,&rdquo;
 &ldquo;<B>Rule 164</B>,&rdquo; &ldquo;<B>Rule 172</B>,&rdquo; &ldquo;<B>Rule 173</B>,&rdquo; &ldquo;<B>Rule 405</B>,&rdquo; &ldquo;<B>Rule&nbsp;415</B>,&rdquo;
 &ldquo;<B>Rule&nbsp;424</B>,&rdquo; &ldquo;<B>Rule 430A</B>,&rdquo; &ldquo;<B>Rule 430B</B>,&rdquo; &ldquo;<B>Rule 430C</B>,&rdquo; &ldquo;<B>Rule
433</B>&rdquo; and &ldquo;<B>Rule 436</B>&rdquo; refer to such rules under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature page follows.</I>]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding among the Company, the Underwriters, the Forward Seller and the Forward Counterparty, please so indicate
in the space provided below for the purpose, whereupon this Agreement shall constitute a binding agreement among the Company, the Underwriters,
the Forward Seller and the Forward Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>AGREE REALTY CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%">/s/ Peter Coughenour</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Peter Coughenour</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Chief Financial Officer and Secretary</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>AGREE LIMITED PARTNERSHIP</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">By:&nbsp;&nbsp;AGREE REALTY CORPORATION, its general partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Peter Coughenour</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Peter Coughenour</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Chief Financial Officer and Secretary</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature Page to the
Underwriting Agreement</I>]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>BOFA SECURITIES, INC.</B>, in its capacity as the Forward Seller</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%">/s/ Kevin King</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Kevin King</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Bank of America, N.A.,</B> in its capacity as the Forward Counterparty, solely as the recipient and/or beneficiary of certain representations, warranties, covenants and indemnities set forth in this Agreement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Christine Roemer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Christine Roemer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Managing Director</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&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 COLSPAN="2" STYLE="font-size: 10pt">Accepted and agreed to as of the date first above written:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">For itself and as Representative of the&#8239;several Underwriter named in <U>Schedule I</U> hereto.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>BOFA SECURITIES, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%">/s/ Kevin King</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Kevin King</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</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 the
Underwriting Agreement</I>]</P>

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

<!-- Field: Page; Sequence: 41 -->
    <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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Name of Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Number of Firm<BR> Shares</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; font-size: 10pt; text-align: left">BofA Securities, Inc.</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">3,050,629</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Raymond James &amp; Associates, Inc.</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">414,106</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Stifel, Nicolaus &amp; Company, Incorporated</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">414,106</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BTIG, LLC</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">207,053</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Regions Securities LLC</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">207,053</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">SMBC Nikko Securities America, Inc.</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">207,053</TD><TD STYLE="font-size: 10pt; text-align: left">&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: 42; 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">Schedule I-<!-- 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">&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-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name of Forward Seller</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Number of <BR>
Firm <BR>
Shares to <BR>
be Sold</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Maximum Number<BR>
 of Borrowed <BR>
Additional Shares to <BR>
be Sold</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 63%; font-size: 10pt; text-align: left">BofA Securities, Inc.</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">675,000</TD><TD STYLE="width: 1%; 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>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FREE
WRITING PROSPECTUSES INCLUDED IN THE DISCLOSURE PACKAGE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P>

<P STYLE="margin: 0">&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="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule II</P></DIV>
    <!-- Field: /Page -->

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2511171d4_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2511171d4_ex5-1img002.jpg" ALT=""></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">April&nbsp;25, 2025</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: 50%; padding-right: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">32301 Woodward Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Royal Oak, Michigan 48073</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; font-size: 10pt">&nbsp;</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">Re:</TD><TD STYLE="text-align: justify">Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;) -- Registration of up to
5,175,000 shares (the &ldquo;Shares&rdquo;) of common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;), of the Company
to be sold to the public (the &ldquo;Offering&rdquo;) pursuant to a Registration Statement on Form&nbsp;S-3 (Registration No.&nbsp;333-271668)
filed with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on May&nbsp;5, 2023, as amended by Post-Effective
Amendment No.&nbsp;1 filed with the Commission on May&nbsp;6, 2024 (the &ldquo;Registration Statement&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; 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: 1in">We have acted as Maryland corporate
counsel to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;),
by the Company pursuant to the Registration Statement. You have requested our opinion with respect to the matters set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In our capacity as Maryland
corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (collectively, the &ldquo;Documents&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">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
corporate charter of the Company (the &ldquo;Charter&rdquo;) represented by Articles of Incorporation filed with the State Department
of Assessments and Taxation of Maryland (the &ldquo;Department&rdquo;) on December&nbsp;15, 1993, Articles of Amendment filed with the
Department on April&nbsp;7, 1994, two Articles Supplementary filed with the Department on December&nbsp;8, 2008, Articles Supplementary
filed with the Department on September&nbsp;21, 2012, Articles of Amendment filed with the Department on May&nbsp;8, 2013, two Articles
Supplementary filed with the Department on July&nbsp;31, 2013, Articles of Amendment filed with the Department on May&nbsp;5, 2015, Articles
of Amendment filed with the Department on May&nbsp;3, 2016, Articles Supplementary filed with the Department on February&nbsp;26, 2019
and Articles of Amendment filed with the Department on April&nbsp;25, 2019, Articles of Amendment filed with the Department on May&nbsp;7,
2021 and Articles Supplementary filed with the Department on September&nbsp;13, 2021;</FONT></P>

<P STYLE="font: 10pt Times 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">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Bylaws of the Company adopted as of November&nbsp;8, 2006, as amended and restated by the Amended and Restated Bylaws of the Company,
adopted as of May&nbsp;8, 2013, as amended by the First Amendment to the Amended and Restated Bylaws of the Company, adopted as of February&nbsp;26,
2019, as further amended and restated by the Second Amended and Restated Bylaws of the Company, adopted as of December&nbsp;6, 2024 (the
 &ldquo;Bylaws&rdquo;);</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;25, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">resolutions
adopted by the Board of Directors of the Company, or a duly authorized committee thereof, on or as of May&nbsp;4, 2023, April&nbsp;2,
2025 and April&nbsp;23, 2025, which, among other things, authorized the issuance of the Shares (together, the &ldquo;Directors&rsquo;
Resolutions&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
copy of the fully executed Underwriting Agreement, dated as of April&nbsp;23, 2025 (the &ldquo;Underwriting Agreement&rdquo;), by and
among the Company, Agree Limited Partnership, a Delaware limited partnership of which the Company acts as the general partner, BofA Securities,&nbsp;Inc.,
as representative of the several underwriters listed in Schedule I to the Underwriting Agreement (collectively, the &ldquo;Underwriters&rdquo;),
BofA Securities,&nbsp;Inc., as forward seller, and Bank of America, N.A., as forward counterparty;</FONT></P>

<P STYLE="font: 10pt Times 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)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Registration Statement and the related form of prospectus and prospectus supplement included therein, in substantially the form filed
with the Commission pursuant to the Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
certificate of Joey Agree, President and Chief Executive Officer of the Company, and Peter Coughenour, Chief Financial Officer and Secretary
of the Company, dated as of a recent date (the &ldquo;Officers&rsquo; Certificate&rdquo;), to the effect that, among other things, the
Charter, the Bylaws and the Directors&rsquo; Resolutions are true, correct and complete, have not been rescinded or modified and are in
full force and effect on the date of the Officers&rsquo; Certificate and certifying as to the approval, form, execution and delivery of
the Underwriting Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing under
the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">such
other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render this opinion, subject to
the limitations, assumptions and qualifications noted below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In reaching the opinions set
forth below, we have assumed the following:</P>

<P STYLE="font: 10pt Times 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)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">each
person executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so;</FONT></P>

<P STYLE="font: 10pt Times 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)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">each
natural person executing any of the Documents is legally competent to do so;</FONT></P>

<P STYLE="font: 10pt Times 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)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
of the Documents submitted to us as originals are authentic; any of the Documents submitted to us as certified or photostatic copies conform
to the original documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on
our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification
of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission
of the parties or otherwise;</FONT></P>

<P STYLE="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"><B>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;25, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Officers&rsquo; Certificate and all other certificates submitted to us are true and correct both when made and as of the date hereof;</FONT></P>

<P STYLE="font: 10pt Times 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)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Company has not, and is not required to be, registered under the Investment Company Act of 1940;</FONT></P>

<P STYLE="font: 10pt Times 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)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">none
of the Shares will be issued or transferred in violation of the provisions of Article&nbsp;Ninth of the Charter relating to restrictions
on ownership and transfer of shares of stock of the Company;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">none
of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
6 of Title 3 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;), in violation of Section&nbsp;3-602 of the MGCL; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">upon
each issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common Stock of the Company issued and
outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of shares of Common Stock that the
Company is authorized to issue under its Charter.</FONT></P>

<P STYLE="font: 10pt Times 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">Based on the foregoing, and
subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this 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">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland.</FONT></P>

<P STYLE="font: 10pt Times 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">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Shares to be issued in the Offering have been duly authorized for issuance by all necessary corporate action on the part of the Company
and, when issued and delivered by the Company to the Underwriters in accordance with the provisions of the Underwriting Agreement, in
exchange for payment therefor in accordance with the Directors&rsquo; Resolutions and the terms of the Underwriting Agreement, such Shares
will be validly issued, fully paid and non-assessable.</FONT></P>

<P STYLE="font: 10pt Times 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">The foregoing opinions are limited
to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion
as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or
as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinions are expressed herein
would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.</P>

<P STYLE="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"><B>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;25, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&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">This opinion letter is issued
as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our
attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become
aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after
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: 1in">We consent to your filing this
opinion as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the Shares, which is incorporated by reference
in the Registration Statement, and we further consent to the filing of this opinion as an exhibit to the applications to securities commissioners
for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland
corporate counsel to the Company in the section of the Registration Statement entitled &ldquo;Legal Matters&rdquo;. In giving this consent,
we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ballard Spahr LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>adc-20250423_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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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>8
<FILENAME>adc-20250423_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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end
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<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 23, 2025</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_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<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_AmendmentFlag', window );">Amendment Flag</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_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 23,  2025<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_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12928<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_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AGREE
REALTY CORPORATION<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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000917251<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_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-3148187<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_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<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_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">32301
                                   Woodward Avenue<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Royal
        Oak<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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48073<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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">248<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">737-4190<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_WrittenCommunications', window );">Written Communications</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_SolicitingMaterial', window );">Soliciting Material</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_PreCommencementTenderOffer', window );">Pre-commencement 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_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer 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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<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_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, $0.0001 par value<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ADC<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=adc_DepositarySharesMember', window );">Depositary Shares [Member]</a></td>
<td class="text">&#160;<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_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depositary
    Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ADCPrA<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<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_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>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</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_EntityEmergingGrowthCompany">
<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>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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</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_EntityFileNumber">
<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>
</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:fileNumberItemType</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_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>
</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:edgarStateCountryItemType</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_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>
</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_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>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</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_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>
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<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>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>
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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><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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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>
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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>
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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><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_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>
</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: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>
</table></div>
</div></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>
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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><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</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_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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<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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<td><strong> Balance Type:</strong></td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></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><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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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