<SEC-DOCUMENT>0001104659-24-121011.txt : 20241120
<SEC-HEADER>0001104659-24-121011.hdr.sgml : 20241120
<ACCEPTANCE-DATETIME>20241120160125
ACCESSION NUMBER:		0001104659-24-121011
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20241120
DATE AS OF CHANGE:		20241120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ramaco Resources, Inc.
		CENTRAL INDEX KEY:			0001687187
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE MINING [1220]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-274324
		FILM NUMBER:		241480256

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST MAIN STREET
		STREET 2:		SUITE 1800
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40507
		BUSINESS PHONE:		(859) 244-7455

	MAIL ADDRESS:	
		STREET 1:		250 WEST MAIN STREET
		STREET 2:		SUITE 1800
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40507
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2428032d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed
                                            Pursuant to Rule&nbsp;424(b)(5)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File No.&nbsp;333-274324</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><B>The
                                            information in this preliminary prospectus supplement is not complete and may be changed.
                                            A registration statement relating to the securities to be sold by the issuer has become effective
                                            under the Securities Act of 1933, as amended. This preliminary prospectus supplement and
                                            the accompanying base prospectus do not constitute an offer to sell these securities and
                                            are not soliciting an offer to buy these securities in any jurisdiction where the offer or
                                            sale is not permitted.</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; color: red"><FONT STYLE="text-transform: uppercase"><B>SUBJECT
    TO COMPLETION, DATED nOVEMBER 20, 2024</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRELIMINARY
                                            PROSPECTUS SUPPLEMENT</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><FONT STYLE="background-color: white">(to Prospectus
    dated September&nbsp;29, 2023)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="tm2428032d1_424b5img001.jpg" ALT="">&nbsp;</B></FONT></P>

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

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ramaco Resources,&nbsp;Inc.<BR>
% Senior Notes due 2029</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount
of our &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Senior Notes due 2029 (the &ldquo;Notes&rdquo;). Interest on the Notes will accrue from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, and will be paid quarterly in
arrears on January&nbsp;30, April&nbsp;30, July&nbsp;30 and October&nbsp;30 of each year, commencing on January&nbsp;30, 2025, and at
maturity. The Notes will mature on November&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;, 2029. We may redeem the Notes in whole or in part on or after &nbsp;&nbsp;&nbsp;&nbsp;&#8239;, at our option at
a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption,
as described under &ldquo;Description of Notes - Optional Redemption.&rdquo; In addition, we may redeem the Notes, in whole, but not
in part, at any time at our option, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to,
but not including, the date of redemption, upon the occurrence of certain change of control events, as described under &ldquo;Description
of Notes - Optional Redemption Upon Change of Control.&rdquo; The Notes will be issued in denominations of $25.00 and in integral multiples
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will be our senior unsecured obligations,
will rank equally with all of our existing and future senior unsecured indebtedness, including our 9.00% Senior Notes due 2026 issued
under an indenture, dated July&nbsp;13, 2021 between the Company and Wilmington Savings Fund Society, FSB, as trustee, as supplemented
by the first supplemental indenture, dated July&nbsp;13, 2021 (the &ldquo;2026 Notes&rdquo;), and will be senior to any other indebtedness
expressly made subordinate to the Notes. The Notes will be effectively subordinated to all of our existing and future secured indebtedness
(to the extent of the value of the assets securing such indebtedness) and structurally subordinated to all existing and future liabilities
of our subsidiaries, including trade payables. There was $34.5&nbsp;million in aggregate principal amount of our 2026 Notes issued and
outstanding as of September&nbsp;30, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Notes involves risks that
are described in the &ldquo;Risk Factors&rdquo; section beginning on <A HREF="#a_005">page&nbsp;S-5</A> of this prospectus supplement and in the documents
incorporated by reference herein.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus supplement. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to apply to list the Notes on the Nasdaq
Global Select Market (&ldquo;Nasdaq&rdquo;). If approved for listing, trading on Nasdaq is expected to begin within 30 business days
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, the original issue date. If such a listing is obtained, we have no obligation to maintain such listing, and we may delist
the Notes at any time.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; background-color: White">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per
                                            Note</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total<SUP>(2)(3)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%">Public offering price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discount<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds,
    before expenses, to us<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">See
                                            &ldquo;Underwriting&rdquo; for a description of all underwriting compensation payable in
                                            connection with this offering.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">Lucid
                                            Capital Markets, LLC (&ldquo;Lucid&rdquo;), as representative of the underwriters, may exercise
                                            an option to purchase up to an additional $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount of Notes offered hereby,
                                            within 30 days of the date of this prospectus supplement. If this option is exercised in
                                            full, the total public offering price will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , the total underwriting discount paid by
                                            us will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and total proceeds to us, before expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify">Total
                                            expenses of the offering payable by us, excluding underwriting discounts and commissions
                                            and the Structuring Fee (as defined in &ldquo;Underwriting&rdquo;) are estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                            .</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters expect to deliver the Notes
to purchasers in book-entry only form through the facilities of The Depository Trust Company for the accounts of its participants, on
or about , 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lucid Capital Markets&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; B. Riley Securities&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Janney Montgomery Scott &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Piper Sandler</B></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>The Benchmark Company &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; InspereX LLC &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Texas Capital Securities&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  William
Blair &amp; Company, L.L.C.</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">The date of this prospectus supplement is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><B>Table of Contents</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>Prospectus Supplement</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About this Prospectus Supplement</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-i</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note Regarding Forward-Looking
    Statements</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Other Indebtedness</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Notes</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Federal Income Tax Consequences</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-19</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find Additional Information</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation of Certain Information
    by Reference</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; vertical-align: bottom; width: 92%; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    This Prospectus</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
    Information</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#b_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Securities</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Common Stock</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Preferred Stock</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Depositary Shares</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Debt Securities</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Warrants</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Rights</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find Additional Information</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt"><A HREF="#b_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    of Certain Information by Reference</FONT></A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><A HREF="#b_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that delivery of the notes will be
made against payment therefor on or about the closing date specified on the cover page&nbsp;of this prospectus supplement, which
will be the third business day following the date of this prospectus supplement. This settlement cycle is referred to as
 &ldquo;T+3.&rdquo; Under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade notes prior to the date that is one business day preceding the settlement
date, will be required, by virtue of the fact that the notes initially will settle T+3, to specify an alternate settlement cycle at
the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes prior to the date that is one
business day preceding the settlement date should consult their own advisors.</P>

<P STYLE="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"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">We
have filed with the SEC a registration statement on Form&nbsp;S-3&nbsp;(File No.&nbsp;333-274324) utilizing a shelf registration process
relating to the securities described in this prospectus </FONT>supplement<FONT STYLE="color: #212529">, which registration statement
was declared effective on September&nbsp;29, 2023.</FONT></P>

<P STYLE="font: 10pt Times 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; color: #212529">This
document is in two parts. The first part is the prospectus supplement, which describes the terms of this offering of the Notes and also
adds to and updates information contained in the accompanying prospectus. The second part is the accompanying prospectus, which gives
more general information and disclosure. To the extent the information contained in this prospectus supplement differs from or is additional
to the information contained in the accompanying </FONT>prospectus, you should rely only on the information contained in this prospectus
supplement and the documents incorporated by reference herein. Please carefully read and consider all of the information contained in
this prospectus <FONT STYLE="color: #212529">supplement and the accompanying prospectus, including the information described under the
headings &ldquo;Incorporation of Certain Information by Reference,&rdquo; &ldquo;Where You Can Find Additional Information,&rdquo; and
 &ldquo;Risk&nbsp;Factors&rdquo; in this prospectus supplement and under the headings &ldquo;Incorporation of Certain Information by Reference,&rdquo;
 &ldquo;Where You Can Find Additional Information,&rdquo; and &ldquo;Risk Factors&rdquo; included in the accompanying prospectus, respectively,
before investing in the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither we nor the underwriters have authorized
any dealer, salesman or other person to give any information or to make any representation other than those contained in or incorporated
by reference into this prospectus supplement or the accompanying prospectus. If anyone provides you with different or inconsistent information,
you should not rely on it. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or a solicitation
of any offer to buy any security other than the Notes, nor do they constitute an offer to sell or a solicitation of an offer to buy any
securities in any jurisdiction or to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. The
information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus is accurate as
of the dates on their respective covers. Our financial condition, results of operations and prospects may have changed since those dates.
To the extent required by law, we will amend or supplement the information contained in or incorporated by reference into this prospectus
supplement and the accompanying prospectus to reflect any material changes subsequent to the date of this prospectus supplement and the
accompanying prospectus and prior to the completion of any offering pursuant to this prospectus supplement and the accompanying prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The&nbsp;Notes do not represent a deposit
or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured
by the Federal Deposit Insurance <FONT STYLE="color: #212529">Corporation, the Federal Reserve Board or any other government agency.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this prospectus supplement, except
as otherwise provided herein or unless the context otherwise requires:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">references
                                            to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; and the &ldquo;Company,&rdquo;
                                            unless the context requires otherwise, are to Ramaco Resources,&nbsp;Inc. and its consolidated
                                            subsidiaries&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">references
                                            to the &ldquo;Notes&rdquo; refer to the % Senior Notes due 2029 offered hereby.</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"><B><A NAME="a_002"></A>CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement and the documents
incorporated by reference include &ldquo;forward-looking statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;) and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;). All statements, other than statements of historical fact included in this prospectus supplement, regarding our strategy,
future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are
forward-looking statements. When used in this prospectus supplement, the words &ldquo;could,&rdquo; &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;project&rdquo; and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements
are based on management&rsquo;s current expectations and assumptions about future events and are based on currently available information
as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors
and other cautionary statements described under, but not limited to, the heading &ldquo;Item 1A. Risk Factors&rdquo; and &ldquo;Cautionary
Note Regarding Forward-Looking Statements&rdquo; in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023, &nbsp;Quarterly
Reports on Form&#8239;10-Q for the quarters ended March&#8239;31, 2024, June&#8239;30, 2024, and September&nbsp;30, 2024, and our other
filings with the SEC.</P>

<P STYLE="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">Forward-looking statements may include
but are not limited to statements about:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">anticipated
                                            production levels, costs, sales volumes, and revenue;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">timing
                                            and ability to complete major capital projects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">economic
                                            conditions in the metallurgical coal and steel industries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expected
                                            costs to develop planned and future mining operations, including the costs to construct necessary
                                            processing, refuse disposal and transport facilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimated
                                            quantities or quality of our metallurgical coal reserves;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to obtain additional financing on favorable terms, if required, to complete the acquisition
                                            of additional metallurgical coal reserves or to fund the operations and growth of our business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maintenance,
                                            operating or other expenses or changes in the timing thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            financial condition and liquidity of our customers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competition
                                            in coal markets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            price of metallurgical coal or thermal coal;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">compliance
                                            with stringent domestic and foreign laws and regulations, including environmental, climate
                                            change and health and safety regulations, and permitting requirements, as well as changes
                                            in the regulatory environment, the adoption of new or revised laws, regulations and permitting
                                            requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential
                                            legal proceedings and regulatory inquiries against us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            impact of weather and natural disasters on demand, production, and transportation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases
                                            by major customers and our ability to renew sales contracts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">credit
                                            and performance risks associated with customers, suppliers, contract miners, co-shippers
                                            and traders, banks, and other financial counterparties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">geologic,
                                            equipment, permitting, site access and operational risks and new technologies related to
                                            mining;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">transportation
                                            availability, performance, and costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">availability,
                                            timing of delivery and costs of key supplies, capital equipment or commodities such as diesel
                                            fuel, steel, explosives, and tires;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">timely
                                            review and approval of permits, permit renewals, extensions, and amendments by regulatory
                                            authorities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to comply with certain debt covenants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax
                                            payments to be paid for the current fiscal year;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            expectations relating to dividend payments and our ability to make such payments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            anticipated benefits and impacts of previous acquisitions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to Russia&rsquo;s invasion of Ukraine and the international community&rsquo;s response;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to weakened global economic conditions and inflation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to the Company&rsquo;s tracking stock structure and separate performance of its Carbon
                                            Ore-Rare Earth (&ldquo;CORE&rdquo;) assets; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other
                                            risks identified in this prospectus supplement that are not historical.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We caution you that these forward-looking statements
are subject to a number of risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control,
incident to the development, production, gathering and sale of coal. Moreover, we operate in a very competitive and rapidly changing
environment and additional risks may arise from time to time. It is not possible for our management to predict all of the risks associated
with our business, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors,
may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe
that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this prospectus supplement
are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could
differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these risks and uncertainties,
investors should not place undue reliance on forward-looking statements as a prediction of actual results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All forward-looking statements, expressed or
implied, included in this prospectus supplement are expressly qualified in their entirety by this cautionary statement and speak only
as of the date of this prospectus supplement. This cautionary statement should also be considered in connection with any subsequent written
or oral forward-looking statements that we or persons acting on our behalf may issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise required by applicable law,
we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section,
to reflect events or circumstances after the date of this prospectus supplement.</P>

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

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

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<DIV STYLE="border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center"><A NAME="a_003"></A><B>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>This summary highlights information contained
elsewhere in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein.
This summary does not contain all of the information that you should consider before deciding to invest in our securities. You should
read this entire prospectus supplement and the accompanying prospectus carefully, including the section entitled &ldquo;Risk Factors&rdquo;
beginning on page&nbsp;S-5 and our consolidated financial statements and the related notes and the other information incorporated
by reference into this prospectus supplement and the accompanying prospectus, before making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center"><B>About Ramaco Resources,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">Ramaco Resources,&#8239;Inc. is a Delaware
corporation formed in October&#8239;2016. Our Class&#8239;A common stock and Class&#8239;B common stock are listed on the Nasdaq Global
Select Market under the symbols &ldquo;METC&rdquo; and &ldquo;METCB,&rdquo; respectively. Our 9.00% Senior Notes due 2026, or the 2026
Notes, are listed on the Nasdaq Global Select Market under the symbol &ldquo;METCL&rdquo;. There was $34.5&nbsp;million in aggregate
principal amount of our 2026 Notes issued and outstanding as of September&nbsp;30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&#8239;We are an operator and developer of
high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Our executive offices are located in Lexington,
Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are a pure play metallurgical coal company
with 59 million reserve tons and 1,119 million of measured and indicated resource tons of high-quality metallurgical coal.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">Our development portfolio primarily includes
the following properties: Elk Creek, Berwind, Knox Creek and Maben. We believe each of these properties possesses geologic and logistical
advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic target customer base, North American
blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We also control mineral deposits near
Sheridan, Wyoming as part of the Company&rsquo;s initiatives regarding the potential recovery of rare earth elements as well as the potential
commercialization of coal-to-carbon-based products and materials.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">Our results and the entire met coal industry&rsquo;s
results this year have been significantly impacted by the continuing export of China&rsquo;s overproduction of steel, both to the developed
and developing world. This has led steel companies to both cut back on their own production and to reduce the price they are willing
to pay for their met coal feedstock. Moreover, renewed global economic concerns, including those related to the military conflict involving
Russia and Ukraine, have caused volatility in the commodity markets. This volatility, including market expectations of potential changes
in coal prices and inflationary pressures on steel products, has had a significant effect on market prices and may affect overall demand
for our coal as well as the cost of supplies and equipment.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">During the first nine months of 2024, we
sold 2.9 million tons of coal and recognized $495.4 million of revenue. Of this amount, 33% was sold in North American markets, including
Canada, and 67% was sold into export markets. During the same period of 2023, we sold 2.5 million tons of coal and recognized $490.8
million of revenue. Of this amount, 34% of our sales were sold in North American markets, including Canada, with the remaining 68% being
sold into the export markets. Sales into export markets, which often includes index-based pricing, creates greater potential opportunity
to positive variability in pricing.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">As of September&nbsp;30, 2024, the
Company had outstanding performance obligations of approximately 1.7 million tons for contracts with fixed sales prices averaging
$151 per ton, excluding freight, as well as 1.6 million tons for contracts with index-based pricing mechanisms. The Company expects
to satisfy approximately 36% of the committed tons in the fourth quarter of 2024, 63% in 2025, and 1% in 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center"><B>&#8239;Our Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">We seek to increase stockholder value through
sustained earnings growth, cash flow generation and dividends by:&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>Developing and Operating Our Metallurgical
Coal Properties.&#8239;</I>We have 59 million reserve tons and 1,119 million measured and indicated resource tons of high-quality metallurgical
coal with attractive quality characteristics across high-volatility and low-volatility segments. This geologically advantaged resource
and reserve base allows for flexible capital spending in challenging market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&#8239;We plan to complete development of
our existing properties and increase annual production over the next few years to more than 7 million clean tons of metallurgical coal,
subject to market conditions, permitting and additional capital deployment. We may also acquire additional reserves or infrastructure
that contribute to our focus on advantaged geology and lower costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&#8239;<I>Being a Low-Cost U.S. Producer
of Metallurgical Coal.<B>&#8239;</B></I>Our reserve base presents advantaged geologic characteristics such as relatively thick coal seams
at the deep mines, a low effective mining ratio at the surface mines, and desirable metallurgical coal quality. These characteristics
contribute to a production profile that has a cash cost of production that is significantly below most U.S. metallurgical coal producers.
 &#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>Maintaining a Conservative Capital Structure
and Prudently Managing the Business for the Long Term.&#8239;</I>We are committed to maintaining a conservative capital structure with
a reasonable amount of debt that will afford us the financial flexibility to execute our business strategies on an ongoing basis.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>Enhancing Coal Purchase Opportunities.&#8239;</I>Depending
on market conditions, we purchase coal from other independent producers. Purchased coal is complementary from a blending standpoint with
our produced coals or it may also be sold as an independent product.&#8239;</P>

</DIV>

<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"></P>

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

<DIV STYLE="border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>Demonstrating
                                     Excellence in Safety and Environmental Stewardship.</I>&#8239;We are committed to complying with
                                     both regulatory and our own high standards for environmental and employee health and safety requirements.
                                     We believe that business excellence is achieved through the pursuit of safer and more productive
                                     work practices.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>Advancing our Initiatives in Rare Earth
Elements and Advanced Carbon Products</I>. We are also focused on critical mineral rare earth development as well as the potential commercialization
of coal-to-carbon-based products and materials. These initiatives provide additional growth opportunities and upside potential in future
periods. Additionally, we continue to progress on additional mining and testing at our rare earth and critical mineral Brook Mine in
Sheridan, Wyoming.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center"><B>&#8239;Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&#8239;Our principal domestic competitors
include Alpha Metallurgical Resources,&#8239;Inc., Blackhawk Mining, LLC, Coronado Global Resources Inc., Arch Resources,&#8239;Inc.,
Peabody Energy Corporation and Warrior Met Coal,&#8239;Inc. We also compete in international markets directly with domestic companies
and with companies that produce coal from one or more foreign countries, such as Australia, Canada, and Colombia. Many of these coal
producers are larger than we are and have greater financial resources and larger reserve bases than we do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center"><B>&#8239;Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&#8239;Our headquarters are located at 250
West Main Street, Suite&#8239;1900, Lexington, Kentucky 40507, and our telephone number is (859) 244-7455. Our investor relations website
address is ir.ramacoresources.com.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 5.4pt">Information contained on, or that can be accessed through,
our website is not incorporated by reference into this prospectus supplement, and you should not consider information on our website
to be part of this prospectus supplement.</P>

</DIV>

<P STYLE="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>

<DIV STYLE="border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><B>THE
                                     OFFERING</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 5.4pt; text-align: justify"><I>The summary below describes the principal
terms of the Notes. Some of the terms and conditions described below are subject to important limitations and exceptions. See &ldquo;Description
of Notes&rdquo; for a more detailed description of the terms and conditions of the Notes. All capitalized terms not defined herein have
the meanings specified in &ldquo;Description of Notes.&rdquo; Unless otherwise indicated, the information in this prospectus supplement
assumes that the underwriters do not exercise their overallotment option to purchase additional Notes.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; width: 33%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; width: 67%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ramaco Resources,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes
                                            Offered</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 100.5pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate
    principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Senior Notes due 2029 (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate
    principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Senior Notes due 2029 if the underwriters&rsquo;
    overallotment option is exercised in full).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Offering Price</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">100%
    of the principal amount. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Maturity</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    Notes will mature on November&nbsp;&nbsp;&nbsp;&nbsp;, 2029, unless redeemed prior to maturity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Interest Rate and Payment
    Dates</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">%
    interest per annum on the principal amount of the Notes, payable quarterly in arrears on January&nbsp;30, April&nbsp;30, July&nbsp;30
    and October&nbsp;30 of each year, commencing on January&nbsp;30, 2025, and at maturity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Ranking</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The
                                            Notes will be our senior unsecured obligations. Accordingly, they will rank:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;equal
    in right of payment with all of our existing and future unsecured senior indebtedness including our 2026 Notes&#894;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;effectively
    subordinate in right of payment to all of our existing and future secured obligations, including indebtedness under our Revolving
    Credit Facility, Equipment Loans (defined below), and Insurance Financing Arrangements (defined below), to the extent of the value
    of the assets securing such indebtedness&#894;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;structurally
    subordinate to all existing and future indebtedness and liabilities (including trade payables) of our subsidiaries&#894; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;senior
    in right of payment to any other indebtedness expressly made subordinate to the Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture governing the Notes will not
    limit the amount of indebtedness that we or our subsidiaries may incur or whether any such indebtedness can be secured by our assets.
    As of September&nbsp;30, 2024, we had approximately $43.5 million of outstanding of secured indebtedness, and $34.5&nbsp;million
    in aggregate principal amount of our 2026 Notes issued and outstanding.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Guarantors</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    Notes will not be guaranteed by any of our subsidiaries or affiliates.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We
                                            may redeem the Notes, in whole or in part, on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at our option, at any time and from
                                            time to time, prior to maturity at a redemption price equal to 100% of their principal amount,
                                            plus accrued and unpaid interest to, but not including, the date of redemption. See &ldquo;Description
                                            of Notes - Optional Redemption&rdquo; for additional details.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we may redeem the Notes, in
    whole, but not in part, at any time at our option, at a redemption price equal to 100% of the principal amount plus accrued and unpaid
    interest to, but not including, the date of redemption, upon the occurrence of certain change of control events. See &ldquo;Description
    of Notes - Optional Redemption Upon Change of Control&rdquo; for additional details.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Sinking Fund</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    Notes will not be subject to any sinking funding (i.e., no amounts will be set aside by us to ensure repayment of the Notes at maturity).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">We
    anticipate using the net proceeds for general corporate purposes, including funding future investments, making capital
    expenditures and funding working capital. For additional information, see &ldquo;Use of Proceeds.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Events of Default</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Events
    of default generally will include failure to pay principal, failure to pay interest, failure to observe or perform any other covenant
    or warranty in the Notes or in the indenture that governs the Notes, and certain events of bankruptcy, insolvency or reorganization.
    See &ldquo;Description of Notes - Events of Default.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Certain Covenants</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    indenture that governs the Notes will contain certain covenants, including, but not limited to, restrictions on our ability to merge
    or consolidate with or into any other entity. These covenants are subject to important qualifications and exceptions. See &ldquo;Description
    of Notes - Covenants.&rdquo;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

</DIV>

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

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

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

<DIV STYLE="border: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">


<TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; width: 33%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>No Financial
Covenants</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; width: 67%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The indenture
    governing the Notes will not contain financial covenants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Additional Notes</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">We
    may create and issue additional Notes ranking equally and ratably with the Notes in all respects, so that such additional Notes will
    constitute and form a single series with the Notes and will have the same terms as to status, redemption or otherwise (except the
    price to the public, the issue date and, if applicable, the initial interest accrual date and the initial interest payment date)
    as the Notes&#894; provided that if any such additional Notes are not fungible with the Notes initially offered hereby for U.S. federal
    income tax purposes, such additional Notes will have one or more separate CUSIP numbers.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Defeasance</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    Notes are subject to legal and covenant defeasance by us. See &ldquo;Description of Notes - Defeasance&rdquo; for more information.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Listing</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">We
    intend to apply to list the Notes on Nasdaq under the symbol &ldquo;METCZ.&rdquo; If the Notes are approved for listing,
    we expect trading in the Notes to begin within 30 business days of the original issue date. The underwriters have advised us that
    they intend to make a market in the Notes prior to commencement of any trading on Nasdaq. However, the underwriters will have no
    obligation to do so, and no assurance can be given that a market for the Notes will develop prior to commencement of trading on Nasdaq
    or, if developed, will be maintained.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Form&nbsp;and Denomination</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    Notes will be issued in book-entry form in denominations of $25 and integral multiples thereof. The Notes will be represented by
    a permanent global certificate deposited with the trustee as custodian for The Depository Trust Company (&ldquo;DTC&rdquo;) and registered
    in the name of a nominee of DTC. Beneficial interests in any of the Notes will be shown on, and transfers will be effected only through,
    records maintained by DTC and its direct and indirect participants and any such interest may not be exchanged for certificated securities,
    except in limited circumstances.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Settlement</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Delivery
    of the Notes offered hereby will be made against payment therefor on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Trustee </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Wilmington
    Savings Fund Society, FSB.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Governing Law</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The
    indenture and the Notes will be governed by and construed in accordance with the laws of the State of New York.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">An
    investment in the Notes involves significant risks. Please refer to &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-5
    and other information included or incorporated by reference in this prospectus for a discussion of factors you should carefully consider
    before investing. </FONT></TD></TR>
  </TABLE>

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





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

</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>An investment in the Notes involves significant
risks, including the risks described below and discussed under the section captioned &ldquo;Risk Factors&rdquo; contained in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024003256/metc-20231231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023</A>, which are incorporated by reference in this prospectus supplement
in their entirety. Before purchasing the Notes, you should carefully consider each of the following risk factors as well as the other
information contained in this prospectus supplement and the documents incorporated by reference, including our consolidated financial
statements and the related notes. Each of these risk factors, either alone or taken together, could adversely affect our business, operating
results and financial condition, as well as adversely affect the value of an investment in the Notes. The risks described below are not
the only ones we face. Additional risks of which we are not presently aware or that we currently believe are immaterial may also impair
our business operations and financial position. If any of the events described below were to occur, our financial condition, our results
of operations and/or our future growth prospects could be materially and adversely affected. As a result, you could lose some or all
of any investment you may have made or may make in our Company.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to this Offering</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"><B><I>We may be able to incur substantially more debt, which could
have important consequences to you.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be able to incur substantial additional
indebtedness in the future. The terms of the indenture governing the Notes will not prohibit us from doing so. If we incur any additional
indebtedness that ranks equally with the Notes, the holders of that debt will be entitled to share ratably with you in any proceeds distributed
in connection with any insolvency, liquidation, reorganization or dissolution. This may have the effect of reducing the amount of proceeds
paid to you. Incurrence of additional debt would also further reduce the cash available to invest in operations, as a result of increased
debt service obligations. If new debt is added to our current debt levels, the related risks that we now face could intensify.</P>

<P STYLE="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">Our level of indebtedness could have
important consequences to you, because:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">it
                                            could affect our ability to satisfy our financial obligations, including those relating to
                                            the Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            substantial portion of our cash flows from operations would have to be dedicated to interest
                                            and principal payments and may not be available for operations, capital expenditures, expansion,
                                            acquisitions or general corporate or other purposes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">it
                                            may impair our ability to obtain additional debt or equity financing in the future&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">it
                                            may limit our ability to refinance all or a portion of our indebtedness on or before maturity&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">it
                                            may limit our flexibility in planning for, or reacting to, changes in our business and industry&#894;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">it
                                            may make us more vulnerable to downturns in our business, our industry or the economy in
                                            general.</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">Our operations may not generate sufficient cash
to enable us to service our debt. If we fail to make a payment on the Notes, we could be in default on the Notes, and this default could
cause us to be in default on other indebtedness (including the 2026 Notes), to the extent outstanding. Conversely, a default under any
other indebtedness, if not waived, could result in acceleration of the debt outstanding under the related agreement and entitle the holders
thereof to bring suit for the enforcement thereof or exercise other remedies provided thereunder. In addition, such default or acceleration
may result in an event of default and acceleration of other indebtedness of the Company, entitling the holders thereof to bring suit
for the enforcement thereof or exercise other remedies provided thereunder. If a judgment is obtained by any such holders, such holders
could seek to collect on such judgment from the assets of the Company. If that should occur, we may not be able to pay all such debt
or to borrow sufficient funds to refinance it. Even if new financing were then available, it may not be on terms that are acceptable
to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, no event of default under the Notes
would result from a default or acceleration of, or suit, other exercise of remedies or collection proceeding by holders of, our other
outstanding debt, if any. As a result, all or substantially all of our assets may be used to satisfy claims of holders of our other outstanding
debt, if any, without the holders of the Notes having any rights to such assets. The indenture governing the Notes will not restrict
our ability to incur additional indebtedness.</P>

<P STYLE="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><I>Our amount of debt outstanding will increase as a result of
this offering. Our future indebtedness could adversely affect our business, financial condition, results of operations, and ability to
meet our payment obligations under the Notes and our other debt.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The use of debt could have significant consequences
on our future operations, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">making
                                            it more difficult for us to meet our payment and other obligations under the Notes and our
                                            other outstanding indebtedness;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">resulting
                                            in an event of default if we fail to comply with the financial and other restrictive covenants
                                            contained in our financing arrangements, which event of default could result in substantially
                                            all of our debt becoming immediately due and payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing
                                            the availability of our cash flow to fund investments, acquisitions and other general corporate
                                            purposes, and limiting our ability to obtain additional financing for these purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">subjecting
                                            us to the risk of increased sensitivity to interest rate increases on our indebtedness with
                                            variable interest rates, including borrowings under our financing arrangements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limiting
                                            our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes
                                            in our business, the industry in which we operate and the general economy; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                            of the above-listed&nbsp;factors could have an adverse effect on our business, financial
                                            condition and results of operations and our ability to meet our payment obligations under
                                            the Notes and our other debt.</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">Our ability to meet our payment and other obligations
under our financing arrangements depends on our ability to generate significant cash flow in the future. This, to some extent, is subject
to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control.
We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under
our financing arrangements or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes and our
other future debt and to fund other liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations,
we may need to refinance or restructure our debt, including the Notes, sell assets, reduce or delay capital investments, or seek to raise
additional capital. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations
under the Notes and our other debt.</P>

<P STYLE="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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Notes will be unsecured and therefore will be effectively
subordinated to any secured indebtedness that we currently have or that we may incur in the future and will rank pari passu with, which
means equal to, all outstanding and future unsecured unsubordinated indebtedness issued by us and our general liabilities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will not be secured by any of our
assets or any of the assets of our subsidiaries. As a result, the Notes will be effectively subordinated to any secured indebtedness
that we or our subsidiaries have currently outstanding, including indebtedness under our Revolving Credit Facility, Equipment
Loans, and Insurance Financing Arrangements, or may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent
of the value of the assets securing such indebtedness. The indenture governing the Notes will not prohibit us or our subsidiaries
from incurring additional secured (or unsecured) indebtedness in the future. In any liquidation, dissolution, bankruptcy or other
similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our
subsidiaries may assert rights against the assets pledged to secure that indebtedness and may consequently receive payment from
these assets before they may be used to pay other creditors, including the holders of the Notes. The Notes will rank pari passu
with, which means equal to, all outstanding and future unsecured unsubordinated indebtedness issued by us, including the 2026 Notes,
of which we had $34.5 million outstanding as of September&nbsp;30, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Notes will be structurally subordinated to the indebtedness
and other liabilities of our subsidiaries.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes are obligations exclusively of Ramaco
Resources,&nbsp;Inc. and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes, and the Notes are not
required to be guaranteed by any subsidiaries we may acquire or create in the future. Therefore, in any bankruptcy, liquidation or similar
proceeding, all claims of creditors (including trade creditors) of our subsidiaries will have priority over our equity interests in such
subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries.
Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any
security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to
our claims. Consequently, the Notes will be structurally subordinated to all indebtedness and other liabilities (including trade payables)
of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. The
indenture governing the Notes will not prohibit us or our subsidiaries from incurring additional indebtedness in the future. In addition,
future debt and security agreements entered into by our subsidiaries may contain various restrictions, including restrictions on payments
by our subsidiaries to us and the transfer by our subsidiaries of assets pledged as collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our subsidiaries conduct the substantial majority of our operations
and own our operating assets.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our subsidiaries conduct the substantial majority
of our operations and own our operating assets. As a result, our ability to make required payments on the Notes depends in part on the
operations of our subsidiaries and our subsidiaries&rsquo; ability to distribute funds to us. To the extent our subsidiaries are unable
to distribute, or are restricted from distributing, funds to us, we may be unable to fulfill our obligations under the Notes. Our subsidiaries
are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay amounts due on the Notes or to make
funds available for that purpose. The Notes will not be guaranteed by any of our subsidiaries or any other person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The indenture under which the Notes will be issued will contain
limited protection for holders of the Notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture under which the Notes will be issued
will offer limited protection to holders of the Notes. The terms of the indenture and the Notes will not restrict our or any of our subsidiaries&rsquo;
ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse
impact on your investment in the Notes. In particular, the terms of the indenture and the Notes will not place any restrictions on our
or our subsidiaries&rsquo; ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue
                                            debt securities or otherwise incur additional indebtedness or other obligations, including
                                            (1)&nbsp;any indebtedness or other obligations that would be equal in right of payment to
                                            the Notes, (2)&nbsp;any indebtedness or other obligations that would be secured and therefore
                                            rank effectively senior in right of payment to the Notes to the extent of the values of the
                                            assets securing such debt, (3)&nbsp;indebtedness of ours that is guaranteed by one or more
                                            of our subsidiaries and which therefore is structurally senior to the Notes and (4)&nbsp;securities,
                                            indebtedness or obligations issued or incurred by our subsidiaries that would be senior to
                                            our equity interests in our subsidiaries and therefore rank structurally senior to the Notes
                                            with respect to the assets of our subsidiaries&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pay
                                            dividends on, or purchase or redeem or make any payments in respect of, capital stock or
                                            other securities subordinated in right of payment to the Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sell
                                            assets (other than certain limited restrictions on our ability to consolidate, merge or sell
                                            all or substantially all of our assets)&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">enter
                                            into transactions with affiliates&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">create
                                            liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback
                                            transactions&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make
                                            investments&#894; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">create
                                            restrictions on the payment of dividends or other amounts to us from our subsidiaries.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the indenture will not include any
protection against certain events, such as a change of control, a leveraged recapitalization or &ldquo;going private&rdquo; transaction
(which may result in a significant increase of our indebtedness levels), restructuring or similar transactions. Furthermore, the terms
of the indenture and the Notes will not protect holders of the Notes in the event that we experience changes (including significant adverse
changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere
to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow, or liquidity. Also, an event of default
or acceleration under our other indebtedness would not necessarily result in an Event of Default under the Notes.</P>

<P STYLE="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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to recapitalize, incur additional
debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder
of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting
the trading value of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other debt we issue or incur in the future could
contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. The
issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the
Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An increase in market interest rates could result in a decrease
in the value of the Notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The condition of the financial markets and prevailing
interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market
prices of the Notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in
value. Consequently, if you purchase Notes bearing interest at fixed rates and market interest rates increase, the market values of those
Notes may decline. We cannot predict the future level of market interest rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An active trading market for the Notes may not develop, which
could limit the market price of the Notes or your ability to sell them.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes are a new issue of debt securities
for which there currently is no trading market. We intend to apply to list the Notes on Nasdaq within 30 business days of the original
issue date under the symbol &ldquo;METCZ.&rdquo; We cannot provide any assurances that an active trading market will develop
for the Notes or that you will be able to sell your Notes. If the Notes are traded after their initial issuance, they may trade at a
discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings,
general economic conditions, our financial condition, performance and prospects and other factors. The underwriters have advised us that
they intend to make a market in the Notes pending any listing of the Notes on Nasdaq, but they are not obligated to do so. The underwriters
may discontinue any market-making in the Notes at any time at their sole discretion. Accordingly, we cannot assure you that a liquid
trading market will develop for the Notes, that you will be able to sell your Notes at a particular time or that the price you receive
when you sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the Notes
may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of
time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, there may be a limited number of
buyers when you decide to sell your Notes. This may affect the price, if any, offered for your Notes or your ability to sell your Notes
when desired or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may issue additional Notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture governing the Notes will provide
that we may from time to time, without notice to or the consent of the holders of the Notes, create and issue additional Notes which
will be equal in rank to the Notes. We may issue such additional Notes, even if such issuance would not constitute a &ldquo;qualified
reopening&rdquo; for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may redeem the Notes before maturity, and you may be unable
to reinvest the proceeds at the same or a higher rate of return.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may redeem the Notes in whole or in part on
or after &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, at our option at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not
including, the date of redemption, as described under &ldquo;Description of Notes - Optional Redemption.&rdquo; In addition, we may redeem
the Notes, in whole, but not in part, at any time at our option, at a redemption price equal to 100% of the principal amount plus accrued
and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events, as described
under &ldquo;Description of Notes - Optional Redemption Upon Change of Control.&rdquo; If a redemption does occur, you may be unable
to reinvest the money you receive in the redemption at a rate that is equal to or higher than the rate of return on the Notes. Our redemption
right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches.</P>

<P STYLE="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><I>We will have broad discretion to use the proceeds from this
offering.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will have broad discretion to allocate the
proceeds of this offering for general corporate purposes and we may not be able to allocate these proceeds for other productive uses.</P>

<P STYLE="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><I>If we default on our obligations to pay our other indebtedness,
we may not be able to make payments on the Notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any default under the agreements governing our
indebtedness, including a default under any future credit facility or other indebtedness to which we may be a party that is not waived
by the required lenders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium,
if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash
flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our
indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments
governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness, including the Notes.
In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and
payable, together with accrued and unpaid interest, the lender under any future credit facility or other debt we may incur in the future
could elect to terminate its commitment, cease making further loans and institute foreclosure proceedings against our assets, and we
could be forced into bankruptcy or liquidation. In addition, any such default may constitute a default under the Notes, which could further
limit our ability to repay our debt, including the Notes. If our operating performance declines, we may in the future need to seek to
obtain waivers from the lender under debt that we may incur in the future (for example, under a credit facility) to avoid being in default.
If we breach our covenants under such debt and seek a waiver, we may not be able to obtain a waiver from the required lenders. If this
occurs, we would be in default under the debt, the lender could exercise its rights as described above, and we could be forced into bankruptcy
or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the
debt. Because any future credit facilities will likely have customary cross-default provisions, if the indebtedness under the Notes or
under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.</P>

<P STYLE="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><I>A downgrade, suspension or withdrawal of the credit rating assigned
by a rating agency to us or the Notes, if any, could cause the liquidity or market value of the Notes to decline significantly.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our credit ratings, if any, are an assessment
by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally
affect the market value of the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or
marketing of the Notes. Credit ratings are paid for by the issuer and are not a recommendation to buy, sell or hold any security, and
may be revised or withdrawn at any time by the issuing organization in its sole discretion. An explanation of the significance of ratings
may be obtained from the rating agency. Generally, rating agencies base their ratings on such material and information, and such of their
own investigations, studies and assumptions, as they deem appropriate. Neither we nor any underwriter undertakes any obligation to maintain
our credit ratings or to advise holders of Notes of any changes in our credit ratings. There can be no assurance that our credit ratings
will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agency if
in their judgment future circumstances relating to the basis of the credit ratings, such as adverse changes in our company, so warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The credit ratings for the Notes could at
any time be revised downward or withdrawn entirely at the discretion of the issuing rating agency.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit ratings only reflect the views of the issuing
rating agency or agencies and such ratings could at any time be revised downward or withdrawn entirely at the discretion of the issuing
rating agency. A rating is not a recommendation to purchase, sell or hold the Notes. Credit ratings do not reflect market prices or suitability
of a security for a particular investor and the rating of the Notes may not reflect all risks related to us and our business, or the structure
or market value of the Notes. We may elect to issue other securities for which we may seek to obtain a rating in the future. If we issue
other securities with a credit rating, such ratings, if they are lower than market expectations or are subsequently lowered or withdrawn,
could adversely affect the market for or the market value of the Notes.</P>

<P STYLE="font: 10pt 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"><A NAME="a_006"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the net proceeds from this offering
will be approximately $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; million after discounts, commissions and expenses related to this offering (but excluding the Structuring Fee
(as defined in &ldquo;Underwriting&rdquo;)) (or approximately $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; million if the underwriters&rsquo; overallotment option is exercised
in full). We intend to use the net proceeds from this offering for general corporate purposes, including funding future investments, making capital expenditures and funding working capital.</P>

<P STYLE="font: 10pt 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"><A NAME="a_007"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization
as of September&nbsp;30, 2024:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            an actual basis&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                            an as adjusted basis to give effect to this offering as if it occurred on that date.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read the data set forth in the table
below in conjunction with &ldquo;Use of Proceeds&rdquo; appearing elsewhere in this prospectus supplement, as well as our unaudited financial
statements and the accompanying notes and the section entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations,&rdquo; each included in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024015069/metc-20240930x10q.htm" STYLE="-sec-extract: exhibit">Quarterly
Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2024</A>, and incorporated by reference herein.</P>

<P STYLE="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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">In thousands.</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of September&nbsp;30,
    2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjusted<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">In thousands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">22,864</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and other liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">174,966</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Asset retirement obligations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,435</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt<SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revolving
    Credit Facility<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">43,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
    Loans<SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">524</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026
    Notes<SUP>(5)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33,646</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Notes offered hereby</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Unamortized debt issuance costs on the
    Notes offered hereby</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total long-term debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">77,170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">283,571</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">361,824</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total capitalization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">645,395</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; 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: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Excludes up to an additional $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount of Notes issuable
                                            upon the exercise of the underwriters&rsquo; overallotment option.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(2)</TD><TD>Does not include Insurance Financing Arrangements. See &ldquo;Description of Other Indebtedness &ndash; Insurance Financing Arrangements.&rdquo;</TD></TR>
                                                                                                                        </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>At November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, there was no outstanding borrowings
                                            under the Revolving Credit Facility and we had remaining availability of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million.
                                            See &ldquo;Description of Other Indebtedness - Revolving Credit Facility.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>At November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, the outstanding principal balance under
                                            the Equipment Loans was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. See &ldquo;Description of Other Indebtedness
                                            &ndash; Equipment Loans.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>At November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, the outstanding principal balance under
                                            the 2026 Notes was $34.5 million. See &ldquo;Description of Other Indebtedness &ndash; 2026
                                            Notes.&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: center"><A NAME="a_008"></A><B>DESCRIPTION OF OTHER INDEBTEDNESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529">At September&nbsp;30, 2024, we
had $78.0 million of outstanding debt, or $77.2 million net of unamortized discounts and issuance costs. Our indebtedness was comprised
of $43.0 million of outstanding borrowings under the Revolving Credit Facility and $34.5 million of 2026 Notes ($33.6 million net of
unamortized discounts and issuance costs).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><I>Revolving Credit Facility</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529">On May&nbsp;3, 2024, the Company
entered into the First Amendment Agreement to the Second Amended and Restated Credit and Security Agreement, which includes KeyBank National
Association (&ldquo;KeyBank&rdquo;) and multiple lending parties, in order to, among other things, extend the maturity date and increase
the size of the facility. The amended facility (the &ldquo;Revolving Credit Facility&rdquo;) has a maturity date of May&nbsp;3, 2029,
and provides an initial aggregate revolving commitment of $200.0 million as well as an accordion feature to increase the size by an additional
$75.0 million subject to certain terms and conditions, including lenders&rsquo; consent. Prior to the First Amendment Agreement, the
facility had a maturity date of February&nbsp;15, 2026, and an initial aggregate revolving commitment of $125.0 million as well as an
accordion feature of $50.0 million. The borrowing base at September&nbsp;30, 2024 was $100.9&nbsp;million based on eligible accounts
receivable and inventory collateral and reserve requirements. The remaining availability under the facility at September&nbsp;30, 2024,
after $43.0&nbsp;million of outstanding borrowings, was $57.9&nbsp;million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529">Revolving loans under the facility
bear interest at either the base rate plus&nbsp;1.50% or the Secured Overnight Financing Rate plus&nbsp;2.50%. The base rate equals the
highest of the administrative agent&rsquo;s prime rate, the Federal Funds Effective Rate plus&nbsp;0.5%, or&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; color: #212529">The terms of the facility include
covenants limiting the ability of the Company to incur additional indebtedness, make investments or loans, incur liens, consummate mergers
and similar fundamental changes, make restricted payments, and enter into transactions with affiliates. The terms of the facility also
require the Company to maintain certain covenants, including fixed charge ratio and compensating balance requirements. A fixed charge
coverage ratio of not less than&nbsp;1.10:1.00, calculated as of the last day of each fiscal quarter, must be maintained by the Company.
In addition, the Company must maintain an average daily cash balance of $5&nbsp;million, as determined on a monthly basis, in a dedicated
account as well as an additional $2.5&nbsp;million in a separate dedicated accounts to assure future credit availability. At September&nbsp;30,
2024, we were in compliance with all debt covenants under the Revolving Credit Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529"><I>Equipment Loans</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Komatsu
Financial Limited Partnership Loan&mdash;</I></FONT>On August&nbsp;16, 2021, we entered into an equipment loan with Komatsu Financial
Limited Partnership, as lender, in the principal amount of approximately $1.0&nbsp;million for the financing of surface equipment (the
 &ldquo;Komatsu Equipment Loan&rdquo;). Additional equipment loans of $0.7&nbsp;million were entered into during October&nbsp;2022. The
Komatsu Equipment Loan bears interest at&nbsp;4.6% per annum and is payable in&nbsp;36 monthly&nbsp;installments of $36&nbsp;thousand
for the first six months and then at $28&nbsp;thousand until maturity. The outstanding principal balance of the Komatsu Equipment Loan
was $0.2&nbsp;million at September&nbsp;30, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Brandeis
Machinery&nbsp;&amp; Supply Company&mdash;</I></FONT>On January&nbsp;11, 2022, we entered into equipment loans with Brandeis Machinery&nbsp;&amp;
Supply Company, as lender, in the principal amount of $1.4&nbsp;million for the financing of surface equipment (the &ldquo;Brandeis Equipment
Loans&rdquo;). The Brandeis Equipment Loans bear interest at&nbsp;4.8% per annum and are payable in&nbsp;48&nbsp;monthly&nbsp;installments.
The outstanding principal balance of the Brandeis Equipment Loans was $0.3&nbsp;million at September&nbsp;30, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Komatsu Equipment Loan and the Brandeis Equipment
Loans are collectively referred to as the &ldquo;Equipment Loans.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; background-color: white; color: #212529"><I>2026 Notes</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">On
July&nbsp;13, 2021, we completed an offering of $34.5&nbsp;million, in the aggregate, of the Company&rsquo;s&nbsp;9.00% Senior Unsecured
Notes due 2026 (the &ldquo;2026 Notes&rdquo;), less $2.4&nbsp;million for issuance costs. The 2026 Notes mature on July&nbsp;30, 2026,
unless redeemed prior to maturity. The 2026 Notes bear interest at a rate of&nbsp;9.00% per annum, payable quarterly in arrears on the
30th day of January, April, July&nbsp;and October&nbsp;of each year. We may redeem the 2026 Notes in whole or in part, at our option,
at any time, at a redemption price equal to&nbsp;100% of the principal amount plus accrued and unpaid interest to, but not including,
the date of redemption. Issuance costs for the 2026 Notes included </FONT>underwriters&rsquo; <FONT STYLE="color: #212529">fees, attorney,
accounting and filing costs totaling $2.4&nbsp;million. These issuance costs are reported as a debt discount which is being amortized
over the 2026 Notes term using an effective rate method. The outstanding principal remains at $34.5&nbsp;million; however, the balance
of the 2026 Notes reported at September&nbsp;30, 2024, was $33.6&nbsp;million, which is net of unamortized discounts and issuance costs
of $0.9&nbsp;million. The effective interest rate is approximately&nbsp;10.45%.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company did not have an outstanding debt balance under any Insurance Financing Arrangements at September 30, 2024. Subsequent to September
30, 2024, the Company financed premium payments of $5.8 million associated with various insurance policies, which must be repaid
to a third-party finance company in monthly installments (the &ldquo;Insurance Financing Arrangements&rdquo;). The outstanding debt balance
under the Insurance Financing Arrangements was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; million at November&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; , 2024.<I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>DESCRIPTION OF NOTES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ramaco Resources,&nbsp;Inc. (the &ldquo;Company&rdquo;)
will issue $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in aggregate principal amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Senior Notes due 2029 (the &ldquo;Notes&rdquo;) under an indenture dated as of July&nbsp;13,
2021 (the &ldquo;base indenture&rdquo;) between the Company and Wilmington Savings Fund Society, FSB, as trustee (the &ldquo;trustee&rdquo;),
as supplemented by the second supplemental indenture (together with the base indenture, the &ldquo;indenture&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">Unless the context requires otherwise, all references
to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and the &ldquo;Company&rdquo; in this section refer solely to Ramaco Resources,&nbsp;Inc.,
the issuer of the Notes, and not to any of its subsidiaries.</P>

<P STYLE="font: 10pt Times 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 following description is only a summary of
certain provisions of the indenture and the Notes. You should read these documents in their entirety because they, and not this description,
define your rights as holders of the Notes. The following summary does not purport to be complete and is subject to, and is qualified
in its entirety by reference to, the indenture and to the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;),
and to all of the provisions of the indenture and those terms made a part of the indenture by reference to the Trust Indenture Act.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            be our general unsecured, senior obligations&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            be initially limited to an aggregate principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (assuming no exercise of the underwriters&rsquo;
                                            option to purchase additional Notes described herein)&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            mature on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2029 unless earlier redeemed or repurchased, and 100% of the aggregate principal
                                            amount will be paid at maturity&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            bear cash interest from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 at an annual rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, payable quarterly in arrears on January&nbsp;30,
                                            April&nbsp;30, July&nbsp;30 and October&nbsp;30 of each year, beginning on January&nbsp;30,
                                            2025, and at maturity&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            be redeemable at our option, in whole or in part, at any time on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at the prices
                                            and on the terms described under &ldquo;- Optional Redemption&rdquo; below&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            be redeemable at our option, in whole, but not in part, at any time upon the occurrence of
                                            certain change of control events, at the prices and on the terms described under &ldquo;-
                                            Optional Redemption Upon Change of Control&rdquo; below&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            be issued in denominations of $25 and integral multiples of $25 in excess thereof&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            not have a sinking fund&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are
                                            expected to be listed on Nasdaq under the symbol &ldquo;METCZ&rdquo;&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                            be represented by one or more registered Notes in global form, but in certain limited circumstances
                                            may be represented by Notes in definitive form.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture does not limit the amount of indebtedness
that we or our subsidiaries may issue. The indenture does not contain any financial covenants and does not restrict us from paying dividends
or issuing or repurchasing our other securities. Other than restrictions described under &ldquo;- Covenants - Merger, Consolidation or
Sale of Assets&rdquo; below, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes
protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result
of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such
holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time, without the consent
of the existing holders, issue additional Notes having the same terms as to status, redemption or otherwise (except the price to public,
the issue date and, if applicable, the initial interest accrual date and the initial interest payment date) that may constitute a single
fungible series with the Notes offered by this prospectus supplement&#894; provided that if any such additional Notes are not fungible
with the Notes initially offered hereby for U.S. federal income tax purposes, such additional Notes will have one or more separate CUSIP
numbers. For the avoidance of doubt, such additional Notes will still constitute a single series with all other Notes issued under the
indenture for all purposes, including waivers, amendments, redemptions and offers to purchase.</P>

<P STYLE="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>Ranking</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes are senior unsecured obligations of
the Company and, upon our liquidation, dissolution or winding up, will rank (i)&nbsp;senior to the outstanding shares of our common stock,
(ii)&nbsp;senior to any of our future subordinated debt, (iii)&nbsp;pari passu (or equally) with our outstanding and future unsecured
and unsubordinated indebtedness, including the 2026 Notes, (iv)&nbsp;effectively subordinated to any existing or future secured indebtedness
(including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets
securing such indebtedness, and (v)&nbsp;structurally subordinated to all existing and future indebtedness of our subsidiaries, financing
vehicles or similar facilities. See &ldquo;Risk Factors - The Notes will be unsecured and therefore will be effectively subordinated
to any secured indebtedness that we currently have or that we may incur in the future.&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">The Notes will be obligations solely of the Company
and will not be guaranteed by any of our subsidiaries. We derive substantially all of our operating income and cash flow from our investments
in our subsidiaries. Claims of creditors of our subsidiaries generally will have priority with respect to the assets and earnings of
such subsidiaries over the claims of our creditors, including holders of the Notes. As a result, the Notes will be effectively subordinated
to creditors, including trade creditors and preferred stockholders, if any, other than us, of our subsidiaries. See &ldquo;Risk Factors
- The Notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries.&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">As of November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, we had approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of outstanding indebtedness, of which $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was secured.</P>

<P STYLE="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>Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest on the Notes will accrue at an annual
rate equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% from and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but excluding, the maturity date or earlier acceleration or redemption and will be payable
quarterly in arrears on January&nbsp;30, April&nbsp;30, July&nbsp;30 and October&nbsp;30 of each year, beginning on January&nbsp;30,
2025 and at maturity, to the holders of record at the close of business on the immediately preceding January&nbsp;15, April&nbsp;15,
July&nbsp;15 and October&nbsp;15, as applicable (whether or not a business day).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial interest period for the Notes will
be the period from and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, to, but excluding, January&nbsp;30, 2025, and subsequent interest periods will be the periods
from and including an interest payment date to, but excluding, the next interest payment date or the stated maturity date, as the case
may be. The amount of interest payable for any interest period, including interest payable for any partial interest period, will be computed
on the basis of a 360-day year comprised of twelve 30-day months. If an interest payment date falls on a non-business day, the applicable
interest payment will be made on the next business day and no additional interest will accrue as a result of such delayed payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Business day&rdquo; means, for any place
where the principal and interest on the Notes is payable, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day in
which banking institutions in New York or Wilmington, Delaware are authorized or obligated by law or executive order to close.</P>

<P STYLE="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>Optional Redemption</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as described below and under &ldquo;Optional
Redemption Upon Change of Control,&rdquo; the Notes will not be redeemable by us at our option prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes may be redeemed for cash in whole or
in part at any time at our option on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and prior to maturity, at a price equal to 100% of their principal amount, plus accrued
and unpaid interest to, but excluding, the date of redemption. In each case, redemption shall be upon notice not fewer than 10 days and
not more than 60 days prior to the date fixed for redemption, except that redemption notices may be delivered more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of the Notes or a discharge of the indenture. Notices of
redemption may be subject to satisfaction or waiver of one or more conditions precedent specified in the notice of redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If less than all of the Notes are to be redeemed,
the particular Notes to be redeemed will be selected not more than 45 days prior to the redemption date by the trustee from the outstanding
Notes not previously called for redemption, by lot, or in the trustee&rsquo;s discretion, on a pro-rata basis, subject to the applicable
procedures of DTC, provided that the unredeemed portion of the principal amount of any Notes will be in an authorized denomination (which
will not be less than the minimum authorized denomination) for such Notes. The trustee will promptly notify us in writing of the Notes
selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. Beneficial
interests in any of the Notes or portions thereof called for redemption that are registered in the name of DTC or its nominee will be
selected by DTC in accordance with DTC&rsquo;s applicable procedures.</P>

<P STYLE="font: 10pt Times 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 trustee shall have no obligation to calculate
any redemption price or any component thereof, and the trustee shall be entitled to receive and conclusively rely upon an officer&rsquo;s
certificate delivered by the Company that specifies any redemption 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">Unless we default on the payment of the redemption
price, on and after the date of redemption, interest will cease to accrue on the Notes called for redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may at any time, and from time to time, purchase
Notes at any price or prices in the open market or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Optional Redemption Upon Change of Control</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes may be redeemed for cash in whole but
not in part at our option at any time within 90 days of the occurrence of a Change of Control, at a price equal to 100% of their principal
amount, plus accrued and unpaid interest to, but excluding, the date of redemption. Redemption shall be upon notice not fewer than 10
days and not more than 60 days prior to the date fixed for redemption. Notices of redemption may be subject to satisfaction or waiver
of one or more conditions precedent specified in the notice of redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &ldquo;Change of Control&rdquo; will be deemed
to have occurred at the time after the Notes are originally issued if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">any &ldquo;Person&rdquo; (as such term is
                                            used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act) is or becomes the &ldquo;Beneficial
                                            Owner&rdquo; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange Act, except that
                                            for purposes of this clause (1)&nbsp;such Person shall be deemed to have &ldquo;Beneficial
                                            Ownership&rdquo; of all shares that any such Person has the right to acquire, whether such
                                            right is exercisable immediately or only after the passage of time), directly or indirectly,
                                            of more than 50.0% of the total voting power of the Voting Stock of the Company&#894;</TD></TR></TABLE>

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

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

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

<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the merger or consolidation of the Company
                                            with or into another Person or the merger of another Person with or into the Company, or
                                            the sale of all or substantially all the assets of the Company (determined on a consolidated
                                            basis) to another Person other than a transaction following which, in the case of a merger
                                            or consolidation transaction, holders of securities that represented 100.0% of the Voting
                                            Stock of the Company immediately prior to such transaction (or other securities into which
                                            such securities are converted as part of such merger or consolidation transaction) own directly
                                            or indirectly at least a majority of the voting power of the Voting Stock of the surviving
                                            Person in such merger or consolidation transaction immediately after such <FONT STYLE="font-size: 7pt">t</FONT>ransaction
                                            and in substantially the same proportion as before the transaction&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">&ldquo;Continuing Directors&rdquo; (as defined
                                            below) cease to constitute at least a majority of the Company&rsquo;s board of directors&#894;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">if after the Notes are initially listed on
                                            the Nasdaq or another national securities exchange, the Notes fail, or at any point cease,
                                            to be listed on the Nasdaq or such other national securities exchange. For the avoidance
                                            of doubt, it shall not be a Change of Control if after the Notes are initially listed on
                                            the Nasdaq or another national securities exchange, such Notes are subsequently listed on
                                            a different national securities exchange and the prior listing is terminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Continuing Director</I>&rdquo; means
a director who either was a member of our board of directors on the issue date of the Notes or who becomes a member of our board of directors
subsequent to that date and whose election, appointment or nomination for election by our stockholders is duly approved by a majority
of the continuing directors on our board of directors at the time of such approval by such election or appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Voting Stock</I>&rdquo; of any specified
Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in the election of the Board
of Directors of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our Notes will have rights if an Event
of Default occurs in respect of the Notes and is not cured, as described later in this subsection. The term &ldquo;Event of Default&rdquo;
in respect of the Notes means any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            do not pay interest on any Note when due, and such default is not cured within 30 days&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            do not pay the principal of the Notes when due and payable&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            breach any covenant or warranty in the indenture with respect to the Notes and such breach
                                            continues for 60 days after we receive a written notice of such breach from the trustee or
                                            the holders of at least 25% of the principal amount of the Notes&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain
                                            specified events of bankruptcy, insolvency or reorganization occur and remain undischarged
                                            or unstayed for a period of 90 days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trustee may withhold notice to the holders
of the Notes of any default, except in the payment of principal or interest, if the trustee in good faith determines the withholding
of notice to be in the interest of the holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each year, we will furnish to the trustee a written
statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the Notes, or else
specifying any default, its status and what actions we are taking or propose to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Remedies if an Event of Default Occurs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Event of Default has occurred and is continuing,
the trustee or the holders of not less than 25% of the outstanding principal amount of the Notes may declare the entire principal amount
of the Notes, together with accrued and unpaid interest, if any, to be due and payable immediately by a notice in writing to us and,
if notice is given by the holders of the Notes, the trustee. This is called an &ldquo;acceleration of maturity.&rdquo; If the Event of
Default occurs in relation to our filing for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur, the
principal amount of the Notes, together with accrued and unpaid interest, if any, will automatically, and without any declaration or
other action on the part of the trustee or the holders, become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time after a declaration of acceleration
of the Notes has been made by the trustee or the holders of the Notes and before any judgment or decree for payment of money due has
been obtained by the trustee, the holders of a majority of the outstanding principal of the Notes, by written notice to us and the trustee,
may rescind and annul such declaration and its consequences if (i)&nbsp;we have paid or deposited with the trustee all amounts due and
owed with respect to the Notes (other than principal that has become due solely by reason of such acceleration) and certain other amounts,
and (ii)&nbsp;any other Events of Default have been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At our election, the sole remedy with respect
to an Event of Default due to our failure to comply with certain reporting requirements under the Trust Indenture Act or under &ldquo;-
Covenants - Reporting&rdquo; below, for the first 180 calendar days after the occurrence of such Event of Default, consists exclusively
of the right to receive additional interest on the Notes at an annual rate equal to (1)&nbsp;0.25% for the first 90 calendar days after
such default and (2)&nbsp;0.50% for calendar days 91 through 180 after such default. On the 181<SUP>st</SUP> day after such Event of
Default, if such violation is not cured or waived, the trustee or the holders of not less than 25% of the outstanding principal amount
of the Notes may declare the principal, together with accrued and unpaid interest, if any, on the Notes to be due and payable immediately.
If we choose to pay such additional interest, we must notify the trustee and the holders of the Notes by certificate of our election
at any time on or before the close of business on the first business day following the Event of Default and we shall deliver to the trustee
an officer&rsquo;s certificate (upon which the trustee may rely conclusively) to that effect stating (i)&nbsp;the amount of such additional
interest that is payable and (ii)&nbsp;the date on which such additional interest is payable. Unless and until the trustee receives such
a certificate, the trustee may assume without inquiry that no such additional interest is payable and the trustee shall not have any
duty to verify our calculations of additional interest.</P>

<P STYLE="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">Before a holder of the Notes is allowed to bypass
the trustee and bring a lawsuit or other formal legal action or take other steps to enforce such holder&rsquo;s rights relating to the
Notes, the following must occur:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">such
                                            holder must give the trustee written notice that the Event of Default has occurred and remains
                                            uncured&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            holders of at least 25% of the outstanding principal of the Notes must have made a written
                                            request to the trustee to institute proceedings in respect of such Event of Default in its
                                            own name as trustee&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">such
                                            holder or holders must have offered to the trustee indemnity satisfactory to the trustee
                                            against the costs, expenses and liabilities to be incurred in compliance with such request&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            trustee for 60 days after its receipt of such notice, request and offer of indemnity has
                                            failed to institute any such proceeding&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">no
                                            direction inconsistent with such written request has been given to the trustee during such
                                            60-day period by holders of a majority of the outstanding principal of the Notes.</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">No delay or omission in exercising any right
or remedy will be treated as a waiver of that right, remedy or Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of a majority in principal amount
of the outstanding Notes may waive any default or Event of Default and its consequences, except defaults or Events of Default regarding
payment of principal, premium, if any, or interest, unless we have cured the default or Event of Default in accordance with the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any waiver shall cure the default or Event of
Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of the indenture, if an
Event of Default occurs and continues, the trustee is under no obligation to exercise any of its rights or powers under the indenture
at the request or direction of any of the holders, unless such holders have offered the trustee security or indemnity satisfactory to
the trustee. The holders of a majority in principal amount of the outstanding Notes will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee,
with respect to the Notes, provided that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            direction so given by the holder is not in conflict with any law or the indenture, nor does
                                            it subject the trustee to a risk of personal liability in respect of which the trustee has
                                            not received indemnification satisfactory to it in its sole discretion against all losses,
                                            liabilities and expenses caused by taking or not taking such action&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            trustee may take any other action deemed proper by the trustee which is not inconsistent
                                            with such direction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                            holder of the Notes will have the right to institute a proceeding under the indenture or
                                            to appoint a receiver or trustee, or to seek other remedies only if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            holder has given written notice to the trustee of a continuing Event of Default&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            holders of at least 25% in aggregate principal amount of the then-outstanding Notes have
                                            made written request to the trustee to institute proceedings in respect of such Event of
                                            Default in its own name as trustee under the indenture, and such holders have offered security
                                            or indemnity satisfactory to the trustee to institute the proceeding as trustee&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            trustee does not institute the proceeding, and does not receive from the holders of a majority
                                            in aggregate principal amount of the outstanding Notes other conflicting directions within
                                            60 days after the notice, request and offer.</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">These limitations do not apply to a suit instituted
by a holder if we default in the payment of the principal, premium, if any, or interest on, the Notes.</P>

<P STYLE="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>Book-entry and other indirect holders of the Notes should consult
their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel
an acceleration of maturity.</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"><B><I>Waiver of Defaults</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of not less than a majority of the
outstanding principal amount of the Notes may on behalf of the holders of all Notes waive any past default with respect to the Notes
other than (i)&nbsp;a default in the payment of principal or interest on the Notes when such payments are due and payable (other than
by acceleration as described above), or (ii)&nbsp;in respect of a covenant that cannot per the terms of the indenture be modified or
amended without the consent of each holder of Notes.</P>

<P STYLE="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>Covenants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to standard covenants relating to
payment of principal and interest, maintaining an office where payments may be made or securities can be surrendered for payment, payment
of taxes by us and related matters, the following covenants will apply to the Notes.</P>

<P STYLE="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><I>Merger, Consolidation or Sale of Assets</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture provides that we will not merge
or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey
or otherwise dispose of all or substantially all our property in any one transaction or series of related transactions unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            are the surviving entity or the entity (if other than us) formed by such merger or consolidation
                                            or to which such sale, transfer, lease, conveyance or disposition is made will be a corporation
                                            or limited liability company organized and existing under the laws of the United States of
                                            America, any state thereof or the District of Columbia&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            surviving entity (if other than us) expressly assumes, by supplemental indenture in form
                                            reasonably satisfactory to the trustee, executed and delivered to the trustee by such surviving
                                            entity, the due and punctual payment of the principal of, and premium, if any, and interest
                                            on, all the Notes outstanding, and the due and punctual performance and observance of all
                                            the covenants and conditions of the indenture to be performed by us&#894;</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">immediately
                                            after giving effect to such transaction or series of related transactions, no default or
                                            Event of Default has occurred and is continuing&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in
                                            the case of a merger where the surviving entity is other than us, we will deliver, or cause
                                            to be delivered, to the trustee, an officers&rsquo; certificate and an opinion of counsel,
                                            each stating that such transaction and the supplemental indenture, if any, in respect thereto,
                                            comply with this covenant and that all conditions precedent in the indenture relating to
                                            such transaction have been complied with&#894; provided that in giving an opinion of counsel,
                                            counsel may rely on an officers&rsquo; certificate as to any matters of fact, including as
                                            to the satisfaction of the preceding bullet.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The surviving entity (if other than us) will
succeed to, and be substituted for, and may exercise every right and power of, the Company under the Notes and the indenture, and the
Company will automatically and unconditionally be released and discharged from its obligations under the Notes and the indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, at any time, we are not subject to the reporting
requirements of Sections 13 or 15(d)&nbsp;of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders
of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial
statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal
quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance
with GAAP, consistently applied, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The posting or delivery of any such information,
documents and reports to the trustee is for informational purposes only and the trustee&rsquo;s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company&rsquo;s
compliance with any of the covenants under the indenture (as to which the trustee is entitled to rely exclusively on an officer&rsquo;s
certificate). The trustee shall have no duty to review or analyze reports, information and documents delivered to it. Additionally, the
trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company&rsquo;s compliance with the covenants
or with respect to any reports or other documents filed with any protected online data system or participate on any conference calls.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are three types of changes we can make
to the indenture and the Notes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes Not Requiring Approval</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We can make certain changes to the indenture
and the Notes without the specific approval of the holders of the Notes. This type is limited to clarifications and certain other changes
that would not adversely affect holders of the Notes in any material respect and include changes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            evidence the succession of another corporation, and the assumption by the successor corporation
                                            of our covenants, agreements and obligations under the indenture and the Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            add to our covenants such new covenants, restrictions, conditions or provisions for the protection
                                            of the holders of the Notes, and to make the occurrence, or the occurrence and continuance,
                                            of a default in any of such additional covenants, restrictions, conditions or provisions
                                            an Event of Default&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            modify, eliminate or add to any of the provisions of the indenture to such extent as necessary
                                            to effect the qualification of the indenture under the Trust Indenture Act, and to add to
                                            the indenture such other provisions as may be expressly permitted by the Trust Indenture
                                            Act, excluding however, the provisions referred to in Section&nbsp;316(a)(2)&nbsp;of the
                                            Trust Indenture Act&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            cure any ambiguity or to correct or supplement any provision contained in the indenture or
                                            in any supplemental indenture which may be defective or inconsistent with other provisions&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            secure the Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            evidence and provide for the acceptance and appointment of a successor trustee and to add
                                            or change any provisions of the indenture as necessary to provide for or facilitate the administration
                                            of the trust by more than one trustee&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            make provisions in regard to matters or questions arising under the indenture, so long as
                                            such other provisions do not materially adversely affect the interest of any other holder
                                            of the Notes.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes Requiring Approval of Each Holder</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot make certain changes to the Notes without
the specific approval of each holder of the Notes. The following is a list of those types of changes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changing
                                            the stated maturity of the principal of, or any installment of interest on, any Note&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing
                                            the principal amount or rate of interest of any Note&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changing
                                            the place of payment where any Note or any interest is payable&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">impairing
                                            the right to institute suit for the enforcement of any payment on or after the date on which
                                            it is due and payable&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing
                                            the percentage in principal amount of holders of the Notes whose consent is needed to modify
                                            or amend the indenture&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing
                                            the percentage in principal amount of holders of the Notes whose consent is needed to waive
                                            compliance with certain provisions of the indenture or to waive certain defaults.</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"><B><I>Changes Requiring Majority Approval</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any other change to the indenture and the Notes
would require the approval by holders of not less than a majority in aggregate principal amount of the outstanding Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consent from holders to any change to the indenture
or the Notes must be given in writing. The consent of the holders of the Notes is not necessary under the indenture to approve the particular
form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment.</P>

<P STYLE="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><I>Further Details Concerning Voting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of Notes deemed to be outstanding
for the purpose of voting will include all Notes authenticated and delivered under the indenture as of the date of determination except:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Notes
                                            cancelled by the trustee or delivered to the trustee for cancellation&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Notes
                                            for which we have deposited with the trustee or paying agent or set aside in trust money
                                            for their payment or redemption and, if money has been set aside for the redemption of the
                                            Notes, notice of such redemption has been duly given pursuant to the indenture to the satisfaction
                                            of the trustee&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Notes
                                            held by the Company, its subsidiaries or any other entity which is an obligor under the Notes,
                                            unless such Notes have been pledged in good faith and the pledgee is not the Company, an
                                            affiliate of the Company or an obligor under the Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Notes
                                            which have undergone full defeasance, as described below&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Notes
                                            which have been paid or exchanged for other Notes due to such Notes loss, destruction or
                                            mutilation, with the exception of any such Notes held by bona fide purchasers who have presented
                                            proof to the trustee that such Notes are valid obligations of the Company.</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">We will generally be entitled to set any day
as a record date for the purpose of determining the holders of the Notes that are entitled to vote or take other action under the indenture,
and the trustee will generally be entitled to set any day as a record date for the purpose of determining the holders of the Notes that
are entitled to join in the giving or making of any Notice of Default, any declaration of acceleration of maturity of the Notes, any
request to institute proceedings or the reversal of such declaration. If we or the trustee set a record date for a vote or other action
to be taken by the holders of the Notes, that vote or action can only be taken by persons who are holders of the Notes on the record
date and, unless otherwise specified, such vote or action must take place on or prior to the 180th day after the record date. We may
change the record date at our option, and we will provide written notice to the trustee and to each holder of the Notes of any such change
of record date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture will provide that we can elect
to be discharged from our obligations with respect to the Notes, except for specified obligations, including obligations to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">register
                                            the transfer or exchange of the Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">replace
                                            stolen, lost or mutilated Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maintain
                                            paying agencies&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">hold
                                            monies for payment in trust.</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">In order to exercise our rights to be discharged,
we must (i)&nbsp;deposit with the trustee money or U.S. government obligations, or a combination thereof, sufficient (to the extent of
any U.S. government obligations, in the opinion of a nationally recognized firm of independent public accountants, investment bank or
appraisal firm, to generate enough cash to make interest, principal and any other applicable payments on the Notes on the applicable
due date) to pay all the principal of, any premium and interest on, the Notes on the dates payments are due, (ii)&nbsp;deliver irrevocable
written instructions to the trustee to apply the deposited cash and/or U.S. government obligations toward the payment of the Notes at
maturity or on the redemption date, as the case may be, and (iii)&nbsp;deliver an officer&rsquo;s certificate and opinion of counsel
to the trustee, stating that all conditions precedent under the indenture relating to the satisfaction and discharge of the indenture
have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>U.S. government obligations</I>&rdquo;
means securities that are (1)&nbsp;direct obligations of the United States for the payment of which its full faith and credit is pledged,
or (2)&nbsp;obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which in either case, are
not callable or redeemable by the issuer thereof and shall also include a depository receipt issued by a bank (as defined in Section&nbsp;3(a)(2)&nbsp;of
the Securities Act) as custodian with respect to any such U.S. government obligations or a specific payment of principal of or interest
on any such U.S. government obligations held by such custodian for the account of the holder of such depository receipt&#894; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. government obligations or the specific payment of
principal of or interest on the U.S. government obligations evidenced by such depository receipt.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following defeasance provisions will be applicable
to the Notes. &ldquo;Defeasance&rdquo; means that, by irrevocably depositing with the trustee an amount of cash denominated in U.S. dollars
and/or U.S. government obligations sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional
conditions noted below, we will be deemed to have been discharged from our obligations under the Notes. In the event of a &ldquo;covenant
defeasance,&rdquo; upon depositing such funds and satisfying similar conditions discussed below we would be released from certain covenants
under the indenture governing the Notes. The consequences to the holders of the Notes would be that, while they would no longer benefit
from certain covenants under the indenture, and while the Notes could not be accelerated for any reason, the holders of the Notes nonetheless
would be guaranteed to receive the principal and interest owed to them.</P>

<P STYLE="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><I>Covenant Defeasance</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the indenture, we have the option to take
the actions described below and be released from some of the restrictive covenants under the indenture under which the Notes were issued.
This is called &ldquo;covenant defeasance.&rdquo; In that event, holders of the Notes would lose the protection of those restrictive
covenants but would gain the protection of having money and government securities set aside in trust to repay the Notes. In order to
achieve covenant defeasance, the following must occur:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            must irrevocably deposit or cause to be deposited with the trustee as trust funds for the
                                            benefit of all holders of the Notes cash, U.S. government obligations or a combination of
                                            cash and U.S. government obligations sufficient, without reinvestment, in the opinion of
                                            a nationally recognized firm of independent public accountants, investment bank or appraisal
                                            firm, to generate enough cash to make interest, principal and any other applicable payments
                                            on the Notes on their various due dates&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            must deliver to the trustee an opinion of counsel stating that under U.S. federal income
                                            tax law, we may make the above deposit and covenant defeasance without causing holders to
                                            be taxed on the Notes differently than if those actions were not taken&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            covenant defeasance must not cause any Notes, if then listed on any securities exchange,
                                            to be delisted&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">no
                                            default or Event of Default with respect to the Notes has occurred and is continuing, and
                                            no defaults or Events of Defaults related to bankruptcy, insolvency or organization occurs
                                            during the 90 days following the deposit&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            covenant defeasance must not cause the trustee to have a conflicting interest within the
                                            meaning of the Trust Indenture Act&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            covenant defeasance must not result in a breach or violation of, or constitute a default
                                            under, the indenture or any other material agreements or instruments to which we are a party&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            covenant defeasance must not result in the trust arising from the deposit constituting an
                                            investment company within the meaning of the Investment Company Act of 1940, as amended (the
                                            &ldquo;Investment Company Act&rdquo;), unless such trust will be registered under the Investment
                                            Company Act or exempt from registration thereunder&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            must deliver to the trustee an officers&rsquo; certificate and an opinion of counsel stating
                                            that all conditions precedent with respect to the covenant defeasance have been complied
                                            with.</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"><B><I>Full Defeasance</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a change in U.S. federal income tax
law, we can legally release ourselves from all payment and other obligations on the Notes if we take the following actions below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            must irrevocably deposit or cause to be deposited with the trustee as trust funds for the
                                            benefit of all holders of the Notes cash, U.S. government obligations or a combination of
                                            cash and U.S. government obligations sufficient, without reinvestment, in the opinion of
                                            a nationally recognized firm, of independent public accountants, investment bank or appraisal
                                            firm, to generate enough cash to make interest, principal and any other applicable payments
                                            on the Notes on their various due dates&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            must deliver to the trustee an opinion of counsel confirming that there has been a change
                                            to the current U.S. federal income tax law or an Internal Revenue Service ruling that allows
                                            us to make the above deposit without causing holders to be taxed on the Notes any differently
                                            than if we did not make the deposit&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            full defeasance must not cause any Notes, if then listed on any securities exchange, to be
                                            delisted&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">no
                                            default or Event of Default with respect to the Notes has occurred and is continuing and
                                            no defaults or Events of Defaults related to bankruptcy, insolvency or organization occurs
                                            during the 90 days following the deposit&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            full defeasance must not cause the trustee to have a conflicting interest within the meaning
                                            of the Trust Indenture Act&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            full defeasance must not result in a breach or violation of, or constitute a default under,
                                            the indenture or any other material agreements or instruments to which we are a party&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            full defeasance must not result in the trust arising from the deposit constituting an investment
                                            company within the meaning of the Investment Company Act unless such trust will be registered
                                            under the Investment Company Act or exempt from registration thereunder&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            must deliver to the trustee an officers&rsquo; certificate and an opinion of counsel stating
                                            that all conditions precedent with respect to the full defeasance have been complied with.</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">In the event that the trustee is unable to apply
the funds held in trust to the payment of obligations under the Notes by reason of a court order or governmental injunction or prohibition,
then those of our obligations discharged under the full defeasance or covenant defeasance will be revived and reinstated as though no
deposit of funds had occurred, until such time as the trustee is permitted to apply all funds held in trust under the procedure described
above to the payment of obligations under the Notes. However, if we make any payment of principal or interest on the Notes to the holders,
we will have the right to receive such payments from the trust in the place of the holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counsel may rely on an officers&rsquo; certificate
as to any matters of fact in giving an opinion of counsel in connection with the full defeasance or covenant defeasance provisions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have applied to list the Notes on Nasdaq under
the symbol &ldquo;METCZ.&rdquo; If the application is approved, we expect trading in the Notes on Nasdaq to begin within 30 business
days of the date of the original issue date. The Notes are expected to trade &ldquo;flat,&rdquo; meaning that purchasers will not pay
and sellers will not receive any accrued and unpaid interest on the Notes that is not included in the trading price thereof.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Global Notes&#894; Book-Entry Issuance</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will be issued in the form of one or
more global certificates, or &ldquo;Global Notes,&rdquo; registered in the name of The Depository Trust Company, or &ldquo;DTC.&rdquo;
DTC has informed us that its nominee will be Cede&nbsp;&amp; Co. Accordingly, we expect Cede&nbsp;&amp; Co. to be the initial registered
holder of the Notes. No person that acquires a beneficial interest in the Notes will be entitled to receive a certificate representing
that person&rsquo;s interest in the Notes except as described herein. Unless and until definitive securities are issued under the limited
circumstances described below, all references to actions by holders of the Notes will refer to actions taken by DTC upon instructions
from its participants, and all references to payments and notices to holders will refer to payments and notices to DTC or Cede&nbsp;&amp;
Co., as the registered holder of these securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DTC has informed us that it is a limited-purpose
trust company organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial
Code, and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act. DTC holds and
provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money
market instruments from over 100 countries that DTC&rsquo;s participants, or &ldquo;Direct Participants,&rdquo; deposit with DTC. DTC
also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities
through electronic computerized book-entry transfers and pledges between Direct Participants&rsquo; accounts. This eliminates the need
for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers,
banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly owned subsidiary of The Depository Trust&nbsp;&amp;
Clearing Corporation, or &ldquo;DTCC.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif">DTCC
is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered
clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such
as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain
a custodial relationship with a Direct Participant, either directly or indirectly (&ldquo;Indirect Participants&rdquo; and, together
with Direct Participants, &ldquo;Participants&rdquo;). DTC has an S&amp;P rating of AA+ and a Moody&rsquo;s rating of Aaa. The DTC Rules&nbsp;applicable
to its participants are on file with the SEC. More information about DTC can be found at </FONT>www.dtcc.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchases of the Notes under the DTC system must
be made by or through Direct Participants, which will receive a credit for the Notes on DTC&rsquo;s records. The ownership interest of
each actual purchaser of each Note, or the &ldquo;Beneficial Owner,&rdquo; is in turn to be recorded on the Direct and Indirect Participants&rsquo;
records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected
to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct
or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Notes
are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial
Owners will not receive certificates representing their ownership interests in the Notes, except in the event that use of the book-entry
system for the Notes is discontinued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To facilitate subsequent transfers, all Notes
deposited by Direct Participants with DTC are registered in the name of DTC&rsquo;s partnership nominee, Cede&nbsp;&amp; Co., or such
other name as may be requested by an authorized representative of DTC. The deposit of the Notes with DTC and their registration in the
name of Cede&nbsp;&amp; Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual
Beneficial Owners of the Notes&#894; DTC&rsquo;s records reflect only the identity of the Direct Participants to whose accounts the Notes
are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping
account of their holdings on behalf of their customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conveyance of notices and other communications
by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants
to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect
from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redemption notices will be sent to DTC. If less
than all of the Notes are being redeemed, DTC&rsquo;s practice is to determine by lot the amount of the interest of each Direct Participant
in the Notes to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither DTC nor Cede&nbsp;&amp; Co. (nor any
other DTC nominee) will consent or vote with respect to the Notes unless authorized by a Direct Participant in accordance with DTC&rsquo;s
applicable procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after the record date. The Omnibus
Proxy assigns Cede&nbsp;&amp; Co.&rsquo;s consenting or voting rights to those Direct Participants to whose accounts the Notes are credited
on the record date (identified in a listing attached to the Omnibus Proxy).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redemption proceeds, distributions and interest
payments on the Notes will be made to Cede&nbsp;&amp; Co., or such other nominee as may be requested by an authorized representative
of DTC. DTC&rsquo;s practice is to credit Direct Participants&rsquo; accounts upon DTC&rsquo;s receipt of funds and corresponding detail
information from us or the applicable trustee or depositary on the payment date in accordance with their respective holdings shown on
DTC&rsquo;s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices,
as is the case with the Notes held for the accounts of customers in bearer form or registered in &ldquo;street name,&rdquo; and will
be the responsibility of such Participant and not of DTC nor its nominee, the applicable trustee or depositary, or us, subject to any
statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions and interest
payments to Cede&nbsp;&amp; Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility
of us or the applicable trustee or depositary. Disbursement of such payments to Direct Participants will be the responsibility of DTC,
and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct Participants and Indirect Participants.</P>

<P STYLE="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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this section concerning DTC
and DTC&rsquo;s book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the
accuracy thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Company, the trustee, any depositary,
or any agent of any of them will have any responsibility or liability for any aspect of DTC&rsquo;s or any participant&rsquo;s records
relating to, or for payments made on account of, beneficial interests in a Global Note, or for maintaining, supervising or reviewing
any records relating to such beneficial interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Termination of a Global Note</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Global Note is terminated for any reason,
interest in it will be exchanged for certificates in non-book- entry form as certificated securities. After such exchange, the choice
of whether to hold the certificated Notes directly or in street name will be up to the investor. Investors must consult their own banks
or brokers to find out how to have their interests in a Global Note transferred on termination to their own names, so that they will
be holders of the Notes. See &ldquo;- Form, Exchange and Transfer of Certificated Registered Securities.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payment and Paying Agents</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay interest to the person listed in
the trustee&rsquo;s records as the owner of the Notes at the close of business on the record date for the applicable interest payment
date, even if that person no longer owns the Note on the interest payment date. Because we pay all the interest for an interest period
to the holders on the record date, holders buying and selling the Notes must work out between themselves the appropriate purchase price.
The most common manner is to adjust the sales price of the Notes to prorate interest fairly between buyer and seller based on their respective
ownership periods within the particular interest period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Payments on Global Notes</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will make payments on the Notes so long as
they are represented by Global Notes in accordance with the applicable policies of the depositary in effect from time to time. Under
those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial
interest in the Global Notes. An indirect holder&rsquo;s right to those payments will be governed by the rules&nbsp;and practices of
the depositary and its participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Payments on Certificated Securities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event the Notes become represented by
certificates, we will make payments on the Notes as follows. We will pay interest that is due on an interest payment date by check mailed
on the interest payment date to the holder of the Note at his or her address shown on the trustee&rsquo;s records as of the close of
business on the record date. We will make all payments of principal by check or wire transfer at the office of the trustee in the contiguous
United States and/or at other offices that may be specified in the indenture or a notice to holders against surrender of the Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Payment When Offices Are Closed</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any payment is due on the Notes on a day that
is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this
situation will be treated under the indenture as if they were made on the original due date. Such payment will not result in a default
under the Notes or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is
a business day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Book-entry and other indirect holders should consult their banks
or brokers for information on how they will receive payments on the Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Form, Exchange and Transfer of Certificated Registered Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes in physical, certificated form will be
issued and delivered to each person that DTC identifies as a beneficial owner of the related Notes only if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">DTC
                                            notified us at any time that it is unwilling or unable to continue as depositary for the
                                            Global Notes&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">DTC
                                            ceases to be registered as a clearing agency under the Securities Exchange Act of 1934, as
                                            amended&#894; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                            Event of Default with respect to such Global Note has occurred and is continuing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders may exchange their certificated securities
for Notes of smaller denominations or combined into fewer Notes of larger denominations, as long as the total principal amount is not
changed and as long as the denomination is equal to or greater than $25.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders may exchange or transfer their certificated
securities at the office of the trustee. We have appointed the trustee to act as our agent for registering the Notes in the name of holders
transferring Notes. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve
a change in the office through which any transfer agent acts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders will not be required to pay a service
charge for any registration of transfer or exchange of their certificated securities, but they may be required to pay any tax or other
governmental charge associated with the registration of transfer or exchange. The transfer or exchange will be made only if our transfer
agent is satisfied with the holder&rsquo;s proof of legal ownership.</P>

<P STYLE="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">If we redeem any of the Notes, we may block the
transfer or exchange of those Notes selected for redemption during the period beginning 15 days before the day we deliver the notice
of redemption and ending on the day of such delivery, in order to determine or fix the list of holders. We may also refuse to register
transfers or exchanges of any certificated Notes selected for redemption, except that we will continue to permit transfers and exchanges
of the unredeemed portion of any Note that will be partially redeemed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wilmington Savings Fund Society, FSB will be
the trustee under the indenture and will be the principal paying agent and registrar for the Notes. The trustee may resign or be removed
with respect to the Notes provided that a successor trustee is appointed to act with respect to the Notes.</P>

<P STYLE="font: 10pt 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><A NAME="a_010"></A>U.S. FEDERAL INCOME TAX
CONSEQUENCES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the material U.S.
federal income tax consequences of the ownership and disposition of the Notes. This summary only addresses the U.S. federal income tax
consequences to holders that acquire the Notes pursuant to this offering at their initial offering price and hold the Notes as &ldquo;capital
assets&rdquo; (generally, property held for investment) for U.S. federal income tax purposes. This discussion is general in nature and
does not describe all of the U.S. federal income tax consequences that may be relevant to a holder in light of its particular circumstances
or to holders subject to special rules, including, without limitation, tax-exempt organizations, holders subject to the U.S. federal
alternative minimum tax, dealers in securities or currencies, traders in securities that elect the mark-to-market method of accounting,
financial institutions, insurance companies, regulated investment companies, real estate investment trusts, certain former citizens or
residents of the United States, controlled foreign corporations, passive foreign investment companies, partnerships, S corporations or
other pass-through entities, persons whose functional currency is not the U.S. dollar, persons required for U.S. federal income tax purposes
to conform the timing of income accruals to their financial statements, and persons that hold the Notes in connection with a straddle,
hedging, conversion or other risk-reduction transaction. This discussion is not intended to constitute a complete analysis of all tax
considerations of the purchase, ownership and disposition of the Notes.</P>

<P STYLE="font: 10pt Times 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 U.S. federal income tax consequences set
forth below are based upon the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), applicable U.S. Department of the
Treasury regulations (&ldquo;Regulations&rdquo;), court decisions, and rulings and pronouncements of the Internal Revenue Service (the
 &ldquo;IRS&rdquo;), all as in effect on the date hereof, and all of which are subject to change or differing interpretations at any time
with possible retroactive effect. There can be no assurance that the IRS will not challenge one or more of the tax consequences described
herein. We have not sought any ruling from the IRS with respect to statements made and conclusions reached in this discussion, and there
can be no assurance that the IRS will agree with such statements and conclusions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used herein, the term &ldquo;U.S. holder&rdquo;
means a beneficial owner of a Note that is for U.S. federal income tax purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                            individual citizen or resident of the United States&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            corporation (or other entity taxable as a corporation for U.S. federal income tax purposes)
                                            that is created or organized in or under the laws of the United States, any state thereof
                                            or the District of Columbia&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            trust if (a)&nbsp;a court within the United States is able to exercise primary supervision
                                            over the administration of the trust and one or more U.S. persons have the authority to control
                                            all substantial decisions of the trust or (b)&nbsp;such trust has made a valid election to
                                            be treated as a U.S. person for</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S.
                                            federal income tax purposes&#894; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                            estate, the income of which is includible in gross income for U.S. federal income tax purposes,
                                            regardless of its source.</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">As used herein, the term &ldquo;non-U.S. holder&rdquo;
means a beneficial owner of a Note that is neither a U.S. holder nor a partnership or an entity or arrangement treated as a partnership
for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (including any entity or arrangement
treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of a Note, the tax treatment of a partner in the
partnership generally will depend upon the status of the partner and the activities of the partnership. A beneficial owner that is a
partnership and partners in such a partnership should consult their tax advisors about the U.S. federal income tax consequences of the
ownership and disposition of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not address the tax consequences
arising under any state, local or foreign law, or any tax consequences with respect to Notes held by any member of the same &ldquo;expanded
group&rdquo; (as such term is used in Section&nbsp;385 of the Code) as Ramaco Resources,&nbsp;Inc. Furthermore, this summary does not
consider the effect of the U.S. federal estate or gift tax laws or the Medicare tax on certain net investment income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ramaco Resources,&nbsp;Inc. intends to treat
the Notes as indebtedness for U.S. federal income tax purposes. This summary also assumes that the Notes will be treated as indebtedness
for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors considering the purchase of the Notes should consult
their own tax advisors with respect to the application of the U.S. federal income tax laws to their particular situation, as well as
any tax consequences arising under the U.S. federal estate or gift tax rules, under the Medicare tax on certain net investment income
or under the laws of any state, local or foreign taxing jurisdiction or under any applicable tax treaty.</B></P>

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

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

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<P STYLE="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>U.S. Holders</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"><B><I>Payments of Interest</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of interest on a Note generally will
be taxable to a U.S. holder as ordinary interest income at the time such payments are accrued or are received (in accordance with the
U.S. holder&rsquo;s regular method of tax accounting). Certain holders that use the accrual method of accounting for U.S. federal income
tax purposes generally will be required to include certain amounts in income with respect to the Notes no later than the time that such
amounts are reflected on certain financial statements of such holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Original Issue Discount</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that the Notes will not be
issued with an issue price that is less than their stated principal amount by more than the statutory <I>de minimis </I>amount. If
this is the case, the Notes will not be subject to the original issue discount (&ldquo;OID&rdquo;) rules. If, however, the stated
principal amount of the Notes exceeds their issue price by more than the statutory <I>de minimis </I>amount, a U.S. holder will be
required to include OID in income for U.S. federal income tax purposes as it accrues under a constant yield method, regardless of
such U.S. holder&rsquo;s method of tax accounting. As a result, U.S. holders may be required to include OID in taxable income prior
to the receipt of cash by such U.S. holders. The remainder of this summary assumes that the Notes will not be subject to the OID
rules.</P>

<P STYLE="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><I>Sale, Redemption, Exchange or Other Taxable Disposition of Notes</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. holder generally will recognize gain
or loss on the sale, redemption, exchange or other taxable disposition of a Note in an amount equal to the difference between
(i)&nbsp;the proceeds received by the holder in exchange for such Note (less an amount attributable to any accrued but unpaid
interest, which will be treated as a payment of interest for U.S. federal income tax purposes) and (ii)&nbsp;the U.S. holder&rsquo;s
adjusted U.S. federal income tax basis in the Note. The proceeds received by a U.S. holder will include the amount of any cash and
the fair market value of any other property received for the Note. In general, a U.S. holder&rsquo;s adjusted U.S. federal income
tax basis in a Note will equal the amount paid for the Note. Such gain or loss recognized by a U.S. holder on a disposition of a
Note will be capital gain or loss and will be long-term capital gain or loss if the holder held the Note for more than one year.
Under current U.S. federal income tax law, net long-term capital gains of individuals and other non-corporate U.S. holders are
eligible for taxation at preferential rates. The deductibility of capital losses is subject to certain limitations. Prospective
investors should consult with their own tax advisors concerning these tax law provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Reporting and Backup Withholding</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless a U.S. holder is an exempt recipient,
such as a corporation, payments made with respect to the Notes or proceeds from the disposition of the Notes may be subject to information
reporting and may also be subject to U.S. federal backup withholding at the applicable rate if a U.S. holder fails to comply with applicable
U.S. information reporting and certification 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">Backup withholding is not an additional tax.
Any amount withheld from a payment to a U.S. holder under the backup withholding rules&nbsp;generally will be allowed as a refund or
a credit against such holder&rsquo;s U.S. federal income tax liability, provided the required information is furnished timely to the
IRS.</P>

<P STYLE="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>Non-U.S. Holders</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"><B><I>Payments of Interest</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussions below concerning backup
withholding and Sections 1471 through 1474 of the Code (&ldquo;FATCA&rdquo;), interest paid on a Note by us or our agent to a non-U.S.
holder will not be subject to U.S. federal income tax or withholding tax&#894; provided that such interest income is not effectively
connected with a U.S. trade or business of the non-U.S. holder (and, in the case of certain tax treaties, is not attributable to a permanent
establishment or fixed base within the United States)&#894; and provided that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            non-U.S. holder does not actually or by attribution own 10% or more of the total combined
                                            voting power of all classes of securities of Ramaco Resources,&nbsp;Inc. that are entitled
                                            to vote&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            non-U.S. holder is not a controlled foreign corporation for U.S. federal income tax purposes
                                            that is related to Ramaco Resources,&nbsp;Inc. actually or by attribution&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            non-U.S. holder is not a bank that acquired the Note in consideration for an extension of
                                            credit made pursuant to a loan agreement entered into in the ordinary course of business&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            non-U.S. holder provides the proper variant of IRS Form&nbsp;W-8 (or a suitable substitute
                                            form) signed under penalties of perjury that includes the non-U.S. holder&rsquo;s name and
                                            address, and certifies as to non-U.S. status in compliance with applicable law and regulations
                                            (including, if applicable, special certification rules&nbsp;for Notes held by a foreign partnership
                                            and other intermediaries)&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            or our paying agent do not have actual knowledge or reason to know that the beneficial owner
                                            of the Note is a U.S. person.</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">If such non-U.S. holder cannot satisfy the requirements
described above, payments of interest made to the non-U.S. holder will be subject to 30% U.S. federal tax withholding unless (i)&nbsp;the
interest is effectively connected with a U.S. trade or business of such non-U.S. holder (and, in the case of certain tax treaties, is
attributable to a permanent establishment or fixed base within the United States) and such non-U.S. holder satisfies the applicable certification
requirements (as discussed below) or (ii)&nbsp;such holder is entitled to the benefits of an income tax treaty under which such interest
is exempt from (or eligible for a reduction of) U.S. federal withholding tax and provides us with a properly executed variant of IRS
Form&nbsp;W-8 (or a suitable substitute form) claiming an exemption from (or reduction of) withholding under the applicable income tax
treaty.</P>

<P STYLE="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">If interest on a Note is effectively connected
with a U.S. trade or business of a non-U.S. holder (and, in the case of certain income tax treaties, is attributable to a U.S. permanent
establishment or fixed base) within the United States, the non-U.S. holder generally will not be subject to withholding if the non-U.S.
holder complies with applicable IRS certification requirements (i.e., by delivering a properly executed IRS Form&nbsp;W- 8ECI (or a suitable
substitute form)) and generally will be subject to U.S. federal income tax on a net income basis at regular graduated rates in the same
manner as if the holder were a U.S. holder. In the case of a non-U.S. holder that is a corporation, such effectively connected income
also may be subject to the additional branch profits tax, which generally is imposed on a foreign corporation on effectively connected
earnings and profits, subject to certain adjustments, at a 30% rate (or such lower rate as may be prescribed by an applicable tax treaty).</P>

<P STYLE="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><I>Sale, Redemption, Exchange or Other Taxable Disposition of Notes</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion below concerning backup
withholding, any gain recognized by a non-U.S. holder on the disposition of a Note (other than amounts attributable to accrued and unpaid
interest, which are treated as described under &ldquo;- Non-U.S. Holders - Payments of Interest&rdquo;) generally will not be subject
to U.S. federal income tax or withholding, unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            gain is effectively connected with the conduct of a U.S. trade or business of the non-U.S.
                                            holder (and, if required by an applicable income tax treaty, the gain is attributable to
                                            a permanent establishment or fixed base maintained in the United States by the non-U.S. holder)&#894;
                                            or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            non-U.S. holder is an individual who is present in the United States for 183 days or more
                                            during the taxable year of that disposition, and certain other conditions are met.</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">If a non-U.S. holder&rsquo;s gain is described
in the first bullet point above, such holder will be subject to tax at regular graduated U.S. federal income tax rates on the net gain
generally in the same manner as if such holder were a U.S. holder. If a non-U.S. holder is a foreign corporation that recognizes gain
described in the first bullet point above, such holder may also be subject to the branch profits tax equal to 30% (or such lower rate
as may be prescribed under an applicable U.S. income tax treaty) of its effectively connected earnings and profits. If a non-U.S. holder
is described in the second bullet point above, such holder will be subject to a flat 30% tax on the gain recognized (which gain may be
offset by certain U.S.-source capital losses), even though the holder is not considered a resident of the United States. A non-U.S. holder
should consult his or her tax advisor regarding the tax consequences of the disposition of the Notes.</P>

<P STYLE="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><I>Information Reporting and Backup Withholding</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-U.S. holders may be required to comply with
certain certification procedures to establish that the holder is not a U.S. person in order to avoid information reporting and backup
withholding with respect to payments on the Notes or proceeds from the disposition of the Notes. Information returns generally will be
filed with the IRS, however, in connection with payments of interest on the Notes to non-U.S. holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the information returns reporting such
interest payments and any withholding may also be made available to the tax authorities in the country in which a non-U.S. holder resides
under the provisions of an applicable income tax treaty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional tax.
Any amount withheld from a payment to a non-U.S. holder under the backup withholding rules&nbsp;generally will be allowed as a refund
or a credit against such holder&rsquo;s</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. federal income tax liability, provided the
required information is furnished timely to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-U.S. holders should consult their tax advisors
regarding the application of information reporting and backup withholding in their particular situations, the availability of an exemption
therefrom, and the procedures for obtaining such an exemption, if available.</P>

<P STYLE="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><I>FATCA</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FATCA imposes a 30% U.S. withholding tax on certain
U.S. source payments, including interest, and, except as discussed below, on the gross proceeds from a disposition of property of a type
which can produce U.S. source interest (&ldquo;Withholdable Payments&rdquo;), if paid to a foreign financial institution (including amounts
paid to a foreign financial institution on behalf of a holder), unless such institution enters into an agreement with the U.S. Department
of the Treasury to collect and provide to the U.S. Department of the Treasury certain information (that is in addition to and significantly
more onerous than, the requirement to deliver an applicable U.S. nonresident withholding tax certification form (e.g.,&nbsp;IRS Form&nbsp;W-8),
as discussed above) regarding U.S. financial account holders, including certain account holders that are foreign entities with U.S. owners,
or otherwise complies with FATCA. FATCA also generally imposes a withholding tax of 30% on Withholdable Payments made to a non-financial
foreign entity unless such entity provides the withholding agent with a certification that it does not have any substantial U.S. owners
or a certification identifying the direct and indirect substantial U.S. owners of the entity. Under certain circumstances, a holder may
be eligible for refunds or credits of such taxes. While withholding under FATCA would also have applied to payments of gross proceeds
from a taxable disposition of the Notes on or after January&nbsp;1, 2019, proposed Regulations (the preamble to which indicates that
taxpayers may rely on the Regulations pending their finalization) eliminate FATCA withholding on payments of gross proceeds entirely.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These withholding and reporting requirements
generally apply to U.S. source periodic payments (such as interest payments on the Notes). If we determine withholding is appropriate
with respect to the Notes, we will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect
of such withholding. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental
agreement with the United States governing FATCA may be subject to different rules. We will not be required to pay any additional amounts
in respect of any payments to which FATCA withholding applies. Holders are urged to consult with their own tax advisors regarding the
possible implications of FATCA on their investment in the Notes.</P>

<P STYLE="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>The U.S. federal income tax summary set forth above is included
for general information only and may not be applicable depending upon your particular situation. You should consult your own tax advisors
with respect to the tax consequences to you of the ownership and disposition of the Notes, including the tax consequences under state,
local, foreign and other tax laws and the possible effects of changes in federal or other tax laws.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A><B>UNDERWRITING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lucid Capital Markets, LLC
(&ldquo;Lucid&rdquo;), B. Riley Securities, Inc., Janney Montgomery Scott LLC and Piper Sandler &amp; Co.are acting as joint book-running managers and Lucid is acting as
representative of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement
among us and the underwriters (the &ldquo;Underwriting Agreement&rdquo;), we have agreed to sell to the underwriters, and each of
the underwriters has agreed, severally and not jointly, to purchase from us, the principal amount of Notes set forth opposite its
name below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 77%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Underwriter</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal Amount <BR>
of Notes</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lucid Capital Markets, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">B. Riley Securities, Inc.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Janney Montgomery Scott LLC</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Piper Sandler &amp; Co.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">The Benchmark Company, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">InspereX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">TCBI Securities, Inc.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">William Blair &amp; Company, L.L.C.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms and conditions set forth
in the Underwriting Agreement, the underwriters have agreed, severally and not jointly, to purchase all of the Notes sold under the Underwriting
Agreement. These conditions include, among others, the continued accuracy of representations and warranties made by us in the Underwriting
Agreement, delivery of legal opinions and the absence of any material changes in our assets, business or prospects after the date of
this prospectus supplement.</P>

<P STYLE="font: 10pt Times 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 several obligations of the underwriters
under the Underwriting Agreement are conditional and may be terminated on the occurrence of certain stated events, including, in the
event that at or prior to the closing of the offering: (i)&nbsp;any change, or any development or event involving a prospective
change, in the condition (financial or otherwise), results of operations, business, properties or prospects of us and our
subsidiaries taken as a whole which, in the judgment of Lucid, is material and adverse and makes it impractical or inadvisable to
market the Notes&#894; (ii)&nbsp;any change in U.S. or international financial, political or economic conditions or currency
exchange rates or exchange controls the effect of which is such as to make it, in the judgment of Lucid, impractical to market or to
enforce contracts for the sale of the Notes, whether in the primary market or in respect of dealings in the secondary market&#894;
(iii)&nbsp;any suspension or material limitation of trading in securities generally on the New York Stock Exchange or Nasdaq Stock
Market, or any setting of minimum or maximum prices for trading on such exchange&#894; (iv)&nbsp;any suspension of trading of any of
our securities on any exchange or in the over-the-counter market&#894; (v)&nbsp;any banking moratorium declared by any U.S. federal
or New York authorities&#894; (vi)&nbsp;any major disruption of settlements of securities, payment or clearance services in the
United States or any other country where such securities are listed or (vii)&nbsp;any attack on, outbreak or escalation of
hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national or
international calamity or emergency if, in the judgment of Lucid, the effect of any such attack, outbreak, escalation, act,
declaration, calamity or emergency is such as to make it impractical or inadvisable to market the Notes or to enforce contracts for
the sale of the Notes on the terms and in the manner contemplated in this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted to the underwriters the option
to purchase up to an additional $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Notes at the public offering price, less the underwriting discounts (the &ldquo;Option&rdquo;).
If any Notes are purchased pursuant to the Option, the underwriters will, severally but not jointly, purchase the Notes in approximately
the same proportions as set forth in the above table. A purchaser who acquires any Notes forming part of the underwriters&rsquo; Option
acquires such Notes under this prospectus supplement, regardless of whether the position is ultimately filled through the exercise of
the Option or secondary market 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">We have agreed to indemnify the underwriters
against certain liabilities, including, among other things, liabilities under the Securities Act or to contribute to payments the underwriters
may be required to make in respect of those liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to deliver the Notes against payment
for such Notes on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, which will be the third business day following the date of the pricing of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that delivery of the notes will be
made against payment therefor on or about the closing date specified on the cover page&nbsp;of this prospectus supplement, which will
be the third business day following the date of this prospectus supplement. This settlement cycle is referred to as &ldquo;T+3.&rdquo;
Under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), trades in the secondary
market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly,
purchasers who wish to trade notes prior to the date that is one business day preceding the settlement date, will be required, by virtue
of the fact that the notes initially will settle T+3, to specify an alternate settlement cycle at the time of any such trade to prevent
a failed settlement. Purchasers of notes who wish to trade notes prior to the date that is one business day preceding the settlement
date should consult their own advisors.</P>

<P STYLE="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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lucid has advised us that the underwriters propose
initially to offer the Notes to the public at the public offering price and to dealers at that price less a concession not in excess
of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per Note. After the underwriters have made a reasonable effort to sell all of the Notes at the offering price, such offering price
may be decreased and may be further changed from time to time to an amount not greater than the offering price set forth herein, and
the compensation realized by the underwriters will effectively be decreased by the amount that the price paid by purchasers for the Notes
is less than the original offering price. Any such reduction will not affect the net proceeds received by us. The underwriters reserve
the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the per share and total
underwriting discount that we are to pay to the underwriters in connection with this offering. Such amounts are shown assuming both no
exercise and full exercise of the Option.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price
                                            to the<BR>
                                            Public</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting<BR>
                                            Discount<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net<BR>
                                            Proceeds<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; padding-bottom: 1pt">Per Note</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Pursuant to the terms of the Underwriting Agreement, the underwriters will receive a discount equal
  to $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; per Note (3.50%).</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">After deducting the underwriting discount but before deducting expenses of the offering, estimated
  to be $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; .</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>If the Option is exercised in full, the total price to the public,
                                            underwriting discount and net proceeds to us (after deducting the underwriting discount but
                                            before deducting estimated offering expenses) will be $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; , $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; and $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; , respectively.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to reimburse the underwriters
for their reasonable out-of-pocket expenses, including attorneys&rsquo; fees, up to $40,000. In addition to the underwriting
discounts, we have agreed to pay to Lucid a structuring fee (the &ldquo;Structuring Fee&rdquo;)<SUP></SUP> equal to 0.50% of the
gross offering proceeds, which Structuring Fee is to be paid in cash at the closing of this offering, and any additional closing in
connection with the exercise of the Option. We estimate that the total expenses of this offering, including registration, filing and
listing fees, printing fees, legal and accounting expenses and underwriter reimbursements, but excluding underwriting discounts and
commissions and the Structuring Fee will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have applied to list the Notes on Nasdaq.
If the application is approved, trading of the Notes on Nasdaq is expected to begin within 30 days after the date of initial delivery
of the Notes. We have been advised by the underwriters that they presently intend to make a market in the Notes after completion of the
offering. However, the underwriters will have no obligation to make a market in the Notes and may cease market-making activities at any
time without any notice, in their sole discretion. Accordingly, an active trading market on the Nasdaq for the Notes may not develop
or, even if one develops, may not last, in which case the liquidity and market price of the Notes could be adversely affected, the difference
between bid and asked prices could be substantial and your ability to transfer the Notes at the time and price desired will be limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Price Stabilization, Short Positions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until the distribution of the Notes is completed,
SEC rules&nbsp;may limit underwriters and selling group members from bidding for and purchasing our Notes. However, the representative
may engage in transactions that have the effect of stabilizing the price of the Notes, such as purchases and other activities that peg,
fix or maintain that price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the underwriters
may bid for or purchase and sell our Notes in the open market. These transactions may include short sales and purchases on the open market
to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of our Notes than they
are required to purchase in this offering. &ldquo;Covered&rdquo; short sales are sales made in an amount not greater than the Underwriters&rsquo;
option to purchase additional Notes in this offering. The underwriters may close out any covered short position by either exercising
their option to purchase additional Notes or purchasing Notes in the open market. In determining the source of Notes to close out the
covered short position, the underwriters will consider, among other things, the price of Notes available for purchase in the open market
as compared to the price at which they may purchase additional Notes pursuant to the option granted to them. &ldquo;Naked&rdquo; short
sales are sales in excess of the option to purchase additional Notes. The underwriters must close out any naked short position by purchasing
Notes in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward
pressure on the price of our Notes in the open market after pricing that could adversely affect investors who purchase in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similar to other purchase transactions, the underwriters&rsquo;
purchases to cover the syndicate short sales and other activities may have the effect of raising or maintaining the market price of the
Notes or preventing or retarding a decline in the market price of the Notes. As a result, the price of the Notes may be higher than the
price that might otherwise exist in the open market. If these activities are commenced, they may be discontinued at any time. The underwriters
may conduct these transactions on Nasdaq, in the over-the- counter market or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters also may impose a penalty bid.
This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the
representative has repurchased Notes sold by or for the account of such underwriter in stabilizing or short covering transactions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor any of the underwriters make any
representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price
of our Notes. In addition, neither we nor any of the underwriters make any representation that the representative will engage in these
transactions or that these transactions, once commenced, will not be discontinued without 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"><B>Electronic Offer, Sale and Distribution of Notes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus in electronic format may be made
available on websites maintained by one or more of the underwriters, and the underwriters may distribute the prospectus electronically.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than this prospectus in electronic format,
the information on any underwriter&rsquo;s or any selling group member&rsquo;s website and any information contained in any other website
maintained by an underwriter or any selling group member is not part of this prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or any underwriter or any selling group member in its capacity as underwriter
or selling group member and should not be relied upon by investors.</P>

<P STYLE="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>Additional Relationships and Conflicts of Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters and their affiliates are full
service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking,
advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and
non- financial activities and services. The underwriters and their affiliates may provide from time to time in the future in the ordinary
course of their business certain commercial banking, financial advisory, investment banking and other services to us for which they will
be entitled to receive customary fees and expenses.</P>

<P STYLE="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>Notice to Prospective Investors in the United Kingdom</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement is only being distributed
to and are only directed at (i)&nbsp;persons who are outside the United Kingdom or (ii)&nbsp;to investment professionals falling within
Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (the &ldquo;FSMA&rdquo;) (Financial Promotion) Order 2005 (&ldquo;the
Order&rdquo;), or (iii)&nbsp;high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article&nbsp;49(2)(a)&nbsp;to
(d)&nbsp;of the Order, all such persons together being referred to as &ldquo;relevant persons.&rdquo; The Notes are only available to,
and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Notes will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on this prospectus any of its contents.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">only
                                            communicated or caused to be communicated and will only communicate or cause to be communicated
                                            an invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21
                                            of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances
                                            in which Section&nbsp;21(1)&nbsp;of the FSMA does not apply to us or the guarantors&#894;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">complied
                                            and will comply with all applicable provisions of the FSMA with respect to anything done
                                            by it in relation to the Notes in, from or otherwise involving the United Kingdom.</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"><B>Notice to Prospective Investors in the European Economic Area</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic
Area (the &ldquo;EEA&rdquo;). For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client
as defined in point (11) of Article&nbsp;4(1)&nbsp;of Directive 2014/65/EU as amended (&ldquo;MiFID II&rdquo;)&#894; (ii)&nbsp;a customer
within the meaning of Directive 2016/97/EU (as amended), where that customer would not qualify as a professional client as defined in
point (10)&nbsp;of Article&nbsp;4(1)&nbsp;of MiFID II&#894; or (iii)&nbsp;not a qualified investor as defined in Regulation (EU) 2017/1129
(as amended or superseded, the &ldquo;Prospectus Regulation&rdquo;). Consequently no key information document required by Regulation
(EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any
retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement has been prepared on the basis that
any offer of Notes in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement
to publish a prospectus for offers of Notes. This prospectus supplement is not a prospectus for the purposes of the Prospectus Regulation.</P>

<P STYLE="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>Notice to Prospective Investors in Canada</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes may be sold only to purchasers
(other than individuals) purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 Prospectus Exemptions or subsection 73.3(1)&nbsp;of the Securities Act (Ontario), and are permitted clients, as
defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the
Notes must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of
applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the
time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights or
consult with a legal advisor.</P>

<P STYLE="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"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105
regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the State of Israel this prospectus supplement
shall not be regarded as an offer to the public to purchase of Notes under the Israeli Securities Law, 5728 - 1968, which requires a
prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section&nbsp;15
of the Israeli Securities Law, 5728-1968, including, inter alia, if: (i)&nbsp;the offer is made, distributed or directed to not more
than 35 investors, subject to certain conditions (the &ldquo;Addressed Investors&rdquo;)&#894; or (ii)&nbsp;the offer is made, distributed
or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728 - 1968, subject to certain
conditions (the &ldquo;Qualified Investors&rdquo;). The Qualified Investors shall not be taken into account in the count of the Addressed
Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. The company has not and will not take
any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728 - 1968. We
have not and will not distribute this prospectus supplement or make, distribute or direct an offer to subscribe for the Notes to any
person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Qualified Investors may have to submit written
evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728 - 1968. In particular, we
may request, as a condition to be offered Notes, that Qualified Investors will each represent, warrant and certify to us and/or to anyone
acting on our behalf: (i)&nbsp;that it is an investor falling within one of the categories listed in the First Addendum to the Israeli
Securities Law, 5728 - 1968&#894; (ii)&nbsp;which of the categories listed in the First Addendum to the Israeli Securities Law, 5728
- 1968 regarding Qualified Investors is applicable to it&#894; (iii)&nbsp;that it will abide by all provisions set forth in the Israeli
Securities Law, 5728 - 1968 and the regulations promulgated thereunder in connection with the offer to be issued Notes&#894; (iv)&nbsp;that
the Notes that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728 - 1968: (a)&nbsp;for its
own account&#894; (b)&nbsp;for investment purposes only&#894; and (c)&nbsp;not issued with a view to resale within the State of Israel,
other than in accordance with the provisions of the Israeli Securities Law, 5728 - 1968&#894; and (v)&nbsp;that it is willing to provide
further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity
and may have to sign and submit a declaration containing, inter alia, the Addressed Investor&rsquo;s name, address and passport number
or Israeli identification number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not authorized and do not authorize the
making of any offer of securities through any financial intermediary on our behalf, other than offers made by the underwriter and its
affiliates, with a view to the final placement of the securities as contemplated in this document. Accordingly, no purchaser of the Notes,
other than the underwriter, is authorized to make any further offer of Notes on our behalf or on behalf of the underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Switzerland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will not be offered, directly or indirectly,
to the public in Switzerland and this prospectus supplement does not constitute a public offering prospectus as that term is understood
pursuant to article 652a or 1156 of the Swiss Federal Code of Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ArentFox Schiff LLP, Washington, DC,&nbsp;will
pass upon certain legal matters for us in connection with the offering of the Notes. The underwriters are being represented in connection
with the offering of the Notes by Hunton Andrews Kurth LLP, New York, New York and Houston, Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements for the years ended
December&nbsp;31, 2022, and December&nbsp;31, 2023, incorporated in this prospectus supplement by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024003256/metc-20231231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&#8239;10- K for the year ended December&#8239;31, 2023</A>, as amended, have been so incorporated in reliance on the report
of Cherry Bekaert LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and
accounting.</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">The financial statements for the year ended December&#8239;31, 2021, incorporated in this prospectus supplement by reference
to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024003256/metc-20231231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023</A>, have been so incorporated in reliance on the report of Crowe
LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</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">The
information regarding estimated quantities and quality of our proven and probable coal reserves and technical report summaries incorporated
in this prospectus supplement by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&#8239;10-K for the year ended December&#8239;31, 2022</A>, is based, in part, on estimates included in reports provided
by Weir International,&#8239;Inc., mining, geology and energy consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><B>WHERE YOU CAN FIND ADDITIONAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ramaco Resources,&#8239;Inc. files annual, quarterly
and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy
and information statements and other information that we file electronically with the SEC at www.sec.gov,&nbsp;from which interested
persons can electronically access the registration statement, of which this prospectus supplement is a part, including the exhibits and
schedules thereto. The reports and other information we file with the SEC also are available through our website at www.ir.ramacoresources.com.
The information on our website is not part of this prospectus supplement, other than documents that we file with the SEC that are incorporated
by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration statement
on Form&#8239;S-3, of which this prospectus supplement is a part, under the Securities Act with respect to the securities. This prospectus
supplement does not contain all of the information set forth in the registration statement, certain parts of which are omitted in accordance
with the rules&#8239;and regulations of the SEC. For further information concerning our Company and the securities, reference is made
to the registration statement. Statements contained in this prospectus supplement as to the contents of any contract or other documents
are not necessarily complete, and in each instance, reference is made to the copy of such contract or documents filed as exhibits to
the registration statement, each such statement being qualified in all respects by such reference.</P>

<P STYLE="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"><B><A NAME="a_015"></A>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo;
into this prospectus supplement the information in other documents that we file with it. This means that we can disclose important information
to you by referring you to those documents. The information incorporated by reference is considered to be a part of this prospectus supplement,
and information in documents that we file later with the SEC will automatically update and supersede information contained in documents
filed earlier with the SEC or contained in this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference in this prospectus
supplement the documents listed below and any future filings that we may make with the SEC under Sections 13(a), 13(c), 14, or 15(d)&nbsp;of
the Exchange Act prior to the termination of the offering under this prospectus supplement; provided, however, that we are not incorporating,
in each case, any documents or information deemed to have been furnished and not filed in accordance with SEC rules&nbsp;(including any
information furnished pursuant to Items 2.02 or 7.01 of Form&nbsp;8-K and exhibits filed on such form that are related to such items
unless such Form&nbsp;8-K expressly provides to the contrary):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024003256/metc-20231231x10k.htm" STYLE="-sec-extract: exhibit">our
                                            Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023, filed with the
                                            SEC on March&nbsp;14, 2024&#894;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024007598/metc-20240331x10q.htm" STYLE="-sec-extract: exhibit">Quarterly
                                            Report on Form&nbsp;10-Q for the period ended March&nbsp;31, 2024, filed with the SEC on
                                            May&nbsp;9, 2024</A>, our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024011591/metc-20240630x10q.htm" STYLE="-sec-extract: exhibit">Quarterly
                                            Report on Form&nbsp;10-Q for the period ended June&nbsp;30, 2024, filed with the SEC on August&nbsp;8,
                                            2024</A>, and our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024015069/metc-20240930x10q.htm" STYLE="-sec-extract: exhibit">Quarterly
                                            Report on Form&nbsp;10-Q for the period ended September&nbsp;30, 2024, filed with the SEC
                                            on November&nbsp;8, 2024</A>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            Current Reports on Form&nbsp;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924009463/tm244737d1_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;1,
                                            2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924058692/tm2413830d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;8,
                                            2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924070378/tm2416697d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;11,
                                            2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924076266/tm2418411d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;28,
                                            2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924079863/tm2419442d1_8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;15,
                                            2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924086793/tm2420995d1_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;7,
                                            2024</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465924120855/tm2428816d1_8k.htm" STYLE="-sec-extract: exhibit">November 20, 2024</A>&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837024006096/metc-20240626xdef14a.htm" STYLE="-sec-extract: exhibit">our
                                            Definitive Proxy Statement on Schedule 14A filed with the SEC on April&nbsp;29, 2024.</A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition to accessing the above information through the SEC&rsquo;s website at </FONT>www.sec.gov, we will provide without charge to
each person to whom this prospectus supplement is delivered, upon written or oral request, a copy of any or all documents referred to
above which have been incorporated by reference into this prospectus supplement, excluding exhibits to those documents unless they are
specifically incorporated by reference into those documents. Written or telephone requests should be directed to Ramaco Resources,&nbsp;Inc.,
250 West Main Street, Suite&nbsp;1900, Lexington, Kentucky 40507, telephone number (859) 244-7455.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%"><FONT><B>PROSPECTUS</B></FONT></TD>
  </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2428032d1_425b5sp2img001.jpg" ALT="">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ramaco Resources,&#8239;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$400,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&#8239;A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&#8239;B Common Stock</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to time
offer, in one or more series or classes, separately or together, and in amounts, at prices and on terms to be set forth in one or more
supplements to this prospectus, the following securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">shares
                                            of our Class&#8239;A common stock, par value $0.01 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">shares
                                            of our Class&#8239;B common stock, par value $0.01 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">shares
                                            of our preferred stock, par value $0.01 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">depositary
                                            shares representing entitlement to all rights and preferences of fractions of shares of preferred
                                            stock of a specified series and represented by depositary receipts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">debt
                                            securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">warrants
                                            to purchase shares of common stock, preferred stock, debt securities, or depositary shares;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">rights
                                            to purchase common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We refer to the Class&#8239;A
common stock, Class&#8239;B common stock, preferred stock, depositary shares, debt securities, warrants, and rights, collectively, as
the &ldquo;securities&rdquo; in this prospectus. The securities will have an aggregate initial offering price of up to $400,000,000,
or its equivalent in a foreign currency based on the exchange rate at the time of sale, in amounts, at initial prices and on terms determined
at the time of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The specific terms of the
securities will be set forth in the applicable prospectus supplement and will include, as applicable: (i)&#8239;in the case of our Class&#8239;A
common stock or Class&#8239;B common stock, any public offering price; (ii)&#8239;in the case of our preferred stock, the specific designation
and any dividend, liquidation, redemption, conversion, voting and other rights, and any public offering price; (iii)&#8239;in the case
of depositary shares, the fractional share of preferred stock represented by each such depositary share; (iv)&#8239;in the case of debt
securities, any public offering price; (v)&#8239;in the case of warrants, the duration, offering price, exercise price and detachability;
and (vi)&#8239;in the case of rights, the number being issued, the exercise price and the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will also contain information, where applicable, about certain U.S. federal income tax consequences relating to, and any listing
on a securities exchange of, the securities covered by such prospectus supplement. It is important that you read both this prospectus
and the applicable prospectus supplement before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer the securities
directly, through agents, or to or through underwriters. The prospectus supplement will describe the terms of the plan of distribution
and set forth the names of any underwriters involved in the sale of the securities. See &ldquo;Plan of Distribution&rdquo; beginning
on page&#8239;8 for more information on this topic. No securities may be sold without delivery of a prospectus supplement describing
the method and terms of the offering of those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&#8239;A common stock
and Class&#8239;B common stock are listed on the NASDAQ Global Select Market (&ldquo;NASDAQ&rdquo;) under the symbols &ldquo;METC&rdquo;
and &ldquo;METCB,&rdquo; respectively. On August&#8239;31, 2023, the closing price of our Class&#8239;A common stock was $7.84
per share, and the closing price of our Class&#8239;B common stock was $10.84 per share. The applicable prospectus supplement will
contain information, where applicable, as to any other listing on the NASDAQ Global Select Market or any securities market or other exchange
of the securities, if any, covered by the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in the securities
involves risks that are described in the &ldquo;Risk Factors&rdquo; section beginning on <A HREF="#b_003">page&#8239;4</A> of this prospectus and in the
documents incorporated by reference herein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is
September 29, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>TABLE OF CONTENTS</U></B></FONT></P>



<P STYLE="margin: 0">&#8239;</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: 90%">&#8239;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001">1</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_002">2</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_003">4</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_004">5</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_005">7</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_006">8</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_007">9</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF COMMON STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_008">10</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF PREFERRED STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_009">14</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_010">16</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_011">18</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_012">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF RIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_013">25</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_014">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_015">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_016">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_017">27</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a shelf registration statement. Under this shelf registration statement, we may sell any combination of Class&#8239;A common stock, Class&#8239;B
common stock, preferred stock, depositary shares, debt securities, warrants, and rights. You should rely only on the information provided
or incorporated by reference in this prospectus or any applicable prospectus supplement. We have not authorized anyone to provide you
with different or additional information. We are not making an offer to sell these securities in any jurisdiction where the offer or
sale of these securities is not permitted. You should not assume that the information appearing in this prospectus or any applicable
prospectus supplement or the documents incorporated by reference herein or therein is accurate as of any date other than their respective
dates. Our business, financial condition, results of operations and prospects may have changed since those dates. You should read carefully
the entirety of this prospectus and any applicable prospectus supplement, as well as the documents incorporated by reference in this
prospectus and any applicable prospectus supplement, before making an investment decision. You should also read and consider the information
in the documents we have referred you to in the sections of this prospectus entitled &ldquo;Incorporation of Certain Information by Reference&rdquo;
and &ldquo;Where You Can Find Additional Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus, unless
otherwise specified or the context requires otherwise, we use the terms &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and
 &ldquo;our&rdquo; to refer to Ramaco Resources,&#8239;Inc. and its consolidated subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_002"></A>SUMMARY INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
selected information appearing elsewhere in, or incorporated by reference into, this prospectus. This summary is not complete and does
not contain all of the information that you should consider before investing in the securities. You should carefully read the entire
prospectus, any free writing prospectus that may be provided to you in connection with the offering of any securities, and information
incorporated by reference in this prospectus, including the section entitled &ldquo;Risk Factors&rdquo; on page&#8239;4 of this prospectus,
in <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&#8239;10-K for the year ended December&#8239;31, 2022</A>, as amended, and the financial data and related notes
and the other documents that we incorporate by reference into this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>About Ramaco Resources,&#8239;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ramaco Resources,&#8239;Inc.
is a Delaware corporation formed in October&#8239;2016. Our Class&#8239;A common stock and Class&#8239;B common stock are listed on the
NASDAQ Global Select Market under the symbols &ldquo;METC&rdquo; and &ldquo;METCB,&rdquo; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an operator and developer
of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. Our executive
offices are located in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are a pure
play metallurgical coal company with 62 million reserve tons and 1,156 million of measured and indicated resource tons of high-quality
metallurgical coal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our development portfolio
primarily includes the following properties: Elk Creek, Berwind, Knox Creek and RAM Mine. We believe each of these properties possesses
geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic target
customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We also
control mineral deposits near Sheridan, Wyoming as part of the Company&rsquo;s initiatives regarding the potential recovery of rare earth
elements as well as the potential commercialization of coal-to-carbon-based products and materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Renewed global economic concerns,
including those related to the military conflict involving Russia and Ukraine, have caused volatility in the commodity markets. This
volatility, including market expectations of potential changes in coal prices and inflationary pressures on steel products, has had a
significant effect on market prices and may affect overall demand for our coal as well as the cost of supplies and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the first six months
of 2023, we sold 1.5 million tons of coal and recognized $303.8 million of revenue. Of this amount, 31% was sold in North American markets,
including Canada, and 69% was sold into export markets. During the same period of 2022, we sold 1.2 million tons of coal and recognized
$293.5 million of revenue. Of this amount, 51% of our sales were sold in North American markets, including Canada, with the remaining
49% being sold into the export markets. The increase in sales into export markets, which often includes index-based pricing, creates
greater potential exposure to variability in pricing in 2023 compared to 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June&#8239;30, 2023,
we had outstanding performance obligations of approximately 0.9 million tons for contracts with fixed sales prices averaging $198 per
ton, excluding freight, which will generally be satisfied in the second half of 2023, and 0.7 million tons for contracts with index-based
pricing mechanisms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business strategy is
to increase stockholder value through sustained earnings growth, cash flow generation and dividends by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Developing
and Operating Our Metallurgical Coal Properties.&#8239;</I></FONT>We have 62 million reserve tons and 1,156 million measured and indicated
resource tons of high-quality metallurgical coal with attractive quality characteristics across high-volatility and low-volatility segments.
This geologically advantaged resource and reserve base allows for flexible capital spending in challenging market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to complete development
of our existing properties and increase annual production over the next few years to approximately 6.5 million clean tons of metallurgical
coal, subject to market conditions, permitting and additional capital deployment. We may also acquire additional reserves or infrastructure
that contribute to our focus on advantaged geology and lower costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Being
a Low-Cost U.S. Producer of Metallurgical Coal.<B>&#8239;</B></I></FONT>Our reserve base presents advantaged geologic characteristics
such as relatively thick coal seams at the deep mines, a low effective mining ratio at the surface mines, and desirable metallurgical
coal quality. These characteristics contribute to a production profile that has a cash cost of production that is significantly below
most U.S. metallurgical coal producers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Maintaining
a Conservative Capital Structure and Prudently Managing the Business for the Long Term.&#8239;</I></FONT>We are committed to maintaining
a conservative capital structure with a reasonable amount of debt that will afford us the financial flexibility to execute our business
strategies on an ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Enhancing
Coal Purchase Opportunities.&#8239;</I></FONT>Depending on market conditions, we purchase coal from other independent producers. Purchased
coal is complementary from a blending standpoint with our produced coals or it may also be sold as an independent product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Demonstrating
Excellence in Safety and Environmental Stewardship.</I></FONT>&#8239;We are committed to complying with both regulatory and our own high
standards for environmental and employee health and safety requirements. We believe that business excellence is achieved through the
pursuit of safer and more productive work practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Advancing
our Initiatives in Rare Earth Elements and Advanced Carbon Products</I></FONT>. We are also focused on critical mineral rare earth development
as well as the potential commercialization of coal-to-carbon-based products and materials. These initiatives provide additional growth
opportunities and upside potential in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal domestic competitors
include Alpha Metallurgical Resources,&#8239;Inc., Blackhawk Mining, LLC, Coronado Global Resources Inc., Arch Resources,&#8239;Inc., Peabody
Energy Corporation and Warrior Met Coal,&#8239;Inc. We also compete in international markets directly with domestic companies and with
companies that produce coal from one or more foreign countries, such as Australia, Canada, and Colombia. Many of these coal producers
are larger than we are and have greater financial resources and larger reserve bases than we do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our headquarters are located
at 250 West Main Street, Suite&#8239;1900, Lexington, Kentucky 40507, and our telephone number is (859) 244-7455. Our investor relations
website address is ir.ramacoresources.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information contained on,
or that can be accessed through, our website is not incorporated by reference into this prospectus, and you should not consider information
on our website to be part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="b_003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investment in our securities
involves a high degree of risk. You should carefully consider the risks described in the section &ldquo;Risk Factors&rdquo; contained
in <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&#8239;10-K for the year ended December&#8239;31, 2022</A> and our subsequent quarterly reports on Form&#8239;10-Q,
which are incorporated by reference in this prospectus in their entirety, as well as other information in this prospectus, any accompanying
prospectus supplement and other documents that are incorporated by reference herein or therein, before purchasing any securities offered
hereby. Each of the risks described could materially adversely affect our business, financial condition, results of operations, or ability
to make distributions to our stockholders. In such case, you could lose all or a portion of your original investment. See &ldquo;Where
You Can Find Additional Information&rdquo; beginning on page&#8239;26 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_004"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents
incorporated by reference include &ldquo;forward-looking statements&rdquo; within the meaning of Section&#8239;27A of the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;) and Section&#8239;21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;). All statements, other than statements of historical fact included in this prospectus, regarding our strategy, future operations,
financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking
statements. When used in this prospectus, the words &ldquo;could,&rdquo; &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;project&rdquo; and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain such identifying words.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
are based on management&rsquo;s current expectations and assumptions about future events and are based on currently available information
as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors
and other cautionary statements described under, but not limited to, the heading &ldquo;Item 1A. Risk Factors&rdquo; and &ldquo;Cautionary
Note Regarding Forward-Looking Statements&rdquo; in our Annual Report on Form&#8239;10-K for the year ended December&#8239;31, 2022, Quarterly
Reports on Form&#8239;10-Q for the quarters ended March&#8239;31, 2023 and June&#8239;30, 2023 and our other filings with the SEC. Forward-looking
statements may include statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to the impact of the novel coronavirus &ldquo;COVID-19&rdquo; global pandemic, such
                                            as the scope and duration of the outbreak, the health and safety of our employees, government
                                            actions and restrictive measures implemented in response, delays and cancellations of customer
                                            sales, supply chain disruptions and other impacts to the business, or our ability to execute
                                            our business continuity plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">anticipated
                                            production levels, costs, sales volumes, and revenue;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">timing
                                            and ability to complete major capital projects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">economic
                                            conditions in the metallurgical coal and steel industries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">expected
                                            costs to develop planned and future mining operations, including the costs to construct necessary
                                            processing, refuse disposal and transport facilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">estimated
                                            quantities or quality of our metallurgical coal reserves;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to obtain additional financing on favorable terms, if required, to complete the acquisition
                                            of additional metallurgical coal reserves as currently contemplated or to fund the operations
                                            and growth of our business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">maintenance,
                                            operating or other expenses or changes in the timing thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            financial condition and liquidity of our customers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">competition
                                            in coal markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            price of metallurgical coal or thermal coal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">compliance
                                            with stringent domestic and foreign laws and regulations, including environmental, climate
                                            change and health and safety regulations, and permitting requirements, as well as changes
                                            in the regulatory environment, the adoption of new or revised laws, regulations and permitting
                                            requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">potential
                                            legal proceedings and regulatory inquiries against us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            impact of weather and natural disasters on demand, production, and transportation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">purchases
                                            by major customers and our ability to renew sales contracts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">credit
                                            and performance risks associated with customers, suppliers, contract miners, co-shippers
                                            and traders, banks, and other financial counterparties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">geologic,
                                            equipment, permitting, site access and operational risks and new technologies related to
                                            mining;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">transportation
                                            availability, performance, and costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">availability,
                                            timing of delivery and costs of key supplies, capital equipment or commodities such as diesel
                                            fuel, steel, explosives, and tires;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">timely
                                            review and approval of permits, permit renewals, extensions, and amendments by regulatory
                                            authorities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to comply with certain debt covenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">tax
                                            payments to be paid for the current fiscal year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">our
                                            expectations relating to dividend payments and our ability to make such payments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            anticipated benefits and impacts of previous acquisitions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to Russia&rsquo;s invasion of Ukraine and the international community&rsquo;s response;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to weakened global economic conditions and inflation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">risks
                                            related to the Company&rsquo;s tracking stock structure and separate performance of its Carbon
                                            Ore-Rare Earth (&ldquo;CORE&rdquo;) assets; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">other
                                            risks identified in this prospectus that are not historical.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We caution you that these
forward-looking statements are subject to a number of risks, uncertainties and assumptions, which are difficult to predict and many of
which are beyond our control, incident to the development, production, gathering and sale of coal. Moreover, we operate in a very competitive
and rapidly changing environment and additional risks may arise from time to time. It is not possible for our management to predict all
of the risks associated with our business, nor can we assess the impact of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may
make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we
make in this prospectus are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur,
and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these
risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All forward-looking statements,
expressed or implied, included in this prospectus are expressly qualified in their entirety by this cautionary statement and speak only
as of the date of this prospectus. This cautionary statement should also be considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf may issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise required
by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities for general corporate purposes,
including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.
Although we currently have no specific plans to raise capital at the time of filing this registration statement, if we choose to conduct
a financing using this registration statement in the future, the specific purposes for the proceeds of such financing will be described
in the prospectus supplement relating to the financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_006"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell the securities
to one or more underwriters for public offering and sale by them or may sell the securities to investors directly or through agents.
Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable prospectus supplement. Underwriters
and agents in any distribution contemplated hereby may from time to time be designated on terms to be set forth in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters or agents could
make sales in privately negotiated transactions and any other method permitted by law. Securities may be sold in one or more of the following
transactions: (a)&#8239;block transactions (which may involve crosses) in which a broker-dealer may sell all or a portion of the securities
as agent but may position and resell all or a portion of the block as principal to facilitate the transaction; (b)&#8239;purchases by
a broker-dealer as principal and resale by the broker-dealer for its own account pursuant to a prospectus supplement; (c)&#8239;a special
offering, an exchange distribution or a secondary distribution in accordance with applicable NASDAQ or other stock exchange rules; (d)&#8239;ordinary
brokerage transactions and transactions in which a broker-dealer solicits purchasers; (e)&#8239;&ldquo;at the market&rdquo; offerings
or sales &ldquo;at the market,&rdquo; within the meaning of Rule&#8239;415(a)(4)&#8239;of the Securities Act, to or through a market maker
or into an existing trading market on an exchange or otherwise; (f)&#8239;sales in other ways not involving market makers or established
trading markets, including direct sales to purchasers; or (g)&#8239;through a combination of any of these methods. Broker-dealers may
also receive compensation from purchasers of these securities which is not expected to exceed those customary in the types of transactions
involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters or agents may
offer and sell the securities at a fixed price or prices, which may be changed in relation to the prevailing market prices at the time
of sale or at negotiated prices. We also may, from time to time, authorize underwriters acting as our agents to offer and sell the securities
upon the terms and conditions as are set forth in the applicable prospectus supplement. In connection with the sale of securities, underwriters
or agents may be deemed to have received compensation from us in the form of underwriting discounts or commissions and may also receive
commissions from purchasers of securities for whom they may act as agent. Underwriters or agents may sell securities to or through dealers,
and the dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or the agents and/or
commissions from the purchasers for whom they may act as agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any underwriting compensation
paid by us to underwriters or agents in connection with the offering of securities, and any discounts, concessions or commissions allowed
by underwriters or agents to participating dealers, will be set forth in the applicable prospectus supplement. Underwriters, dealers
and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received
by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions, under
the Securities Act. Underwriters, dealers and agents may be entitled, under agreements entered into with us for indemnification against
and contribution toward civil liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may have agreements with
the underwriters, dealers, agents and remarketing firms to indemnify them against certain civil liabilities, including liabilities under
the Securities Act, or to contribute with respect to payments that the underwriters, dealers, agents or remarketing firms may be required
to make. Underwriters, dealers, agents and remarketing firms may be customers of, engage in transactions with or perform services for
us in the ordinary course of their businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any securities issued hereunder
(other than Class&#8239;A common stock or Class&#8239;B common stock) will be new issues of securities with no established trading market.
Any underwriters or agents to or through whom such securities are sold by us for public offering and sale may make a market in such securities,
but such underwriters or agents will not be obligated to do so and may discontinue any market making at any time without notice. We cannot
assure you as to the liquidity of the trading market for any such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriters and the
agents and their respective affiliates may be customers of, engage in transactions with and perform services for us in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_007"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
summary descriptions of the material terms of the Class&#8239;A common stock, Class&#8239;B common stock, preferred stock, depositary shares,
debt securities, warrants and rights that we may offer and sell from time to time. These summary descriptions are not meant to be complete
descriptions of each security. The particular terms of any security will be described in the applicable prospectus supplement and are
subject to and qualified in their entirety by reference to Delaware law and our amended and restated certificate of incorporation (or
certificate of incorporation) and amended and restated bylaws (or bylaws). See &ldquo;Where You Can Find Additional Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
provides that we may issue up to 260,000,000 shares of common stock, $0.01 par value per share, of which up to 225,000,000 shares are
designated as Class&#8239;A common stock and 35,000,000 shares are designated as Class&#8239;B common stock, and up to 50,000,000 shares
of preferred stock, $0.01 par value per share. Our certificate of incorporation authorizes the holders of a majority in voting power
of the outstanding shares of our stock entitled to vote thereon to increase or decrease the number of authorized shares of preferred
stock or common stock (but not below the number of shares thereof then outstanding). As of August&#8239;30, 2023, we had 43,902,118 shares
of Class&#8239;A common stock outstanding and 8,783,877 shares of Class&#8239;B common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_008"></A>DESCRIPTION OF COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary description
of our common stock does not purport to be complete and is subject to and qualified in its entirety by reference to the Delaware General
Corporation Law (&ldquo;DGCL&rdquo;) and to our certificate of incorporation and bylaws. For a more complete understanding of our common
stock, we encourage you to read carefully this entire prospectus, as well as our certificate of incorporation and our bylaws, copies
of which are incorporated by reference as exhibits to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Class&#8239;A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Voting
Rights</I></FONT>. Holders of shares of Class&#8239;A common stock are entitled to one vote per share held of record on all matters to
be voted upon by the stockholders. The holders of Class&#8239;A common stock and Class&#8239;B common stock shall vote together as a single
class on all matters submitted to a vote of the stockholders. The holders of Class&#8239;A common stock do not have cumulative voting
rights in the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Dividend
Rights</I></FONT>. Holders of shares of our Class&#8239;A common stock are entitled to ratably receive dividends when and if declared
by our Board out of funds legally available for that purpose, subject to any statutory or contractual restrictions on the payment of
dividends and to any prior rights and preferences that may be applicable to any outstanding preferred stock. The timing and amount of
dividends declared in future periods will depend on, among other things, (a)&#8239;our earnings, earnings outlook, production, processing
and shipping levels, financial condition, cash flow, cash requirements and our outlook on current and future market conditions, (b)&#8239;our
overall liquidity, (c)&#8239;the restrictive covenants in our credit agreements and any future debt instruments that we may enter into
and (d)&#8239;provisions of applicable law governing the dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Liquidation
Rights</I></FONT>. Upon our liquidation, dissolution, distribution of assets or other winding up, the holders of Class&#8239;A common
stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the
liquidation preference of any of our outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Other
Matters</I></FONT>. The shares of Class&#8239;A common stock have no preemptive or conversion rights and are not subject to further calls
or assessment by us. There are no redemption or sinking fund provisions applicable to the Class&#8239;A common stock. Our certificate
of incorporation permits our Board, in its sole discretion, to convert all of the outstanding shares of Class&#8239;B common stock into
shares of Class&#8239;A common stock based on an exchange ratio determined by a 20-day trailing VWAP for each class of stock. All outstanding
shares of our common stock are fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Class&#8239;B Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Voting
Rights</I></FONT>. Holders of shares of Class&#8239;B common stock are entitled to one vote per share held of record on all matters to
be voted upon by the stockholders. The holders of Class&#8239;A common stock and Class&#8239;B common stock shall vote together as a single
class on all matters submitted to a vote of the stockholders. The holders of Class&#8239;B common stock do not have cumulative voting
rights in the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Dividend
Rights</I></FONT>. Our intention is for holders of shares of our Class&#8239;B common stock to ratably receive a quarterly dividend tied
to the financial performance of the CORE Assets, subject to the discretion of our Board, the requirements of applicable law, any statutory
or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to any outstanding
preferred stock. The timing and amount of dividends declared in future periods will depend on, among other things, (a)&#8239;our earnings,
earnings outlook, production, processing and shipping levels, financial condition, cash flow, cash requirements and our outlook on current
and future market conditions, (b)&#8239;our overall liquidity, (c)&#8239;the restrictive covenants in our credit agreements and any future
debt instruments that we may enter into and (d)&#8239;provisions of applicable law governing the dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>Liquidation
Rights</I></FONT>. Upon our liquidation, dissolution, distribution of assets or other winding up, the holders of Class&#8239;B common
stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the
liquidation preference of any of our outstanding shares of preferred stock. Holders of shares of our Class&#8239;B common stock will not
have any specific rights with respect to the CORE Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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>Other
Matters</I></FONT>. Our certificate of incorporation permits our Board, in its sole discretion, to convert all of the outstanding shares
of Class&#8239;B common stock into shares of Class&#8239;A common stock based on an exchange ratio determined by a 20-day trailing VWAP
for each class of stock. All outstanding shares of our common stock are fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Effects of Provisions of Our Certificate of Incorporation,
our Bylaws and Delaware Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some provisions of Delaware
law, and our certificate of incorporation and our bylaws described below, contain provisions that could make the following transactions
more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise; or removal of our incumbent officers and
directors. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could
make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest
or in our best interests, including transactions that might result in a premium over the market price for our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These provisions, summarized
below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage
persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection and our potential
ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages
of discouraging these proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the provisions
of Section&#8239;203 of the DGCL, regulating corporate takeovers. In general, those provisions prohibit a Delaware corporation, including
those whose securities are listed for trading on the NASDAQ, from engaging in any business combination with any interested stockholder
for a period of three years following the date that the stockholder became an interested stockholder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</TD><TD STYLE="text-align: justify">the transaction is approved by the Board
                                            before the date the interested stockholder attained that status;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</TD><TD STYLE="text-align: justify">upon consummation of the transaction that
                                            resulted in the stockholder becoming an interested stockholder, the interested stockholder
                                            owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
                                            commenced; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</TD><TD STYLE="text-align: justify">on or after such time the business combination
                                            is approved by the Board and authorized at a meeting of stockholders by at least two-thirds
                                            of the outstanding voting stock that is not owned by the interested stockholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certificate of Incorporation and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions of our certificate
of incorporation and our bylaws, each as amended, may delay or discourage transactions involving an actual or potential change in control
or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions
that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Among other things, our certificate
of incorporation and bylaws:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">establishes
                                            advance notice procedures with regard to stockholder proposals relating to the nomination
                                            of candidates for election as directors or new business to be brought before meetings of
                                            our stockholders. These procedures provide that notice of stockholder proposals must be timely
                                            given in writing to our corporate secretary prior to the meeting at which the action is to
                                            be taken. Generally, to be timely, notice must be received at our principal executive offices
                                            not less than 90 days nor more than 120 days prior to the first anniversary date of the annual
                                            meeting for the preceding year. Our bylaws specify the requirements as to form and content
                                            of all stockholders&rsquo; notices. These requirements may preclude stockholders from bringing
                                            matters before the stockholders at an annual or special meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that all vacancies, including newly created directorships, may, except as otherwise required
                                            by law or, if applicable, the rights of holders of a series of preferred stock, be filled
                                            by the affirmative vote of a majority of directors then in office, even if less than a quorum;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            our Board the ability to authorize undesignated preferred stock. This ability makes it possible
                                            for our Board to issue, without stockholder approval, preferred stock with voting or other
                                            rights or preferences that could impede the success of any attempt to change control of us.
                                            These and other provisions may have the effect of deferring hostile takeovers or delaying
                                            changes in control or management of our company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that the authorized number of directors may be changed only by resolution of the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that any action required or permitted to be taken by the stockholders must be effected at
                                            a duly called annual or special meeting of stockholders and may not be effected by any consent
                                            in writing in lieu of a meeting of such stockholders, subject to the rights of the holders
                                            of any series of preferred stock with respect to such series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that our certificate of incorporation and bylaws may be amended by the affirmative vote of
                                            the holders of at least two-thirds of our then outstanding common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that special meetings of our stockholders may only be called by the Board, the chief executive
                                            officer or the chairman of the board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            for our Board to be divided into three classes of directors, with each class as nearly equal
                                            in number as possible, serving staggered three-year terms, other than directors which may
                                            be elected by holders of preferred stock, if any. This system of electing and removing directors
                                            may tend to discourage a third party from making a tender offer or otherwise attempting to
                                            obtain control of us, because it generally makes it more difficult for stockholders to replace
                                            a majority of the directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that we renounce any interest in existing and future investments in other entities by, or
                                            the business opportunities of, Yorktown Partners LLC (&ldquo;Yorktown&rdquo;) and Energy
                                            Capital Partners Mezzanine, LLC (&ldquo;ECP&rdquo; and together with Yorktown, the &ldquo;Sponsors&rdquo;)&#8239;
                                            or any of their officers, directors, agents, stockholders, members, partners, affiliates
                                            and subsidiaries (other than our directors that are presented business opportunities in their
                                            capacity as our directors) and that they have no obligation to offer us those investments
                                            or opportunities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provides
                                            that our bylaws can be amended by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will,
to the fullest extent permitted by applicable law, be the sole and exclusive forum for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            derivative action or proceeding brought on our behalf;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers,
                                            employees or agents to us or our stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            action asserting a claim against us or any director or officer or other employee of ours
                                            arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            action asserting a claim against us or any director or officer or other employee of ours
                                            that is governed by the internal affairs doctrine, in each such case subject to such Court
                                            of Chancery having personal jurisdiction over the indispensable parties named as defendants
                                            therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
also provides that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed
to have notice of, and to have consented to, this forum selection provision. Although we believe these provisions will benefit us by
providing increased consistency in the application of Delaware law for the specified types of actions and proceedings, the provisions
may have the effect of discouraging lawsuits against our directors, officers, employees and agents. The enforceability of similar exclusive
forum provisions in other companies&rsquo; certificates of incorporation has been challenged in legal proceedings, and it is possible
that, in connection with one or more actions or proceedings described above, a court could rule&#8239;that this provision in our certificate
of incorporation is inapplicable or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitation of Liability and Indemnification
Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
limits the liability of our directors for monetary damages for breach of their fiduciary duty as directors, except for liability that
cannot be eliminated under the DGCL. Delaware law provides that directors of a company will not be personally liable for monetary damages
for breach of their fiduciary duty as directors, except for liabilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">for
                                            any breach of their duty of loyalty to us or our stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">for
                                            acts or omissions not in good faith or which involve intentional misconduct or a knowing
                                            violation of law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">for
                                            unlawful payment of dividend or unlawful stock repurchase or redemption, as provided under
                                            Section&#8239;174 of the DGCL; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">for
                                            any transaction from which the director derived an improper personal benefit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any amendment, repeal or
modification of these provisions will be prospective only and would not affect any limitation on liability of a director for acts or
omissions that occurred prior to any such amendment, repeal or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws also provide that
we will indemnify our directors and officers to the fullest extent permitted by Delaware law. Our bylaws also permit us to purchase insurance
on behalf of any officer, director, employee or other agent for any liability arising out of that person&rsquo;s actions as our officer,
director, employee or agent, regardless of whether Delaware law would permit indemnification. We have entered into and intend to enter
into indemnification agreements with each of our current and future directors and officers. These agreements require us to indemnify
these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to us,
and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the
limitation of liability provision that are in our certificate of incorporation and the indemnification agreements facilitate our ability
to continue to attract and retain qualified individuals to serve as directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Computershare Trust Company,
N.A. acts as our transfer and distribution agent and registrar for our shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&#8239;A common stock
and Class&#8239;B common stock are listed on the NASDAQ under the symbols &ldquo;METC&rdquo; and &ldquo;METCB,&rdquo; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="b_009"></A>DESCRIPTION OF PREFERRED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
provides that we may issue up to 50,000,000 shares of preferred stock, $0.01 par value per share. As of the date of this prospectus,
we had no outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue preferred stock.
Preferred stock may be issued independently or together with any other securities and may be attached to or separate from the securities.
The following description of the preferred stock sets forth general terms and provisions of the preferred stock to which any prospectus
supplement may relate. The statements below describing the preferred stock are in all respects subject to and qualified in their entirety
by reference to the applicable provisions of our certificate of incorporation and bylaws and any applicable designation designating terms
of a series of preferred stock. The issuance of preferred stock could adversely affect the voting power, dividend rights and other rights
of holders of Class&#8239;A common stock and Class&#8239;B common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although our Board does not
have this intention at the present time, it or a duly authorized committee could establish another series of preferred stock, that could,
depending on the terms of the series, delay, defer or prevent a transaction or a change in control of our company that might involve
a premium price for the Class&#8239;A common stock or Class&#8239;B common stock or otherwise be in the best interest of the holders thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
authorizes our Board, subject to any limitations prescribed by law, without further stockholder approval, to establish and to issue from
time to time one or more classes or series of preferred stock, par value $0.01 per share, covering up to an aggregate of shares of preferred
stock. Each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications,
limitations and restrictions determined by the Board, which may include, among others, dividend rights, liquidation preferences, voting
rights, conversion rights, preemptive rights and redemption rights. Except as provided by law or in a preferred stock designation, the
holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to the
prospectus supplement relating to the series of preferred stock offered thereby for the specific terms thereof, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            designation of the class and/or series of preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            number of shares of the preferred stock, the liquidation preference per share of the preferred
                                            stock and the offering price of the preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            dividend rate(s), period(s)&#8239;and/or payment day(s)&#8239;or method(s)&#8239;of calculation
                                            thereof applicable to the preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            date from which dividends on the preferred stock shall accumulate, if applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            procedures for any auction and remarketing, if any, for the preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            provision for a sinking fund, if any, for the preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            provision for redemption, if applicable, of the preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            listing of the preferred stock on any securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            terms and conditions, if applicable, upon which the preferred stock may or will be convertible
                                            into our Class&#8239;A common stock or Class&#8239;B common stock, including the conversion
                                            price or manner of calculation thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            relative ranking and preferences of the preferred stock as to dividend rights and rights
                                            upon liquidation, dissolution or winding up of our affairs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            interests in the shares of preferred stock will be represented by depositary shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            limitations on ownership and restrictions on transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            limitations on the issuance of any class or series of preferred stock ranking senior or equal
                                            to the series of preferred stock being offered as to dividend rights and rights upon liquidation,
                                            dissolution or the winding up of our affairs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">a
                                            discussion of U.S. federal income tax considerations applicable to the preferred stock; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            other specific terms, preferences, conversion and other rights, voting powers, restrictions,
                                            limitations as to dividends and other distributions, qualifications and terms and conditions
                                            of redemption of the preferred stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of each class or
series of preferred stock will be described in any prospectus supplement related to such class or series of preferred stock and will
contain a discussion of any material Delaware law and may describe certain material U.S. federal income tax considerations applicable
to the preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registrar and Transfer Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will name the registrar
and transfer agent for the preferred stock in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_010"></A>DESCRIPTION OF DEPOSITARY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, at our option, elect
to offer depositary shares rather than full shares of preferred stock. In the event such option is exercised, each of the depositary
shares will represent ownership of and entitlement to all rights and preferences of a fraction of a share of preferred stock of a specified
class or series (including dividend, voting, redemption and liquidation rights). The applicable fraction will be specified in a prospectus
supplement. The shares of preferred stock represented by the depositary shares will be deposited with a depositary named in the applicable
prospectus supplement, under a deposit agreement, among our company, the depositary and the holders of the certificates evidencing depositary
shares, or depositary receipts. Depositary receipts will be delivered to those persons purchasing depositary shares in the offering.
The depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary shares. Holders of depositary receipts
agree to be bound by the deposit agreement, which requires holders to take certain actions such as filing proof of residence and paying
certain charges. The form of the deposit agreement and the form of the depositary receipt will be filed with the SEC and incorporated
by reference as an exhibit to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The summary of terms of the
depositary shares contained in this prospectus does not purport to be complete and is subject to, and qualified in its entirety by, the
provisions of the deposit agreement and the form of designation for the applicable class or series of preferred stock. While the deposit
agreement relating to a particular class or series of preferred stock may have provisions applicable solely to that class or series of
preferred stock, all deposit agreements relating to preferred stock we issue will include the provisions described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends and Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each time we pay a cash dividend
or make any other type of cash distribution with regard to preferred stock of a class or series, the depositary will distribute to the
holder of record of each depositary share relating to that class or series of preferred stock an amount equal to the dividend or other
distribution per depositary share that the depositary receives. If there is a distribution of property other than cash, the depositary
either will distribute the property to the holders of depositary shares in proportion to the depositary shares held by each of them,
or the depositary will, if we approve, sell the property and distribute the net proceeds to the holders of the depositary shares in proportion
to the depositary shares held by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Withdrawal of Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder of depositary shares
will be entitled to receive, upon surrender of depositary receipts representing depositary shares, the number of whole or fractional
shares of the applicable class or series of preferred stock and any money or other property to which the depositary shares relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Redemption of Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever we redeem shares
of preferred stock held by a depositary, the depositary will be required to redeem, on the same redemption date, depositary shares constituting,
in total, the number of shares of preferred stock held by the depositary which we redeem, subject to the depositary&rsquo;s receiving
the redemption price of those shares of preferred stock. If fewer than all the depositary shares relating to a class or series of preferred
stock are to be redeemed, the depositary shares to be redeemed will be selected by lot or by another method we determine to be equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any time we send a notice
of meeting or other materials relating to a meeting to the holders of a class or series of preferred stock to which depositary shares
relate, we will provide the depositary with sufficient copies of those materials so they can be sent to all holders of record of the
applicable depositary shares, and the depositary will send those materials to the holders of record of the depositary shares on the record
date for the meeting. The depositary will solicit voting instructions from holders of depositary shares and will vote or not vote the
preferred stock to which the depositary shares relate in accordance with those instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon our liquidation, dissolution
or winding up, the holder of each depositary share will be entitled to what the holder of the depositary share would have received if
the holder had owned the number of shares (or a fraction of a share) of preferred stock which is represented by the depositary share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If shares of a class or series
of preferred stock are convertible into Class&#8239;A common stock or Class&#8239;B common stock or other of our securities or property,
holders of depositary shares relating to that class or series of preferred stock will, if they surrender depositary receipts representing
depositary shares and appropriate instructions to convert them, receive the shares of Class&#8239;A common stock or Class&#8239;B common
stock or other securities or property into which the number of shares (or fractions of shares) of preferred stock to which the depositary
shares relate could at the time be converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Amendment and Termination of a Deposit Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the depositary may
amend a deposit agreement, except that an amendment which materially and adversely affects the rights of holders of depositary shares,
or would be materially and adversely inconsistent with the rights granted to the holders of the preferred stock to which they relate,
must be approved by holders of at least a majority of the outstanding depositary shares. No amendment will impair the right of a holder
of depositary shares to surrender the depositary receipts evidencing those depositary shares and receive the preferred stock to which
they relate, except as required to comply with law. We may terminate a deposit agreement with the consent of holders of a majority of
the depositary shares to which it relates. Upon termination of a deposit agreement, the depositary will make the whole or fractional
shares of preferred stock to which the depositary shares issued under the deposit agreement relate available to the holders of those
depositary shares. A deposit agreement will automatically terminate if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">all
                                            outstanding depositary shares to which it relates have been redeemed or converted; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            depositary has made a final distribution to the holders of the depositary shares issued under
                                            the deposit agreement upon our liquidation, dissolution or winding up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be provisions:
(1)&#8239;requiring the depositary to forward to holders of record of depositary shares any reports or communications from us which the
depositary receives with respect to the preferred stock to which the depositary shares relate; (2)&#8239;regarding compensation of the
depositary; (3)&#8239;regarding resignation of the depositary; (4)&#8239;limiting our liability and the liability of the depositary under
the deposit agreement (generally limited to failure to act in good faith, gross negligence or willful misconduct); and (5)&#8239;indemnifying
the depositary against certain possible liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_011"></A>DESCRIPTION OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities,
in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt. The senior debt securities
will rank equally with any other unsubordinated debt that we may have and may be secured or unsecured. The subordinated debt securities
will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing the debt, to
all or some portion of our senior indebtedness. Any convertible debt securities that we may issue will be convertible into or exchangeable
for Class&#8239;A common stock or Class&#8239;B common stock, preferred stock or other securities of ours or of a third party. Conversion
may be mandatory or at the holder&rsquo;s option and would be at prescribed conversion rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities will
be issued either (i)&#8239;pursuant to our existing indenture, dated as of July&#8239;13, 2021, as amended, modified or supplemented, between
us and Wilmington Savings Fund Society, FSB, as trustee (&ldquo;existing indenture&rdquo;) or (ii)&#8239;pursuant to a subordinated debt
indenture that we will enter into with Wilmington Savings Fund Society, FSB, as trustee (&ldquo;new subordinated debt indenture&rdquo;).
While the terms we have summarized below will apply generally to any debt securities that we may offer under this prospectus, we will
describe the particular terms of any debt securities that we may offer in more detail in a prospectus supplement (and any free writing
prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incorporated by reference
our existing indenture and will file a form of our new subordinated debt indenture as an exhibit to a prospectus supplement. We use the
term &ldquo;indentures&rdquo; to refer collectively to our existing indenture and our new subordinated debt indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indentures, to the extent
not already qualified, will be qualified under the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summaries of
the material provisions of the senior debt securities, the subordinated debt securities and the indentures, together with the additional
information we may include in any applicable prospectus supplements, does not purport to be complete and is subject to, and qualified
in its entirety by reference to, all of the provisions of the form of our new subordinated debt indenture to be filed as an exhibit to
a prospectus supplement to this registration statement, as it may be supplemented, amended or modified from time to time, as well as
our existing indenture that are incorporated by reference as exhibits to the registration statement of which this prospectus is part.
You should read the applicable prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related
to the series of debt securities being offered, as well as the complete indentures that contain the terms of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following are some of
the terms relating to our existing indenture and our new subordinated debt indenture of debt securities that could be described in a
prospectus supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">title;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">principal
                                            amount being offered, and, if a series, the total amount authorized and the total amount
                                            outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            limit on the amount that may be issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            we will issue the series of debt securities in global form and, if so, the terms and who
                                            the depositary will be;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">maturity
                                            date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">principal
                                            amount due at maturity, and whether the debt securities will be issued with any original
                                            issue discount;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            and under what circumstances, if any, we will pay additional amounts on any debt securities
                                            held by a person who is not a United States person for tax purposes, and whether we can redeem
                                            the debt securities if we have to pay such additional amounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">annual
                                            interest rate, which may be fixed or variable, or the method for determining the rate, the
                                            date interest will begin to accrue, the dates interest will be payable and the regular record
                                            dates for interest payment dates or the method for determining such dates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            the debt securities will be secured or unsecured, and the terms of any secured debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">terms
                                            of the subordination of any series of subordinated debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">place
                                            where payments will be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">restrictions
                                            on transfer, sale or other assignment, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">our
                                            right, if any, to defer payment of interest and the maximum length of any such deferral period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">date,
                                            if any, after which, the conditions upon which, and the price at which we may, at our option,
                                            redeem the series of debt securities pursuant to any optional or provisional redemption provisions,
                                            and any other applicable terms of those redemption provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">provisions
                                            for a sinking fund, purchase or other analogous fund, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">date,
                                            if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking
                                            fund or analogous fund provisions or otherwise, to redeem, or at the holder&rsquo;s option
                                            to purchase, the series of debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            the indenture will restrict our ability or the ability of our subsidiaries to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">incur
                                            additional indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">issue
                                            additional securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">create
                                            liens;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">pay
                                            dividends or make distributions in respect of our capital stock or the capital stock of our
                                            subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">redeem
                                            capital stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">place
                                            restrictions on our subsidiaries&rsquo; ability to pay dividends, make distributions or transfer
                                            assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">make
                                            investments or other restricted payments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">sell
                                            or otherwise dispose of assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">enter
                                            into sale-leaseback transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">engage
                                            in transactions with shareholders or affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">issue
                                            or sell stock of our subsidiaries; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">effect
                                            a consolidation or merger;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            the indenture will require us to maintain any interest coverage, fixed charge, cash flow-
                                            based, asset-based or other financial ratios;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">a
                                            discussion of any material or special United States federal income tax considerations applicable
                                            to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">information
                                            describing any book-entry features;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">procedures
                                            for any auction or remarketing, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">whether
                                            the debt securities are to be offered at a price such that they will be deemed to be offered
                                            at an &ldquo;original issue discount&rdquo; as defined in paragraph (a)&#8239;of Section&#8239;1273
                                            of the Internal Revenue Code of 1986, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">denominations
                                            in which we will issue the series of debt securities, if other than denominations of $2,000
                                            and any integral multiple of $1,000 in excess thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">if
                                            other than dollars, the currency in which the series of debt securities will be denominated;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            other specific terms, preferences, rights or limitations of, or restrictions on, the debt
                                            securities, including any events of default that are in addition to those described in this
                                            prospectus or any covenants provided with respect to the debt securities that are in addition
                                            to those described above, and any terms that may be required by us or advisable under applicable
                                            laws or regulations or advisable in connection with the marketing of the debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conversion or Exchange Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will set forth in the
applicable prospectus supplement or free writing prospectus the terms on which a series of debt securities may be convertible into or
exchangeable for Class&#8239;A common stock or Class&#8239;B common stock, preferred stock or other securities of ours, including the conversion
or exchange rate, as applicable, or how it will be calculated, and the applicable conversion or exchange period. We will include provisions
as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to
which the number of our securities that the holders of the series of debt securities receive upon conversion or exchange would, under
the circumstances described in those provisions, be subject to adjustment, or pursuant to which those holders would, under those circumstances,
receive other property upon conversion or exchange, for example in the event of our merger or consolidation with another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consolidation, Merger or Sale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of any securities
that we may offer pursuant to this prospectus may limit our ability to merge or consolidate or otherwise sell, convey, transfer or otherwise
dispose of all or substantially all of our assets, which terms would be set forth in the applicable prospectus supplement and supplemental
indenture. Any successor of ours or acquiror of such assets would have to assume all of our obligations under the indentures and the
debt securities, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the debt securities are
convertible for our other securities, the person with whom we consolidate or merge or to whom we sell all of our property would have
to make provisions for the conversion of the debt securities into securities that the holders of the debt securities would have received
if they had converted the debt securities before the consolidation, merger or sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Events of Default Under the Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
in the applicable prospectus supplement, the following are events of default under the indentures with respect to any series of debt
securities that we may issue:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">if
                                            we fail to pay interest when due and payable and our failure continues for 30 days and the
                                            time for payment has not been extended or deferred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">if
                                            we fail to pay the principal or premium, if any, when due and payable and the time for payment
                                            has not been extended or deferred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">if
                                            we fail to observe or perform any other covenant contained in the debt securities or the
                                            indentures, and our failure continues for 60 days after we receive notice from the trustee
                                            or holders of at least 25% in aggregate principal amount of the outstanding debt securities
                                            of the applicable series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">if
                                            specified events of bankruptcy, insolvency or reorganization occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an event of default with
respect to debt securities of any series occurs and is continuing, other than an event of default specified in the last bullet point
above, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series, by
notice to us in writing, and to the trustee if notice is given by such holders, may declare the unpaid principal of, premium, if any,
and accrued interest, if any, due and payable immediately. If an event of default specified in the last bullet point above occurs with
respect to us, the principal amount of and accrued interest, if any, of each issue of debt securities then outstanding would be due and
payable without any notice or other action on the part of the trustee or any holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of a majority
in principal amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to
the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless
we have cured the default or event of default in accordance with the indenture. Any waiver shall cure the default or event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms of the
indentures, if an event of default under an indenture occurs and continues, the trustee would be under no obligation to exercise any
of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities,
unless such holders have offered the trustee indemnity satisfactory to the trustee. The holders of a majority in principal amount of
the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the trustee, or exercising any trust or power conferred on the trustee, with respect to the debt securities of
that series, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            direction so given by the holder is not in conflict with any law or the applicable indenture,
                                            nor would it subject the trustee to a risk of liability in respect of which the trustee has
                                            not received indemnification satisfactory to it in its sole discretion against all losses,
                                            liabilities and expenses caused by taking or not taking such action; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            trustee may take any other action deemed proper by the trustee which is not inconsistent
                                            with such direction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder of the debt securities
of any series will have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other
remedies only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            holder has given written notice to the trustee of a continuing event of default with respect
                                            to that series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            holders of at least 25% in aggregate principal amount of the outstanding debt securities
                                            of that series have made written request, and such holders have offered indemnity satisfactory
                                            to the trustee to institute the proceeding as trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            trustee does not institute the proceeding, and does not receive from the holders of a majority
                                            in aggregate principal amount of the outstanding debt securities of that series other conflicting
                                            directions within 60 days after the notice, request and offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These limitations do not
apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest
on, the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will periodically file
statements with the trustee regarding our compliance with specified covenants in the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the trustee may from
time to time and at any time enter into an indenture or supplemental indenture without the consent of any holders for one or more of
the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            evidence the succession of another corporation, and the assumption by the successor corporation
                                            of our covenants, agreements and obligations under the indenture and debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            add to our covenants such new covenants, restrictions, conditions or provisions for the protection
                                            of the holders, and to make the occurrence, or the occurrence and continuance, of a default
                                            in any of such additional covenants, restrictions, conditions or provisions an event of default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            modify, eliminate or add to any of the provisions of the indenture to such extent as necessary
                                            to effect the qualification of the indenture under the Trust Indenture Act, and to add to
                                            the indenture such other provisions as may be expressly permitted by the Trust Indenture
                                            Act, excluding however, the provisions referred to in Section&#8239;316(a)(2)&#8239;of the
                                            Trust Indenture Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            cure any ambiguity or to correct or supplement any provision contained in the indenture or
                                            in any supplemental indenture which may be defective or inconsistent with other provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            make provisions in regard to matters or questions arising under the indenture, so long such
                                            other provisions to do not adversely affect the interest of any other holder of debt securities
                                            in any material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            secure any series of security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            evidence and provide for the acceptance and appointment of a successor trustee and to add
                                            or change any provisions of the indenture as necessary to provide for or facilitate the administration
                                            of the trust by more than one trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">to
                                            establish the form or terms of securities of any series as permitted under the indenture,
                                            including any subordination provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we and the trustee,
with the consent of the holders of not less than a majority in aggregate principal of the outstanding debt securities of each series
that is affected, may from time to time and at any time enter into an indenture or supplemental indenture for the purpose of adding any
provisions to or changing in any manner the rights of the holders of the securities of such series and any related coupons of the indenture,
provided that no such supplemental indenture shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">extend
                                            the fixed maturity of any securities, or reduce the principal amount thereof or premium,
                                            if any, or reduce the rate or extend the time of payment of interest, without the extent
                                            of the holder so affected;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">reduce
                                            the aforesaid percentage of securities, the consent of the holders of which is required for
                                            any such supplemental indenture, without the consent of all holders of outstanding series
                                            of debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">impair
                                            the right to institute suit for the enforcement of any payment on or after the date on which
                                            it is due and payable; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">modify
                                            any of the above provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each indenture will provide
that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for specified obligations,
including obligations to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">register
                                            the transfer or exchange of debt securities of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">replace
                                            stolen, lost or mutilated debt securities of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">maintain
                                            paying agencies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">hold
                                            monies for payment in trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to exercise our
rights to be discharged, we must deposit with the trustee money or government obligations, or a combination thereof, sufficient to pay
all the principal of, any premium and interest on, the debt securities of the series on the dates payments are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Form, Exchange and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will issue the debt securities
of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement
or free writing prospectus, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. The indentures will provide
that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited
with, or on behalf of, The Depository Trust Company or another depositary named by us and identified in a prospectus supplement or free
writing prospectus with respect to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the option of the holder,
subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement
or free writing prospectus, the holder of the debt securities of any series can exchange the debt securities for other debt securities
of the same series, in any authorized denomination and of like tenor and aggregate principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms of the
indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement or free writing prospectus,
holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the
form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar
or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder
presents for transfer or exchange, we will make no service charge for any registration of transfer or exchange, but we may require payment
of any taxes or other governmental charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will name in the applicable
prospectus supplement or free writing prospectus the security registrar, and any transfer agent in addition to the security registrar
that we initially designate for any debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may at any time designate
additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer
agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to redeem the
debt securities of any series, we will not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">issue,
                                            register the transfer of, or exchange any debt securities of any series being redeemed in
                                            part during a period beginning at the opening of business 15 days before the day of sending
                                            of a notice of redemption of any debt securities that may be selected for redemption and
                                            ending at the close of business on the day of such transmission; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">register
                                            the transfer of or exchange any debt securities so selected for redemption, in whole or in
                                            part, except the unredeemed portion of any debt securities we are redeeming in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Concerning the Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trustee, other than during
the occurrence and continuance of an event of default under an indenture, undertakes to perform only those duties as are specifically
set forth in the applicable indenture. Upon an event of default under an indenture, the trustee must use the same degree of care as a
prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the trustee is under no obligation
to exercise any of the powers given it by an indenture at the request of any holder of debt securities unless it is offered security
and indemnity against the costs, expenses and liabilities that it might incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payment and Paying Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we otherwise indicate
in the applicable prospectus supplement or free writing prospectus, we will make payment of the interest on any debt securities on any
interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close
of business on the regular record date for the interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay principal of
and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except
that, unless we otherwise indicate in the applicable prospectus supplement or free writing prospectus, we may make interest payments
by check which we will mail to the holder or by wire transfer to certain holders. Unless we otherwise indicate in a prospectus supplement
or free writing prospectus, we will designate an office or agency of the trustee in the contiguous United States as our sole paying agent
for payments with respect to debt securities of each series. We will name in the applicable prospectus supplement or free writing prospectus
any other paying agents that we initially designate for the debt securities of a particular series. We will maintain a paying agent in
each place of payment for the debt securities of a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All money we pay to a paying
agent or the trustee for the payment of the principal of or any premium or interest on any debt securities which remains unclaimed at
the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the
debt security thereafter may look only to us for payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indentures and the debt
securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust
Indenture Act is applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subordination of Subordinated Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subordinated debt securities
will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus supplement
or free writing prospectus. Our new subordinated debt indenture in the form to be filed as an exhibit to a prospectus supplement, and
our existing indenture, do not limit the amount of indebtedness which we may incur, including senior indebtedness or subordinated indebtedness,
and do not limit us from issuing any other debt, including secured debt or unsecured debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_012"></A>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants for
the purchase of Class&#8239;A common stock, Class&#8239;B common stock, preferred stock or depositary shares and may issue warrants independently
or together with Class&#8239;A common stock, Class&#8239;B common stock, preferred stock or depositary shares or attached to, or separate
from, such securities. We may issue each series of warrants under a separate warrant agreement between us and a bank or trust company
as warrant agent, as specified in the applicable prospectus supplement. The form of warrant agreement and the form of the warrant certificate
will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The warrant agent will act
solely as our agent in connection with the warrants and will not act for or on behalf of warrant holders. The following sets forth certain
general terms and provisions of the warrants that may be offered under this registration statement. Further terms of the warrants and
the applicable warrant agreement will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will describe the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable,
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            title of such warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            aggregate number of such warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            price or prices at which such warrants will be issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            type and number of securities purchasable upon exercise of such warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            designation and terms of the other securities, if any, with which such warrants are issued
                                            and the number of such warrants issued with each such offered security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            date, if any, on and after which such warrants and the related securities will be separately
                                            transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            price at which each security purchasable upon exercise of such warrants may be purchased;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            date on which the right to exercise such warrants shall commence and the date on which such
                                            right shall expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            minimum or maximum amount of such warrants that may be exercised at any one time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">information
                                            with respect to book-entry procedures, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            anti-dilution protection;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">a
                                            discussion of certain material U.S. federal income tax considerations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            other terms of such warrants, including terms, procedures and limitations relating to the
                                            transferability, exercise and exchange of such warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Warrant certificates will
be exchangeable for new warrant certificates of different denominations and warrants may be exercised at the corporate trust office of
the warrant agent or any other office indicated in the applicable prospectus supplement. Prior to the exercise of their warrants, holders
of warrants will not have any of the rights of holders of the securities purchasable upon such exercise or to any dividend payments or
voting rights as to which holders of the shares of common stock or preferred stock purchasable upon such exercise may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each warrant will entitle
the holder to purchase for cash such number of shares of common stock or preferred stock, at such exercise price as shall, in each case,
be set forth in, or be determinable as set forth in, the applicable prospectus supplement relating to the warrants offered thereby. After
the expiration date set forth in applicable prospectus supplement, unexercised warrants will be void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Warrants may be exercised
as set forth in the applicable prospectus supplement relating to the warrants. Upon receipt of payment and the warrant certificate properly
completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus
supplement, we will, as soon as practicable, forward the securities purchasable upon such exercise. If less than all of the warrants
are presented for exercise with respect to a warrant certificate, a new warrant certificate will be issued for the remaining amount of
warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_013"></A>DESCRIPTION OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue rights to our
stockholders for the purchase of shares of Class&#8239;A common stock or Class&#8239;B common stock. Each series of rights may be issued
under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent, all as set forth in the
prospectus supplement relating to the particular issue of rights. The rights agent will act solely as our agent in connection with the
certificates relating to the rights of such series and will not assume any obligation or relationship of agency or trust for or with
any holders of rights certificates or beneficial owners of rights. The form of rights agreement and the rights certificates relating
to each series of rights will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which
this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will describe the terms of the rights to be issued, including the following, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            date for determining the stockholders entitled to the rights distribution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            aggregate number of shares of Class&#8239;A common stock or Class&#8239;B common stock purchasable
                                            upon exercise of such rights and the exercise price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            aggregate number of rights being issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            date, if any, on and after which such rights may be transferable separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            date on which the right to exercise such rights shall commence and the date on which such
                                            right shall expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            special U.S. federal income tax consequences; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">any
                                            other terms of such rights, including terms, procedures and limitations relating to the distribution,
                                            exchange and exercise of such rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_014"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ArentFox Schiff LLP, Washington,
DC, will pass upon the validity of the securities we are offering under this prospectus. If the validity of any securities is also passed
upon by counsel for the underwriters of an offering of those securities, that counsel will be named in the prospectus supplement relating
to that offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_015"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
for the year ended December 31, 2022, incorporated in this prospectus by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&#8239;10- K for the year ended December&#8239;31, 2022</A>, as amended, have been so incorporated in reliance on the
report of MCM CPAs &amp; Advisors LLP, an independent registered public accounting firm, given on the authority of said firm as
experts in auditing and accounting. The financial statements for the year ended December&#8239;31, 2021, incorporated in this
prospectus by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form 10-K for the year ended December 31, 2022</A>, have been so incorporated in
reliance on the report of Crowe LLP, an independent registered public accounting firm, given on the authority of said firm as
experts in auditing and accounting. The financial statements for the year ended December 31, 2020, incorporated in this prospectus
by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&#8239;10- K for the year ended December&#8239;31, 2022</A>, have been so incorporated in reliance on the report of
Briggs&#8239;&amp; Veselka Co., an independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting. The information regarding estimated quantities and quality of our proven and probable coal reserves and
technical report summaries incorporated in this prospectus by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&#8239;10-K for the year ended December&#8239;31, 2022</A>, is based, in part, on estimates included in reports
provided by Weir International,&#8239;Inc., mining, geology and energy consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_016"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">Ramaco
Resources,&#8239;Inc. files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains
an Internet site that contains reports, proxy and information statements and other information that we file electronically with the SEC
at www.sec.gov,</FONT> from which interested persons can electronically access the registration statement, of which this prospectus is
a part, including the exhibits and schedules thereto. The reports and other information we file with the SEC also are available through
our website at www.ir.ramacoresources.com. The information on our website is not part of this prospectus, other than documents that we
file with the SEC that are incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form&#8239;S-3, of which this prospectus is a part, under the Securities Act with respect to the securities.
This prospectus does not contain all of the information set forth in the registration statement, certain parts of which are omitted in
accordance with the rules&#8239;and regulations of the SEC. For further information concerning our Company and the securities, reference
is made to the registration statement. Statements contained in this prospectus as to the contents of any contract or other documents
are not necessarily complete, and in each instance, reference is made to the copy of such contract or documents filed as exhibits to
the registration statement, each such statement being qualified in all respects by such reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_017"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows &ldquo;incorporation
by reference&rdquo; into this prospectus of information that we file with the SEC. This means that we can disclose important information
by referring you to those documents. Any information referred to in this way is considered part of this prospectus from the date we file
that document. The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus
supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus. You should read carefully
the information incorporated herein by reference because it is an important part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by reference
into this prospectus and the registration of which this prospectus is a part the following documents or information filed with the SEC
(other than, in each case, documents or information deemed to have been furnished and not filed in accordance with SEC rules):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023003736/metc-20221231x10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&#8239;10-K for the year ended December&#8239;31, 2022, filed with the SEC on March&#8239;14, 2023</A>, as <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465923043112/tm2311919d1_10ka.htm" STYLE="-sec-extract: exhibit">amended on Form&#8239;10-K/A filed with the SEC on April&#8239;7, 2023</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">our
                                            Quarterly Reports on Form&#8239;10-Q for the period ended March&#8239;31, 2023, filed with
                                            the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023008818/metc-20230331x10q.htm" STYLE="-sec-extract: exhibit">May&#8239;9, 2023</A> and for the period ended June&#8239;30, 2023, filed with the SEC
                                            on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023014253/metc-20230630x10q.htm" STYLE="-sec-extract: exhibit">August&#8239;9, 2023</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">our
                                            Current Reports on Form&#8239;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465923023152/tm2224419d13_8k.htm" STYLE="-sec-extract: exhibit">February&#8239;17, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465923070365/tm2318390d1_8k.htm" STYLE="-sec-extract: exhibit">June&#8239;12, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465923076113/tm2320064d1_8k.htm" STYLE="-sec-extract: exhibit">June&#8239;29, 2023</A> (as amended on Form&#8239;8-K/A filed <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465923085845/tm2322379d2_8ka.htm" STYLE="-sec-extract: exhibit">July&#8239;31, 2023</A>), and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000110465923082773/tm2321758d1_8k.htm" STYLE="-sec-extract: exhibit">July&#8239;20, 2023</A> (other than any portions of such reports that are furnished under Item 2.02 or Item
                                            7.01 and any exhibits included with such Items);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1687187/000155837023007264/metc-20230627xdef14a.htm" STYLE="-sec-extract: exhibit">our Definitive Proxy Statement on Schedule 14A filed with the SEC on April&#8239;28, 2023</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&bull;</FONT></TD><TD STYLE="text-align: justify">the
                                            description of our Class&#8239;A common stock contained in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1687187/000119312517025134/d324973d8a12b.htm" STYLE="-sec-extract: exhibit">Form&#8239;8-A filed with the SEC on January&#8239;31, 2017</A>, as amended on <A HREF="https://www.sec.gov/Archives/edgar/data/1687187/000110465923071611/tm2318390d3_8a12ba.htm" STYLE="-sec-extract: exhibit">Form&#8239;8-A/A on June&#8239;15, 2023</A>, as updated by the <A HREF="https://www.sec.gov/Archives/edgar/data/1687187/000110465923071609/tm2224321d17_424b4.htm" STYLE="-sec-extract: exhibit">prospectus filed pursuant to Rule&#8239;424(b)&#8239;of the Securities Act with the SEC on June&#8239;15, 2023</A>; and the description of our Class&#8239;B common stock
                                            contained in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1687187/000110465923071614/tm2318390d2_8a12b.htm" STYLE="-sec-extract: exhibit">Form&#8239;8-A filed with the SEC on June&#8239;15, 2023</A>, as updated by the <A HREF="https://www.sec.gov/Archives/edgar/data/1687187/000110465923071609/tm2224321d17_424b4.htm" STYLE="-sec-extract: exhibit">prospectus filed pursuant to Rule&#8239;424(b)&#8239;of the Securities Act with the SEC on June&#8239;15, 2023</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents that we file
(but not those that we furnish) pursuant to Sections 13(a), 13(c), 14 or 15(d)&#8239;of the Exchange Act after the date of the initial
registration statement of which this prospectus is a part and prior to the effectiveness of the registration statement shall be deemed
to be incorporated by reference into this prospectus and will automatically update and supersede the information in this prospectus,
and any previously filed documents. In addition, all documents that we file (but not those that we furnish) pursuant to Sections 13(a),
13(c), 14 or 15(d)&#8239;of the Exchange Act on or after the date of this prospectus and prior to the termination of the offering of any
of the securities covered under this prospectus shall be deemed to be incorporated by reference into this prospectus and will automatically
update and supersede the information in this prospectus, the applicable prospectus supplement and any previously filed documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">In
addition to accessing the above information through the SEC&rsquo;s website at www.sec.gov,</FONT> we will provide without charge to
each person to whom this prospectus is delivered, upon written or oral request, a copy of any or all documents referred to above which
have been incorporated by reference into this prospectus, excluding exhibits to those documents unless they are specifically incorporated
by reference into those documents. Written or telephone requests should be directed to Ramaco Resources,&#8239;Inc., 250 West Main Street,
Suite&#8239;1900, Lexington, Kentucky 40507, telephone number (859) 244-7455.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2428032d1_425b5sp1img001.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; margin: 0pt 0; text-align: center"><B>$</B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RAMACO RESOURCES,&nbsp;INC.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>% Senior Notes due 2029</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>PROSPECTUS</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><I>Joint Book-Running Managers</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lucid
Capital Markets &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; B. Riley Securities
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Janney Montgomery Scott &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Piper Sandler</FONT><FONT STYLE="font-size: 10pt">&#9;&nbsp;&nbsp;</FONT></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Benchmark Company &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
InspereX LLC &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Texas Capital Securities
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; William Blair &amp; Company, L.L.C.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2024</P>

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
