<SEC-DOCUMENT>0001193125-20-139474.txt : 20200512
<SEC-HEADER>0001193125-20-139474.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200511203707
ACCESSION NUMBER:		0001193125-20-139474
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200511
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DXP ENTERPRISES INC
		CENTRAL INDEX KEY:			0001020710
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084]
		IRS NUMBER:				760509661
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21513
		FILM NUMBER:		20866780

	BUSINESS ADDRESS:	
		STREET 1:		5301 HOLLISTER STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77040
		BUSINESS PHONE:		7139964700

	MAIL ADDRESS:	
		STREET 1:		5301 HOLLISTER STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77040

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEX INC
		DATE OF NAME CHANGE:	19960808
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d917303d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (date of earliest event reported): May 11, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number <FONT STYLE="white-space:nowrap">000-21513</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>DXP Enterprises, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Texas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">76-0509661</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>5301 Hollister St, Houston, Texas 77040</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(713) <FONT STYLE="white-space:nowrap">996-4700</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Registrant&#146;s telephone number, including area code.</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Exchange Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Each Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of Exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which Registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Common Stock par value $0.01</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>DXPE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>NASDAQ Global Select Market</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;11, 2020, DXP Enterprises, Inc. (the &#147;Company&#148;) entered into an Equity Distribution Agreement (the &#147;Agreement&#148;) with BMO
Capital Markets Corp. (the &#147;Distribution Agent&#148;) pursuant to which the Company may offer and sell shares (the &#147;Shares&#148;) of the Company&#146;s common stock, par value $0.01 per share (&#147;Common Stock&#148;), having an aggregate
offering price of up to $37,500,000 from time to time through the Distribution Agent. The Shares to be sold pursuant to the Agreement have been registered under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), pursuant to the
Company&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">S-3ASR</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-232270),</FONT> as amended by Post-Effective Amendment No.&nbsp;1 filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) on March&nbsp;13, 2020, Post-Effective Amendment No.&nbsp;2 filed with the Commission on March&nbsp;17, 2020, and Post-Effective Amendment No.&nbsp;3 filed with the Commission on May&nbsp;4, 2020 (as
amended, the &#147;Registration Statement&#148;), which was declared effective by the Commission on May&nbsp;7, 2020, including the prospectus contained therein, as supplemented by the prospectus supplement dated May&nbsp;11, 2020. Sales, if any, of
the Shares pursuant to the Agreement will be made in &#147;at the market offerings&#148; as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through The Nasdaq Global Select Market or on any
other existing trading market for the Shares or to or through a market maker or any other method permitted by law. The Company intends to use the net proceeds from the offering for general corporate purposes, including, without limitation, capital
expenditures, working capital, acquisitions, and investments in its subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agreement contains customary representations, warranties and
agreements by the Company, including obligations of the Company to indemnify the Distribution Agent for certain liabilities under the Securities Act. Under the terms of the Agreement, the Company will pay the Distribution Agent a commission of up to
3.0% of the gross proceeds from sales of the Shares. In addition, the Company has agreed to pay certain expenses incurred by the Distribution Agent in connection with the offering. The offering of the Shares pursuant to the Agreement will terminate
upon the earlier of (i)&nbsp;such date that the aggregate gross sales proceeds of Shares sold pursuant to the Agreement equal the total dollar amount listed in the Agreement or (ii)&nbsp;the termination of the Agreement by the Company or the
Distribution Agent, in accordance with the terms of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the Agreement does not purport to be complete and is
qualified in its entirety by reference to the complete text of the Agreement, which is filed as Exhibit 1.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> shall not constitute an offer to sell or a solicitation of an offer to buy any
securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other
jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d). Exhibits. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d917303dex11.htm">Equity Distribution Agreement, dated May&nbsp;11, 2020, by and between the Company and the Distribution Agent. </A></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP>5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d917303dex51.htm">Opinion of Norton Rose Fulbright US LLP. </A></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d917303dex51.htm">Consent of Norton Rose Fulbright US LLP (contained in Exhibit 5.1). </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">DXP ENTERPRISES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">May&nbsp;11, 2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kent Yee</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kent Yee</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President / Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gene Padgett</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Gene Padgett</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President / Chief Accounting Officer</TD></TR>
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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d917303dex11.htm
<DESCRIPTION>EX-1.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DXP
Enterprises, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Shares of Common Stock </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(par value $0.01 per share) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EQUITY DISTRIBUTION AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;11, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BMO Capital Markets Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3 Times Square </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">DXP Enterprises, Inc., a
Texas corporation (the &#147;Company&#148;), hereby confirms its agreement (this &#147;Agreement&#148;) with BMO Capital Markets Corp., a Delaware corporation (&#147;BMOCM&#148;), with respect to the issuance and sale from time to time by the
Company of shares (the &#147;Shares&#148;) of the Company&#146;s common stock, par value $0.01 per share (the &#147;Common Stock&#148;), having an aggregate offering price of up to $37.5&nbsp;million (the &#147;Maximum Amount&#148;) through or to
BMOCM, as sales agent or principal, on the terms and subject to the conditions set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has filed with
the Securities and Exchange Commission (the &#147;Commission&#148;) a registration statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-232270)</FONT> for the registration of
the Shares (the &#147;registration statement&#148;) under the Securities Act of 1933, as amended (the &#147;Act&#148;), and the rules and regulations of the Commission thereunder (collectively, the &#147;Rules and Regulations&#148;). The
Registration Statement (as defined below) sets forth the material terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Company and its business. Except where the context otherwise
requires, the term &#147;Registration Statement&#148; means the registration statement, as amended at the time of the registration statement&#146;s effectiveness for purposes of Section&nbsp;11 of the Act, as such section applies to BMOCM, including
(i)&nbsp;all documents filed as a part thereof or incorporated, or deemed to be incorporated, by reference therein and (ii)&nbsp;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to
Rule&nbsp;424(b) of the Rules and Regulations, to the extent such information is deemed, pursuant to Rule&nbsp;430B or Rule 430C of the Rules and Regulations, to be part of the registration statement at the effective time. Except where the context
requires, the term &#147;Basic Prospectus&#148; means the prospectus dated May&nbsp;4, 2020 and effective May&nbsp;7, 2020, filed as part of the Registration Statement, including the documents incorporated by reference therein as of the date of such
prospectus. Except where the context otherwise requires, the term &#147;Prospectus Supplement&#148; means the most recent prospectus supplement relating to the Shares, to be filed by the Company with the Commission pursuant to Rule&nbsp;424(b) of
the Rules and Regulations on or before the second business day after the date hereof (or such earlier time as may be required under the Act), in the form furnished by the Company to BMOCM in connection with the offering of the Shares.
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Except where the context otherwise requires, the term &#147;Prospectus&#148; means the Prospectus Supplement (and any additional prospectus supplement prepared in accordance with the last
sentence of Section&nbsp;3(aa) and filed in accordance with the provisions of Rule&nbsp;424(b) of the Rules and Regulations), together with the Basic Prospectus attached to or used with the Prospectus Supplement. &#147;Permitted Free Writing
Prospectus&#148; has the meaning set forth in Section&nbsp;3(g). Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus and any Permitted Free Writing Prospectus shall, unless otherwise
stated, be deemed to refer to and include the documents, if any, incorporated, or deemed to be incorporated, by reference therein (the &#147;Incorporated Documents&#148;), including, unless the context otherwise requires, the documents, if any,
filed as exhibits to such Incorporated Documents. Any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the
Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder (collectively, the &#147;Exchange Act&#148;) on or after the initial effective date of the Registration Statement or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as
the case may be, and deemed to be incorporated therein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company confirms its agreement with BMOCM as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale and Delivery of the Shares.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Agency Transactions.</I> On the basis of the representations, warranties and agreements herein contained, but
subject to the terms and conditions herein set forth, the Company and BMOCM agree that the Company may issue and sell through BMOCM, as sales agent for the Company, the Shares (an &#147;Agency Transaction&#148;) as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company may, from time to time, propose to BMOCM the terms of an Agency Transaction by means of a telephone
call (confirmed promptly by electronic mail in a form substantially similar to <U>Exhibit A</U> hereto (an &#147;Agency Transaction Notice&#148;)) from any of the individuals listed as authorized representatives of the Company on <U>Schedule 1</U>
hereto (each, an &#147;Authorized Company Representative&#148;), such proposal to include: the trading day(s) for the Nasdaq Global Select Market (the &#147;Exchange&#148;) (which may not be a day on which the Exchange is scheduled to close prior to
its regular weekday closing time) on which the Shares are to be sold (each, a &#147;Trading Day&#148;); the maximum number of Shares that the Company wishes to sell in the aggregate and on each Trading Day; and the minimum price at which the Company
is willing to sell the Shares (the &#147;Floor Price&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If such proposed terms for an Agency
Transaction are acceptable to BMOCM, it shall promptly confirm the terms by countersigning the Agency Transaction Notice for such Agency Transaction and emailing it to an Authorized Company Representative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions hereof, BMOCM shall use its commercially reasonable efforts to sell all of
the Shares designated in, and subject to the terms of, such Agency Transaction Notice. BMOCM shall not sell any Share at a price lower than the Floor Price. The Company acknowledges and agrees with BMOCM that (x)&nbsp;there can be no
</P>
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assurance that BMOCM will be successful in selling all or any of such Shares, (y)&nbsp;BMOCM shall incur no liability or obligation to the Company or any other person or entity if it does not
sell any Shares for any reason and (z)&nbsp;BMOCM shall be under no obligation to purchase any Shares on a principal basis pursuant to this Agreement (except in the case of a Principal Transaction (as defined below) pursuant to this Agreement and
the relevant Terms Agreement (as defined below)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Company, acting through an Authorized Company
Representative, or BMOCM may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail), suspend an offering of the Shares; <I>provided</I>, <I>however</I>, that such suspension shall not affect or impair the
parties&#146; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;If the terms of any Agency Transaction as set forth in an Agency Transaction Notice contemplate that the Shares
shall be sold on more than one Trading Day, then the Company and BMOCM shall mutually agree to such additional terms and conditions as they deem necessary in respect of such multiple Trading Days, and such additional terms and conditions shall be
binding to the same extent as any other terms contained in the relevant Agency Transaction Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;BMOCM, as
sales agent in an Agency Transaction, shall not make any sales of the Shares on behalf of the Company, pursuant to this Agreement, other than (x)&nbsp;by means of ordinary brokers&#146; transactions that qualify for delivery of the Prospectus in
accordance with Rule 153 of the Rules and Regulations and meet the definition of an &#147;at the market offering&#148; under Rule&nbsp;415(a)(4) of the Rules and Regulations and (y)&nbsp;such other sales of the Shares on behalf of the Company in its
capacity as agent of the Company as shall be agreed by the Company and BMOCM in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;The compensation
to BMOCM for sales of the Shares in an Agency Transaction with respect to which BMOCM acts as sales agent hereunder shall be as set forth on <U>Schedule 5</U> hereto. BMOCM shall provide written confirmation to the Company (which may be provided by
email to an Authorized Company Representative) following the close of trading on the Exchange on each Trading Day on which Shares are sold in an Agency Transaction under this Agreement, setting forth (i)&nbsp;the number of Shares sold on such
Trading Day, (ii)&nbsp;the gross offering proceeds received from such sales, (iii)&nbsp;the commission payable by the Company to BMOCM with respect to such sales and (iv)&nbsp;the net offering proceeds (being the gross offering proceeds for such
sales less the commission payable for such sales) (the &#147;Net Offering Proceeds&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;Settlement for
sales of the Shares in an Agency Transaction pursuant to this Agreement shall occur on the second Trading Day (or such earlier day as is industry practice for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading) following the date on which
such sales are made (each such day, an &#147;Agency Settlement Date&#148;). On each Agency Settlement Date, the Shares sold through BMOCM in Agency Transactions for settlement on such date shall be issued and delivered by the Company to BMOCM
against payment by BMOCM to the Company of the Net Offering Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to BMOCM&#146;s or its
</P>
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designee&#146;s account (<I>provided</I> that BMOCM shall have given the Company written notice of such designee prior to the relevant Agency Settlement Date) at The Depository Trust Company or
by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payment in
<FONT STYLE="white-space:nowrap">same-day</FONT> funds delivered to the account designated by the Company. If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Agency Settlement Date,
the Company shall (i)&nbsp;hold BMOCM harmless against any loss, claim, damage, or expense (including, without limitation, reasonable legal fees and expenses), as reasonably incurred, arising out of or in connection with such default by the Company
and (ii)&nbsp;pay BMOCM any commission, discount or other compensation to which it would otherwise be entitled absent such default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Principal Transactions.</I> If the Company wishes to issue and sell the Shares other than as set forth in
subsection (a)&nbsp;of this Section&nbsp;1 (each, a &#147;Principal Transaction&#148;), the Company will notify BMOCM of the proposed terms of such Principal Transaction. If BMOCM, acting as principal, wishes to accept such proposed terms (which it
may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, BMOCM and the Company will enter into an agreement in substantially the form of Exhibit B hereto (each, a
&#147;Terms Agreement&#148;) that sets forth the terms of such Principal Transaction, including, without limitation, the time, date and place of delivery of and payment for the Shares to be sold pursuant to such Principal Transaction (each of such
date and each Agency Settlement Date, a &#147;Settlement Date&#148;). The terms set forth in a Terms Agreement shall not be binding on the Company or BMOCM unless and until each of the Company and BMOCM has executed such Terms Agreement accepting
all of such terms. The commitment of BMOCM to purchase the Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations and warranties of the Company herein contained and shall be subject to the terms
and conditions herein set forth. In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Maximum Number of Shares.</I> Under no circumstances shall the Company propose to BMOCM, or BMOCM effect, a sale
of Shares in an Agency Transaction or a Principal Transaction pursuant to this Agreement if such sale would (i)&nbsp;cause the aggregate gross sales proceeds of the Shares sold pursuant to this Agreement to exceed the Maximum Amount, (ii)&nbsp;cause
the number of Shares sold to exceed the number of shares of Common Stock available for offer and sale under the then effective Registration Statement or (iii)&nbsp;cause the number of Shares sold pursuant to this Agreement to exceed the number of
Shares authorized from time to time to be issued and sold pursuant to this Agreement by the Company&#146;s board of directors, or a duly authorized committee thereof, and notified to BMOCM in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation M.</I> If either party hereto has reason to believe that the exemptive provisions set forth in
Rule&nbsp;101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Company or the Shares, it shall promptly notify the other party and sales of Shares under this Agreement shall be suspended until that or other
exemptive provisions have been satisfied in the judgment of each party hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">Black-out</FONT> Periods.</I>
Notwithstanding any other provision of this Agreement, no sales of Shares shall take place, the Company shall not request the sales of any Shares that would be sold and BMOCM shall not be obligated to sell or offer to sell any Shares, during any
period in which the Company&#146;s insider trading or similar policy, as it exists on the date of this Agreement, would prohibit the purchase or sale of Common Stock by persons subject to such policy, or during any other period in which the Company
is, or could be deemed to be, in possession of material <FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Continuing Accuracy of Representations and Warranties.</I> Any obligation of BMOCM to use its commercially
reasonable efforts to sell the Shares on behalf of the Company as sales agent shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and
to the continuing satisfaction of the conditions specified in Section&nbsp;4 of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Company</U>. The Company represents and warrants to, and covenants with,
BMOCM as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness of Registration.</I> The Registration Statement and any post-effective
amendment thereto have become effective. The Company has responded to all requests, if any, of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration Statement is in effect and no
proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accuracy of the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus.</I>
(i)&nbsp;At the respective times the Registration Statement and any post-effective amendment thereto became effective, (ii)&nbsp;at each deemed effective date with respect to BMOCM pursuant to Rule 430B(f)(2) under the Act, (iii)&nbsp;as of each
Time of Sale (as defined below), (iv) at each Settlement Date and (v)&nbsp;at all times during such period as the Prospectus is required by law to be delivered (whether physically, deemed to be delivered pursuant to Rule 153 or through compliance
with Rule&nbsp;172 of the Rules and Regulations or any similar rule) in connection with sales of the Shares (the &#147;Prospectus Delivery Period&#148;), the Registration Statement complied and will comply in all material respects with the Act and
the Rules and Regulations, and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of each Time of Sale and
each Settlement Date and at all times during the Prospectus Delivery Period, the Prospectus, as amended or supplemented, complied and will comply in all material respects with the Act and the Rules and Regulations, and, together with all of the then
issued Permitted Free Writing Prospectuses, if any, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The Basic Prospectus (including any amendment thereto) complied when so filed in all material respects with the Rules and Regulations, and the Prospectus (including the Basic Prospectus included therein)
delivered to BMOCM for use in connection with the transactions contemplated by this Agreement is identical to the electronically transmitted copy thereof filed with the Commission on its Electronic Data Gathering, Analysis and Retrieval
(&#147;EDGAR&#148;) </P>
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system or any successor system thereto, except to the extent permitted by <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T.</FONT> The foregoing representations and warranties in this
Section&nbsp;2(b) do not apply to any statements contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information relating to BMOCM furnished in writing to the
Company by, or on behalf of, BMOCM specifically for inclusion in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus (or any amendment or supplement thereto), which, as of the date of this Agreement, constitutes the
information set forth in <U>Schedule 2</U> hereto. &#147;Time of Sale&#148; means, (i)&nbsp;with respect to an Agency Transaction, the time of BMOCM&#146;s initial entry into contracts with investors for the sale of such Shares and (ii)&nbsp;with
respect to a Principal Transaction, the time of sale of such Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Documents Incorporated by
Reference.</I> The Incorporated Documents, at the time they were or hereafter are filed with the Commission, conformed and will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, and, when read
together with the other information in the Prospectus, at the time the Registration Statement and any amendments thereto become effective, as of each Time of Sale and each Settlement Date and at all times during the Prospectus Delivery Period, will
not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company Not Ineligible Issuer</I>. (i)&nbsp;At the time of filing the Registration Statement, (ii)&nbsp;at the
earliest time that the Company or another offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) of the Rules and Regulations) of the Shares and (iii)&nbsp;at the date hereof, the Company was not and is not an
&#147;ineligible issuer&#148; (as defined in Rule 405 of the Rules and Regulations). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Free Writing
Prospectuses. </I>Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) of the Rules and Regulations has been, or will be, filed with the Commission in accordance with the requirements of the Act and the Rules and
Regulations. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) of the Rules and Regulations or that was prepared by or on behalf of or used or referred to by the Company complies or will comply
in all material respects with the requirements of the Act and the Rules and Regulations. Each free writing prospectus, as of its issue date and at all subsequent times through the completion of the offer and sale of the Shares or until any earlier
date that the Company notified or notifies BMOCM, did not, does not and will not include any material information that conflicted, conflicts or will conflict with the information contained in either the Registration Statement or the Prospectus.
Except for the Permitted Free Writing Prospectuses, if any, the Company has not prepared, used or referred to, and will not, prepare, use or refer to, any free writing prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Due Incorporation; Subsidiaries</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company has been duly incorporated, is validly existing as a corporation and is in good standing under the laws of its jurisdiction of
incorporation. The Company has full power and authority to conduct all the activities conducted by it, to own or lease all the assets owned or leased by it and to conduct its business as described in the Registration Statement and the Prospectus.
The Company is duly licensed or qualified to do business in and in good </P>
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standing as a foreign corporation in all jurisdictions in which the nature of the activities conducted by it or the character of the assets owned or leased by it makes such licensing or
qualification necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) With respect to each subsidiary of the Company that is a &#147;significant subsidiary&#148; as defined in
Rule <FONT STYLE="white-space:nowrap">1-02(w)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> under the Exchange Act (each, a &#147;Significant Subsidiary&#148;): (A) each Significant Subsidiary that is a corporation has been duly
incorporated, is validly existing as a corporation and is in good standing under the laws of its jurisdiction of incorporation; (B)&nbsp;each Significant Subsidiary has full power and authority to conduct all the activities conducted by it, to own
or lease all the assets owned or leased by its and to conduct its business as described in the Registration Statement and the Prospectus; and (C)&nbsp;each Significant Subsidiary is duly licensed or qualified to do business in and in good standing
as a foreign corporation in all jurisdictions in which the nature of the activities conducted by it or the character of the assets owned or leased by it makes such licensing or qualification necessary, except to the extent that the failure to be so
licensed or qualified or be in good standing would not reasonably be expected to have a material adverse effect on the business, properties, assets, business prospects, condition (financial or otherwise), results of operations or capitalization of
the Company and its subsidiaries, taken as a whole (a &#147;Material Adverse Effect&#148;). All of the Significant Subsidiaries are listed on <U>Schedule 4</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Capitalization.</I> The authorized, issued and outstanding capital stock of the Company is as set forth in the
Registration Statement and the Prospectus under the caption &#147;Description of Capital Stock&#148; (other than for subsequent issuances, if any, described in the Prospectus or awards or issuances pursuant to employee benefit plans or equity
incentive plans, in each case, such plans described in the Prospectus, or upon the exercise of outstanding options or vesting of restricted stock units, in each case either pursuant to such plans or as described in the Prospectus, and other than
Shares sold pursuant to this Agreement prior to the filing of the Company&#146;s next annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> or quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q).</FONT> The outstanding
shares of Common Stock and any other outstanding capital stock of the Company have been, and the Shares will be when issued in accordance with this Agreement (in the case of an Agency Transaction) or a Terms Agreement (in the case of a Principal
Transaction), duly authorized, validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and will not be subject to any preemptive, first refusal, or similar right. The description of the Common Stock included or
incorporated by reference in the Registration Statement and the Prospectus is, in all material respects, both complete and accurate. Except as described in the Registration Statement and the Prospectus or awards granted under employee benefit plans
or equity incentive plans, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or any contracts or commitments to issue or sell, any shares of
capital stock of the Company or of any subsidiary of the Company or any such warrants, convertible securities or obligations. Except as described in the Registration Statement and the Prospectus, all of the outstanding shares of capital stock or
other equity interests of each subsidiary owned, directly or indirectly, by the Company have been duly authorized and validly issued, are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except, in the case of any foreign
subsidiary, for directors&#146; qualifying shares) and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Statements.</I> (i)&nbsp;The consolidated financial
statements of the Company and its subsidiaries (including the related notes thereto) and schedules included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus comply in all material
respects with the applicable requirements of the Act and the Exchange Act, as applicable, and present fairly the financial condition of the Company and its consolidated subsidiaries as of the dates indicated and the results of their respective
operations and the changes in their respective cash flows for the periods specified in all material respects; such financial statements have been prepared in conformity with U.S. generally accepted accounting principles (&#147;GAAP&#148;) applied on
a consistent basis throughout the periods covered thereby, except as otherwise disclosed in the financial statement footnotes, and the supporting schedules included or incorporated by reference in the Registration Statement, the Prospectus and any
Permitted Free Writing Prospectus present fairly the information required to be stated therein in all material respects; and the other financial information included or incorporated by reference in the Registration Statement, the Prospectus and any
Permitted Free Writing Prospectus has been derived from the accounting records of the Company and its subsidiaries and presents fairly the information shown thereby in all material respects; and any pro forma financial information and the related
notes thereto included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus have been prepared in accordance with the applicable requirements of the Act and the Exchange Act, as
applicable, and the material assumptions underlying such pro forma financial information are reasonable or are included or incorporated by reference in the Registration Statement, the Prospectus and any such Permitted Free Writing Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Accountant. </I>The accountants (the &#147;Accountants&#148;) who have reported on such financial
statements and schedules, are (i)&nbsp;independent accountants with respect to the Company as required by the Act and the Rules and Regulations and by Rule&nbsp;3600T of the Public Company Accounting Oversight Board (&#147;PCAOB&#148;), (ii) in
compliance with the applicable requirements relating to the qualification of accountants under Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> under the Act, and (iii)&nbsp;a registered
public accounting firm as defined by the PCAOB whose registration has not been suspended or revoked and who has not requested such registration to be withdrawn. Except as described in the Prospectus and as preapproved in accordance with the
requirements set forth in Section&nbsp;10A of the Exchange Act, the Accountants have not engaged in any &#147;prohibited activities&#148; (as defined in Section&nbsp;10A of the Exchange Act) on behalf of the Company. The statements included in the
Registration Statement with respect to the Accountants pursuant to Rule 509 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> of the Rules and Regulations are true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting System.</I> Except as described in the Registration Statement and the Prospectus, the Company and
each Significant Subsidiary of the Company (i)&nbsp;makes and keeps materially accurate books and records and (ii)&nbsp;maintains internal accounting controls that provide reasonable assurance that: (A)&nbsp;transactions are executed in accordance
with management&#146;s general or specific authorization; (B)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (C)&nbsp;access to assets is
permitted only in accordance with management&#146;s general or specific authorization; and (D)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Adverse Changes.</I> Since the date of the most
recent financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus or except as described in the Registration Statement and the Prospectus, there has not been a material adverse change
in the business, properties, business prospects, condition (financial or otherwise), results of operations or capitalization, (including any material adverse change resulting from loss or interference with its business from fire, explosion, flood,
natural disaster, disease outbreak or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree), of each of the Company and its subsidiaries, taken as a whole, arising for any
reason whatsoever (a &#147;Material Adverse Change&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Company.</I> The Company is not, and
after giving effect to the offering and sale of the Shares and the use of the proceeds therefrom as described in the Registration Statement and the Prospectus will not be, an &#147;investment company&#148; or an &#147;affiliated person&#148; of, or
&#147;promoter&#148; or &#147;principal underwriter&#148; for, an &#147;investment company,&#148; as such terms are defined in the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;<I>Litigation.</I> Except as set forth in the Registration Statement and the Prospectus, there are no actions,
suits or proceedings pending, or to the Company&#146;s knowledge, threatened against or affecting, the Company or any of its subsidiaries or any of their respective officers in their capacity as such, before or by any federal or state court,
commission, regulatory body (including, without limitation, the Financial Industry Regulatory Authority, Inc. (&#147;FINRA&#148;) and the Exchange), administrative agency or other governmental body, in each case whether domestic or foreign, wherein
an unfavorable ruling, decision or finding would reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any
authorization, approval, order, license, certificate, franchise or permit, which revocation or modification would reasonably be expected to have a Material Adverse Effect. There are no pending investigations known to the Company involving the
Company or any of its subsidiaries by any governmental agency having jurisdiction over the Company or any of its subsidiaries or their respective businesses or operations, which investigations would reasonably be expected to have a Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<I>Necessary Licenses, Compliance with Laws and Regulations and Performance of Obligations and
Contracts.</I> Each of the Company and its Significant Subsidiaries has, (i)&nbsp;all governmental and other regulatory licenses, permits, consents, orders, approvals and other authorizations as materially necessary to carry on its business as
described in the Prospectus, (ii)&nbsp;complied in all material respects with all laws, regulations and orders applicable to it and its business and (iii)&nbsp;performed all material obligations required to be performed by it, and is not in material
default under any, in each of the following cases material, indenture, mortgage, deed of trust, voting trust agreement, loan agreement, bond, debenture, note agreement, lease or other agreement or instrument (individually, a &#147;Contract&#148; and
collectively, &#147;Contracts&#148;) to which it is a party or by which its property is bound or affected. To the knowledge of the Company, no other party under any Contract to which it or its subsidiaries is a party is in default in any respect
thereunder or has given written, or, to the knowledge of the officers and directors of the Company, oral, notice to the Company, its subsidiaries or any of their respective officers or directors of such other party&#146;s intention to terminate,
cancel or refuse to renew any Contract, except for such default, termination or <FONT STYLE="white-space:nowrap">non-renewal</FONT> that would not </P>
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reasonably be expected to have a Material Adverse Effect. Each of the Company and its Significant Subsidiaries is not in violation of any provision of its certificate of incorporation or <FONT
STYLE="white-space:nowrap">by-laws.</FONT> The disclosure included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus concerning the effects of federal, state, local and foreign laws,
rules and regulations on the business of each of the Company and its subsidiaries as currently conducted and as proposed to be conducted is correct in all material respects and does not omit to state a material fact necessary to make the statements
contained therein, in the light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Consent
of Governmental Body Needed.</I> No consent, approval, authorization, license, registration, qualification, or order of, or any filing or declaration with, any court or arbitrator or governmental or regulatory authority, agency or body is required
in connection with the authorization, issuance, transfer, sale or delivery of the Shares by the Company, in connection with the execution, delivery and performance of this Agreement by the Company or in connection with a Terms Agreement or the
taking by the Company of any action contemplated hereby or thereby, except as have been obtained under the Act and such as may be required under state securities or Blue Sky laws or the <FONT STYLE="white-space:nowrap">by-laws</FONT> and rules of
FINRA in connection with the purchase and distribution by BMOCM of the Shares to be sold by the Company hereby or thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;<I>Agreement Duly Authorized and No Breach of Obligations or Charter.</I> The Company has full corporate power and
authority to enter into this Agreement and each Terms Agreement. This Agreement has been, and any Terms Agreement will have been, duly authorized, executed and delivered by the Company and this Agreement constitutes, and any Terms Agreement will
constitute, a valid and binding agreement of the Company enforceable against the Company in accordance with the terms hereof or thereof, as the case may be, except as the enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors&#146; rights generally or general equitable principles. The execution and delivery by the Company of this Agreement and any Terms Agreement and the performance of
this Agreement and any Terms Agreement, the consummation of the transactions contemplated hereby and thereby, and the application of the net proceeds from the offering and sale of the Shares to be sold by the Company in the manner set forth in the
Prospectus under &#147;Use of Proceeds&#148; do not and will not (i)&nbsp;violate the certificate of incorporation or <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Company or any subsidiary of the Company or (ii)&nbsp;except for such
violations, breaches, defaults, liens, charges or encumbrances that would not reasonably be expected to have a Material Adverse Effect, result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of the Company or
any subsidiary of the Company pursuant to the terms or provisions of, or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or give any other party a right to terminate any of its obligations under,
or result in the acceleration of any obligation under any Contract to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries or any of its properties is bound or affected, or violate or conflict
with any judgment, ruling, decree, order, statute, rule or regulation of any court or other governmental agency or body applicable to the business or properties of the Company or any of its subsidiaries. This Agreement conforms in all material
respects to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Real and Personal Property.</I> Except as described
in the Registration Statement and the Prospectus or as are not material to the business of the Company or its subsidiaries taken as a whole, the Company and each of its subsidiaries has good and marketable title to all properties and assets
described or incorporated by reference in the Prospectus as being owned respectively by it, free and clear of all liens, charges, encumbrances or restrictions. Each of the Company and its subsidiaries has valid, subsisting and enforceable leases for
the properties described or incorporated by reference in the Prospectus as leased by it, with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such properties by the Company and its
subsidiaries taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;<I>Documents Described in Registration Statement.</I> There is no document or
Contract of a character required to be described or incorporated by reference in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement that is not described or filed as required. Except, in each
case, where the failure to do so or where such default would not reasonably be expected to have a Material Adverse Effect, all such documents and Contracts described or incorporated by reference in the Registration Statement or the Prospectus or
filed as an exhibit to the Registration Statement were duly authorized, executed and delivered by the Company or the relevant subsidiary of the Company, constitute valid and binding agreements of the Company or such subsidiary of the Company and are
enforceable against the Company or such subsidiary of the Company in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;<I>Statistical and Market Data.</I> All statistical or market-related data included in the Registration Statement
or the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Price Stabilization or Manipulation.</I> Neither the Company nor any of its directors, officers or
controlling persons has taken, directly or indirectly, any action intended to cause or result in, or which might reasonably be expected to cause or result in, or which has constituted, stabilization or manipulation, under the Act or otherwise, of
the price of any security of the Company to facilitate the sale or resale of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Registration
Rights.</I> No holder of securities of the Company has rights to register any securities of the Company because of the filing of the Registration Statement, the Prospectus or the transactions contemplated hereby, except for rights that have been
duly waived by such holder, have expired or have been fulfilled by registration prior to the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Exchange Listing.</I> Prior to the first Settlement Date hereunder, the Shares will be duly authorized for
listing on the Exchange, subject only to notice of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<I>Labor Matters.</I> Neither the Company nor any
of its subsidiaries is involved in any labor dispute except, where the dispute would not, individually or in the aggregate, have a Material Adverse Effect, and, to the knowledge of the Company, no such dispute is threatened. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes.</I> Each of the Company and its subsidiaries has filed
all federal, material state and foreign income and material franchise tax returns and has paid all material taxes required to be filed or paid by it and, if due and payable, any related or similar assessment, fine or penalty levied against it. The
Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in subsection (h)&nbsp;of this Section&nbsp;2 in respect of all material federal, state and foreign income and franchise taxes for all
periods as to which the tax liability of the Company has not been finally determined. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance.</I> Each
of the Company and its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks as it believes is adequate for the conduct of its business and the value of its properties and is customary for companies engaged in
similar industries, and all such insurance is in full force and effect. The Company has no reason to believe that it and its subsidiaries will not be able to (i)&nbsp;renew their existing insurance coverage as and when such policies expire or
(ii)&nbsp;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct their business as currently conducted or proposed to be conducted and at a cost that would not, individually or in the aggregate, result
in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied any insurance coverage which it has sought or for which it has applied where such denial would or has resulted in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;&nbsp;&nbsp;&nbsp;<I>Defined Benefit Plans. </I>Neither the Company nor any of its subsidiaries has maintained or contributed to a
defined benefit plan as defined in Section&nbsp;3(35) of the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;). No plan maintained or contributed to by the Company that is subject to ERISA (an &#147;ERISA Plan&#148;)
(or any trust created thereunder) has engaged in a &#147;prohibited transaction&#148; within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) that could subject the
Company or any of its subsidiaries to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of
the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance that would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be &#147;qualified&#148; within the
meaning of Section&nbsp;401(a) of the Code, either (i)&nbsp;a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder or (ii)&nbsp;the remedial amendment
period under Section&nbsp;401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period.
Neither the Company nor any of its subsidiaries has ever completely or partially withdrawn from a &#147;multiemployer plan,&#148; as defined in Section&nbsp;3(37) of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Intellectual Property. </I>Except as disclosed in the Registration Statement and the Prospectus, each
of the Company and its subsidiaries owns, is licensed or otherwise has adequate rights to use Company technology (including, without limitation, patented, patentable and unpatented inventions and unpatentable proprietary or confidential information,
systems or procedures), designs, processes, trademarks, trade secrets, know how, copyrights and other works of authorship, computer programs and technical data and information (collectively, the &#147;Intellectual Property&#148;) that are material
to its business as currently conducted </P>
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or as currently proposed to be conducted or to the development, manufacture, operation and sale of any products and services sold or proposed to be sold by any of the Company or its subsidiaries.
Neither the Company nor any of its subsidiaries has received any threat of or notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property. Except as disclosed in the Registration Statement and the
Prospectus, (i)&nbsp;there are no third parties who have or, to the knowledge of the Company, will be able to establish rights to any Intellectual Property owned by the Company or its subsidiaries, except for, and to the extent of, the ownership
rights of the owners of the Intellectual Property which the Registration Statement and the Prospectus disclose is licensed to the Company; (ii)&nbsp;to the knowledge of the Company, there is no infringement by third parties of any Intellectual
Property owned by, or licensed to, the Company or its subsidiaries; (iii)&nbsp;there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the Company&#146;s rights in or to any
Intellectual Property owned by, or licensed to, the Company or its subsidiaries, and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv)&nbsp;there is no pending or, to the
knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope of any Intellectual Property owned by the Company and its subsidiaries, and the Company is unaware of any facts which
could form a reasonable basis for any such action, suit, proceeding or claim; (v)&nbsp;there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others that (nor has the Company received any claim from
a third party that) the Company or its subsidiaries infringe or otherwise violate any patent, trademark, tradename, service name, copyright, trade secret or other proprietary rights of others, and the Company and its subsidiaries are unaware of any
facts which could form a reasonable basis for any such action, suit, proceeding or claim; (vi)&nbsp;the Company and its subsidiaries have complied in all material respects with the terms of each agreement pursuant to which Intellectual Property has
been licensed to the Company and its subsidiaries, and all such agreements are in full force and effect; (vii)&nbsp;there is no patent that contains claims that interfere with the issued or pending claims of any of the Intellectual Property owned by
the Company or its subsidiaries or that challenges the validity, enforceability or scope of any of the Intellectual Property owned by the Company or its subsidiaries; and (viii)&nbsp;there is no prior art that may render any patent application
within the Intellectual Property owned by the Company or its subsidiaries unpatentable that has not been disclosed to the U.S. Patent and Trademark Office. Except as set forth in the Registration Statement and the Prospectus, the Company and its
subsidiaries are not obligated or under any liability whatsoever to make any material payment by way of royalties, fees or otherwise to any owner or licensee of, or other claimant to, any Intellectual Property, with respect to the use thereof or in
connection with the conduct of their respective businesses or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa)&nbsp;&nbsp;&nbsp;&nbsp;<I>Trademarks.</I> Each of the
Company and its subsidiaries owns, or is licensed or otherwise has the full exclusive right to use, all material trademarks and trade names that are used in or reasonably necessary for the conduct of their respective businesses as described in the
Prospectus. Neither the Company nor any of its subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any such trademarks or trade names, or challenging or questioning the validity or
effectiveness of any such trademark or trade name. The use, in connection with the business and operations of the Company and each of its subsidiaries of such trademarks and trade names does not, to the Company&#146;s knowledge, infringe on the
rights of any person. Except as described in the </P>
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Registration Statement and the Prospectus, each of the Company and its subsidiaries is not obligated or under any liability whatsoever to make any payment by way of royalties, fees or otherwise
to any owner or licensee of, or other claimant to, any trademark, service mark or trade name with respect to the use thereof or in connection with the conduct of their respective businesses or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb)&nbsp;&nbsp;&nbsp;&nbsp;<I>Protection of Intellectual Property.</I> Each of the Company and its Significant Subsidiaries has taken
reasonable security measures to protect the secrecy, confidentiality and value of all their Intellectual Property in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc)&nbsp;&nbsp;&nbsp;&nbsp;<I>Related Party Transactions.</I> There are no business relationships or related party transactions involving the
Company or any other person required to be described in the Prospectus pursuant to the Rules and Regulations that have not been described or incorporated therein by reference. Without limiting the generality of the immediately preceding sentence, no
relationship, direct or indirect, exists between or among the Company or any subsidiary of the Company on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company on the other hand, that is required to be
described in the Prospectus pursuant to the Rules and Regulations and that is not so described or incorporated therein by reference. Since inception, the Company has not, directly or indirectly, extended or maintained credit, arranged to extend
credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company, or to or for any family member or affiliate of any director or executive officer of the Company, in each case, in
violation of applicable laws, including Section&nbsp;13(k) of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd)&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental Matters.</I>
Each of the Company and its subsidiaries (i)&nbsp;is in compliance with any and all applicable federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (collectively, &#147;Environmental Laws&#148;), (ii) has received all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its businesses and (iii)&nbsp;is in
compliance with all terms and conditions of any such permit, license or approval, except, in the case of clauses (i), (ii) and (iii), for any such noncompliance or failure to receive required permits, licenses or other approvals that would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee)&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Prohibition on its Subsidiaries from Paying Dividends or Making Other Distributions.</I> No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on
its capital stock, from repaying to the Company any loans or advances from the Company or from transferring any of its property or assets to the Company or any other subsidiary of the Company of the Company, except as described in the Registration
Statement and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff)&nbsp;&nbsp;&nbsp;&nbsp;<I>Controls and Procedures. </I>Except as described in the Registration
Statement and the Prospectus: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure Controls and Procedures. </I>The Company has established and
maintains disclosure controls and procedures (as such term is defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15</FONT> and <FONT STYLE="white-space:nowrap">15d-15</FONT> under the Exchange Act), that (A)&nbsp;are designed to ensure that
material </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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information relating to the Company, including its subsidiaries, if any, is made known to the Company&#146;s principal executive officer and its principal financial officer by others within those
entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (B)&nbsp;provide for the periodic evaluation of the effectiveness of such disclosure controls and procedures as of the end of
the period covered by the Company&#146;s most recent annual or quarterly report filed with the Commission; and (C)&nbsp;are effective in all material respects to perform the functions for which they were established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Internal Control Over Financial Reporting and Internal Accounting Controls</I>. The Company maintains (i)
&#147;effective internal control over financial reporting&#148; as defined in, and in compliance with, Rules <FONT STYLE="white-space:nowrap">13a-15</FONT> and <FONT STYLE="white-space:nowrap">15d-15</FONT> under the Exchange Act, and (ii)&nbsp;a
system of internal accounting controls sufficient to provide reasonable assurance that (A)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (B)&nbsp;transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (C)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (D)&nbsp;the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Weakness in Internal Controls. </I>Since the end of the Company&#146;s most recent audited fiscal
year, there has been (i)&nbsp;no material weakness in the Company&#146;s internal control over financial reporting (whether or not remediated) and (ii)&nbsp;no change in the Company&#146;s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Deficiencies</I>. The Company is not aware of (A)&nbsp;any significant deficiency in the design or
operation of its internal control over financial reporting which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial data or any material weaknesses in internal controls; or
(B)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#146;s internal controls.<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg)&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Transactions.</I> There are no material <FONT
STYLE="white-space:nowrap">off-balance</FONT> sheet transactions (including, without limitation, transactions related to, and the existence of, &#147;variable interest entities&#148; within the meaning of Financial Accounting Standards Board
Accounting Standards Codification Topic 810), arrangements, obligations (including, without limitation, contingent obligations), or any other relationships with unconsolidated entities or other persons, that may have a material current or future
effect on the Company&#146;s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh)&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee.</I> The Company&#146;s board of directors (the &#147;Board of Directors&#148;) has validly
appointed an audit committee whose composition satisfies the requirements of Section&nbsp;10A of, and <FONT STYLE="white-space:nowrap">Rule&nbsp;10A-3</FONT> under, the Exchange Act, and the Board of Directors and/or the audit committee has adopted
a charter that satisfies the requirements of Section&nbsp;10A of, and Rule <FONT STYLE="white-space:nowrap">10A-3</FONT> under, the Exchange Act. As of the date of this Agreement, neither the Board of Directors nor the audit committee has been
informed, nor is any director of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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the Company aware, of (i)&nbsp;any significant deficiency in the design or operation of the Company&#146;s internal control over financial reporting which is reasonably likely to adversely affect
the Company&#146;s ability to record, process, summarize and report financial data or any material weakness in the Company&#146;s internal controls; or (ii)&nbsp;any fraud, whether or not material, that involves management or other employees of the
Company who have a significant role in the Company&#146;s internal controls. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Sarbanes-Oxley.</I> The
Company is, and after giving effect to the offering and sale of the Shares will be, in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission
promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accurate Disclosure</I>. The statements included in the Prospectus under the
captions &#147;Description of Capital Stock&#148; and the statements in the Registration Statement under Items 14 and 15 thereof, insofar as such statements contain descriptions of the terms of statutes, rules, regulations or legal or governmental
proceedings, or contracts or other documents, are fair and accurate in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Unlawful
Contributions or Payments.</I> Neither the Company nor any of its subsidiaries, nor any director or executive officer of the Company, nor, to the knowledge of the Company, any agent, employee or representative of the Company or its subsidiaries,
affiliate or other person associated with or acting on behalf of the Company or its subsidiaries, has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment of corporate funds or benefit to any foreign or domestic government or regulatory official or employee, including, without
limitation, of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for
political office; (iii)&nbsp;violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any applicable law or regulation implementing the OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions, or committed an offense under any other applicable anti-bribery or anti-corruption laws; or (iv)&nbsp;made, offered, agreed, requested or taken an act in furtherance of any
unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company has instituted, maintained and enforced, and will continue to
maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ll)&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Anti-Money Laundering Laws.</I> The operations of the Company and its subsidiaries are and have
been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, those of the Bank Secrecy Act, as amended by
Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable money laundering statutes of all jurisdictions in which the Company and
its subsidiaries conduct business, the rules and regulations thereunder and any related or similar </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the &#147;Money Laundering Laws&#148;), and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(mm)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Conflicts with Sanctions Laws</I>. Neither the Company nor any of its subsidiaries, nor any director or
executive officer of the Company, nor, to the knowledge of the Company, any agent, employee or representative of the Company or its subsidiaries, affiliate or other person associated with or acting on behalf of the Company or its subsidiaries is
currently the subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S. Department of State and including,
without limitation, the designation as a &#147;specially designated national&#148; or &#147;blocked person&#148;), the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury or other relevant sanctions authority
(collectively, &#147;Sanctions&#148;), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea,
Sudan, Syria and Crimea (each, a &#147;Sanctioned Country&#148;); and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity (i)&nbsp;to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii)&nbsp;to fund
or facilitate any activities of or business in any Sanctioned Country or (iii)&nbsp;in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as agent, principal, advisor,
investor or otherwise) of Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of
the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(nn)&nbsp;&nbsp;&nbsp;&nbsp;<I>Brokers and Finders</I>. Neither the Company nor any of its subsidiaries is party to any contract, agreement or
understanding with any person (other than this Agreement) that would reasonably be expected to give rise to a valid claim against the Company, any subsidiary of the Company or BMOCM for a brokerage commission, finder&#146;s fee or like payment in
connection with the offering and sale of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(oo)&nbsp;&nbsp;&nbsp;&nbsp;<I>Forward-Looking Statements</I>. No forward-looking
statement (within the meaning of Section&nbsp;27A of the Act and Section&nbsp;21E of the Exchange Act) included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good faith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(pp)&nbsp;&nbsp;&nbsp;&nbsp;<I>Cybersecurity</I>.
(i)(x) Except as described in the Registration Statement and the Prospectus, there has been no security breach or other compromise of or relating to any of the Company&#146;s or its subsidiaries&#146; information technology and computer systems,
networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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(collectively, &#147;IT Systems and Data&#148;) and (y)&nbsp;the Company and its subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be
expected to result in, any security breach or other compromise to its IT Systems and Data, except for, in either (x)&nbsp;or (y) above, any such security breach or other compromise of the Company&#146;s or its subsidiaries&#146; IT Systems and Data
that would not be reasonably expected to, individually or in the aggregate, have a Material Adverse Effect; (ii)&nbsp;the Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules
and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from
unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; (iii)&nbsp;the Company and its subsidiaries have implemented and
maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv)&nbsp;the Company and its subsidiaries
have implemented backup and disaster recovery technology consistent with industry standards and practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any certificate signed by any
officer of the Company and delivered to BMOCM or to counsel for BMOCM shall be deemed a representation and warranty by the Company, as the case may be, to BMOCM as to the matters covered thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreements of the Company</U>. The Company covenants and agrees with BMOCM as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments and Supplements to the Registration Statement, the Prospectus and any Permitted Free Writing
Prospectus.</I> Other than with respect to any reports or documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act, the Company shall
not, during the Prospectus Delivery Period, amend or supplement the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, unless a copy of such amendment or supplement thereto (or such document) shall first have been
submitted to BMOCM within a reasonable period of time prior to the filing or, if no filing is required, the use thereof and BMOCM shall not have objected thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Material Misstatements or Omissions and Other Compliance with Applicable Law. </I>If, after the date hereof and
during the Prospectus Delivery Period, any event or development shall occur or condition shall exist as a result of which the Prospectus or any Permitted Free Writing Prospectus as then amended or supplemented would include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it shall be necessary to amend or supplement the Prospectus or
any Permitted Free Writing Prospectus, or to file any document in order to comply with the Act or the Exchange Act, in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if in the
opinion of BMOCM it is otherwise necessary to amend or supplement the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or to file any document in order to comply with the Act or the Exchange Act, including, without
limitation, in connection with the delivery of the Prospectus, the Company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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shall promptly (i)&nbsp;notify BMOCM of any such event, development or condition (and confirm such notice in writing) and (ii)(x) prepare (subject to subsections (a)&nbsp;and (g) of this
Section&nbsp;3) an amendment or supplement to the Prospectus or such Permitted Free Writing Prospectus, necessary in order to make the statements in the Prospectus or such Permitted Free Writing Prospectus as so amended or supplemented, in the light
of the circumstances under which they were made, not misleading or so that the Registration Statement, the Prospectus or such Permitted Free Writing Prospectus, as amended or supplemented, will comply with the Act or the Exchange Act, (y)&nbsp;file
with the Commission such amendment, supplement or document in order to comply with the Act or the Exchange Act (and use its best efforts to have such amendment or supplement to be declared effective as soon as possible) and (z)&nbsp;furnish at its
own expense to BMOCM as many copies as BMOCM may reasonably request of such amendment, supplement or document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notifications to BMOCM.</I> The Company shall notify BMOCM promptly, and shall confirm such notice in writing,
(i)&nbsp;when any post-effective amendment to the Registration Statement becomes effective, (ii)&nbsp;of any request by the Commission for an amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus or for additional information, (iii)&nbsp;of the commencement by the Commission or by any state securities commission of any proceedings for the suspension of the qualification of any of the Shares for offering or sale in any jurisdiction
or of the initiation, or the threatening, of any proceeding for that purpose, including, without limitation, the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for that purpose or the threat thereof, (iv)&nbsp;of the happening of any event during the Prospectus Delivery Period that in the judgment of the Company makes any statement made in the Registration Statement or the Prospectus untrue or
that requires the making of any amendment or supplement to the Prospectus or any Permitted Free Writing Prospectus in order to make the statements therein, in the light of the circumstances in which they were made, not misleading and (v)&nbsp;of
receipt by the Company or any representative of the Company of any other communication from the Commission relating to the Company, the Registration Statement, the Prospectus, any Permitted Free Writing Prospectus or any preliminary prospectus. If
at any time the Commission shall issue any such stop order suspending the effectiveness of the Registration Statement, the Company shall use its best efforts to obtain the withdrawal of such order at the earliest possible moment. In connection with
the offer and sale of the Shares pursuant to the Registration Statement, the Company shall use its best efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to Rules&nbsp;424(b), 430A, 430B, 430C and
462(b) of the Rules and Regulations and to notify BMOCM promptly of all such filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Executed Registration
Statements.</I> The Company shall furnish to BMOCM, without charge, two signed copies of the Registration Statement and of any post-effective amendment thereto, including financial statements and schedules, and all exhibits thereto (including any
document filed under the Exchange Act that is deemed to be incorporated by reference into the Prospectus). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Undertakings.</I> The Company shall comply with all the provisions of any undertakings contained or required to
be contained in the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Prospectus.</I> Promptly after the effective date of the
Registration Statement, and thereafter from time to time, the Company shall furnish to BMOCM, without charge, as many copies of the Prospectus and any amendment or supplement thereto as BMOCM may reasonably request (to the extent not previously
delivered or filed on the Commission&#146;s EDGAR system or any successor system thereto) via electronic mail in &#147;.pdf&#148; format and, at BMOCM&#146;s request, to furnish copies of the Prospectus to the Exchange and each other exchange or
market on which sales of the Shares were or are expected to be effected, in each case, as may be required by the rules or regulations of the Exchange or such other exchange or market. The Company consents to the use of the Prospectus and any
amendment or supplement thereto by BMOCM during the Prospectus Delivery Period. If BMOCM is required to deliver, under the Act (whether physically, deemed to be delivered pursuant to Rule 153 or through compliance with Rule 172 under the Act or any
similar rule), a prospectus relating to the Shares after the nine-month period referred to in Section&nbsp;10(a)(3) of the Act, or after that time a post-effective amendment to the Registration Statement is required pursuant to Item 512(a) of
Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Act, then, upon the request of BMOCM, and at the Company&#146;s own expense, the Company shall prepare and deliver to BMOCM as many copies as BMOCM may request of an amended
Registration Statement or amended and supplemented Prospectus complying with Item 512(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> or Section&nbsp;10(a)(3) of the Act, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Permitted Free Writing Prospectuses. </I>The Company represents and agrees that it has not made and, unless it
obtains the prior written consent of BMOCM, shall not make, any offer relating to the Shares that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 of the Rules and Regulations, which is required to be retained by the
Company under Rule 433 of the Rules and Regulations; <I>provided</I> that the prior written consent of BMOCM hereto shall be deemed to have been given in respect of each of the free writing prospectuses set forth in <U>Schedule 3</U> hereto. Any
such free writing prospectus consented to by BMOCM is herein referred to as a &#147;Permitted Free Writing Prospectus.&#148; The Company represents and agrees that (i)&nbsp;it has treated and shall treat, as the case may be, each Permitted Free
Writing Prospectus as a &#147;free writing prospectus&#148; as defined in Rule 405 of the Rules and Regulations and (ii)&nbsp;it has complied and shall comply, as the case may be, with the requirements of Rules 164 and 433 of the Act applicable to
any Permitted Free Writing Prospectus, including, without limitation, in respect of timely filing with the Commission, legending and record keeping. The Company agrees not to take any action that would result in BMOCM or the Company being required
to file pursuant to Rule 433(d) under the Act a free writing prospectus prepared by or on behalf of BMOCM that BMOCM otherwise would not have been required to file thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration Statement Renewal Deadline. </I>If, immediately prior to the third anniversary of the initial
effective date of the Registration Statement relating to the Shares (the &#147;Renewal Deadline&#148;), any of the Shares remain unsold by BMOCM, the Company shall prior to the Renewal Deadline (i)&nbsp;file, if it has not already done so (subject
to subsection (a)&nbsp;of this Section&nbsp;3), a new shelf registration statement relating to the Shares, in a form satisfactory to BMOCM, (ii)&nbsp;use its best efforts to cause such registration statement to be declared effective within 60 days
after the Renewal Deadline (if the Company is not then eligible to file an automatic shelf registration statement) and (iii)&nbsp;take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as
contemplated herein and in the expired registration statement relating to the Shares. References herein to the Registration Statement relating to the Shares shall include such new shelf registration statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Blue Sky Laws.</I> The Company shall cooperate
with BMOCM and counsel therefor in connection with the registration or qualification (or the obtaining of exemptions therefrom) of the Shares for the offering and sale under the securities or Blue Sky laws of such jurisdictions as BMOCM may request,
including, without limitation, the provinces and territories of Canada and other jurisdictions outside the United States, and to continue such registration or qualification in effect so long as necessary under such laws for the distribution of the
Shares; <I>provided</I>, <I>however</I>, that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action which would subject it to general service of process in any
jurisdiction where it is not now so subject (except service of process with respect to the offering and sale of the Shares). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Financial Statements.</I> During the period of five years commencing on the later of the date hereof
and the effective date of the Registration Statement for the distribution of the Shares, the Company shall furnish to BMOCM (to the extent not available on EDGAR), if requested by BMOCM, copies of such financial statements and other periodic and
special reports as the Company may from time to time distribute generally to the holders of any class of its capital stock, and shall furnish to BMOCM a copy of each annual or other report it shall be required to file with the Commission, if
requested by BMOCM. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Availability of Earnings Statements.</I> The Company shall make generally available to
holders of its securities and BMOCM as soon as may be practicable but in no event later than the last day of the fifteenth full calendar month following the calendar quarter in which the most recent effective date of the Registration Statement
occurs in accordance with Rule 158 of the Rules and Regulations, an earnings statement (which need not be audited but shall be in reasonable detail) covering the period of 12 months commencing after such effective date, and satisfying the provisions
of Section&nbsp;11(a) of the Act (including Rule&nbsp;158 of the Rules and Regulations). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;<I>Reimbursement of
Certain Expenses.</I> Whether or not any of the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company shall pay, or reimburse if paid by BMOCM, all costs and expenses incident to the performance of
the obligations of the Company under this Agreement, including, without limitation, costs and expenses of or relating to (i)&nbsp;the preparation, printing and filing of the Registration Statement and exhibits to it, each preliminary prospectus,
each Permitted Free Writing Prospectus, the Prospectus and any amendment or supplement to the Registration Statement or the Prospectus (including the filing fees payable to the Commission relating to the Shares within the time required by Rule 456
of the Rules and Regulations), (ii) the preparation and delivery of certificates representing the Shares, (iii)&nbsp;the printing of this Agreement, (iv)&nbsp;furnishing (including costs of shipping, mailing and courier) such copies of the
Registration Statement, the Prospectus, any preliminary prospectus and any Permitted Free Writing Prospectus, and all amendments and supplements thereto, as may be requested for use in connection with the offering and sale of the Shares by BMOCM,
(v)&nbsp;the listing of the Shares on the Exchange, (vi)&nbsp;any filings required to be made by BMOCM with FINRA, and the reasonable fees, disbursements and other charges of counsel for BMOCM in connection therewith up to
</P>
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$10,000, (vii) the registration or qualification of the Shares for offer and sale under the Act and the securities or Blue Sky laws of such jurisdictions designated pursuant to subsection
(i)&nbsp;of this Section&nbsp;3, including the fees, disbursements and other reasonable charges of counsel to BMOCM in connection therewith, and, if requested by BMOCM, the preparation and printing of preliminary, supplemental and final Blue Sky or
Legal Investment memoranda, (viii)&nbsp;counsel to the Company, (ix)&nbsp;The Depository Trust Company and any other depositary, transfer agent or registrar for the Shares, (x)&nbsp;the Accountants, (xi)&nbsp;the marketing of the offering by the
Company, (xii)&nbsp;the reasonable, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, disbursements and other charges of BMOCM incurred in connection with the offering, including, without
limitation, the reasonable fees and disbursements of counsel to BMOCM and (xiii)&nbsp;all fees, costs and expenses for consultants used by the Company in connection with the offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Stabilization or Manipulation.</I> The Company shall not at any time, directly or indirectly (including,
without limitation, through the subsidiaries), take any action intended to cause or result in, or which might reasonably be expected to cause or result in, or which will constitute, stabilization or manipulation, under the Act or otherwise, of the
price of the shares of Common Stock to facilitate the sale or resale of any of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of
Proceeds.</I> The Company shall apply the net proceeds from the offering and sale of the Shares to be sold by the Company in the manner set forth in the Prospectus under &#147;Use of Proceeds&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Market.</I> The Company shall not offer to sell, sell, pledge, hypothecate, contract or agree to sell,
purchase any option to sell, grant any option for the purchase of, lend, or otherwise dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or warrants or
other rights to acquire shares of Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, in each case without giving BMOCM at
least three business days&#146; prior written notice specifying the nature and date of such proposed transaction. Notwithstanding the foregoing, the Company may, without prior written notice, (i)&nbsp;register the offering and sale of the Shares
through BMOCM pursuant to this Agreement, (ii)&nbsp;issue shares of Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof and referred to in the Prospectus, (iii)&nbsp;issue shares of
Common Stock or options to purchase Common Stock granted pursuant to existing employee benefit plans of the Company, (iv)&nbsp;issue shares of Common Stock pursuant to any <FONT STYLE="white-space:nowrap">non-employee</FONT> director stock plan,
dividend reinvestment plan or stock purchase plan of the Company, or (v)&nbsp;grant awards pursuant to any employee benefit plan or equity incentive plan of the Company. If notice of a proposed transaction is provided by the Company pursuant to this
subsection (q), BMOCM may suspend activity of the transactions contemplated by this Agreement for such period of time as may be requested by the Company or as may be deemed appropriate by BMOCM. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Exchange Listing.</I> The Company shall use its best efforts to cause the Shares to be listed on the
Exchange and to maintain such listing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Notices</I>. The Company shall notify BMOCM immediately
after it shall have received notice or obtained knowledge of any information or fact that would alter or affect any opinion, certificate, letter or any other document provided to BMOCM pursuant to Section&nbsp;4 below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;<I>Representation Date Certificates</I>. Upon commencement of the
offering of the Shares under this Agreement (and upon the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder), and each time that (i)&nbsp;the Registration Statement or the
Prospectus is amended or supplemented (other than (x)&nbsp;a prospectus supplement relating solely to the offering of securities pursuant to the Registration Statement other than the Shares or (y)&nbsp;an amendment or supplement effected by the
filing with the Commission of any document incorporated by reference therein), (ii) there is filed with the Commission an Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> or a Quarterly Report on Form
<FONT STYLE="white-space:nowrap">10-Q,</FONT> (iii)&nbsp;BMOCM may reasonably request and (iv)&nbsp;Shares are delivered to BMOCM pursuant to a Terms Agreement (such commencement date, any such recommencement date, if applicable, and each such date
referred to in clauses (i), (ii), (iii) and (iv)&nbsp;above, a &#147;Representation Date&#148;), the Company shall furnish or cause to be furnished to BMOCM forthwith a certificate dated and delivered as of such date, in form reasonably satisfactory
to BMOCM, to the effect that the statements contained in the certificate(s) referred to in Section&nbsp;4(c) are true and correct at the time of such commencement, recommencement, amendment, supplement or filing, as the case may be, as though made
at and as of such time and modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company Counsel Legal Opinions</I>. On each Representation Date, the Company shall cause to be furnished to
BMOCM, dated as of such date and addressed to BMOCM, in form and substance reasonably satisfactory to BMOCM, the written opinion of Norton Rose Fulbright US LLP, outside counsel for the Company, as described in Section&nbsp;4(d), substantially to
the effect set forth in Exhibit C attached hereto (with the appropriate form to be delivered to be based on the criteria noted on such Exhibit) but modified as necessary to relate to the Registration Statement and the Prospectus as amended and
supplemented to the time of delivery of such opinion. In lieu of delivering such an opinion for dates subsequent to the commencement of the offering of the Shares under this Agreement such counsel may furnish BMOCM with a letter (a &#147;Reliance
Letter&#148;) to the effect that BMOCM may rely on a prior opinion delivered under this Section&nbsp;3(s) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the
Registration Statement and the Prospectus as amended or supplemented as of such subsequent date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;<I>Comfort
Letters</I>. On each Representation Date, the Company shall cause the Accountants to deliver to BMOCM the comfort letter(s) described in Section&nbsp;4(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;<I>Due Diligence</I>. The Company shall reasonably cooperate with any reasonable due diligence review requested by
BMOCM or its counsel from time to time in connection with the transactions contemplated hereby or any Terms Agreement, including, without limitation, (i)&nbsp;prior to the open of trading on each intended Purchase Date and any Time of Sale or
Settlement Date, making available appropriate corporate officers of the Company and, upon reasonable request, representatives of the Accountants for an update on diligence matters with representatives of BMOCM and its counsel and (ii)&nbsp;at each
Representation Date or otherwise as BMOCM may reasonably request, providing information and making available </P>
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documents and appropriate corporate officers of the Company and representatives of the Accountants for one or more due diligence sessions with representatives of BMOCM and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<I>Reservation of the Shares</I>. The Company shall reserve and keep available at all times, free of preemptive
rights, Shares for the purpose of enabling the Company to satisfy its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;<I>BMOCM
Trading</I>. The Company hereby consents to BMOCM trading in the Common Stock for BMOCM&#146;s own account and for the account of its clients at the same time as sales of the Shares pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;<I>Deemed Representations and Warranties</I>. The Company hereby agrees that each acceptance by it of an offer to
purchase Shares hereunder shall be deemed to be (i)&nbsp;an affirmation to BMOCM that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though
made at and as of such date and (ii)&nbsp;an undertaking that such representations and warranties will be true and correct as of the Time of Sale and the Settlement Date for the Shares relating to such acceptance as though made at and as of each of
such dates (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to the date of such acceptance, such Time of Sale or such Settlement Date, as the case
may be). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;&nbsp;&nbsp;&nbsp;<I>Board Authorization</I>. Prior to delivering notice of the proposed terms of an Agency Transaction
or a Principal Transaction pursuant to Section&nbsp;1 (or at such time as otherwise agreed between the Company and BMOCM), the Company shall, if applicable, have (i)&nbsp;obtained from its board of directors or a duly authorized subcommittee thereof
all necessary corporate authority for the sale of the Shares pursuant to the relevant Agency Transaction or Principal Transaction, as the case may be, and (ii)&nbsp;provided to BMOCM a copy of the relevant board resolutions or other authority. In
lieu of delivering such resolutions for dates subsequent to the commencement of the offering of the Shares under this Agreement, the Company may deliver an officer&#146;s certificate indicating that any such previously delivered board resolutions or
authority remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;&nbsp;&nbsp;&nbsp;<I>Offer to Refuse to Purchase</I>. If to the knowledge of the
Company any condition set forth in Section&nbsp;4(a) of this Agreement shall not have been satisfied on the applicable Settlement Date, the Company shall offer to any person who has agreed to purchase Shares from the Company as the result of an
offer to purchase solicited by BMOCM the right to refuse to purchase and pay for such Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa)&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange Act
Reports</I>. The Company shall, subject to subsection (a)&nbsp;of this Section&nbsp;3, (i) timely file all reports and any definitive proxy or information statements required to be filed by the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act subsequent to the date of the Prospectus and for the duration of the Prospectus Delivery Period (filings made within the deadlines of Rule <FONT STYLE="white-space:nowrap">12b-25</FONT> of the Exchange Act shall be
considered timely) and (ii)&nbsp;disclose in its quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and in its annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> a summary detailing, for the relevant reporting
period, the number of Shares sold </P>
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through or to BMOCM under this Agreement, the net proceeds received by the Company from such sales and the compensation paid by the Company to BMOCM with respect to such sales. In lieu of
compliance with the requirement set forth in clause (ii)&nbsp;of the immediately preceding sentence, the Company may prepare a prospectus supplement with such summary information and, at least once a quarter and subject to subsection (a)&nbsp;of
this Section&nbsp;3, file such prospectus supplement pursuant to Rule 424(b) under the Act (and within the time periods required by Rule 424(b) and Rule 430A, 430B or 430C under the Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions of the Obligations of BMOCM</U>. The obligations of BMOCM hereunder are subject to (i)&nbsp;the
accuracy of the representations and warranties of the Company on the date hereof, on each Representation Date and as of each Time of Sale and Settlement Date, (ii)&nbsp;the performance of the Company of its obligations hereunder and (iii)&nbsp;the
following additional conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Stop Orders, Requests for Information and No Amendments.</I>
(i)&nbsp;No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall be pending or are, to the knowledge of the Company, threatened by the Commission, (ii)&nbsp;no order
suspending the qualification or registration of the Shares under the securities or Blue Sky laws of any jurisdiction shall be in effect and no proceeding for such purpose shall be pending before or threatened or contemplated by the authorities of
any such jurisdiction, (iii)&nbsp;any request for additional information on the part of the staff of the Commission or any such authorities shall have been complied with to the satisfaction of the staff of the Commission or such authorities and
(iv)&nbsp;after the date hereof no amendment or supplement to the Registration Statement or the Prospectus (other than (x)&nbsp;a prospectus supplement relating solely to the offering of securities pursuant to the Registration Statement other than
the Shares or (y)&nbsp;an amendment or supplement effected by the filing with the Commission of any document incorporated by reference therein) shall have been filed unless a copy thereof was first submitted to BMOCM and BMOCM did not reasonably
object thereto within a reasonable time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Adverse Changes.</I> Since the date of the most recent
financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus, except as described in the Registration Statement and the Prospectus, there shall not have been a Material Adverse Change.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers</I><I>&#146;</I><I> Certificates.</I> BMOCM shall have received, on each Representation Date, one
or more accurate certificates, dated such date and signed by an executive officer of the Company, in form and substance reasonably satisfactory to BMOCM, to the effect set forth in clauses (a)&nbsp;and (b) above and to the effect that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;each signer of such certificate has carefully examined the Registration Statement, the Prospectus (including any
documents filed under the Exchange Act and deemed to be incorporated by reference into the Prospectus) and each Permitted Free Writing Prospectus, if any; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;as of such date and as of each Time of Sale subsequent to the immediately preceding Representation Date, if any,
neither the Registration Statement, the </P>
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Prospectus nor any Permitted Free Writing Prospectus contained any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;each of the representations and warranties
of the Company contained in this Agreement are, as of such date and each Time of Sale subsequent to the immediately preceding Representation Date, if any, true and correct; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;each of the covenants and agreements required herein to be performed by the Company on or prior to such date has
been duly, timely and fully performed and each condition herein required to be complied with by the Company on or prior to such date has been duly, timely and fully complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinions of Counsel to the Company.</I> BMOCM shall have received, on each Representation Date, an opinion of
Norton Rose Fulbright US LLP, outside counsel for the Company, dated such date and addressed to BMOCM, substantially to the effect set forth in Exhibit C attached hereto (with the appropriate form to be delivered to be based on the criteria noted on
such Exhibit and with such assumptions and qualifications as such counsel deems appropriate or advisable) or a Reliance Letter in lieu thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion of Counsel to BMOCM.</I> BMOCM shall have received, on each Representation Date, an opinion of Mayer
Brown LLP, outside counsel for BMOCM, dated such date and addressed to BMOCM, in form and substance reasonably satisfactory to BMOCM. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accountants</I><I>&#146;</I><I> Comfort Letter.</I> BMOCM shall have received, on each Representation Date,
letters dated such date and addressed to BMOCM, in form and substance reasonably satisfactory to BMOCM, (i)&nbsp;confirming that the Accountants are an independent registered public accounting firm within the meaning of the Act, the Exchange Act and
the PCAOB, (ii)&nbsp;stating, as of such date, the conclusions and information of the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to sales agents in connection with registered &#147;at the market&#148; offerings with
respect to the audited and unaudited financial statements and certain other financial information contained or incorporated by reference in the Registration Statement and the Prospectus (the first such letter, the &#147;Initial Comfort Letter&#148;)
and (iii)&nbsp;in the case of any such letter after the Initial Comfort Letter, updating the Initial Comfort Letter with any information that would have ordinarily been included in the Initial Comfort Letter had it been given on such date and
modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, as amended or supplemented to the date of such letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Due Diligence</I>. The Company shall have complied with all of its due diligence obligations required pursuant
to Section&nbsp;3(u). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Blue Sky Laws.</I> The Shares shall be qualified for sale in such
states and jurisdictions as BMOCM may reasonably request, including, without limitation, the provinces and territories of Canada and other jurisdictions outside the United States, and each such qualification shall be in effect and not subject to any
stop order or other proceeding on the relevant Representation Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Exchange Listing.</I> The Shares shall have been duly
authorized for listing on the Exchange, subject only to notice of issuance at or prior to the applicable Settlement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation M</I>. The Common Stock shall be an &#147;actively-traded security&#148; excepted from the
requirements of Rule 101 of Regulation M under the Exchange Act by subsection&nbsp;(c)(1) of such rule. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of BMOCM.</I> The Company shall indemnify and hold harmless BMOCM, the directors, officers,
employees, counsel and agents of BMOCM and each person, if any, who controls BMOCM within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act from and against any and all losses, claims, liabilities, expenses and damages
(including, without limitation, any amounts paid in settlement if settled in accordance with Section&nbsp;5(c), and any and all investigative, legal and other expenses reasonably incurred in connection with any claim asserted) to which they, or any
of them, may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based on (i)&nbsp;any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rules 430A, 430B or 430C, as applicable, including
all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in any Permitted Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading or (iii)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any materials or information provided to investors by, or
with the approval of, the Company in connection with the marketing of the offering of the Shares, including any roadshow or investor presentations made to investors by the Company (whether in person or electronically) or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>, that the Company shall not be liable to the
extent that such loss, claim, liability, expense or damage arises from the sale of the Shares in the public offering to any person by BMOCM and is based on an untrue statement or omission or alleged untrue statement or omission made in reliance on
and in conformity with information relating to BMOCM furnished in writing to the Company by BMOCM expressly for inclusion in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. This indemnity agreement will be in
addition to any liability that the Company might otherwise have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of the Company.</I> BMOCM
shall indemnify and hold harmless the Company, the directors, officers, employees, counsel and agents of the Company and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the
Exchange Act to the same extent as the foregoing indemnity from the Company to BMOCM, but only insofar as losses, claims, liabilities, expenses or damages arise </P>
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out of or are based on any untrue statement or omission or alleged untrue statement or omission made in reliance on and in conformity with information relating to BMOCM furnished in writing to
the Company by, or on behalf of, BMOCM expressly for inclusion in the Registration Statement, any Permitted Free Writing Prospectus or the Prospectus. This indemnity will be in addition to any liability that BMOCM might otherwise have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification Procedures.</I> Any party that proposes to assert the right to be indemnified under this
Section&nbsp;5 shall, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section&nbsp;5, notify each such indemnifying party
of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party under the
foregoing provisions of this Section&nbsp;5 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it
notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the
commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified party, and after notice from the indemnifying
party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation
subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of
such indemnified party unless (i)&nbsp;the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (ii)&nbsp;the indemnified party has reasonably concluded (based on advice of counsel) that there may
be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (iii)&nbsp;a conflict or potential conflict exists (based on advice of counsel to the indemnified
party) between the indemnified party and the indemnifying party (in which case the indemnifying party shall not have the right to direct the defense of such action on behalf of the indemnified party) or (iv)&nbsp;the indemnifying party has not in
fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel shall be at the
expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and
other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges shall be reimbursed by the indemnifying party promptly
as they are incurred. An indemnifying party shall not be liable for any settlement of any action or claim effected without its written consent (which consent will not be unreasonably withheld or delayed). No indemnifying party shall, without the
prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section&nbsp;5 (whether or not any
indemnified party is a party thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each </P>
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indemnified party from all liability arising or that may arise out of such claim, action or proceeding and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party. Notwithstanding the foregoing, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as
contemplated by this Section&nbsp;5(c), the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by
such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall
not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Contribution.</I> In order to provide for just and equitable contribution in circumstances in which the
indemnification provided for in the foregoing paragraphs of this Section&nbsp;5 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or BMOCM, the Company and BMOCM shall contribute to the total
losses, claims, liabilities, expenses and damages (including, without limitation, any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim
asserted, but after deducting any contribution received by the Company from persons other than BMOCM, such as persons who control the Company within the meaning of the Act, officers of the Company who signed the Registration Statement and directors
of the Company, who also may be liable for contribution) to which the Company and BMOCM may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and BMOCM on the other hand.
The relative benefits received by the Company on the one hand and BMOCM on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the sum of
(i)&nbsp;the total compensation to BMOCM pursuant to Section&nbsp;1(a)(vii) (in the case of one or more Agency Transactions hereunder) and (ii)&nbsp;the underwriting discounts and commissions received by BMOCM as set forth in the table on the cover
page of the Prospectus (in the case of one or more Principal Transactions pursuant to Terms Agreements). If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be
made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and BMOCM, on the other hand, with respect to the statements or
omissions which resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to
whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or BMOCM, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above in this
subsection (d)&nbsp;shall be deemed to include, for purpose of this subsection (d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this subsection (d), BMOCM shall not be required to contribute any amount in excess of the sum of (i)&nbsp;the total compensation to BMOCM pursuant to </P>
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Section&nbsp;1(a)(vii) (in the case of one or more Agency Transactions hereunder) and (ii)&nbsp;the underwriting discounts and commissions received by BMOCM as set forth in the table on the cover
page of the Prospectus (in the case of one or more Principal Transactions pursuant to Terms Agreements), and no person found guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this subsection (d), any person who controls a party to this Agreement within the meaning of the Act will have the same rights to contribution as
that party, and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of
notice of commencement of any action against such party in respect of which a claim for contribution may be made under this subsection (d), will notify any such party from whom contribution may be sought, but the omission so to notify will not
relieve the party from whom contribution may be sought from any other obligation it may have under this subsection (d). No party will be liable for contribution with respect to any action or claim settled without its written consent (which consent
will not be unreasonably withheld). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival.</I> The obligations of the Company under this Section&nbsp;5
shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to any affiliate of BMOCM and each person, if any, who controls BMOCM or any such affiliate within the meaning of the
Act; and the obligations of BMOCM under this Section&nbsp;5 shall be in addition to any liability which it may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company and to each person, if
any, who controls the Company within the meaning of the Act. The indemnity and contribution agreements of the Company and BMOCM contained in this Section&nbsp;5 and the representations and warranties of the Company contained in this Agreement shall
remain operative and in full force and effect regardless of (i)&nbsp;any investigation made by or on behalf of BMOCM, (ii)&nbsp;acceptance of any of the Shares and payment therefor or (iii)&nbsp;any termination of this Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company may terminate this Agreement in its sole discretion at any time upon giving prior written notice to
BMOCM. Any such termination shall be without liability of any party to the other party, except that (i)&nbsp;with respect to any pending sale, the obligations of the Company, including, without limitation, in respect of compensation of BMOCM, shall
remain in full force and effect notwithstanding such termination; and (ii)&nbsp;the provisions of Sections 2, 3 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section&nbsp;3(l)), 5, 7(c), 7(e) and
7(h) of this Agreement shall remain in full force and effect notwithstanding such termination. In the case of any sale by the Company pursuant to a Terms Agreement, the obligations of the Company pursuant to such Terms Agreement and this Agreement
may not be terminated by the Company without the prior written consent of BMOCM. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;BMOCM may terminate this
Agreement in its sole discretion at any time upon giving prior written notice to the Company. Any such termination shall be without liability of any party to the other party, except that (i)&nbsp;with respect to any pending sale, the obligations of
</P>
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the Company, including, without limitation, in respect of compensation of BMOCM, shall remain in full force and effect notwithstanding such termination; and (ii)&nbsp;the provisions of Sections
2, 3 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section&nbsp;3(l)), 5, 7(c), 7(e) and 7(h) of this Agreement shall remain in full force and effect notwithstanding such termination. In the case of
any purchase by BMOCM pursuant to a Terms Agreement, BMOCM may, by written notice to the Company, terminate its obligations pursuant to such Terms Agreement at any time prior to or on the Settlement Date if, since the time of execution of the Terms
Agreement or the respective dates as of which information is given in the Registration Statement and the Prospectus: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;trading of any securities of the Company shall have been suspended on the Exchange; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;trading generally shall have been suspended or limited on or by, as the case may be, any &#147;national
securities exchange&#148; (as defined in the Exchange Act), or minimum or maximum prices shall have been generally established on any such exchange, or additional material governmental restrictions, not in force on the date of this Agreement, shall
have been imposed upon trading in securities generally by any such exchange or by order of the Commission or any court or other governmental authority; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;a general banking moratorium shall have been declared by any of federal, New York or Delaware authorities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the United States shall have become engaged in new hostilities, there shall have been an escalation in
hostilities involving the United States or there shall have been a declaration of a national emergency or war by the United States or there shall have occurred such a material adverse change in general economic, political or financial conditions,
including, without limitation, as a result of terrorist activities after the date hereof (or the effect of international conditions on the financial markets in the United States shall be such), or any other national calamity or crisis shall have
occurred, the effect of any of which is such as to make it impracticable or inadvisable to market the Shares on the terms and in the manner contemplated by the Prospectus; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;if the Company or any of its subsidiaries shall have sustained a loss material or substantial to the Company or
any of the subsidiaries by reason of flood, fire, accident, hurricane, earthquake, theft, sabotage, natural disaster, disease outbreak or other calamity or malicious act, whether or not such loss shall have been insured, the effect of any of which
is such as to make it impracticable or inadvisable to market the Shares on the terms and in the manner contemplated by the Prospectus; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;if there shall have been a Material Adverse Change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall remain in full force and effect until the earliest to occur of (A)&nbsp;termination of this
Agreement pursuant to subsection (a)&nbsp;or (b) above or otherwise by mutual written agreement of the parties and (B)&nbsp;such date that the aggregate gross sales proceeds of the Shares sold pursuant to this Agreement (including, without
limitation, one or more Terms Agreements pursuant hereto) equals the Maximum Amount, in each case except that </P>
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(i) with respect to any pending sale, the obligations of the Company, including, without limitation, in respect of compensation of BMOCM, shall remain in full force and effect notwithstanding
such termination; and (ii)&nbsp;the provisions of Sections 2, 3 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section&nbsp;3(l)), 5, 7(c), 7(e) and 7(h) of this Agreement shall remain in full force
and effect notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Any termination of this Agreement shall be effective on the date
specified in the notice of termination; <I>provided</I> that such termination shall not be effective until the close of business on the date of receipt of such notice by BMOCM or the Company, as the case may be. If such termination shall occur prior
to the Settlement Date for any sale of Shares, such sale shall settle in accordance with the provisions of Section&nbsp;1 (in the case of an Agency Transaction) or in accordance with the relevant Terms Agreement (in the case of a Principal
Transaction). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices.</I> Notice given pursuant to any of the provisions of this Agreement shall be in writing and, unless
otherwise specified, shall be mailed, hand delivered or telecopied (i)&nbsp;if to the Company, at the office of the Company, DXP Enterprises, Inc., 5301 Hollister, Houston, Texas 77040, Attention: Chief Financial Officer, with a copy to Norton Rose
Fulbright US LLP, Fulbright Tower, 1301 McKinney, Suite 5100, Houston, Texas 77010, Attn: Brian Fenske, or (ii)&nbsp;if to BMOCM, at the offices of BMO Capital Markets Corp., 3 Times Square, New York, New York 10036, Attention: Equity Capital
Markets desk, with a copy to the Legal Department (Fax: (212) <FONT STYLE="white-space:nowrap">702-1205).</FONT> Any such notice shall be effective only upon receipt. Any notice under Section&nbsp;5&nbsp;may be made by telecopy or telephone, but if
so made shall be subsequently confirmed in writing (which may include, in the case of BMOCM, electronic mail to any Authorized Company Representative). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Third Party Beneficiaries</I>. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, other than with respect to the indemnitees pursuant to the
indemnification obligations under Section&nbsp;5 of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival of Representations and
Warranties.</I> All representations, warranties and agreements of the Company and BMOCM contained herein or in certificates or other instruments delivered pursuant hereto (including, without limitation, any Terms Agreement) shall remain operative
and in full force and effect regardless of any investigation made by or on behalf of the Company or BMOCM or any of their controlling persons and shall survive delivery of and payment for the Shares hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclaimer of Fiduciary Relationship</I>. The Company acknowledges and agrees that (i)&nbsp;the purchase and
sale of the Shares pursuant to this Agreement, including the determination of the terms of the offering and any related discounts and commissions, is an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction between the
Company, on the one hand, and BMOCM, on the other hand, (ii)&nbsp;in connection with the offering contemplated by this Agreement and the process leading to such transaction, BMOCM owes no fiduciary duties to the Company or its
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
securityholders, creditors, employees or any other party, (iii)&nbsp;BMOCM has not assumed nor will it assume any advisory or fiduciary responsibility in favor of the Company with respect to the
offering of the Shares contemplated by this Agreement or the process leading thereto (irrespective of whether BMOCM or its affiliates has advised or is currently advising the Company on other matters) and BMOCM has no obligation to the Company with
respect to the offering of the Shares contemplated by this Agreement except the obligations expressly set forth in this Agreement, (iv)&nbsp;BMOCM and its affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Company and (v)&nbsp;BMOCM has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated by this Agreement and the Company has consulted its own legal, accounting, regulatory and tax
advisors to the extent it deemed appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law.</I> THIS AGREEMENT AND EACH TERMS AGREEMENT,
AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING UNDER OR RELATED TO THIS AGREEMENT OR SUCH TERMS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE. Each party hereto hereby irrevocably submits for purposes of any action arising from this Agreement or any Terms Agreement brought by the other party hereto to the jurisdiction of the courts of New York State located in
the Borough of Manhattan and the U.S. District Court for the Southern District of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts</I>. This Agreement and each Terms Agreement may be signed in two or more counterparts with the
same effect as if the signatures thereto and hereto were upon the same instrument. Each party to this Agreement acknowledges that electronic signatures, whether digital or encrypted, of a party may be included in this Agreement and if so, are
intended to authenticate this writing and to have the same force and effect as a manual signature. &#147;Electronic signature&#148; means any electronic sound, symbol, or process attached to or logically associated with a record and executed and
adopted by a party with the intent to sign such record, including facsimile or email electronic signatures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival of Provisions Upon Invalidity of Any single Provision.</I> In case any provision in this Agreement or
any Terms Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Waiver of Jury Trial.</I> Each of the Company and BMOCM hereby irrevocably waives any right it may have to a
trial by jury in respect of any claim based upon or arising out of this Agreement, any Terms Agreement or the transactions contemplated hereby or thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Titles and Subtitles.</I> The titles of the sections and subsections of this Agreement and any Terms Agreement
are for convenience and reference only and are not to be considered in construing this Agreement or such Terms Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Entire Agreement.</I> Other than the terms set forth in each Transaction Notice delivered hereunder and each
Terms Agreement executed and delivered pursuant hereto, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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this Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. Neither
this Agreement nor any Terms Agreement may be amended or otherwise modified or any provision hereof waived except by an instrument in writing signed by BMOCM and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Please confirm that the foregoing correctly sets forth the agreement between the Company and
BMOCM. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">DXP ENTERPRISES, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kent Yee</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Kent Yee</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Senior Vice President / Chief Financial Officer</TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Confirmed as of the date first above mentioned:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">BMO CAPITAL MARKETS CORP.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Zach Dombrowski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Zach Dombrowski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Equity Distribution Agreement] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[AUTHORIZED COMPANY REPRESENTATIVES] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[INFORMATION SUPPLIED BY BMOCM] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[ISSUER FREE WRITING PROSPECTUSES] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 4 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNIFICANT SUBSIDIARIES] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 5 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[COMMISSION] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[TRANSACTION NOTICE] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[TERMS AGREEMENT] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[COMPANY COUNSEL LEGAL OPINIONS] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Norton Rose Fulbright US LLP</TD></TR>
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<TD VALIGN="top">May&nbsp;11, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1301 McKinney, Suite 5100</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Houston, Texas 77010-3095</TD></TR>
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<TD VALIGN="top">United States</TD></TR>
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<TD VALIGN="top">DXP Enterprises, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tel +1 713 651 5151</TD></TR>
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<TD VALIGN="top">5301 Hollister St.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fax +1 713 651 5246</TD></TR>
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<TD VALIGN="top">Houston, TX 77040</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">nortonrosefulbright.com</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as counsel to DXP Enterprises, Inc., a Texas corporation (the &#147;<U>Company</U>&#148;), in connection with the proposed
issuance and sale by the Company of common stock, par value $0.01, having an aggregate gross sale price of up to $37,500,000 (the &#147;<U>Shares</U>&#148;). The Shares are to be issued pursuant to the registration statement on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-232270),</FONT> under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), filed with the Securities and Exchange Commission
(the &#147;<U>Commission</U>&#148;) by the Company on June&nbsp;21, 2019, including the base prospectus contained therein, as amended by Post-Effective Amendment No.&nbsp;1 filed with the Commission on March&nbsp;13, 2020, Post-Effective Amendment
No.&nbsp;2 filed with the Commission on March&nbsp;17, 2020, and Post-Effective Amendment No.&nbsp;3 filed with the Commission on May&nbsp;4, 2020 (the &#147;<U>Registration Statement</U>&#148;), and the prospectus supplement (the
&#147;<U>Prospectus Supplement</U>&#148;) filed with the Commission on May&nbsp;11, 2020, relating to the offering of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of
the Registration Statement or the Prospectus Supplement, other than as expressly stated herein with respect to the issue of the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As counsel to the Company, we have examined originals or copies of certain corporate records of the Company, certificates and other
communications of public officials, certificates of officers of the Company and such other documents as we have deemed relevant or necessary for the purpose of rendering the opinions expressed herein. As to questions of fact material to those
opinions, we have, to the extent we deemed appropriate, relied on certificates of officers of the Company and on certificates and other communications of public officials. We have assumed that the persons identified to us as officers of the Company
are actually serving as such and that any certificates representing the Shares will be properly executed by one or more such persons. We have assumed the genuineness of all signatures on, and the authenticity of, all documents submitted to us as
originals, the conformity to authentic original documents of all documents submitted to us as copies thereof, the due authorization, execution and delivery by the parties thereto other than the Company of all documents examined by us, that the
Company will receive any required consideration for such Shares and the legal capacity of each individual who signed any of those documents. Without limiting the foregoing, we have examined the Equity Distribution Agreement (the
&#147;<U>Distribution Agreement</U>&#148;), dated May&nbsp;11, 2020 between the Company and BMO Capital Markets Corp. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the
foregoing, and subject to the limitations, qualifications, assumptions and exceptions stated herein, we are of the opinion that when the Shares shall have been issued and delivered in accordance with the Distribution Agreement and for the
consideration provided for therein, such Shares will be validly issued, fully paid and nonassessable. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DXP Enterprises, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 11, 2020</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Page 2</P></TD>
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the
foregoing opinion, we have assumed that (i)&nbsp;upon the issuance of any of the Shares, the total number of shares of common stock issued and outstanding will not exceed the total number of shares of common stock that the Company is then authorized
to issue under its Restated Articles of Incorporation, as amended, and (ii)&nbsp;certain terms of the Shares to be issued by the Company from time to time will be authorized and approved by the Board of Directors of the Company or one or more
committees thereof established by the Board of Directors with the authority to approve transactions pursuant to the Distribution Agreement in accordance with the Texas Business Organizations Code, as amended, the Company&#146;s Restated Articles of
Incorporation, as amended and Bylaws, as amended, prior to issuance thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinions expressed herein are limited exclusively to the
laws of the State of Texas and the federal laws of the United States of America, and we are expressing no opinion as to the effect of the laws of any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely
upon it pursuant to the applicable provisions of the Securities Act. We consent to your filing this opinion as an exhibit to the Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K</FONT> dated May&nbsp;11, 2020 and to the reference to our firm
contained in the Prospectus Supplement under the heading &#147;Legal Matters.&#148; In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the
rules and regulations of the Commission thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Norton Rose Fulbright US LLP</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright US LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:72pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Norton Rose Fulbright US LLP is a limited liability partnership registered under the laws
of Texas. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose
Fulbright South Africa Inc are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal
services to clients. Details of each entity, with certain regulatory information, are available at nortonrosefulbright.com. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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