<SEC-DOCUMENT>0001104659-24-101175.txt : 20240919
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ACCESSION NUMBER:		0001104659-24-101175
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20240919
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240919
DATE AS OF CHANGE:		20240919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC INDUSTRIES INC
		CENTRAL INDEX KEY:			0000354707
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				990208097
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08503
		FILM NUMBER:		241309064

	BUSINESS ADDRESS:	
		STREET 1:		1001 BISHOP STREET, SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085435662

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 730
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96808-0730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC CO INC
		CENTRAL INDEX KEY:			0000046207
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				990040500
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04955
		FILM NUMBER:		241309065

	BUSINESS ADDRESS:	
		STREET 1:		1099 ALAKEA STREET, SUITE 2200
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085437771

	MAIL ADDRESS:	
		STREET 1:		1099 ALAKEA STREET, SUITE 2200
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HAWAIIAN ELECTRIC CO LTD
		DATE OF NAME CHANGE:	19670212
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&#160;<span id="xdx_908_edei--DocumentType_c20240919__20240919_zNaNoddH2hed"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000009" name="dei:DocumentType">8-K</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">State of <span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20240919__20240919_z3LbOz4efUp2"><ix:nonNumeric contextRef="AsOf2024-09-19" format="ixt-sec:stateprovnameen" id="Fact000017" name="dei:EntityIncorporationStateCountryCode">Hawaii</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_90E_edei--EntityAddressAddressLine1_c20240919__20240919_zvRopeO1mldl"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000018" name="dei:EntityAddressAddressLine1">1001 Bishop Street, Suite 2900</ix:nonNumeric></span>, <span id="xdx_906_edei--EntityAddressCityOrTown_c20240919__20240919_zLv8C98SF11f"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000019" name="dei:EntityAddressCityOrTown">Honolulu</ix:nonNumeric></span>,
<span id="xdx_908_edei--EntityAddressStateOrProvince_c20240919__20240919_zstD4q2glsE7"><ix:nonNumeric contextRef="AsOf2024-09-19" format="ixt-sec:stateprovnameen" id="Fact000020" name="dei:EntityAddressStateOrProvince">Hawaii</ix:nonNumeric></span> <span id="xdx_90E_edei--EntityAddressPostalZipCode_c20240919__20240919_zrucVjhnBls9"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000021" name="dei:EntityAddressPostalZipCode">96813</ix:nonNumeric></span> - Hawaiian Electric Industries, Inc. (HEI)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_90F_edei--EntityAddressAddressLine1_c20240919__20240919__dei--LegalEntityAxis__custom--HawaiianElectricCompanyInc.Member_z1jpEJ6pmUX7"><ix:nonNumeric contextRef="From2024-09-192024-09-19_custom_HawaiianElectricCompanyInc.Member" id="Fact000022" name="dei:EntityAddressAddressLine1">1099
Alakea Street, Suite 2200</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressCityOrTown_c20240919__20240919__dei--LegalEntityAxis__custom--HawaiianElectricCompanyInc.Member_z7jqYCBlk5lh"><ix:nonNumeric contextRef="From2024-09-192024-09-19_custom_HawaiianElectricCompanyInc.Member" id="Fact000023" name="dei:EntityAddressCityOrTown">Honolulu</ix:nonNumeric></span>,
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</span><span id="xdx_908_edei--EntityAddressPostalZipCode_c20240919__20240919__dei--LegalEntityAxis__custom--HawaiianElectricCompanyInc.Member_z5vusZKWvZnd"><ix:nonNumeric contextRef="From2024-09-192024-09-19_custom_HawaiianElectricCompanyInc.Member" id="Fact000025" name="dei:EntityAddressPostalZipCode">96813</ix:nonNumeric>
</span>- Hawaiian Electric Company, Inc. (Hawaiian Electric)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices and zip
code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<span id="xdx_90B_edei--CityAreaCode_c20240919__20240919_zoV4Gz679JDi"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000026" name="dei:CityAreaCode">808</ix:nonNumeric></span>) <span id="xdx_90E_edei--LocalPhoneNumber_c20240919__20240919_zxLeTyaROz3j"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000027" name="dei:LocalPhoneNumber">543-5662</ix:nonNumeric></span> - HEI</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<span id="xdx_906_edei--CityAreaCode_c20240919__20240919__dei--LegalEntityAxis__custom--HawaiianElectricCompanyInc.Member_z98R4IF3U0l"><ix:nonNumeric contextRef="From2024-09-192024-09-19_custom_HawaiianElectricCompanyInc.Member" id="Fact000028" name="dei:CityAreaCode">808</ix:nonNumeric></span>) <span id="xdx_90E_edei--LocalPhoneNumber_c20240919__20240919__dei--LegalEntityAxis__custom--HawaiianElectricCompanyInc.Member_zyCyLGHeP6pj"><ix:nonNumeric contextRef="From2024-09-192024-09-19_custom_HawaiianElectricCompanyInc.Member" id="Fact000029" name="dei:LocalPhoneNumber">543-7771</ix:nonNumeric></span> - Hawaiian Electric</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_906_edei--WrittenCommunications_c20240919__20240919_zI34XZeq9r1h"><ix:nonNumeric contextRef="AsOf2024-09-19" format="ixt:booleanfalse" id="Fact000030" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></span>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_905_edei--SolicitingMaterial_c20240919__20240919_zoZC8MUao9t4"><ix:nonNumeric contextRef="AsOf2024-09-19" format="ixt:booleanfalse" id="Fact000031" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></span>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_903_edei--PreCommencementTenderOffer_c20240919__20240919_zMua1tKJJoA9"><ix:nonNumeric contextRef="AsOf2024-09-19" format="ixt:booleanfalse" id="Fact000032" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></span>
Pre-commencement communications pursuant to Rule 14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90E_edei--PreCommencementIssuerTenderOffer_c20240919__20240919_zUfp845EiyH9"><ix:nonNumeric contextRef="AsOf2024-09-19" format="ixt:booleanfalse" id="Fact000033" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></span>
Pre-commencement communications pursuant to Rule 13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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    <td style="padding: 1.5pt 1.25pt; font-size: 10pt; text-align: center; width: 25%">Trading<br/>
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    <td style="padding: 1.5pt 1.25pt; font-size: 10pt; text-align: center; width: 25%">Name of each exchange on which<br/>
 registered</td></tr>
  <tr>
    <td style="border-top: black 1pt solid; padding: 1.5pt 1.25pt; vertical-align: bottom; font-size: 10pt; text-align: center">Hawaiian
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    <td style="border-top: black 1pt solid; padding: 1.5pt 1.25pt; font-size: 10pt; text-align: center"><span id="xdx_907_edei--Security12bTitle_c20240919__20240919_zCo1kwUBfbe6"><ix:nonNumeric contextRef="AsOf2024-09-19" id="Fact000034" name="dei:Security12bTitle">Common
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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                                                                                   <td style="text-align: justify; width: 35%">Hawaiian
Electric Company, Inc.</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 35%">Hawaiian Electric Industries, Inc. </td><td style="text-align: right; width: 8%"><span style="font-family: Wingdings">&#168;</span></td><td style="text-align: justify; width: 12%">&#160;</td>
                                                                                   <td style="text-align: justify; width: 35%">Hawaiian Electric Company, Inc. </td>
                                                                                   <td style="text-align: right; width: 10%"><span style="font-family: Wingdings">&#168;</span></td>
</tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;&#160;</span></p>

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

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

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

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    <td style="text-align: center; display: none; visibility: hidden; width: 46%">Co-Registrant CIK</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 8.01 Other Events.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Equity Distribution Agreement</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&#160;19, 2024, Hawaiian Electric
Industries,&#160;Inc. (the &#8220;Company&#8221;) entered into an Equity Distribution Agreement (the &#8220;Agreement&#8221;) with
Wells Fargo Securities, LLC (&#8220;Wells Fargo&#8221;), Barclays Capital Inc. (&#8220;Barclays&#8221;) and Guggenheim Securities,
LLC (&#8220;Guggenheim Securities&#8221;) with respect to an at-the-market offering program under which the Company may offer and
sell, from time to time at its sole discretion, its common stock, without par value (the &#8220;Common Stock&#8221;), having an
aggregate offering price of up to $250,000,000 (the &#8220;Placement Securities&#8221;) through Wells Fargo, Barclays and Guggenheim
Securities as its agents (each, an &#8220;Agent&#8221; and, collectively, the &#8220;Agents&#8221;) or directly to the Agents acting
as principal for its own account at a price and on terms agreed upon in separate written agreements. The issuance and sale, if any,
of the Placement Securities by the Company under the Agreement will be made pursuant to a prospectus supplement, dated
September&#160;19, 2024, and a base prospectus, dated September&#160;19, 2024, relating to the Company&#8217;s effective shelf
registration statement on <a href="https://www.sec.gov/Archives/edgar/data/354707/000110465924101158/tm2422402-1_s3asr.htm">Form&#160;S-3ASR (File No.&#160;333-282206)</a>.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the Company&#8217;s delivery of a placement
notice and subject to the terms and conditions of the Agreement, the Agents may sell the Placement Securities by any method permitted
by law deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415 promulgated under the Securities Act of 1933,
as amended, or by any another method. Each Agent will use commercially reasonable efforts consistent with its normal trading and sales
practices and applicable state and federal law, rules&#160;and regulations and the rules&#160;of the New York Stock Exchange to sell the
Placement Securities from time to time, based upon instructions from the Company (including any price, time or size limits or other customary
parameters or conditions the Company may impose). The Company will pay the Agent a commission of up to 1.00% of the gross sales proceeds
of any Placement Securities sold through the applicable Agent under the Agreement, and also has provided the Agents with customary indemnification
and contribution rights.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is not obligated to make any sales
of shares of Common Stock under the Agreement. The Company or any Agent (solely with respect to such Agent) may suspend or terminate the
offering of Placement Securities upon notice to the other party and subject to other conditions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The foregoing description
of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy
of which is filed as Exhibit&#160;99.1 to this Current Report on Form&#160;8-K and is incorporated herein by reference. The legal opinion
of Kurt K. Murao,&#160;Esq., Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary of the Company,
relating to the validity of the Shares being offered pursuant to the Agreement is filed as Exhibit&#160;5.1 to this Current Report on
Form&#160;8-K and is incorporated herein by reference.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">This Current Report on
Form&#160;8-K shall not constitute an offer to sell or the solicitation of an offer to buy any Shares under the Agreement nor shall there
be any sale of such Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Cautionary Note Regarding Forward-Looking
Statements</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">This report may contain
&#8220;forward-looking statements,&#8221; which include statements that are predictive in nature, depend upon or refer to future events
or conditions, and usually include words such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221;
&#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;predicts,&#8221; &#8220;estimates&#8221; or similar expressions. In addition, any
statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking
statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks,
uncertainties and the accuracy of assumptions concerning the Company and its subsidiaries, the performance of the industries in which
they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of
future performance.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Forward-looking statements
in this report should be read in conjunction with the &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; and &#8220;Risk
Factors&#8221; discussions (which are incorporated by reference herein) set forth in the Company&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/46207/000035470724000012/he-20231231.htm" style="-sec-extract: exhibit">Annual Report on Form&#160;10-K for the year ended December&#160;31, 2023</a> and the Company&#8217;s other periodic reports that discuss important factors that could cause
HEI&#8217;s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of
the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, the
Company, Hawaiian Electric Company,&#160;Inc., American Savings Bank, F.S.B. and their subsidiaries undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01 Financial Statements and Exhibits</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d)&#160;Exhibits.</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 10%"><b>Exhibit<br/>
</b> <b>Number</b></td>
<td style="width: 1%; font-size: 10pt">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 89%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
<tr>
<td style="font-size: 10pt">&#160;</td>
<td colspan="2" style="font-size: 10pt">&#160;</td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt"><a href="tm2422402d4_ex5-1.htm"><span style="font-size: 10pt">5.1</span></a></td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt"><a href="tm2422402d4_ex5-1.htm"><span style="font-size: 10pt">Opinion of Kurt K. Murao,&#160;Esq.</span></a></td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt">&#160;</td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt"><a href="tm2422402d4_ex5-1.htm"><span style="font-size: 10pt">23.1</span></a></td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt"><a href="tm2422402d4_ex5-1.htm"><span style="font-size: 10pt">Consent of Kurt K. Murao,&#160;Esq. (included in Exhibit&#160;5.1).</span></a></td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt">&#160;</td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt"><a href="tm2422402d4_ex99-1.htm"><span style="font-size: 10pt">99.1</span></a></td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt"><a href="tm2422402d4_ex99-1.htm"><span style="font-size: 10pt">Equity Distribution Agreement, dated as of September&#160;19, 2024, by and among Hawaiian Electric Industries,&#160;Inc., Wells Fargo Securities, LLC, Barclays Capital Inc. and Guggenheim Securities, LLC.</span></a></td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt">&#160;</td></tr>
<tr>
<td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">104</span></td>
<td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">Cover Page&#160;Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature
of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; width: 47%"><span style="font-size: 10pt">HAWAIIAN ELECTRIC INDUSTRIES,&#160;INC.</span></td>
    <td style="font-size: 10pt; width: 5%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; width: 48%"><span style="font-size: 10pt">HAWAIIAN ELECTRIC COMPANY,&#160;INC.</span></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Registrant)</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Registrant)</span></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Scott T. DeGhetto</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Paul K. Ito</span></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><span style="font-size: 10pt">Scott T. DeGhetto</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Paul K. Ito</span></td></tr>
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    <td style="font-size: 10pt"><span style="font-size: 10pt">Executive Vice President,</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Senior Vice President, </span></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><span style="font-size: 10pt">Chief Financial Officer and Treasurer</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Chief Financial Officer and Treasurer</span></td></tr>
  <tr style="font-size: 10pt">
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><span style="font-size: 10pt">Date: September&#160;19, 2024</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Date: September&#160;19, 2024</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2422402d4_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2422402d4_ex5-1img001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 19, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hawaiian Electric Industries,&nbsp;Inc.<BR>
1001 Bishop Street, Suite&nbsp;2900<BR>
Honolulu, Hawaii 96813</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement
on Form&nbsp;S-3 for Hawaiian Electric Industries,&nbsp;Inc.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Hawaiian Electric Industries,&nbsp;Inc., a Hawaii
corporation (the &ldquo;<U>Company</U>&rdquo;), filed a Registration Statement on Form&nbsp;S-3ASR (File No.&nbsp;333-282206) (together
with the exhibits thereto, the &ldquo;<U>Registration Statement</U>&rdquo;) with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), which became effective on September 19, 2024, relating
to the issuance and sale from time to time, pursuant to Rule&nbsp;415 under the Securities Act, of (among other things) shares of common
stock of the Company, without par value (the &ldquo;<U>Common Stock</U>&rdquo;), having an aggregate offering price of up to $250,000,000
and which are subject to sale pursuant to the Distribution Agreement (the &ldquo;<U>Distribution Agreement</U>&rdquo;) (such shares of
Common Stock, the &ldquo;<U>Shares</U>&rdquo;), dated as of September 19, 2024, by and among the Company and Wells Fargo Securities, LLC,
Barclays Capital Inc. and Guggenheim Securities, LLC, as agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is furnished pursuant to the
requirements of Item 601(b)(5)&nbsp;of Regulation S-K, 17 C.F.R. &sect; 229.601(b)(5), in connection with the Registration Statement,
and no opinion is expressed or may be implied herein as to any matter pertaining to the contents of the Registration Statement other than
as to the valid issuance of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion,&nbsp;I have examined
originals or copies, certified or otherwise identified to my satisfaction, of: (i)&nbsp;the Registration Statement; (ii)&nbsp;the prospectus,
dated September 19, 2024 (the &ldquo;<U>Base Prospectus</U>&rdquo;); (iii)&nbsp;the prospectus supplement, dated September 19, 2024 (the &ldquo;<U>Prospectus
Supplement</U>&rdquo; and together with the Base Prospectus, the &ldquo;<U>Prospectus</U>&rdquo;); (iv)&nbsp;the Amended and Restated
Articles of Incorporation and the Amended and Restated Bylaws of the Company, each as amended to date; (v)&nbsp;the resolutions of the
Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;), dated as of August&nbsp;30, 2024, relating to the authorization of
the issuance and sale of the Shares in accordance with the terms of the Distribution Agreement and the filing of the Prospectus (the &ldquo;<U>Resolutions</U>&rdquo;);
(vi)&nbsp;a Certificate of Good Standing for the Company, dated as of August&nbsp;27, 2024, issued by the Hawaii Department of Commerce
and Consumer Affairs - Business Registration Division; and (vii)&nbsp;the Distribution Agreement. To the extent that I have deemed appropriate
or necessary as a basis for the opinions set forth herein,&nbsp;I have also examined originals or copies, certified or otherwise identified
to my satisfaction, of other records, agreements and documents of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In my examination,&nbsp;I have assumed for the
purposes of this opinion: (i)&nbsp;the legal capacity of all natural persons; (ii)&nbsp;the genuineness and authenticity of all signatures
on original documents; (iii)&nbsp;the authenticity, accuracy and completeness of all documents reviewed as originals; (iv)&nbsp;the conformity
to authentic, accurate and complete originals of all documents reviewed as copies of originals; and (v)&nbsp;the authenticity, accuracy
and completeness of any certificates of public officials. I have also assumed that (i)&nbsp;each Share issued and sold pursuant to the
Distribution Agreement shall be at a sale price or prices authorized by the Board or a duly designated committee thereof in accordance
with the Resolutions and (ii)&nbsp;upon sale and delivery, valid book-entry notations for the issuance of the Shares in uncertificated
form will have been duly made in the share register of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I am a member of the Bar of the State of Hawaii
and the opinion expressed herein is limited in all respects to matters governed by the laws of the State of Hawaii.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing and subject to the limitations,
qualifications and assumptions set forth herein,&nbsp;I am of the opinion that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Hawaii.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The Shares have been duly authorized by all necessary corporate action on the part of the Company and, when (a)&nbsp;certificates
representing the shares of Common Stock have been duly executed, countersigned, registered and delivered (or non-certificated shares of
Common Stock shall have been properly issued) and (b)&nbsp;the Common Stock has been issued and delivered on behalf of the Company against
payment therefor in accordance with the Distribution Agreement, will be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I hereby consent to the filing of this opinion
as Exhibit&nbsp;5.1 to the Form&nbsp;8-K filed by the Company with the Commission on or about the date hereof, to the incorporation of
this opinion into the Registration Statement and to the reference to me in the Prospectus relating to the offering of the Shares under
the heading &ldquo;Legal Matters.&rdquo; In giving such consent,&nbsp;I do not hereby admit that I am within the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act, or the rules&nbsp;and regulations thereunder promulgated by the Commission.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Kurt K. Murao</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief Administrative
    Officer, General Counsel and Corporate Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Hawaiian Electric Industries,&nbsp;Inc.</FONT></TD></TR>
  </TABLE>


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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2422402d4_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="margin: 0; text-align: left"><B></B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">With an Aggregate Sales Price of Up to $250,000,000</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: September&nbsp;19, 2024</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;1.
    Description of Securities</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;2. Placements</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;3. Sale of Placement
    Securities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4. Suspension of
    Sales.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;5. Representations
    and Warranties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;6. Sale and Delivery;
    Settlement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;7. Covenants of
    the Company</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;8. Payment of Expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;9. Conditions of
    the Agents&rsquo; Obligations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;10. Indemnification</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;11. Contribution</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;12. Representations,
    Warranties and Agreements to Survive Delivery</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;13. Termination
    of Agreement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;14. Notices</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;15. Recognition
    of the U.S. Special Resolution Regimes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;16. Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;17. Adjustments
    for Stock Splits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;18. Governing Law
    and Time</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;19. Trial by Jury</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;20. Effect of Headings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;21. Counterparts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;22. Definitions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;23. Permitted Free
    Writing Prospectuses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SECTION&nbsp;24. Absence of
    Fiduciary Relationship</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  </TABLE>


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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit
    A</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 4%; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Placement
    Notice</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit
    B</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Authorized Individuals for Placement
    Notices and Acceptances</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit
    C</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Compensation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit
    D</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Subsidiaries of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Exhibit
    E-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Opinion of Company
    Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Exhibit
    E-2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Opinion of Hawaii
    Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit
    F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Officer&rsquo;s Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit
    G</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Issuer Free Writing Prospectus</FONT></TD></TR>
  </TABLE>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">With an Aggregate Sales Price of Up to $250,000,000</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;19, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">500 West 33rd Street, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10001</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">745 7<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10019</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">330 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10017</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HAWAIIAN
ELECTRIC INDUSTRIES,&nbsp;INC.</B></FONT>, a Hawaii corporation (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with Wells Fargo Securities, LLC, Barclays Capital Inc. and Guggenheim Securities, LLC (each in its capacity as agent for the Company
in connection with the offering and sale of any Securities (as defined below) hereunder, an &ldquo;<U>Agent</U>&rdquo; and together, the
 &ldquo;<U>Agents</U>&rdquo;), as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;1.
</FONT><U>Description of Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees that, from
time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through
or to the Agents, each acting as an agent and/or principal, up to an amount of shares (the &ldquo;<U>Securities</U>&rdquo;) of the Company&rsquo;s
common stock, without par value (the &ldquo;<U>Common Stock</U>&rdquo;) having an aggregate sale price of up to $250,000,000 (the &ldquo;<U>Maximum
Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations
set forth in this Section&nbsp;1 regarding the aggregate sale price of the Securities issued and sold under this Agreement shall be the
sole responsibility of the Company, and the Agents shall have no obligation in connection with such compliance. The issuance and sale
of the Securities through the Agents will be effected pursuant to the Registration Statement (as defined below) filed by the Company on
September&nbsp;19, 2024 which became effective upon filing with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
pursuant to Rule&nbsp;462 of the rules&nbsp;and regulations of the Commission under the Securities Act (as defined below), although nothing
in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue the Securities. The Company agrees
that whenever it determines to sell Securities directly to an Agent as principal, it will enter into a separate written agreement containing
the terms and conditions of such sale with such Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed, in
accordance with the provisions of the Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder (collectively,
the &ldquo;<U>Securities Act</U>&rdquo;), with the Commission an automatic shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-282206),
including a base prospectus (the &ldquo;<U>Base Prospectus</U>&rdquo;), relating to certain securities, including the Securities to be
issued from time to time by the Company pursuant to this Agreement, and which incorporates by reference documents that the Company has
filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations
thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement specifically relating
to the Securities (the &ldquo;<U>Prospectus Supplement</U>&rdquo;) to the Base Prospectus. The Company will furnish to the Agents, for
use by the Agents, copies of the Base Prospectus, as supplemented by the Prospectus Supplement, relating to the Securities. The &ldquo;<U>Registration
Statement</U>&rdquo;, as of any time, means such registration statement as amended by any post-effective amendments thereto at such time,
including the exhibits and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein
at such time pursuant to Item 12 of Form&nbsp;S-3 under the Securities Act and the documents and information otherwise deemed to be a
part thereof as of such time pursuant to Rule&nbsp;430B of the Securities Act (&ldquo;<U>Rule&nbsp;430B</U>&rdquo;); <I>provided</I>,
<I>however</I>, that the &ldquo;Registration Statement&rdquo; without reference to a time means such registration statements as amended
by any post-effective amendments thereto as of the time of the first contract of sale for the Securities, which time shall be considered
the &ldquo;new effective date&rdquo; of the Registration Statement with respect to the Securities within the meaning of paragraph (f)(2)&nbsp;of
Rule&nbsp;430B, including the exhibits and schedules thereto at such time, the documents and information incorporated or deemed to be
incorporated by reference therein at such time pursuant to Item 12 of Form&nbsp;S-3 under the Securities Act and the documents otherwise
deemed to be a part thereof as of such time pursuant to Rule&nbsp;430B. The Base Prospectus, including all documents incorporated therein
by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such
Base Prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act is herein called the &ldquo;<U>Prospectus</U>.&rdquo; Any reference herein to the Registration Statement, the Prospectus
or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any
reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration
Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the Prospectus
or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;2.
</FONT><U>Placements</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each time that the Company
wishes to issue and sell the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify the applicable Agent by email
notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which it desires the
Securities to be sold, which shall at a minimum include the number of Securities to be issued (the &ldquo;<U>Placement Securities</U>&rdquo;)
(in any event, not in excess of the number of Securities available for sale under the Prospectus and the currently effective Registration
Statement), the time period during which sales are requested to be made, any limitation on the number of Placement Securities that may
be sold in any one day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), a form of which
containing such minimum sales parameters necessary is attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice shall originate from
any of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U> (with a copy to each of the other individuals from the Company
listed on such <U>Exhibit&nbsp;B</U>), and shall be addressed to each of the individuals from the applicable Agent set forth on <U>Exhibit&nbsp;B</U>,
as such <U>Exhibit&nbsp;B</U> may be amended from time to time. If such Agent wishes to accept such proposed terms included in the Placement
Notice (which it may decline to do so for any reason in its sole discretion) or, following discussion with the Company, wishes to accept
amended terms, such Agent will, prior to 4:30 p.m.&nbsp;(New York City time) on the business day following the business day on which such
Placement Notice is delivered to such Agent, issue to the Company a notice by email (or other method mutually agreed to in writing by
the parties) addressed to all of the individuals from the Company and such Agent set forth on <U>Exhibit&nbsp;B</U> setting forth the
terms that such Agent is willing to accept. Where the terms provided in the Placement Notice are amended as provided for in the immediately
preceding sentence, such terms will not be binding on the Company or such Agent until the Company delivers to such Agent an acceptance
by email (or other method mutually agreed to in writing by the parties) of all of the terms of such Placement Notice, as amended (the
 &ldquo;<U>Acceptance</U>&rdquo;), which email shall be addressed to all of the individuals from the Company and such Agent set forth on
<U>Exhibit&nbsp;B</U>. The Placement Notice (as amended by the corresponding Acceptance, if applicable) shall be effective upon receipt
by the Company of the applicable Agent&rsquo;s acceptance of the terms of the Placement Notice or upon receipt by the applicable Agent
of the Company&rsquo;s Acceptance, as the case may be, unless and until (i)&nbsp;the entire amount of the Placement Securities has been
sold, (ii)&nbsp;in accordance with the notice requirements set forth in the second sentence of this paragraph, the Company terminates
the Placement Notice, (iii)&nbsp;the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated
Placement Notice, (iv)&nbsp;this Agreement has been terminated with respect to the applicable Agent under the provisions of Section&nbsp;13
or (v)&nbsp;the Company or the applicable Agent shall have suspended the sale of the Placement Securities in accordance with Section&nbsp;4
below. The amount of any discount, commission or other compensation to be paid by the Company to the applicable Agent in connection with
the sale of the Placement Securities shall be calculated in accordance with the terms set forth in <U>Exhibit&nbsp;C</U>. It is expressly
acknowledged and agreed that neither the Company nor the applicable Agent will have any obligation whatsoever with respect to a Placement
or any Placement Securities unless and until the Company delivers a Placement Notice to the applicable Agent and either (i)&nbsp;such
Agent accepts the terms of such Placement Notice or (ii)&nbsp;where the terms of such Placement Notice are amended, the Company accepts
such amended terms by means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement
Notice (as amended by the corresponding Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as
amended by the corresponding Acceptance, if applicable) will control.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;3.
</FONT><U>Sale of Placement Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section&nbsp;6(a), an Agent, for the period specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable),
will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the Placement Securities up
to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance,
if applicable). Such Agent will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below)
immediately following the Trading Day on which it has made sales of Placement Securities hereunder setting forth the number of Placement
Securities sold on such day, the compensation payable by the Company to such Agent pursuant to Section&nbsp;2 with respect to such sales,
and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by such Agent (as set forth
in Section&nbsp;6(b)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice (as amended
by the corresponding Acceptance, if applicable), an Agent may sell Placement Securities by any method permitted by law deemed to be an
 &ldquo;at the market&rdquo; offering as defined in Rule&nbsp;415 of the Securities Act, including without limitation sales made directly
on the NYSE, on any other existing trading market for the Common Stock or to or through a market maker. Subject to the terms of the Placement
Notice (as amended by the corresponding Acceptance, if applicable), an Agent may also sell Placement Securities by any other method permitted
by law, including but not limited to in privately negotiated transactions. The Company acknowledges and agrees that (i)&nbsp;there can
be no assurance that the Agents will be successful in selling Placement Shares, and (ii)&nbsp;no Agent will incur liability or obligation
to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by such Agent to
use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required
under this Section&nbsp;3. For the purposes hereof, &ldquo;<U>Trading Day</U>&rdquo; means any day on which shares of Common Stock are
purchased and sold on the principal market on which the Common Stock is listed or quoted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;4.
</FONT><U>Suspension of Sales</U>. The Company or an Agent may, upon notice to the other parties in writing (including by email correspondence
to each of the individuals of the other parties set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other applicable parties set forth on <U>Exhibit&nbsp;B</U>),
suspend any sale of Placement Securities; provided, however, that such suspension shall not affect or impair any party&rsquo;s obligations
with respect to any Placement Securities sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice
under this Section&nbsp;4 shall be effective against the others unless it is made to one of the individuals named on <U>Exhibit&nbsp;B</U>
hereto, as such <U>Exhibit&nbsp;B</U> may be amended from time to time, and no such notice by an Agent under this Section&nbsp;4 shall
be effective with respect to another Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;5.
</FONT><U>Representations and Warranties</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representations
and Warranties by the Company</I>. The Company represents and warrants to the Agents as of the date hereof and as of each Representation
Date (as defined below) on which a certificate is required to be delivered pursuant to Section&nbsp;7(o)&nbsp;of this Agreement, as of
each Applicable Time and as of each Settlement Date (as defined below), and agrees with the Agents, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with Registration Requirements</U>. The Securities have been duly registered under the Securities Act pursuant to the Registration Statement.
The Registration Statement has become effective under the Securities Act, or, with respect to any registration statement to be filed to
register the offer and sale of the Securities pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act (a &ldquo;<U>Rule&nbsp;462(b)&nbsp;Registration
Statement</U>&rdquo;), will be filed with the Commission and become effective under the Securities Act no later than 10:00 p.m.&nbsp;(New
York City time), on the date of determination of the public offering price for the Securities, and no stop order preventing or suspending
the use of any base prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus (as defined below),
or the effectiveness of the Registration Statement or any Rule&nbsp;462(b)&nbsp;Registration Statement and no proceedings for such purpose
have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part
of the Commission for additional information with regard to the Registration Statement, the Base Prospectus, the Prospectus Supplement,
the Prospectus, and documents incorporated by reference in the foregoing or any Permitted Free Writing Prospectus has been complied with.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At the respective
times each of the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any post-effective amendments thereto became
or becomes effective and as of the date hereof, the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any amendments
and supplements thereto complied and will comply in all material respects with the requirements of the Securities Act. The conditions
for the use of Form&nbsp;S-3, as set forth in the General Instructions thereto, and the Registration Statement meets, and the offering
and sale of the Securities as contemplated hereby complies with, the requirements of Rule&nbsp;415 under the Securities Act (including,
without limitation, Rule&nbsp;415(a)(5)). The Registration Statement, as of the date hereof and each effective date with respect thereto,
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. Neither the Prospectus nor any amendments or supplements thereto, as of their
respective dates, and at each Applicable Time and Settlement Date, as the case may be, included, includes or will include an untrue statement
of a material fact or omitted, omits or will 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.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties set forth in the immediately preceding paragraph shall not apply to statements in or omissions from the Registration Statement
or the Prospectus, as amended or supplemented, made in reliance upon and in conformity with information furnished to the Company in writing
by the Agents expressly for use therein. For purposes of this Agreement, the only information so furnished shall be each Agent&rsquo;s
name (the &ldquo;<U>Agent Information</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The copies of the
Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement and any amendments thereto, each Issuer Free Writing Prospectus
that is required to be filed with the Commission pursuant to Rule&nbsp;433 and the Prospectus and any amendments or supplements thereto
delivered and to be delivered to the Agents (electronically or otherwise) in connection with the offering of the Securities were and will
be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted
by Regulation S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Issuer Free
Writing Prospectus relating to the Securities, as of its issue date and as of each Applicable Time and Settlement Date, did not, does
not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration
Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified,
or included, includes or will include an untrue statement of a material fact or omitted, omits or will 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 foregoing sentence
does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information
furnished to the Company by the Agents specifically for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At the time of the
initial filing of the Registration Statement, at the time of the most recent amendment thereto for the purposes of complying with Section&nbsp;10(a)(3)&nbsp;of
the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the Exchange Act or form of prospectus), at the time the Company or another offering participant made a bona fide offer (within the meaning,
for this paragraph only, of Rule&nbsp;164(h)(2)&nbsp;of the Securities Act) was and is a &ldquo;well-known seasoned issuer&rdquo; as defined
in Rule&nbsp;405 of the Securities Act, including not having been and not being an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405
of the Securities Act; and, without limitation to the foregoing, the Company has at all relevant times met, meets and will at all relevant
times meet the requirements of Rule&nbsp;164 for the use of a free writing prospectus (as defined in Rule&nbsp;405) in connection with
the offering contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each document incorporated
by reference in the Registration Statement or the Prospectus heretofore filed, when it was filed (or, if any amendment with respect to
any such document was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange
Act, and any further documents so filed and incorporated after the date of this Agreement will, when they are filed, conform in all material
respects with the requirements of the Exchange Act; no such document when it was filed (or, if an amendment with respect to any such document
was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein not misleading; and no such document, when it is filed, will
contain an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary in order
to make the statements therein not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Prior
Written Communications</U>. Any offer that is a written communication relating to the Securities made prior to the initial filing of the
Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule&nbsp;163(c)&nbsp;of
the Securities Act) has been filed with the Commission in accordance with the exemption provided by Rule&nbsp;163 of the Securities Act
and otherwise complied with the requirements of Rule&nbsp;163 of the Securities Act, including without limitation the legending requirement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Independent
Accountants</U>. The accountants whose reports appear in the Prospectus or are incorporated by reference therein, are, and during the
periods covered by such reports were, registered independent public accountants as required by the Securities Act, the Exchange Act and
the Public Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Financial
Statements</U>. The financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus,
together with the related schedules (if any) and notes, present fairly, in all material respects, the financial position of the Company
and its consolidated subsidiaries at the dates indicated and the results of operations, changes in shareholders&rsquo; equity and cash
flows of the Company and its consolidated subsidiaries for the periods specified; the financial statements of any other entities or businesses
included or incorporated by reference in the Registration Statement or the Prospectus, together with the related schedules (if any) and
notes, present fairly, in all material respects, the financial position of each such entity or business, as the case may be, and its consolidated
subsidiaries (if any) at the dates indicated and the results of operations, changes in shareholders&rsquo; (or other owners&rsquo;) equity
and cash flows of such entity or business, as the case may be, and its consolidated subsidiaries (if any) for the periods specified; and
all such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved
(except as may be expressly stated in the related notes thereto) and comply, in all material respects, with all applicable accounting
requirements under the Securities Act. The supporting schedules, if any, included or incorporated by reference in the Registration Statement
and the Prospectus present fairly, in all material respects, in accordance with GAAP, the information required to be stated therein. Any
information contained in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as defined
in Regulation G of the Commission) complies, in all material respects, with Regulation G and Item 10(e)&nbsp;of Regulation S-K of the
Commission, to the extent applicable. No other financial statements or schedules are required by Form&nbsp;S-3 to be included in the Registration
Statement or the Prospectus. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration
Statement and the Prospectus fairly presents the required information in all material respects and has been prepared, in all material
respects, in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Material Adverse Change in Business</U>. Since the respective dates as of which information is given in the Registration Statement and
the Prospectus, except as otherwise disclosed therein, (A)&nbsp;there has been no material adverse change in (x)&nbsp;the condition, financial
or otherwise, or in the results of operations, business affairs or business prospects of the Company and its subsidiaries taken as a whole,
whether or not arising in the ordinary course of business or (y)&nbsp;the ability of the Company to perform its obligations under this
Agreement (any such material adverse change covered by clause (A)&nbsp;is called a &ldquo;<U>Material Adverse Effect</U>&rdquo;), (B)&nbsp;there
have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business,
which are material with respect to the Company and its subsidiaries taken as a whole, and (C)&nbsp;except for regular quarterly dividends
on the Common Stock in amounts per share that are consistent with past practice, there has been no dividend or distribution of any kind
declared, paid or made by the Company on any class of its Capital Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Good
Standing of the Company</U>. The Company has been duly organized and is validly existing as a corporation in good standing under the laws
of the State of Hawaii and has power and authority to own, lease and operate its properties and to conduct its business as described in
the Registration Statement and the Prospectus and to enter into and perform its obligations under this Agreement; and the Company is duly
qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except, in each case, where the failure so to qualify
or to be in good standing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Good
Standing of Subsidiaries</U>. Each subsidiary of the Company has been duly organized and is validly existing as a corporation, limited
or general partnership or limited liability company, as the case may be, in good standing under the laws of the jurisdiction of its organization
(or such equivalent concept to the extent it exists under the laws of such jurisdiction), has power and authority to own, lease and operate
its properties and to conduct its business as described in the Registration Statement and the Prospectus and is duly qualified as a foreign
corporation, limited or general partnership or limited liability company, as the case may be, to transact business and is in good standing
in each jurisdiction (or such equivalent concept to the extent it exists under the laws of such jurisdiction) in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except, in each case, where the failure
to be so qualified or to be in good standing would not reasonably be expected to result in a Material Adverse Effect; except as otherwise
disclosed in the Registration Statement and the Prospectus, all of the issued and outstanding capital stock of each such subsidiary that
is a corporation, all of the issued and outstanding partnership interests of each such subsidiary that is a limited or general partnership
and all of the issued and outstanding limited liability company interests, membership interests or other similar interests of each such
subsidiary that is a limited liability company have been duly authorized and validly issued, are fully paid and (except in the case of
general partnership interests) non-assessable and are owned by the Company, directly or through subsidiaries, free and clear of any Lien;
and none of the outstanding shares of capital stock, partnership interests or limited liability company interests, membership interests
or other similar interests of any such subsidiary was issued in violation of any preemptive rights, rights of first refusal or other similar
rights of any securityholder of such subsidiary or any other person. As of the date hereof, the only subsidiaries of the Company are the
subsidiaries listed on <U>Exhibit&nbsp;D</U> hereto and <U>Exhibit&nbsp;D</U> accurately sets forth whether each such subsidiary is a
corporation, limited or general partnership or limited liability company and the jurisdiction of organization of each such subsidiary
and, in the case of any subsidiary that is a partnership or limited liability company, its general partners and managing members, respectively.
Any subsidiaries of the Company that are &ldquo;significant subsidiaries&rdquo; as defined by Rule&nbsp;1 02 of Regulation S X are listed
on <U>Exhibit&nbsp;D</U> hereto under the caption &ldquo;Material Subsidiaries.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Capitalization</U>.
The Company has an authorized capitalization as set forth in the Prospectus, and all of the issued and outstanding shares of Capital Stock
of the Company have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with
applicable federal and state securities laws. None of the Company&rsquo;s outstanding shares of Common Stock or preferred stock (the &ldquo;<U>Preferred
Stock</U>&rdquo;) were issued in violation of any preemptive rights, rights of first refusal or other similar rights; except (i)&nbsp;as
set forth in the Registration Statement and the Prospectus or (ii)&nbsp;for any shares or awards, including the settlement of dividend
equivalent rights, issued pursuant to any stock incentive plan or employee stock purchase plan or dividend reinvestment plan of the Company
disclosed in the Registration Statement and the Prospectus, as of the date of this Agreement, the Company is not a party to or bound by
any outstanding options, warrants or similar rights to subscribe for, or contractual obligations to issue, sell, transfer or acquire,
any of its Capital Stock or any securities convertible into or exchangeable for any of such Capital Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorization
of Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authorization
of Securities</U>. The Securities to be sold by the Company pursuant to this Agreement have been duly authorized for issuance and sale
to the Agents pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the
consideration set forth herein, will be validly issued, fully paid and non-assessable; no holder of the Securities is or will be subject
to personal liability by reason of being such a holder; the issuance and sale of the Securities to be sold by the Company pursuant to
this Agreement is not subject to any preemptive rights, rights of first refusal or other similar rights of any securityholder of the Company
or any other person; and the delivery of the Securities being sold by the Company against payment therefor pursuant to the terms of this
Agreement will pass valid title to the Securities being sold by the Company, free and clear of any claim, encumbrance or defect in title,
and without notice of any lien, claim or encumbrance. The certificates used by the Company to evidence the Common Stock are in valid and
sufficient form.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Description
of Securities</U>. The Common Stock, the authorized but unissued Preferred Stock and the Company&rsquo;s charter and bylaws conform in
all material respects to all of the respective statements relating thereto contained in the Registration Statement and the Prospectus
and such statements conform in all material respects to the rights set forth in the respective instruments and agreements defining the
same.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Defaults and Conflicts</U>. Neither the Company nor any of its subsidiaries is in violation of its Organizational Documents or in default
in the performance or observance of any obligation, agreement, covenant or condition contained in any Company Document, except for such
defaults that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated herein and in the Registration Statement
and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities as described
in the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;) and compliance by the Company with its obligations under this Agreement
do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of,
or default or Repayment Event under, or result in the creation or imposition of any Lien upon any property or assets of the Company or
any of its subsidiaries pursuant to, any Company Documents, except for such conflicts, breaches, defaults or Liens that would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect, nor will such action result in any violation of the
provisions of the (a)&nbsp;Organizational Documents of the Company or any of its subsidiaries or (b)&nbsp;any applicable law, statute,
rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign, having
jurisdiction over the Company or any of its subsidiaries or any of their respective assets, properties or operations, except, in the case
of subclause (b), for such violations that would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Labor Dispute</U>. Except as described in the Registration Statement and the Prospectus, (i)&nbsp;no labor dispute with the employees
of the Company or any subsidiary of the Company exists or, to the knowledge of the Company, is imminent, and (ii)&nbsp;the Company is
not aware of any existing or imminent labor disturbance by the employees of any of the principal suppliers, manufacturers, customers or
contractors of the Company or any of its subsidiaries, except with respect to clauses (i)&nbsp;and (ii)&nbsp;above as would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Proceedings</U>. There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency
or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened, against or affecting the Company or any of
its subsidiaries which is required to be disclosed in the Registration Statement or the Prospectus (other than as disclosed therein),
or which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, or which would reasonably
be expected to materially and adversely affect the properties or assets thereof or the consummation of the transactions contemplated in
this Agreement or the performance by the Company of its obligations under this Agreement; and the aggregate of all pending legal or governmental
proceedings to which the Company or any of its subsidiaries is a party or of which any of their respective properties or assets is the
subject which are not described in the Registration Statement and the Prospectus, including ordinary routine litigation incidental to
the business, would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Accuracy
of Descriptions</U>. The (i)&nbsp;information in the Prospectus under the captions &ldquo;Description of Common Stock and Preferred Stock&rdquo;
and &ldquo;Certain Material U.S. Federal Income Tax Considerations,&rdquo; (ii)&nbsp;the information in the Registration Statement under
Item 15, and (iii)&nbsp;the information incorporated by reference into the Prospectus from &ldquo;Item 3. Legal Proceedings&rdquo;, &ldquo;Business&mdash;Electric
Utility&mdash;Regulation,&rdquo; and &ldquo;Business&mdash;Bank&mdash;Regulation,&rdquo; of the Company&rsquo;s Annual Report on Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2023, in each case, to the extent that it constitutes matters of law, summaries of legal matters,
summaries of provisions of the Company&rsquo;s charter or bylaws or other instruments or agreements, summaries of legal proceedings, or
legal conclusions, is correct in all material respects; all descriptions in the Registration Statement and the Prospectus of any Company
Documents are accurate in all material respects; and there are no franchises, contracts, indentures, mortgages, deeds of trust, loan or
credit agreements, bonds, notes, debentures, evidences of indebtedness, leases or other instruments, agreements or documents required
to be described or referred to in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement
which have not been so described and filed as required.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Possession
of Intellectual Property</U>. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect: (i)&nbsp;the Company and its subsidiaries own or possess or have the right to use on reasonable terms all patents, patent rights,
patent applications, licenses, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures), trademarks, service marks, trade names, service names and other intellectual property
(collectively, &ldquo;Intellectual Property&rdquo;) necessary to carry on their respective businesses as described in the Prospectus and
as proposed to be conducted; and (ii)&nbsp;neither the Company nor any of its subsidiaries has received any written notice or is otherwise
aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances
which would render any Intellectual Property invalid or inadequate to protect the interests of the Company or any of its subsidiaries
therein. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, there is
no unauthorized use, infringement or misappropriation of any of the Intellectual Property owned or purported to be owned by the Company
or any of its subsidiaries by any third party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Further Requirements</U>. (A)&nbsp;No filing with, or authorization, approval, consent, license, order, registration, qualification
or decree of, any court or governmental authority or agency, domestic or foreign, (B)&nbsp;no authorization, approval, vote or other consent
of any holder of Capital Stock or other securities of the Company or any creditor of the Company, (C)&nbsp;no waiver or consent under
any Subject Instrument, and (D)&nbsp;no authorization, approval, vote or other consent of any other person or entity, is necessary or
required for the execution, delivery or performance by the Company of this Agreement, for the offering, issuance, sale or delivery of
the Securities hereunder, or for the consummation of any of the other transactions contemplated by this Agreement, in each case on the
terms contemplated by the Registration Statement and the Prospectus, except such as have been obtained or made under the Securities Act
and the Exchange Act or such as may be required under state securities laws or under the NYSE listing rules.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Possession
of Licenses and Permits</U>. Except as described in the Registration Statement and the Prospectus, the Company and its subsidiaries possess
such permits, licenses, approvals, consents and other authorizations (collectively, &ldquo;<U>Governmental Licenses</U>&rdquo;) issued
by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them,
except where the failure to so possess would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect; the Company and its subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where
the failure so to comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; all of
the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure
of such Governmental Licenses to be in full force and effect would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect; and neither the Company nor any of its subsidiaries has received any written notice of proceedings relating
to the revocation or modification of any such Governmental Licenses which, individually or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Title
to Property</U>. The Company and its subsidiaries have good and marketable title to all real property owned by any of them and good title
to all other properties and assets owned by any of them, in each case, free and clear of all Liens except such as (a)&nbsp;are described
in the Registration Statement and the Prospectus or (b)&nbsp;would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect: (i)&nbsp;all real property, buildings and other improvements, and equipment and other property held under lease or sublease by
the Company or any of its subsidiaries are held by them under valid, subsisting and enforceable leases or subleases; (ii)&nbsp;all such
leases and subleases are in full force and effect; and (iii)&nbsp;neither the Company nor any of its subsidiaries has any notice of any
claim of any sort that has been asserted by anyone adverse to the rights of the Company or any of its subsidiaries under any of the leases
or subleases mentioned above or affecting or questioning the rights of the Company or any of its subsidiaries to the continued possession
of the leased or subleased premises under any such lease or sublease.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investment
Company Act</U>. The Company is not, and upon the sale of the Securities to the Agents as herein contemplated and the application of the
net proceeds therefrom as described in the Prospectus under the caption &ldquo;Use of Proceeds,&rdquo; the Company will not be, an &ldquo;investment
company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; as such terms are defined in the 1940 Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Environmental
Laws</U>. Except as described in the Registration Statement and the Prospectus and except as would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, (A)&nbsp;neither the Company nor any of its subsidiaries is in violation
of any applicable federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule&nbsp;of common law
or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment,
relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened
release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively,
 &ldquo;<U>Hazardous Materials</U>&rdquo;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;), (B)&nbsp;the Company and its subsidiaries
have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their
requirements, (C)&nbsp;there are no pending or, to the Company&rsquo;s knowledge, threatened administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental
Law against the Company or any of its subsidiaries and (D)&nbsp;to the Company&rsquo;s knowledge, there are no events or circumstances
that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private
party or governmental body or agency, against or affecting the Company or any of its subsidiaries relating to the release of or exposure
to Hazardous Materials or the violation of any Environmental Laws.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Registration Rights</U>. There are no persons with registration rights or other similar rights to have any securities (debt or equity)
registered pursuant to the Registration Statement or included in the offering contemplated by this Agreement or otherwise registered by
the Company under the Securities Act, and there are no persons with co-sale rights, tag-along rights or other similar rights to have any
securities (debt or equity) included in the offering contemplated by this Agreement or sold in connection with the sale of Securities
pursuant to this Agreement, except in each case for such rights that have been duly waived in writing; and the Company has given all notices
required by, and has otherwise complied with its obligations under, all registration rights agreements, co-sale agreements, tag-along
agreements and other similar agreements in connection with the transactions contemplated by this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>NYSE</U>.
The outstanding shares of Common Stock and the Securities to be sold by the Company hereunder have been approved for listing, subject
only to official notice of issuance, on the NYSE, and are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act, and the
Company has taken no action designed to terminate the registration of the Securities under the Exchange Act or delisting any such securities
from the NYSE, nor has the Company received any notification that the Commission or the NYSE is contemplating terminating such registration
or listing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Returns</U>. The Company and its subsidiaries have filed all foreign, federal, state and local tax returns that are required to be filed
or have requested extensions thereof, except where the failure so to file would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, and have paid all taxes required to be paid by them and any other assessment, fine or penalty levied
against any of them, to the extent that any of the foregoing is due and payable, except for any such tax, assessment, fine or penalty
that is currently being contested in good faith by appropriate actions and with respect to which adequate reserves have been established
in accordance with GAAP, and except for such taxes, assessments, fines or penalties the nonpayment of which would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.
The Company and its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which they are engaged. Except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (i)&nbsp;all policies of insurance and any fidelity or surety bonds insuring
the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and
effect; (ii)&nbsp;the Company and its subsidiaries are in compliance with the terms of such policies and instruments; (iii)&nbsp;there
are no claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying
liability or defending under a reservation of rights clause; (iv)&nbsp;neither the Company nor any such subsidiary has been refused any
insurance coverage sought or applied for; and neither the Company nor any such subsidiary has any reason to believe that it will not be
able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Accounting
Controls and Disclosure Controls</U>. The Company and its subsidiaries maintain effective internal control over financial reporting as
defined in Rule&nbsp;13a-15 and 15d-15 under the Exchange Act and a system of internal accounting controls sufficient to provide reasonable
assurance that (A)&nbsp;transactions are executed in accordance with management&rsquo;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&rsquo;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. Except as described in the Registration Statement and the Prospectus, since the end of the Company&rsquo;s most recent
audited fiscal year, there has been (1)&nbsp;no material weakness in the Company&rsquo;s internal control over financial reporting (whether
or not remediated) and (2)&nbsp;no change in the Company&rsquo;s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company and its subsidiaries
maintain a system of disclosure controls and procedures as defined in Rule&nbsp;13a-15 and 15d-15 under the Exchange Act that are designed
to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the Commission&rsquo;s rules&nbsp;and forms, and is accumulated
and communicated to the Company&rsquo;s management, including its principal executive officer or officers and principal financial officer
or officers, as appropriate, to allow timely decisions regarding disclosure.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or, to the Company&rsquo;s knowledge, any
of the Company&rsquo;s directors or officers, in their capacities as such, to comply in all material respects with any provision of the
Sarbanes-Oxley Act with which any of them is required to comply, including Section&nbsp;402 related to loans and Sections 302 and 906
related to certifications.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Permitted
Free Writing Prospectus</U>. The Company has not distributed and will not distribute any offering material in connection with the offering
and sale of the Securities to be sold hereunder by an Agent as principal or agent for the Company, other than the Prospectus and any Permitted
Free Writing Prospectus reviewed and consented to by each Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Actively
Traded Security</U>. The Common Stock is an &ldquo;actively traded security&rdquo; excepted from the requirements of Rule&nbsp;101 of
Regulation M under the Exchange Act by subsection&nbsp;(c)(1)&nbsp;of such rule.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Absence
of Manipulation</U>. Other than excepted activity pursuant to Regulation M under the Exchange Act, the Company has not taken and will
not take, directly or indirectly, any action designed to or that would constitute or that would reasonably be expected to cause or result
in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Statistical,
Demographic or Market-Related Data</U>. Any statistical, demographic or market-related data included in the Registration Statement or
the Prospectus is based on or derived from sources that the Company believes to be reliable and accurate and all such data included in
the Registration Statement or the Prospectus accurately reflects the materials upon which it is based or from which it was derived in
all material respects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Unlawful Payments</U>. Neither the Company nor any of its subsidiaries nor any of their respective directors, officers, or, to the knowledge
of the Company, any employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries
is aware of or has taken any action, directly or indirectly, that has resulted or would result in (i)&nbsp;the use of any funds for any
unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii)&nbsp;the making or taking of
an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic
government or regulatory official or employee, including 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;a violation by any such person of any provision of the Foreign Corrupt Practices Act of 1977, as amended,
or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery
or anti-corruption laws; or (iv)&nbsp;the making, offering, requesting or taking of, or the agreement to take, 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 and its subsidiaries have instituted, maintain and enforce, and will continue to
maintain and enforce policies and procedures reasonably designed to promote and ensure compliance with all applicable anti-bribery and
anti-corruption laws.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with Money Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at all times in material
compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the applicable money laundering statutes of all applicable jurisdictions, the rules&nbsp;and regulations
thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental or regulatory
agency (collectively, the &ldquo;Anti-Money Laundering Laws&rdquo;) and no action, suit or proceeding by or before any court or governmental
or regulatory agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money
Laundering Laws is pending or, to the knowledge of the Company or any of its subsidiaries is, threatened.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Conflicts with Sanction Laws</U>. Neither the Company nor any of its subsidiaries nor any of their respective officers, directors, or,
to the knowledge of the Company, any employee, agent or affiliate or other person associated with or acting on behalf of the Company or
any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. Government, (including,
without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S. Department of State and including,
without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations
Security Council, the European Union, HM&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;),
nor is the Company, any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target
of Sanctions (at the time of this Agreement, the Crimea, so-called Donetsk People&rsquo;s Republic, Kherson, so-called Luhansk People&rsquo;s
Republic, and Zaporizhzhia regions of Ukraine, Cuba,&nbsp;Iran, North Korea and Syria (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;));
and the Company will not directly or indirectly use any of the proceeds of the offering of the Securities 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 any Sanctions,
(ii)&nbsp;to fund or facilitate any activities of or any business in any Sanctioned Country or (iii)&nbsp;in any other manner that would
result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor
or otherwise) of any Sanctions. Since April&nbsp;24, 2019, the Company and its subsidiaries have not knowingly engaged in, are not now
knowingly engaged in, and will not directly or knowingly, after due care and inquiry, indirectly 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 any Sanctions or with any Sanctioned
Country.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Related
Party Transactions</U>. There are no business relationships or related party transactions involving the Company or any of its subsidiaries
or, to the knowledge of the Company, any other person that are required to be described in the Prospectus that have not been described
as required.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>ERISA</U>.
Except as would not reasonably be expected to result in a Material Adverse Effect or as disclosed in the Registration Statement and the
Prospectus, (i)&nbsp;each &ldquo;employee benefit plan&rdquo; (within the meaning of Section&nbsp;3(3)&nbsp;of the Employee Retirement
Security Act of 1974, as amended (&ldquo;ERISA&rdquo;), for which the Company or any member of its &ldquo;Controlled Group&rdquo; (defined
as an organization which is a member of a controlled group of corporations within the meaning of Section&nbsp;414 of the Internal Revenue
Code of 1986, as amended (the &ldquo;Code&rdquo;)) would have any liability (each a &ldquo;Plan&rdquo;) has been maintained in compliance
with its terms and with the requirements of all applicable statutes, rules&nbsp;and regulations including ERISA and the Code; (ii)&nbsp;with
respect to each Plan subject to Title IV of ERISA (a)&nbsp;no &ldquo;reportable event&rdquo; (within the meaning of Section&nbsp;4043(c)&nbsp;of
ERISA) has occurred or is reasonably expected to occur, (b)&nbsp;no failure to satisfy the minimum funding standard (within the meaning
of Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code), whether or not waived, has occurred or is reasonably expected to occur,
(c)&nbsp;the fair market value of the assets under each Plan exceeds the present value of all benefits accrued under such Plan (determined
based on those assumptions used to fund such Plan) and (d)&nbsp;neither the Company or any member of its Controlled Group has incurred,
or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension
Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a &ldquo;multiemployer plan,&rdquo;
within the meaning of Section&nbsp;4001(c)(3)&nbsp;of ERISA); and (iii)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a)&nbsp;of
the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Other Contracts</U>. Other than this Agreement, there are no contracts, agreements or understandings between the Company or any of its
subsidiaries and any person that would give rise to a valid claim against the Company or any of its subsidiaries or the Agents for a brokerage
commission, finder&rsquo;s fee or other like payment with respect to the consummation of the transactions contemplated by this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Proprietary
Trading by the Agents</U>. The Company acknowledges and agrees that the Agents have informed the Company that the Agents may, to the extent
permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for their own account while this Agreement
is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise
agreed by an Agent in the Placement Notice (as amended by the corresponding Acceptance, if applicable).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>FINRA
Matters</U>. All of the information provided to the Agents or to counsel for the Agents by the Company and, to the knowledge of the Company,
its officers and directors and the holders of any securities of the Company in connection with letters, filings or other supplemental
information provided to the FINRA pursuant to FINRA Conduct Rule&nbsp;5110 or 5121 is true, complete and correct in all material respects.
To the knowledge of the Company, except as disclosed in the Registration Statement and the Prospectus, no director or officer of the Company
has any association with any FINRA member.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cyber
Security</U>. Except as described in the Registration Statement or Prospectus or as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, (i)&nbsp;there has been no security breach or incident, unauthorized access or disclosure,
or other compromise of or relating to the Company&rsquo;s or its subsidiaries&rsquo; information technology and computer systems, networks,
hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers, vendors
and any third party data maintained, processed or stored by the Company and its subsidiaries, and any such data processed or stored by
third parties on behalf of the Company and its subsidiaries), equipment or technology (collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;):
(B)&nbsp;neither the Company nor its subsidiaries have been notified of, and have no knowledge of any event or condition that would result
in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data and (C)&nbsp;the
Company and its subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and
protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry
standards and practices, or as required by applicable regulatory standards. Except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, the Company and its subsidiaries are presently in compliance with all applicable laws or
statutes and all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental or regulatory authority, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems
and Data from unauthorized use, access, misappropriation or modification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Bank
Regulatory Compliance</U><I>.&nbsp; </I>The Company and each of its subsidiaries are in compliance with all applicable laws administered
by, and regulations of, the Federal Deposit Insurance Corporation (the &ldquo;<U>FDIC</U>&rdquo;), the Office of the Comptroller of the
Currency (the &ldquo;<U>OCC</U>&rdquo;), the Board of Governors of the Federal Reserve System (the &ldquo;<U>FRS</U>&rdquo;), the Hawaii
Division of Financial Institutions (the &ldquo;<U>Division of Financial Institutions&rdquo;),</U> and any other federal or state&nbsp;
bank regulatory authorities with jurisdiction over the Company or any of its subsidiaries (together with the FDIC, the OCC, the FRS and
the Division of Financial Institutions, the &ldquo;<U>Bank Regulatory Authorities</U>&rdquo;), except where the failure to be in compliance
with such laws and regulations would not, individually or in the aggregate, reasonably be expected to result in Material Adverse Effect
on the Company and its subsidiaries, taken as a whole.&nbsp; Except as described in the Registration Statement and the Prospectus, neither
the Company nor any of its subsidiaries is a party to or otherwise subject to any consent decree, memorandum of understanding, cease and
desist order, order of prohibition or suspension, written commitment, commitment letter, consent agreement, supervisory agreement, or
written agreement or other written statement as described under 12 U.S.C. 1818(u)&nbsp;(whether or not such federal banking agency has
determined that publication would be contrary to the public interest) with any of the Bank Regulatory Authorities&mdash;provided that
American Savings Bank, F.S.B. and American Savings Holdings,&nbsp;Inc. must receive prior regulatory approval (or notice of non-objection,
as the case may be) from the OCC and the FRS, respectively, before either may pay a dividend or distribution&mdash;nor have the Company
or any of its subsidiaries been advised by any of the Bank Regulatory Authorities that it is contemplating issuing or requesting any of
the foregoing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Certificates</I>.
Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to the Agents or to counsel for the Agents
shall be deemed a representation and warranty by the Company to the Agents as to the matters covered thereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;6.
</FONT><U>Sale and Delivery; Settlement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sale
of Placement Securities</I>. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon an Agent&rsquo;s acceptance of the terms of a Placement Notice or upon receipt by an Agent of an Acceptance, as
the case may be, and unless the sale of the Placement Securities described therein has been declined, suspended, or otherwise terminated
in accordance with the terms of this Agreement, such Agent will, for the period specified in such Placement Notice (as amended by the
corresponding Acceptance, if applicable), use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell such Placement Securities up to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as
amended by the corresponding Acceptance, if applicable). The Company acknowledges and agrees that (i)&nbsp;there can be no assurance that
any Agent will be successful in selling Placement Securities, (ii)&nbsp;no Agent will incur liability or obligation to the Company or
any other person or entity if it does not sell Placement Securities for any reason other than a failure by such Agent to use its commercially
reasonable efforts consistent with its normal trading and sales practices to sell such Placement Securities as required under this Section&nbsp;6
and (iii)&nbsp;no Agent shall be under any obligation to purchase Securities on a principal basis pursuant to this Agreement, except as
otherwise agreed by such Agent in the Placement Notice (as amended by the corresponding Acceptance, if applicable).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Settlement
of Placement Securities</I>. Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable), settlement for sales of Placement Securities will occur on the first (1<SUP>st</SUP>) Trading Day (or such earlier day
as is industry practice for regular-way trading) following the date on which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;).
The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Securities sold (the &ldquo;<U>Net
Proceeds</U>&rdquo;) will be equal to the aggregate sales price received by an Agent at which such Placement Securities were sold, after
deduction for (i)&nbsp;such Agent&rsquo;s commission, discount or other compensation for such sales payable by the Company pursuant to
Section&nbsp;2 hereof, (ii)&nbsp;any other amounts due and payable by the Company to such Agent hereunder pursuant to Section&nbsp;8(a)&nbsp;hereof,
and (iii)&nbsp;any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. Any amounts
due and payable by the Company to such Agent hereunder pursuant to Section&nbsp;8(a)&nbsp;shall be set forth and invoiced in a periodic
statement from such Agent to the Company, payment to be made by the Company promptly after its receipt thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Placement Securities</I>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Securities being sold by crediting the applicable Agent&rsquo;s or its designee&rsquo;s account (provided such
Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through
its Deposit and Withdrawal at Custodian System 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. On each Settlement Date, the applicable
Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement
Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Securities
on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Section&nbsp;10(a)&nbsp;hereto,
it will (i)&nbsp;hold such Agent harmless against any loss, liability, claim, damage, or expense whatsoever (including reasonable legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent and (ii)&nbsp;pay
to such Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Denominations;
Registration</I>. The Company shall deliver the Securities through the facilities of the Depository Trust Company unless an Agent shall
otherwise instruct. If an Agent instructs the Company that any Securities are to be issued in certificated form, certificates for such
Securities shall be in such denominations and registered in such names as an Agent may request in writing at least one full business day
before the Settlement Date. Any such certificates for the Securities will be made available for examination and packaging by the applicable
Agent in The City of New York not later than noon (New York time) on the business day prior to the Settlement Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Limitations
on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any Securities, if after giving effect
to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement would exceed the lesser
of (A)&nbsp;the Maximum Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement,
and (C)&nbsp;the amount authorized from time to time to be issued and sold under this Agreement by the Company and notified to an Agent
in writing. Under no circumstances shall the Company cause or request the offer or sale of any Securities pursuant to this Agreement at
a price lower than the minimum price authorized from time to time by the Company and notified to an Agent in writing. Further, under no
circumstances shall the aggregate offering price of Securities sold pursuant to this Agreement, including any separate underwriting or
similar agreement covering principal transactions described in Section&nbsp;1 of this Agreement, exceed the Maximum Amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sales
Through Agents</I>. With respect to the offering and sale of the Placement Securities pursuant to this Agreement, the Company agrees that
any offer to sell Securities, any solicitation of an offer to buy Securities, and any sales of Securities shall only be effected by or
through a single Agent on any single given day, and the Company shall in no event request that more than one Agent offer or sell Placement
Securities pursuant to this Agreement on the same day; provided, however, that (a)&nbsp;the foregoing limitation shall not apply to (i)&nbsp;the
exercise of any option, warrant, right or any conversion privilege set forth in the instrument governing such security or (ii)&nbsp;sales
solely to employees, directors or security holders of the Company or its subsidiaries, or to a trustee or other person acquiring such
Securities for the accounts of such persons; and (b)&nbsp;if the Agent making such offers or sales on any single given day has delivered
written confirmation to the Company that it has completed such sales for the day or the Company withdraws the Placement Notice with respect
to such Agent, then the Company may instruct another Agent pursuant to a separate Placement Notice.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Black-out
Limitations</I>. Notwithstanding any other provision of this Agreement, the Company shall not offer or sell, or instruct an Agent to offer
or sell, any Securities through an Agent (and, by notice to an Agent given by telephone (confirmed promptly by telecopy or email), shall
cancel any instructions for any such offer or sale of any Securities prior to the commencement of the periods referenced below), and no
Agent shall be obligated to make any such offer or sale of Securities, (i)&nbsp;during any period in which the Company is, or would reasonably
be deemed to be, in possession of material non-public information or (ii)&nbsp;except as provided in Section&nbsp;6(g)(1)&nbsp;hereof,
at any time during the period commencing on the 10th business day prior to the time the Company issues a press release containing, or
shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &ldquo;<U>Earnings
Announcement</U>&rdquo;) through and including the time that is 24 hours after the time that the Company files a Quarterly Report on Form&nbsp;10-Q
or an Annual Report on Form&nbsp;10-K (a &ldquo;<U>Filing Time</U>&rdquo;) that includes consolidated financial statements as of and for
the same fiscal period or periods, as the case may be, covered by such Earnings Announcement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company wishes to offer or sell Securities to an Agent at any time during the period from and including an Earnings Announcement through
and including the time that is 24 hours after the corresponding Filing Time, the Company shall first (i)&nbsp;prepare and deliver to the
Agents (with a copy to counsel to the Agents) a Current Report on Form&nbsp;8-K that includes substantially the same financial and related
information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and
officers&rsquo; quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance reasonably satisfactory to the Agents,
and, prior to its filing, obtain the written consent of the Agents to such filing (which consent shall not be unreasonably withheld, conditioned
or delayed), (ii)&nbsp;provide the Agents with the officers&rsquo; certificate, opinions and letters of counsel and accountants&rsquo;
letter specified in Section&nbsp;7(o), (p)&nbsp;and (q), respectively, hereof, (iii)&nbsp;afford the Agents the opportunity to conduct
a due diligence review in accordance with Section&nbsp;7(m)&nbsp;hereof prior to filing such Earnings 8-K and (iv)&nbsp;file such Earnings
8-K with the Commission, then the provision of clause (ii)&nbsp;of Section&nbsp;6(g)&nbsp;shall not be applicable for the period from
and after the time at which the foregoing conditions shall have been satisfied (or, if later, the time that is 24 hours after the time
that the relevant Earnings Announcement was first publicly released) through and including the time that is 24 hours after the Filing
Time of the relevant Quarterly Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K, as the case may be. For purposes of clarity,
the parties hereto agree that (A)&nbsp;the delivery of any officers&rsquo; certificate, opinion or letter of counsel or accountants&rsquo;
letter pursuant to this Section&nbsp;6(g)&nbsp;shall not relieve the Company from any of its obligations under this Agreement with respect
to any Quarterly Report on Form&nbsp;10-Q or Annual Report on Form&nbsp;10-K, as the case may be, including, without limitation, the obligation
to deliver officers&rsquo; certificates, opinions and letters of counsel and accountants&rsquo; letters as provided in Section&nbsp;7(o),
(p)&nbsp;and (q), respectively, hereof, and (B)&nbsp;this Section&nbsp;6(g)(1)&nbsp;shall in no way affect or limit the operation of clause
(i)&nbsp;of Section&nbsp;6(g)&nbsp;hereof, which shall have independent application.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;7.
</FONT><U>Covenants of the Company</U>. The Company covenants with the Agents as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Registration
Statement Amendments; Payment of Fees</I>. After the date of this Agreement and during any period in which a Prospectus relating to any
Placement Securities is required to be delivered by the Agents under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), (i)&nbsp;the Company will notify the Agents promptly of the time
when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission
and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter from the Commission
or any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information;
(ii)&nbsp;the Company will prepare and file with the Commission, reasonably promptly upon the Agents&rsquo; request, any amendments or
supplements to the Registration Statement or Prospectus that, in the Agents&rsquo; reasonable opinion, may be necessary or advisable in
connection with the distribution of the Placement Securities by the Agents (<I>provided</I>, <I>however</I>, that the failure of the Agents
to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agents&rsquo; right to rely
on the representations and warranties made by the Company in this Agreement); (iii)&nbsp;the Company will not file any amendment or supplement
to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Securities or a
security convertible into the Placement Securities unless a copy thereof has been submitted to the Agents within a reasonable period of
time before the filing and the Agents have not reasonably objected thereto (<I>provided</I>, <I>however</I>, that the failure of the Agents
to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agents&rsquo; right to rely
on the representations and warranties made by the Company in this Agreement) and the Company will furnish to the Agents at the time of
filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus,
except for those documents available via EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus, other
than documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;of
the Securities Act (without reliance on Rule&nbsp;424(b)(8)&nbsp;of the Securities Act).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Commission Stop Orders</I>. The Company will advise the Agents, promptly after it receives notice or obtains knowledge thereof, of
the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or
of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, or of the suspension of the
qualification of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption from
any such qualification, or of the initiation or threatening of any proceedings for any of such purposes, or of any examination pursuant
to Section&nbsp;8(e)&nbsp;of the Securities Act concerning the Registration Statement or if the Company becomes the subject of a proceeding
under Section&nbsp;8A of the Securities Act in connection with the offering of the Securities. The Company will use its commercially reasonable
efforts to prevent the issuance of any stop order, the suspension of any qualification of the Securities for offering or sale and any
loss or suspension of any exemption from any such qualification, and if any such stop order is issued or any such suspension or loss occurs,
to seek to obtain the lifting thereof as soon as reasonably possible.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Delivery
of Registration Statement and Prospectus</I>. The Company will furnish to the Agents and their counsel (at the expense of the Company)
copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and
supplements to the Registration Statement or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission
during any period in which a Prospectus relating to the Placement Securities is required to be delivered under the Securities Act (including
all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon
as reasonably practicable and in such quantities and at such locations as the Agents may from time to time reasonably request, provided,
however, that the Company shall not be required to furnish any document (other than the Prospectus (but not documents incorporated by
reference therein)) to the Agents to the extent such document is available on EDGAR. The copies of the Registration Statement and the
Prospectus and any supplements or amendments thereto furnished to the Agents will be identical to the electronically transmitted copies
thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Continued
Compliance with Securities Laws</I>. If at any time when a Prospectus is required by the Securities Act or the Exchange Act to be delivered
in connection with a pending sale of the Placement Securities (including, without limitation, pursuant to Rule&nbsp;172), any event shall
occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Agents or for the Company, to amend
the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the
circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any
such time to amend the Registration Statement or amend or supplement the Prospectus in order to comply with the requirements of the Securities
Act, the Company will promptly notify the Agents to suspend the offering of Placement Securities during such period and the Company will
promptly prepare and file with the Commission such amendment or supplement as may be necessary to correct such statement or omission or
to make the Registration Statement or the Prospectus comply with such requirements, and the Company will furnish to the Agents such number
of copies of such amendment or supplement as the Agents may reasonably request. If at any time following issuance of an Issuer Free Writing
Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted, conflicts
or would conflict with the information contained in the Registration Statement or the Prospectus or included, includes or would include
an untrue statement of a material fact or omitted, omits or would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, the Company will promptly notify the Agents to
suspend the offering of Placement Securities during such period and the Company will, subject to Section&nbsp;7(a)&nbsp;hereof, promptly
amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Blue
Sky and Other Qualifications</I>. The Company will promptly from time to time take such action as the Agents may reasonably request to
qualify the Placement Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the
applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agents may reasonably designate and to
maintain such qualifications and exemptions in effect for so long as required for the distribution of the Securities; provided, however,
that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as
a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business
in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Placement Securities have been so qualified
or exempt, the Company will use commercially reasonable efforts to file such statements and reports as may be required by the laws of
such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution
of the Placement Securities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Rule&nbsp;158</I>.
The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders
as soon as practicable an earnings statement for the purposes of, and to provide to the Agents the benefits contemplated by, the last
paragraph of Section&nbsp;11(a)&nbsp;of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Use
of Proceeds</I>. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus
under &ldquo;Use of Proceeds.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Listing</I>.
During any period in which the Prospectus relating to the Placement Securities is required to be delivered by the Agents under the Securities
Act with respect to a pending sale of the Placement Securities (including in circumstances where such requirement may be satisfied pursuant
to Rule&nbsp;172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Securities
to be listed on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Filings
with the NYSE</I>. The Company will timely file with the NYSE all material documents and notices required by the NYSE of companies that
have or will issue securities that are traded on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Reporting
Requirements</I>. The Company, during any period when the Prospectus is required to be delivered under the Securities Act and the Exchange
Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), will file
all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Other Sales</I>. The Company will not, without (i)&nbsp;giving the Agents at least five (5)&nbsp;business days&rsquo; prior written
notice specifying the nature of the proposed sale and the date of such proposed sale and (ii)&nbsp;the Agents suspending activity under
this program for such period of time as requested by the Company or as deemed appropriate by the Agents in light of the proposed sale,
(A)&nbsp;offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant for the sale of, lend or otherwise transfer or dispose of, directly or
indirectly, any Common Stock or securities convertible into or exchangeable or exercisable for or repayable with Common Stock, or file
any registration statement under the Securities Act with respect to any of the foregoing (other than a shelf registration statement under
Rule&nbsp;415 under the Securities Act, a registration statement on Form&nbsp;S-8 or post-effective amendment to the Registration Statement)
or (B)&nbsp;enter into any swap or other agreement or any transaction that transfers in whole or in part, directly or indirectly, any
of the economic consequence of ownership of the Common Stock, or any securities convertible into or exchangeable or exercisable for or
repayable with Common Stock, whether any such swap or transaction described in clause (A)&nbsp;or (B)&nbsp;above is to be settled by delivery
of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (x)&nbsp;the Common Stock to
be offered and sold through the Agents pursuant to this Agreement, (y)&nbsp;Common Stock issuable pursuant to any Company&rsquo;s equity
incentive plan, non-employee director stock plan and dividend reinvestment plan, as may be amended or replaced from time to time and (z)&nbsp;equity
incentive awards approved by the Board of Directors or the compensation committee thereof or the issuance of Common Stock upon exercise
or vesting thereof.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Placement Securities, advise the Agents promptly after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided to the Agents pursuant
to this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Due
Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Agents or its agents in
connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents
and senior officers, during regular business hours and at the Company&rsquo;s principal offices, as the Agents may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Disclosure
of Sales</I>. The Company will disclose in its quarterly reports on Form&nbsp;10-Q and in its annual report on Form&nbsp;10-K the number
of Placement Securities sold through the Agents, the Net Proceeds to the Company and the compensation payable by the Company to the Agents
with respect to such Placement Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representation
Dates; Certificate</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
time the Company:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
the Prospectus relating to the Placement Securities or amends or supplements the Registration Statement or the Prospectus relating to
the Placement Securities by means of a post-effective amendment, sticker, or supplement (but not by means of incorporation of documents
by reference into the Registration Statement or the Prospectus relating to the Placement Securities);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
an annual report on Form&nbsp;10-K under the Exchange Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
a quarterly report on Form&nbsp;10-Q under the Exchange Act; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">files
a report on Form&nbsp;8-K containing amended financial information (other than an earnings release, to &ldquo;furnish&rdquo; information
pursuant to Items 2.02 or 7.01 of Form&nbsp;8-K) under the Exchange Act; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">at
any other time reasonably requested by the Agents (each such date of filing of one or more of the documents referred to in clauses (1)(i)&nbsp;through
(iv)&nbsp;and any time of request pursuant to this Section&nbsp;7(o)&nbsp;shall be a &ldquo;<U>Representation Date</U>&rdquo;),</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company shall furnish the Agents with a certificate,
in the form attached hereto as <U>Exhibit&nbsp;F</U> within three (3)&nbsp;Trading Days of any Representation Date. The requirement to
provide a certificate under this Section&nbsp;7(o)&nbsp;shall be automatically waived for any Representation Date occurring at a time
at which no Placement Notice (as amended by the corresponding Acceptance, if applicable) is pending, which waiver shall continue until
the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered
a Representation Date) and the next occurring Representation Date on which the Company files its annual report on Form&nbsp;10-K. Notwithstanding
the foregoing, if the Company subsequently decides to sell Placement Securities following a Representation Date when the Company relied
on such waiver and did not provide the Agents with a certificate under this Section&nbsp;7(o), then before the Company delivers the Placement
Notice or any Agent sells any Placement Securities, the Company shall provide the Agents with a certificate, in the form attached hereto
as <U>Exhibit&nbsp;F</U>, dated the date of the Placement Notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Legal
Opinion</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, and within three (3)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
<U>Exhibit&nbsp;F</U> for which no waiver is applicable, the Company shall cause to be furnished to the Agents (i)&nbsp;a written opinion
of Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP (&ldquo;<U>Company Counsel</U>&rdquo;), or other counsel satisfactory to the
Agents, in form and substance satisfactory to the Agents and their counsel, dated the date that the opinion is required to be delivered,
substantially similar to the form attached hereto as <U>Exhibit&nbsp;E-1</U> and (ii)<U>&nbsp;</U>a written opinion of Kurt K. Murao,&nbsp;Esq.
(&ldquo;<U>Hawaii Counsel</U>&rdquo;), or other counsel satisfactory to the Agents, in form and substance satisfactory to the Agents and
their counsel, dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;E-2</U>,
modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <I>provided</I>, <I>however</I>,
that in lieu of such opinions for subsequent Representation Dates, counsel may furnish the Agents with a letter (a &ldquo;<U>Reliance
Letter</U>&rdquo;) to the effect that the Agents may rely on a prior opinion delivered under this Section&nbsp;7(p)&nbsp;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 at such Representation Date).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Comfort
Letter</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, and within three (3)&nbsp;Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as
<U>Exhibit&nbsp;F</U> for which no waiver is applicable, the Company shall cause its independent accountants (and any other independent
accountants whose report is included in the Registration Statement or the Prospectus) to furnish the Agents letters (the &ldquo;<U>Comfort
Letters</U>&rdquo;), dated the date the Comfort Letter is delivered, in form and substance satisfactory to the Agents, (i)&nbsp;confirming
that they are an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act and the PCAOB,
(ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters
ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with registered public offerings
(the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii)&nbsp;updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel for the Agents</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, and
within three (3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
in the form attached hereto as <U>Exhibit&nbsp;F</U> for which no waiver is applicable, the Agents shall have received the favorable written
opinion or opinions of Simpson Thacher&nbsp;&amp; Bartlett LLP, counsel for the Agents, dated such date, with respect to such matters
as the Agents may reasonably request.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Market
Activities</I>. The Company will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result in, or that constitutes
or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Securities or (ii)&nbsp;sell, bid for, or purchase the Securities to be issued and sold pursuant to this Agreement,
or pay anyone any compensation for soliciting purchases of the Securities to be issued and sold pursuant to this Agreement other than
the Agents; <I>provided</I>, <I>however</I>, that the Company may bid for and purchase its Common Stock in accordance with Rule&nbsp;10b-18
under the Exchange Act; and provided further, that no such bids or purchases shall be made by the Company during the three (3)&nbsp;Trading
Days before or after any sale of any Securities pursuant to this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Investment
Company Act</I>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its subsidiaries
will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo; as such term is defined
in the Investment Company Act, assuming no change in the Commission&rsquo;s current interpretation as to entities that are not considered
an investment company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Securities
Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement
Securities as contemplated by the provisions hereof and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance in
writing by the Company and the Agents in their capacity as principals or agents hereunder, the Company (including its agents and representatives,
other than the Agents in their capacity as such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to
any free writing prospectus relating to the Securities to be sold by the Agents as principals or agents hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sarbanes-Oxley
Act</I>. The Company and its subsidiaries will use their best efforts to comply in all material respects with all effective applicable
provisions of the Sarbanes-Oxley Act of 2002.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Regulation
M</I>. If the Company has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1)&nbsp;of Regulation M under
the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Agents and sales of the
Placement Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment
of each party.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;8.
</FONT><U>Payment of Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Expenses</I>.
The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i)&nbsp;the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment
and supplement thereto, (ii)&nbsp;the word processing, printing and delivery to the Agents of this Agreement and such other documents
as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Securities, (iii)&nbsp;the preparation,
issuance and delivery of the certificates for the Placement Securities to the Agents, including any stock or other transfer taxes and
any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Securities to the
Agents, (iv)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to the Company, (v)&nbsp;the qualification
or exemption of the Placement Securities under securities laws in accordance with the provisions of Section&nbsp;7(e)&nbsp;hereof, including
filing fees and the reasonable fees and disbursements of counsel for the Agents in connection therewith and in connection with the preparation
of the Blue Sky Survey and any supplements thereto (not to exceed $10,000), (vi)&nbsp;the printing and delivery to the Agents of copies
of any Permitted Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic
delivery of any of the foregoing by the Agents to investors, (vii)&nbsp;the preparation, printing and delivery to the Agents of copies
of the Blue Sky Survey and any Canadian &ldquo;wrapper&rdquo; and any supplements thereto, (viii)&nbsp;the fees and expenses of the Custodian
and the transfer agent and registrar for the Securities, (ix)&nbsp;the filing fees incident to, and the reasonable fees and disbursements
of counsel to the Agents in connection with, the review by FINRA of the terms of the sale of the Securities (not to exceed $10,000), (x)&nbsp;the
fees and expenses incurred in connection with the listing of the Placement Securities on the NYSE, (xi)&nbsp;the reasonable and documented
out of pocket fees and disbursements of counsel for the Agents in connection with the transactions contemplated by this Agreement in amounts
not to exceed $75,000 and (xii)&nbsp;all other costs and expenses incident to the Company&rsquo;s performance of its obligations hereunder
for which provision is not otherwise made in this Section&nbsp;8 (collectively, the &ldquo;<U>Expenses</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
of Agreement</I>. If this Agreement is terminated by an Agent in accordance with the provisions of Section&nbsp;9 or Section&nbsp;13(a)(i)&nbsp;hereof,
the Company shall reimburse such Agent for all of their out of pocket expenses incurred prior to the termination date payable pursuant
to Section&nbsp;8(a), including, for the avoidance of doubt, accrued but unpaid expenses of counsel for the Agents pursuant to Section&nbsp;8(a)(xi)&nbsp;above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;9.
</FONT><U>Conditions of the Agents&rsquo; Obligations</U>. The obligations of the Agents hereunder with respect to a Placement will be
subject to the continuing accuracy and completeness of the representations and warranties of the Company contained in this Agreement or
in certificates of any officer of the Company or any subsidiary of the Company delivered pursuant to the provisions hereof, to the performance
by the Company of its covenants and other obligations hereunder, and to the following further conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Registration Statement</I>. The Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement shall have become effective
and shall be available for (i)&nbsp;all sales of Placement Securities issued pursuant to all prior Placement Notices (each as amended
by a corresponding Acceptance, if applicable) and (ii)&nbsp;the sale of all Placement Securities contemplated to be issued by any Placement
Notice (each as amended by a corresponding Acceptance, if applicable).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Material Notices</I>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any of its
subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during
the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt
by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv)&nbsp;the occurrence
of any event that makes any material statement made in the Registration Statement or the Prospectus, or any Issuer Free Writing Prospectus,
or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires
the making of any changes in the Registration Statement, related Prospectus, or any Issuer Free Writing Prospectus, or such documents
so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case
of the Prospectus and any Issuer Free Writing Prospectus, it will not contain any materially untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Misstatement or Material Omission</I>. None of the Agents shall have advised the Company that the Registration Statement or Prospectus,
or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in such Agent&rsquo;s
reasonable opinion is material, or omits to state a fact that in such Agent&rsquo;s opinion is material and is required to be stated therein
or is necessary to make the statements therein not misleading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Material
Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there shall
not have occurred any Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinions
of Counsel for Company</I>. The Agents shall have received the favorable opinions of both Company Counsel and Hawaii Counsel, required
to be delivered pursuant to Section&nbsp;7(p)&nbsp;on or before the date on which such delivery of such opinion is required pursuant to
Section&nbsp;7(p).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Representation
Certificate</I>. The Agents shall have received the certificate required to be delivered pursuant to Section&nbsp;7(o)&nbsp;on or before
the date on which delivery of such certificate is required pursuant to Section&nbsp;7(o).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Accountant&rsquo;s
Comfort Letter</I>. The Agents shall have received the Comfort Letter required to be delivered pursuant Section&nbsp;7(q)&nbsp;on or before
the date on which such delivery of such opinion is required pursuant to Section&nbsp;7(q).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Approval
for Listing</I>. The Placement Securities shall either have been (i)&nbsp;approved for listing on NYSE, subject only to notice of issuance,
or (ii)&nbsp;the Company shall have filed an application for listing of the Placement Securities on NYSE at, or prior to, the issuance
of any Placement Notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Additional
Documents</I>. On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(o), counsel for the Agents
shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon
the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or
warranties, or the fulfillment of any of the conditions, contained in this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Securities
Act Filings Made</I>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed prior to the
issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
of Agreement</I>. If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by any Agent, with respect to itself, by notice to the Company, and such termination shall be without
liability of any party to any other party except as provided in Section&nbsp;8 hereof and except that, in the case of any termination
of this Agreement, Sections&nbsp;5, 10, 11, 12, 15 and 22 hereof shall survive such termination and remain in full force and effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indemnification
by the Company</I>. The Company agrees to indemnify and hold harmless each Agent, its affiliates (as such term is defined in Rule&nbsp;501(b)&nbsp;of
the Securities Act), and each person, if any, who controls any Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information deemed to be
a part thereof pursuant to Rule&nbsp;430B, 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 arising out of any untrue statement or alleged untrue statement of a material
fact included (A)&nbsp;in any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) or (B)&nbsp;in
any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of any offering
of Securities (&ldquo;<U>Marketing Materials</U>&rdquo;), 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;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section&nbsp;10(d)&nbsp;below)
any such settlement is effected with the written consent of the Company; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">against
any and all expense whatsoever, as incurred (including the reasonable and documented out-of-pocket fees and disbursements of one counsel
(in addition to any local counsel) chosen by the indemnified Agent), reasonably incurred in investigating, preparing or defending against
any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense
is not paid under (i)&nbsp;or (ii)&nbsp;above,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided</I></FONT>,
<I>however</I>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out
of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the Agent Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indemnification
by the Agents</I>. Each Agent agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, each of its
officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act against any and all loss, liability, claim, damage and expense described
in the indemnity contained in subsection (a)&nbsp;of this Section&nbsp;10, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any Issuer Free Writing
Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Agent Information.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Actions
against Parties; Notification</I>. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
Counsel to the indemnified parties shall be selected as follows: counsel to the Agents and each person, if any, who controls an Agent
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by the Agents; and
counsel to the Company, its directors, each of its officers who signed the Registration Statement and each person, if any, who controls
the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by the
Company. An indemnifying party may participate at its own expense in the defense of any such action; <I>provided</I>, <I>however</I>,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (in addition to any local
counsel) separate from their own counsel for the Agents and each person, if any, who controls an Agent within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, and the fees and expenses of more than one counsel (in addition to any local
counsel) separate from their own counsel for the Company, its directors, each of its officers who signed the Registration Statement and
each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could
be sought under this Section&nbsp;10 or Section&nbsp;11 hereof (whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Settlement
Without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section&nbsp;10(a)(ii)&nbsp;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;11.
</FONT><U>Contribution</U>. If the indemnification provided for in Section&nbsp;10 hereof is for any reason unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company
on the one hand and the relevant Agent on the other hand from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if
the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company on the one hand and of the relevant
Agent on the other hand in connection with the statements or omissions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company on the one hand and the relevant Agent on the other hand in connection with the offering of the Securities pursuant to
this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities
pursuant to this Agreement (before deducting expenses) received by the Company and the total commissions received by the Agents, in each
case as set forth on the cover of the Prospectus, bear to the aggregate public offering price of the Securities as set forth on such cover.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company on the one hand and the Agents on the other hand shall be determined by reference to, among other things, whether any such untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied
by the Company or by the Agents and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Agents
agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;11 were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section&nbsp;11.
The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this
Section&nbsp;11 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this Section&nbsp;11, no Agent shall be required to contribute any amount in excess of the commissions received by it under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;11,
each person, if any, who controls any Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act shall have the same rights to contribution as such Agent, and each director of the Company, each officer of the Company who signed
the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities
Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contribution as the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;12.
</FONT><U>Representations, Warranties and Agreements to Survive Delivery</U>. All representations, warranties and agreements contained
in this Agreement or in certificates of officers of the Company or any of its subsidiaries submitted pursuant hereto, shall remain operative
and in full force and effect, regardless of any investigation made by or on behalf of the Agents or a controlling person, or by or on
behalf of the Company, and shall survive delivery of the Securities to the Agents.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;13.
</FONT><U>Termination of Agreement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination;
General</I>. Each Agent may terminate this Agreement, solely with respect to such Agent, by notice to the Company, as hereinafter specified
at any time if there has been, since the time of execution of this Agreement or since the date as of which information is given in the
Prospectus, any Material Adverse Effect, or if there has occurred any material adverse change in the financial markets in the United States
or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or
development involving a prospective change in national or international political, financial or economic conditions, in each case the
effect of which is such as to make it, in the judgment of such Agent, impracticable or inadvisable to market the Securities or to enforce
contracts for the sale of the Securities, or if trading in the Placement Securities has been suspended or limited by the Commission or
the NYSE, or if trading generally on the American Stock Exchange, the NYSE or the Nasdaq Global Market has been suspended or limited,
or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or
by order of the Commission, the FINRA or any other governmental authority, or a material disruption has occurred in commercial banking
or securities settlement or clearance services in the United States or in Europe, or if a banking moratorium has been declared by either
Federal or New York authorities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
by the Company</I>. The Company shall have the right, by giving three (3)&nbsp;days&rsquo; notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time after the date of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Termination
by the Agents</I>. Each Agent shall have the right, by giving three (3)&nbsp;days&rsquo; notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time after the date of this Agreement, solely with respect to such Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Automatic
Termination</I>. Unless earlier terminated pursuant to this Section&nbsp;13, this Agreement shall automatically terminate upon the issuance
and sale of all of the Placement Securities through the Agents on the terms and subject to the conditions set forth herein with an aggregate
sales price equal to the Maximum Amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Continued
Force and Effect</I>. This Agreement shall remain in full force and effect unless terminated pursuant to Sections&nbsp;13(a), (b), (c)&nbsp;or
(d)&nbsp;above or otherwise by mutual agreement of the parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of Termination</I>. Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I>,
<I>however</I>, that such termination shall not be effective until the close of business on the date of receipt of such notice by the
Agents or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Securities,
such Placement Securities shall settle in accordance with the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section&nbsp;13, such termination shall be without liability of any party to any other
party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of this Agreement, Section&nbsp;5,
Section&nbsp;10, Section&nbsp;11, Section&nbsp;12, Section&nbsp;15 and Section&nbsp;23 hereof shall survive such termination and remain
in full force and effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;14.
</FONT><U>Notices</U>. Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing
and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Agents
shall be directed to Wells Fargo Securities at Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001, Attention:
Equity Syndicate Department, fax no. (212) 214-5918, to Barclays Capital Inc. at 745 7th Avenue, New York, New York 10019, fax no. (646)
834-8133, Attention: Syndicate Registration and to Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attention
gsequitysyndicate@guggenheimpartners.com. Notices to the Company shall be directed to it at Hawaiian Electric Industries,&nbsp;Inc., 1001
Bishop Street, Suite&nbsp;2900, Honolulu, Hawaii 96813 fax no. 808-543-7735, Attention of Kurt K. Murao, Executive Vice President, General
Counsel, Chief Administrative Officer and Corporate Secretary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;15.
</FONT><U>Recognition of the U.S. Special Resolution Regimes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that any Agent that is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as
the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that any Agent that is a Covered Entity or a BHC Act Affiliate of such Agent becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Agent are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws
of the United States or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;16.
</FONT><U>Parties</U>. This Agreement shall inure to the benefit of and be binding upon each Agent, the Company and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than
the Agents, the Company and their respective successors and the controlling persons and officers and directors referred to in Sections&nbsp;10
and 11 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive
benefit of each Agent, the Company and their respective successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Agent
shall be deemed to be a successor by reason merely of such purchase.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;17.
</FONT><U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all stock-related numbers contained in this Agreement
shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;18.
</FONT><U>Governing Law and Time</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE INSTITUTED IN (I)&nbsp;THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN
THE CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN OR (II)&nbsp;THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY
OF NEW YORK, BOROUGH OF MANHATTAN, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION (EXCEPT FOR PROCEEDINGS INSTITUTED
IN REGARD TO THE ENFORCEMENT OF A JUDGMENT OF ANY SUCH COURT, AS TO WHICH SUCH JURISDICTION IS NON-EXCLUSIVE) OF SUCH COURTS IN ANY SUCH
SUIT, ACTION OR PROCEEDING.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;19.
</FONT><U>Trial by Jury</U>. The Company (on its own behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and each of the Agents hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;20.
</FONT><U>Effect of Headings</U>. The Section&nbsp;and Exhibit&nbsp;headings herein are for convenience only and shall not affect the
construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;21.
</FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be
made by facsimile or e-mail transmission. The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and words
of like import in this Agreement or in any other certificate, agreement or document related to this Agreement, if any, shall include images
of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, &ldquo;pdf,&rdquo;
 &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use
of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law,
including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;22.
</FONT><U>Definitions</U>. As used in this Agreement, the following terms have the respective meanings set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo;
means the time of each sale of any Securities or any securities pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>BHC Act Affiliate</U>&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Stock</U>&rdquo;
means any Common Stock, Preferred Stock or other capital stock of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Documents</U>&rdquo;
means any contracts, indentures, mortgages, deeds of trust, loan or credit agreements, bonds, notes, debentures, evidences of indebtedness,
leases or other instruments or agreements to which the Company or any of its subsidiaries is a party or by which the Company or any of
its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject including, without
limitation, all Subject Instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Covered Entity</U>&rdquo;
means any of (i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;
252.82(b), (ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b),
or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as
applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>EDGAR</U>&rdquo;
means the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Existing
Credit Agreement</U>&rdquo; </FONT>means the Third Amended and Restated Credit Agreement dated as of May&nbsp;14, 2021 among the Company
and the Lenders Party thereto, and Bank of America, N.A. and U.S. Bank National Association, as Co-Syndication Agents, and Wells Fargo
Bank, National Association, UFG Union Bank, N.A., Barclays Bank PLC, Bank of Hawaii and The Toronto-Dominion Bank, New York Branch, as
Co-Documentation Agents, and JPMorgan Chase Bank, N.A., as Administrative Agent, Swingline Lender and Issuing Bank, and JPMorgan Chase
Bank, N.A. and Bank of America, N.A. as Sustainability Structuring Agents and the other parties thereto, as amended, supplemented or restated,
if applicable, including any promissory notes, pledge agreements, security agreements, mortgages, guarantees and other instruments or
agreements entered into by the Company or any of its subsidiaries in connection therewith or pursuant thereto, in each case as amended,
supplemented or restated, if applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FINRA</U>&rdquo;
means the Financial Industry Regulatory Authority,&nbsp;Inc.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment Company
Act</U>&rdquo; means the Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating to the Securities
that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show&rdquo; that is a &ldquo;written
communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i)&nbsp;whether or not required to be filed with the Commission, or (iii)&nbsp;is
exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;because it contains a description of the Securities or of the offering that
does not reflect the final terms, and all free writing prospectuses that are listed in <U>Exhibit&nbsp;G</U> hereto, in each case in the
form furnished (electronically or otherwise) to the Agents for use in connection with the offering of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any security interest, mortgage, pledge, lien, encumbrance, claim or equity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Organizational Documents</U>&rdquo;
means (a)&nbsp;in the case of a corporation, its charter and bylaws; (b)&nbsp;in the case of a limited or general partnership, its partnership
certificate, certificate of formation or similar organizational document and its partnership agreement; (c)&nbsp;in the case of a limited
liability company, its articles of organization, certificate of formation or similar organizational documents and its operating agreement,
limited liability company agreement, membership agreement or other similar agreement; (d)&nbsp;in the case of a trust, its certificate
of trust, certificate of formation or similar organizational document and its trust agreement or other similar agreement; and (e)&nbsp;in
the case of any other entity, the organizational and governing documents of such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Preferred Stock</U>&rdquo;
means the Company&rsquo;s preferred stock, without par value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Repayment Event</U>&rdquo;
means any event or condition which gives the holder of any bond, note, debenture or other evidence of indebtedness (or any person acting
on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by
the Company or any subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule&nbsp;163</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;164</U>,&rdquo; &ldquo;<U>Rule&nbsp;172</U>,&rdquo; &ldquo;<U>Rule&nbsp;405</U>,&rdquo; &ldquo;<U>Rule&nbsp;415</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;424(b)</U>,&rdquo; &ldquo;<U>Rule&nbsp;430B</U>,&rdquo; &ldquo;<U>Rule&nbsp;433</U>&rdquo; and &ldquo;<U>Rule&nbsp;462(b)</U>&rdquo;
refer to such rules&nbsp;under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule&nbsp;462(b)&nbsp;Registration
Statement</U>&rdquo; means a registration statement filed by the Company pursuant to Rule&nbsp;462(b)&nbsp;for the purpose of registering
any of the Securities under the Securities Act, including the documents incorporated by reference therein and the Rule&nbsp;430A Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;
means the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated thereunder or implementing the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subject Instruments</U>&rdquo;
means the Existing Credit Agreement and all other instruments, agreements and documents relating to indebtedness filed or incorporated
by reference as exhibits to the Registration Statement pursuant to Rule&nbsp;601(b)(10)&nbsp;of Regulation S-K of the Commission; provided
that if any instrument, agreement or other document filed or incorporated by reference as an exhibit to the Registration Statement as
aforesaid has been redacted or if any portion thereof has been deleted or is otherwise not included as part of such exhibit (whether pursuant
to a request for confidential treatment or otherwise), the term &ldquo;Subject Instruments&rdquo; shall nonetheless mean such instrument,
agreement or other document, as the case may be, in its entirety, including any portions thereof which shall have been so redacted, deleted
or otherwise not filed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Special Resolution
Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act of 1950, as amended, and the regulations promulgated thereunder
and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the regulations promulgated
thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;stated&rdquo;
or &ldquo;disclosed&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to
mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration
Statement or the Prospectus, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement, the Prospectus or any amendment or supplement to any
of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to
any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule&nbsp;433, are not required
to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references
in this Agreement to &ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo;
or similar materials prepared in connection with any offering, sale or private placement of any Placement Securities by the Agents outside
of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;23.
</FONT><U>Permitted Free Writing Prospectuses</U>. The Company represents, warrants and agrees that, unless it obtains the prior consent
of the Agents, and each Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made
and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise
constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&nbsp;405, required to be filed with the Commission. Any such free
writing prospectus consented to by the Agents or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted
Free Writing Prospectus</U>.&rdquo; The Company represents and warrants that it has treated and agrees that it will treat each Permitted
Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, and has complied and will comply
with the requirements of Rule&nbsp;433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission
where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses,
if any, listed in <U>Exhibit&nbsp;G</U> hereto are Permitted Free Writing Prospectuses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;24.
</FONT><U>Absence of Fiduciary Relationship</U>. The Company acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Agent is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection with each
transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on
the one hand, and each Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether or not any Agent has advised or is advising the Company on other matters, and each Agent has no obligation
to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
public offering price of the Securities set forth in this Agreement was not established by the Agents;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Agents have not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement
and each has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
is aware that the Agents and their respective affiliates are engaged in a broad range of transactions which may involve interests that
differ from those of the Company and the Agents have no obligation to disclose such interests and transactions to the Company by virtue
of any fiduciary, advisory or agency relationship or otherwise; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
waives, to the fullest extent permitted by law, any claims it may have against any Agent for breach of fiduciary duty or alleged breach
of fiduciary duty and agrees that no Agent shall have any liability (whether direct or indirect, in contract, tort or otherwise) to it
in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company,
employees or creditors of Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION&nbsp;25.
</FONT><U>No Integration</U>. This Agreement shall be separate and apart from, and shall not supersede, any fee letter, commitment letter,
any engagement agreement or other letter agreement (each such fee letter, commitment letter, engagement agreement or other letter agreement,
as amended, supplemented or otherwise modified a &ldquo;Letter Agreement&rdquo;) between any of the parties hereto or any of their affiliates,
acting for itself and/or as agent on behalf of a party hereto and/or any other affiliate of a party hereto related to the subject matter
hereof, and the terms of any Letter Agreement shall remain in full force and effect, except to the extent provided therein.</P>

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

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

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

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

<!-- Field: Page; Sequence: 42; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">HAWAIIAN ELECTRIC INDUSTRIES,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Scott T. DeGhetto</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Scott T. DeGhetto</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Executive Vice President, Chief Financial
    Officer and Treasurer</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">CONFIRMED AND ACCEPTED, as of the
date first above written:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Michael Tiedemann</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Michael Tiedemann</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Robert Stowe</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Robert Stowe</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">GUGGENHEIM SECURITIES, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ James Schaefer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: James Schaefer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>he-20240919_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>he-20240919_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.3</span><table class="report" border="0" cellspacing="2" id="idm46312495616224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 19, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 19,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-8503<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Hawaiian Electric Industries, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000354707<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">99-0208097<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">HI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1001 Bishop Street, Suite 2900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Honolulu<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">HI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">96813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">808<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">543-5662<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
Stock, Without Par<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=he_HawaiianElectricCompanyInc.Member', window );">Hawaiian Electric Company Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-4955<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Hawaiian Electric Company, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000046207<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">99-0040500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1099
Alakea Street, Suite 2200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Honolulu<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">HI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">96813<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">543-7771<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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