<SEC-DOCUMENT>0001104659-25-029029.txt : 20250328
<SEC-HEADER>0001104659-25-029029.hdr.sgml : 20250328
<ACCEPTANCE-DATETIME>20250328065058
ACCESSION NUMBER:		0001104659-25-029029
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250328
DATE AS OF CHANGE:		20250328

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86092
		FILM NUMBER:		25781426

	BUSINESS ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tether Holdings, S.A. de C.V.
		CENTRAL INDEX KEY:			0002025889
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			H3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000
		BUSINESS PHONE:		443333355842

	MAIL ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tether Holdings Ltd
		DATE OF NAME CHANGE:	20240604
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13D/A</submissionType>
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      <filer>
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          <!-- Field: Pseudo-Tag; ID: Name; Data: Tether Holdings, S.A. de C.V. -->
          <cik>0002025889</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>


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  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>10</amendmentNo>
      <securitiesClassTitle>Common Shares, par value $1.50 per share</securitiesClassTitle>
      <dateOfEvent>03/26/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001499505</issuerCIK>
        <issuerCUSIP>L00849106</issuerCUSIP>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <address>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Tether Holdings, S.A. de C.V.</personName>
          <personPhoneNum>443333355842</personPhoneNum>
          <personAddress>
            <com:street1>Final Av. La Revolucion, Edif. Centro</com:street1>
            <com:street2>Corporativo Presidente Plaza Nivel 12</com:street2>
            <com:city>San Salvador</com:city>
            <com:stateOrCountry>H3</com:stateOrCountry>
            <com:zipCode>00000</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Daniel Woodard</personName>
          <personPhoneNum>(212) 547-5400</personPhoneNum>
          <personAddress>
            <com:street1>McDermott Will &amp; Emery LLP</com:street1>
            <com:street2>One Vanderbilt Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002025889</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Holdings, S.A. de C.V.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>Y</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.4</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 20,398,699 common shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A. held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V. Note in relation to Item 13: This percentage is calculated based upon 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0002049832</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Investments, S.A. de C.V.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.4</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Item 13: This percentage is calculated based upon 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0002050373</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Giancarlo Devasini</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>L6</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.4</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 20,398,699 Common Shares held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. Note in relation to Item 13: This percentage is calculated based upon 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares, par value $1.50 per share</securityTitle>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This statement on Schedule 13D amends the Schedule 13D of Tether Holdings Limited, a British Virgin Islands business company, Tether Investments Limited, a British Virgin Islands business company, Ludovicus Jan Van der Velde and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission (the "SEC") on August 16, 2024, as amended by Amendment No. 1 filed on September 9, 2024, Amendment No. 2 filed on September 20, 2024, Amendment No. 3 filed on September 30, 2024, Amendment No. 4 filed on October 18, 2024, Amendment No. 5 filed on November 5, 2024, Amendment No. 6 filed on November 18, 2024, Amendment No. 7 filed on February 18, 2025, Amendment No. 8 filed on February 25, 2025 and Amendment No. 9 filed on March 17, 2025 (as amended, the "Schedule 13D") with respect to the Common Shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A., a societe anonyme under the laws of the Grand Duchy of Luxembourg (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Holdings, S.A. de C.V. (f/k/a Tether Holdings Limited), an El Salvador entity, Tether Investments, S.A. de C.V. (f/k/a Tether Investments Limited), an El Salvador entity ("Tether Investments"), and Giancarlo Devasini (collectively, the "Reporting Persons") and constitutes Amendment No. 10 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended and supplemented to add the following: The information set forth in Item 6 of this Schedule 13D is incorporated herein by reference.

The purpose of the Offer (as defined in Item 6) is to enable the Reporting Persons to acquire at least a majority of the Common Shares on a fully diluted basis, and thus control of the Issuer.

Except as set forth in this Schedule 13D and in connection with the Offer, the Reporting Persons have no plan or proposal that relates to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.</transactionPurpose>
      </item4>
      <item6>
        <contractDescription>Item 6 is hereby amended and supplemented to add the following:

Transaction Agreement

On March 26, 2025, the Issuer and Tether Investments entered into an agreement (the "Transaction Agreement"), pursuant to which, subject to the terms and conditions set forth in the Transaction Agreement, Tether Investments will purchase for cash up to 49,596,510 Common Shares at a purchase price of $12.41 per share, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase to be filed with the SEC by Tether Investments (as it may be amended or supplemented from time to time, the "Offer to Purchase"), and in the related letter of transmittal (as amended or supplemented from time to time, the "Letter of Transmittal" and which, together with the Offer to Purchase, constitutes the "Offer").

Tether Investments' obligation to accept for payment or pay for the Common Shares tendered in the Offer is conditioned upon, among other things, there being validly tendered and received and not withdrawn, prior to the expiration of the Offer, a number of Common Shares that, when added to the 20,398,699 Common Shares already owned by Tether Investments as of the date of the Transaction Agreement, represents at least 51% of the Issuer's Fully Diluted Shares. "Fully Diluted Shares" is defined in the Transaction Agreement as the number of Common Shares outstanding, together with all Common Shares that the Issuer would be required to issue pursuant to any then-outstanding securities of the Issuer, regardless of the conversion or exercise price, the vesting schedule or other terms and conditions thereof.

The Transaction Agreement contains customary representations, warranties and covenants made by the Issuer, including, among others, covenants by the Issuer to conduct its business in the ordinary course consistent with past practice during the Pre-Closing Period (as defined in the Transaction Agreement). The Transaction Agreement provides, among other things, that during the Pre-Closing Period, the Issuer will not (1) solicit, initiate or take any action to knowingly assist, facilitate or encourage the submission of any competing acquisition proposal or (2) enter into any or participate in any discussions or negotiations with, or knowingly assist, participate in, facilitate or encourage any effort by any third party that has made, is seeking to make or would be reasonably expected to make a competing acquisition proposal.

Under the terms of the Transaction Agreement, Tether Investments has agreed that, during the nine-month period following the consummation of the Offer, it will not transfer any Company Securities (as defined in the Transaction Agreement) to any other person or group (other than an affiliate of Tether Investments), except that Tether Investments may sell its Common Shares pursuant to a third-party tender offer, merger, consolidation or other similar transaction that involves a change of control of the Issuer and in which all holders of the Issuer's capital stock are eligible to participate. Following such nine-month period, Tether Investments will not transfer a number of Common Shares greater than 50% of the Issuer's outstanding Common Shares to any single person or group (other than an affiliate of Tether Investments) without first providing the Issuer's independent directors an opportunity to find a potential acquiror that is acceptable to the independent directors.

Pursuant to the Transaction Agreement, following the consummation of the Offer, Tether Investments will and will cause any of its affiliates holding Common Shares to vote in favor and approve an amended and restated Articles of Incorporation in the form set forth in Exhibit B to the Transaction Agreement (the "Amended Articles"). The Amended Articles will implement certain governance provisions negotiated by the Issuer and Tether Investments, including the following provisions:

*   Issuer Board Representation. Following Acceptance Time, if any shareholder (including Tether Investments) controls greater than 50% of the Issuer's outstanding Common Shares, such shareholder shall be entitled to nominate a number of directors to the board of directors of the Issuer (the "Issuer Board"), rounded up to the next whole number, determined by multiplying: (i) the total number of directors on the Issuer Board by (ii) a fraction having a numerator equal to the aggregate number of Common Shares then beneficially owned by the relevant shareholder (and evidenced to the Issuer), and having a denominator equal to the total number of Common Shares then issued and outstanding, provided that such number of candidates shall be reduced in order to comply with the requirement that a minimum of three directors be independent directors.

*    Acquisition Restrictions. Shareholders are prohibited from acquiring more than 80% of the Issuer's Common Shares unless they make a public offer to acquire all of the Issuer's outstanding Common Shares.

*    Restrictions on Related Party Transactions. Any Related Party Transaction (as defined in Item 7.B of the SEC Annual Report on Form 20F) will require the prior approval of a majority of the Independent Directors.

*    Independent Directors. The Issuer will have no fewer than three directors on the Issuer Board who are each "independent" (as defined in the Amended Articles).

*    Supermajority Approval Requirements. Any direct or indirect amendment to certain provisions in the Amended Articles that are intended to protect the rights of continuing minority shareholders will require the approval of a 90% majority of the outstanding voting rights of the Issuer.

The Transaction Agreement is subject to termination by mutual written consent of the Issuer and Tether Investments, or by either party in customary circumstances, including if the Acceptance Time (as defined in the Transaction Agreement) has not occurred by June 24, 2025. Tether Investments may terminate the Transaction Agreement in certain additional limited circumstances, including a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Issuer, subject to the terms therein. In the event the Transaction Agreement is terminated by the Issuer in connection with the entry by the Issuer into a definitive agreement for the Superior Offer Termination Right (as defined in the Transaction Agreement) then as a condition to such termination, the Issuer will pay Tether Investments a termination fee of $25 million.

Registration Rights Agreement

In connection with the Transaction Agreement, on March 26, 2025, the Issuer and Tether Investments entered into a registration rights agreement (the "Registration Rights Agreement"), pursuant to which the Issuer agreed to provide the Reporting Persons with certain customary demand and piggyback registration rights with respect to registrable securities the Reporting Persons hold. The Issuer has agreed to pay certain fees and expenses in connection with such registration, subject to certain exceptions.

The foregoing description of the Transaction Agreement and the Registration Rights Agreement are qualified in their entirety by reference to the full text of the Transaction Agreement and the Registration Rights Agreement, copies of which are attached hereto as Exhibits 99.5 and 99.6, respectively, and are incorporated herein by reference.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

The tender offer for the Common Shares of the Issuer referenced herein has not yet commenced. The disclosure provided in this statement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell Common Shares of the Issuer or any other securities, nor is it a substitute for the tender offer materials that Tether Investments will file with the SEC upon the commencement of the tender offer. At the time the tender offer is commenced, Tether Investments will file with the SEC a tender offer statement on Schedule TO (the "Tender Offer Statement"), and thereafter the Issuer will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 (the "Solicitation/Recommendation Statement") with respect to the tender offer. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT AND THE PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION. THE ISSUER'S SHAREHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE ISSUER'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents), as well as the Solicitation/Recommendation Statement, will be made available to all holders of the Issuer's Common Shares at no expense to them. The Tender Offer Statement and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov. In addition, the Issuer's shareholders may obtain free copies of the tender offer materials by contacting the information agent for the tender offer that will be named in the Tender Offer Statement.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 99.5 - Transaction Agreement, dated March 26, 2025, by and between Adecoagro S.A. and Tether Investments, S.A. de C.V.

Exhibit 99.6 - Registration Rights Agreement, dated March 26, by and between Adecoagro S.A. and Tether Investments, S.A. de C.V.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Tether Holdings, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, President</title>
          <date>03/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Tether Investments, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, Sole Administrator</title>
          <date>03/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Giancarlo Devasini</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, individually</title>
          <date>03/28/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>2
<FILENAME>tm2510709d1_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.5</B></P>

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



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

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

<P STYLE="border-top: Black 1pt solid; font: 10pt 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>TRANSACTION AGREEMENT</B></P>

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

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

<P STYLE="font: 10pt 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">March&nbsp;26, 2025</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Adecoagro
S.A.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Tether
Investments, S.A. de C.V.</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE OF
    CONTENTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 10%"></TD>
    <TD STYLE="text-align: right; width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">Page</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">DEFINITIONS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Definitions.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other Definitional and Interpretative Provisions</I></FONT></TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">THE
    OFFER</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The Offer.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Company Actions.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Directors</I>.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Withholding Rights</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Adjustments</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">REPRESENTATIONS
    AND WARRANTIES OF THE COMPANY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Corporate Existence and Power</I>.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Corporate Authorization.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governmental Authorization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-contravention</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Capitalization.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SEC Filings</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial Statements</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Disclosure Documents.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Properties</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No Undisclosed Liabilities</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Compliance with Laws and Court Orders</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proceedings</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Finders&rsquo; Fees</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Antitakeover Statutes and Rights Agreement</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.15.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No Other Representations and Warranties</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">REPRESENTATIONS
    AND WARRANTIES OF THE PURCHASER</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Corporate Existence and Power</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Corporate Authorization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governmental Authorization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-contravention</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Litigation</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Disclosure Documents.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Finders&rsquo; Fees</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financing</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No Other Representations and Warranties</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">COVENANTS
    OF THE COMPANY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.01.</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Conduct of the Business of the
    Company Entities</I>.</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No Solicitation; Other Offers</I>.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Access and Investigation</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Disclosures to Governmental Authorities</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Takeover Statutes</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Shareholder Litigation</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">COVENANTS
    OF THE PARTIES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Reasonable Best Efforts.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certain Filings</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Public Announcements</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notice of Certain Events</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Solicit</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Lock-Up</I>.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Board Approvals</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other Purchases</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Indemnification of Officers and Directors</I>.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management Compensation</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Severance; Equity Grants</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Continued Listing Requirement</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">TERMINATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Termination</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Effect of Termination</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Expenses; Termination Fees.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">SURVIVAL</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No Survival of Representations and Warranties</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Survival of Covenants, Agreements and Obligations</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article&nbsp;9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">MISCELLANEOUS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notices</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amendments and Waivers.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Company Disclosure Schedule and SEC Document References.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Binding Effect; Benefit; Assignment; Third Party
    Beneficiaries.</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Successors and Assigns; Applicable Law; Jurisdiction
    and Venue</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Counterparts; Effectiveness</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Entire Agreement</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Severability</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Specific Performance</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex I</FONT></TD>
    <TD>Offer Conditions</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;A</FONT></TD>
    <TD STYLE="text-align: justify">Registration Rights Agreement</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD>Amended Articles of Association</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRANSACTION 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-indent: 0.5in">TRANSACTION AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;)
dated as of March&nbsp;26, 2025, between Tether Investments, S.A. de C.V., an El Salvador corporation (the &ldquo;<B>Purchaser</B>&rdquo;),
and Adecoagro S.A., a Luxembourg stock corporation (the &ldquo;<B>Company</B>&rdquo;). The Purchaser and the Company are referred to
herein collectively as the &ldquo;<B>Parties</B>&rdquo; and individually as a &ldquo;<B>Party</B>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H :</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-indent: 0.5in">WHEREAS, on the terms and subject to the conditions
set forth herein, the Purchaser has agreed to commence a tender offer to purchase up to 49,596,510 common shares, nominal value $1.50
per share, of the Company (&ldquo;<B>Shares</B>&rdquo;) (such number of Shares, subject to adjustment as set forth herein, the &ldquo;<B>Maximum
Share Number</B>&rdquo;), at a price of $12.41 per Share (the &ldquo;<B>Offer Price</B>&rdquo;), without interest, net to the seller
in cash (such tender offer, as it may be amended from time to time as permitted by this Agreement, the &ldquo;<B>Offer</B>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, on the terms and subject to the conditions
set forth herein, the Company Board has unanimously determined that the Offer and the other Transactions (as defined herein) are fair
to the Company&rsquo;s shareholders, and the Company Board has approved this Agreement and the Transactions, including the Offer;</P>

<P STYLE="font: 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">WHEREAS, concurrently with the execution of this
Agreement, and as an inducement to and condition of the Purchaser&rsquo;s willingness to enter into this Agreement and consummate the
Offer, the Company and the Purchaser are entering into the Registration Rights Agreement substantially in the form attached as Exhibit&nbsp;A
(the &ldquo;<B>Registration Rights Agreement</B>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Purchaser and the Company have discussed
the Company&rsquo;s business strategy and the Purchaser contemplates that the Company&rsquo;s current business segments will be retained
following the Acceptance Time, with the flexibility to grow both organically and through acquisitions in each segment and/or other new
segments, 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-indent: 0.5in">NOW, THEREFORE, in consideration of the foregoing
and the representations, warranties, covenants, agreements and obligations contained herein, the Parties agree 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;1</FONT><FONT STYLE="font-variant: small-caps"><BR>
DEFINITIONS</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Definitions.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
used herein, the following terms have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Acquisition Proposal</B>&rdquo; means,
other than the Offer and the other Transactions, any Third Party offer, proposal or inquiry relating to, or any Third Party indication
of interest in, (i)&nbsp;any acquisition, purchase or exclusive license, directly or indirectly, of 20% or more of the consolidated assets
of the Company Entities or 20% or more of any class of equity or voting securities of the Company or of any of the other Company Entities
whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of the Company Entities, (ii)&nbsp;any
tender offer or exchange offer that, if consummated, would result in such Third Party beneficially owning 20% or more of any class of
equity or voting securities of the Company or of any of the other Company Entities whose assets, individually or in the aggregate, constitute
20% or more of the consolidated assets of the Company Entities, or (iii)&nbsp;a merger, consolidation, share exchange, business combination,
reorganization, recapitalization, liquidation, dissolution or other similar transaction involving the Company or involving any of the
other Company Entities whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of the Company
Entities.</P>

<P STYLE="font: 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">&ldquo;<B>Affiliate</B>&rdquo; means, with respect
to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person. For this
purpose, &ldquo;control&rdquo; (including, with its correlative meanings, &ldquo;controlled by&rdquo; and &ldquo;under common control
with&rdquo;) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies
of a Person, whether through the ownership of securities or partnership or other ownership interests, by Contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Applicable Law</B>&rdquo; means, with
respect to any Person, any transnational, domestic or foreign federal, state or local law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted,
adopted, promulgated, applied or enforced by a Governmental Authority that is binding upon or applicable to such Person, as amended unless
expressly specified otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>beneficially own</B>&rdquo; or &ldquo;<B>beneficial
ownership</B>&rdquo; has the meaning set forth in Rule&nbsp;13d-3 promulgated under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Business Day</B>&rdquo; means a day,
other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law
to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Articles</B>&rdquo; means the
Company&rsquo;s Articles of Association filed with Registre de Commerce et des Soci&eacute;t&eacute;s on April&nbsp;20, 2022.</P>

<P STYLE="font: 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">&ldquo;<B>Company Audited Financial Statements</B>&rdquo;
means the audited consolidated statements of financial position, income, comprehensive income, changes in shareholders&rsquo; equity
and cash flows of the Company as of and for the fiscal years ended December&nbsp;31, 2024, December&nbsp;31, 2023 and December&nbsp;31,
2022, and the respective notes thereto, as set forth in the Company&rsquo;s Form&nbsp;6-K submitted to the SEC on March&nbsp;13, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Balance Sheet Date</B>&rdquo;
means December&nbsp;31, 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-indent: 0.5in">&ldquo;<B>Company Board</B>&rdquo; means the board
of directors 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">&ldquo;<B>Company Board Recommendation</B>&rdquo;
means the recommendation of the Company Board that the shareholders of the Company accept the Offer and tender (and not withdraw) their
Shares pursuant to the Offer.</P>

<P STYLE="font: 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">&ldquo;<B>Company Disclosure Schedule</B>&rdquo;
means the disclosure schedule dated the date hereof related to this Agreement that has been provided by the Company to the Purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Entities</B>&rdquo; means, collectively,
the Company and all of its direct and indirect Subsidiaries, and &ldquo;Company Entity&rdquo; means any of the Company Entities.</P>

<P STYLE="font: 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">&ldquo;<B>Company Material Adverse Effect</B>&rdquo;
means any Event that has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on
(i)&nbsp;the business, assets and liabilities, results of operations or financial condition of the Company Entities, taken as a whole
or (ii)&nbsp;the ability of the Company to consummate any of the Transactions prior to the End Date; <I>provided</I>, <I>however</I>,
that in no event would any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining
whether there has been or will be, a &ldquo;Company Material Adverse Effect&rdquo;: (a)&nbsp;any change in the market price or trading
volume of the Company&rsquo;s stock (<I>provided, however</I>, that the underlying causes thereof, to the extent not otherwise excluded
by this definition, may be deemed to contribute to a Company Material Adverse Effect); (b)&nbsp;the general conditions or trends in the
industries in which the Company Entities operate or in the economy generally or other general business, financial or market conditions,
including competition in geographic, product or service areas; (c)&nbsp;any enactment of, or change or proposed change in, any Applicable
Law or IFRS or any interpretation thereof following the date of this Agreement; (d)&nbsp;domestic, foreign or global political conditions,
economic, regulatory, financial or capital markets conditions (including interest rates, exchange rates, tariffs, trade wars and credit
markets); (e)&nbsp;any natural disaster (including hurricanes, storms, tornados, flooding, earthquakes, volcanic eruptions or similar
occurrences), epidemic, pandemic, disease or outbreak, acts of nature or change in climate; (f)&nbsp;any acts of terrorism or war (whether
or not declared), sabotage, civil unrest, curfews, public disorder, riots, the outbreak or escalation of hostilities, geopolitical conditions,
local, regional, state, national or international political conditions, or social conditions; (g)&nbsp;any failure in and of itself of
the Company to meet any projections, forecasts, guidance, estimates, milestones, budgets or financial or operating predictions of revenue,
earnings, cash flow or cash position, provided that the exception in this clause (g)&nbsp;will not prevent or otherwise affect a determination
that any change, effect or development underlying such change has resulted in or contributed to a Company Material Adverse Effect; (h)&nbsp;any
action (A)&nbsp;taken by or at the express written request of, or with the written approval or consent of the Purchaser or (B)&nbsp;that
is outside the ordinary course of business consistent with past practice but is expressly required to be taken (or not taken) by the
Company under the terms of this Agreement or the other Transaction Documents; (i)&nbsp;matters that arise from any actions taken by the
Purchaser or any of its Affiliates impacting the Company Entities or material breach of this Agreement or the other Transaction Documents
by the Purchaser or any of its Affiliates; (j)&nbsp;the execution, announcement or pendency of this Agreement or the terms hereof (including
the identity of Purchaser) or the announcement, pendency or consummation of the Transactions; or (k)&nbsp;any of the matters expressly
disclosed (but only to the extent expressly disclosed) in the Company Disclosure Schedule; <I>provided</I>, <I>however</I>, that in the
case of each of clauses (a)-(f), any such Event to the extent it disproportionately affects the Company Entities, taken as a whole, relative
to other participants in the industries or geographical areas in which the Company Entities operate will not be excluded from the determination
of whether there has been, or would reasonably be expected to be, a Company Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">&ldquo;<B>Company Option</B>&rdquo; means any
option to purchase Shares, including any option to purchase Shares awarded under any Company Stock Plan.</P>

<P STYLE="font: 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">&ldquo;<B>Company Restricted Share</B>&rdquo;
means any Share awarded under any Company Stock Plan that is subject to satisfaction of vesting or other forfeiture 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-indent: 0.5in">&ldquo;<B>Company SEC Documents</B>&rdquo; means
all reports, schedules, forms, statements, prospectuses, registration statements and other documents required to be filed with or furnished
to the SEC by the Company together with any exhibits and schedules thereto and other information incorporated 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-indent: 0.5in">&ldquo;<B>Company Stock Plans</B>&rdquo; means,
collectively, (a)&nbsp;the Adecoagro S.A. Tenth Amended and Restated Restricted Share and Restricted Stock Unit Plan, (b)&nbsp;the Amended
and Restated Adecoagro/IFH 2004 Stock Incentive Option Plan, and (c)&nbsp;any other equity or equity-based compensation plan that is
sponsored or maintained by any of the Company Entities that provides for awards of stock options, restricted shares, restricted stock
units, stock appreciation rights, performance shares or units, contingent value rights, &ldquo;phantom&rdquo; stock or similar securities
or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any capital stock
of or voting securities of any of the Company Entities, in each case, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Competition Law</B>&rdquo; means any
Applicable Law designed or intended to (i)&nbsp;prohibit, restrict or regulate actions having the purpose or effect of monopolization,
restraint of trade or lessening of competition through acquisition or agreement or (ii)&nbsp;review investments by foreign investors,
to the extent applicable to the transactions contemplated by this Agreement, including the competition or antitrust laws of any jurisdiction
and other investment laws of any jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Contract</B>&rdquo; means, with respect
to any Person, any legally binding contract, agreement, lease, sublease, license, commitment, sale or purchase order, indenture, note,
bond, loan, mortgage, deed of trust, instrument or other arrangement, whether written or oral, to which such Person is a party or by
which such Person or such Person&rsquo;s properties or assets are bound.</P>

<P STYLE="font: 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">&ldquo;<B>Enforceability Exceptions</B>&rdquo;
means bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating
to or affecting creditors&rsquo; rights, and by general equitable principles.</P>

<P STYLE="font: 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">&ldquo;<B>Event</B>&rdquo; means any event, state
of facts, development, change, circumstance, occurrence or effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">&ldquo;<B>Exchange Act</B>&rdquo; means the Securities
Exchange Act of 1934, 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-indent: 0.5in">&ldquo;<B>Filing</B>&rdquo; means any registration,
petition, statement, application, schedule, form, declaration, notice, notification, report, submission or information or other filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Fully Diluted Shares</B>&rdquo; means,
as of any time, the number of Shares outstanding, together with all Shares that the Company would be required to issue pursuant to any
then-outstanding Company Securities, regardless of the conversion or exercise price, the vesting schedule or other terms and conditions
thereof. For the avoidance of doubt, &ldquo;Fully Diluted Shares&rdquo; shall not include any Shares held by the Company as treasury
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-indent: 0.5in">&ldquo;<B>Governmental Authority</B>&rdquo; means
any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, court,
agency or official, including any political subdivision 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-indent: 0.5in">&ldquo;<B>IFRS</B>&rdquo; means International
Financial Reporting Standards.</P>

<P STYLE="font: 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">&ldquo;<B>knowledge</B>&rdquo; of the Company
means the actual knowledge of the Persons listed in &lrm;Section&nbsp;1.01(a)&nbsp;of the Company Disclosure Schedule.</P>

<P STYLE="font: 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">&ldquo;<B>LCA</B>&rdquo; means the Luxembourg
Companies 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-indent: 0.5in">&ldquo;<B>Lien</B>&rdquo; means, with respect
to any property or asset, any mortgage, lien, pledge, charge, security interest, encumbrance or other adverse claim of any kind in respect
of such property or asset. For purposes of this Agreement, a Person will be deemed to own subject to a Lien any property or asset that
it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to such property or asset.</P>

<P STYLE="font: 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">&ldquo;<B>Nondisclosure Agreement</B>&rdquo; means
the Nondisclosure Agreement dated as of February&nbsp;24, 2025, between the Purchaser and 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">&ldquo;<B>NYSE</B>&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-indent: 0.5in">&ldquo;<B>Permits</B>&rdquo; means governmental
licenses, franchises, permits, certificates, consents, approvals, registrations, concessions or other authorizations of Governmental
Authorities applicable to the assets or business of any of the Company Entities.</P>

<P STYLE="font: 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">&ldquo;<B>Person</B>&rdquo; means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Pre-Closing Period</B>&rdquo; means
the period from the date of this Agreement through the earlier of the Acceptance Time or the date of termination of this Agreement in
accordance with &lrm;Section&nbsp;7.01.</P>

<P STYLE="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">&ldquo;<B>Proceeding</B>&rdquo; means any claim,
audit, action, suit, proceeding, arbitral action or investigation.</P>

<P STYLE="font: 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">&ldquo;<B>Purchaser Material Adverse Effect</B>&rdquo;
means a material adverse effect on the Purchaser&rsquo;s ability to consummate the Offer or any of the other Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Representatives</B>&rdquo; of a Person
means the officers, directors, managers, employees, investment bankers, attorneys, accountants, consultants or other agents or advisors
of such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Sarbanes-Oxley Act</B>&rdquo; means
the Sarbanes-Oxley Act of 2002, 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-indent: 0.5in">&ldquo;<B>SEC</B>&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-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo; means the
Securities Act of 1933, 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-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo; means, with respect
to any Person, any entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board
of directors, board of managers or other Persons performing similar functions are at any time directly or indirectly owned by such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Superior Proposal</B>&rdquo; means a
<I>bona fide</I>, written Acquisition Proposal not solicited in violation of Section&nbsp;5.02 that the Company Board determines in good
faith, after receiving and considering the advice of the Company&rsquo;s outside financial advisor and outside legal counsel, and taking
into account all the terms and conditions of the Acquisition Proposal (including the likelihood of consummation), are more favorable
to the Company&rsquo;s shareholders than the Offer (taking into account any proposal by the Purchaser to amend the terms of this Agreement
or the terms of the Offer pursuant to &lrm;Section&nbsp;5.02(c)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Tax</B>&rdquo; means (i)&nbsp;any tax,
governmental fee or other like assessment or charge of any kind whatsoever (including withholding on amounts paid to or by any Person),
together with any interest, penalty, addition to tax or additional amount imposed by any Governmental Authority responsible for the imposition
of any such tax (domestic or foreign), and any liability for any of the foregoing as transferee, (ii)&nbsp;liability for the payment
of any amount of the type described in clause (i)&nbsp;as a result of being or having been before the Offer Closing Date a member of
an affiliated, consolidated, combined or unitary group, or a party to any agreement or arrangement, as a result of which liability of
any of the Company Entities to a Governmental Authority is determined or taken into account with reference to the activities of any other
Person and (iii)&nbsp;liability of any of the Company Entities for the payment of any amount as a result of being party to any tax sharing
agreement or with respect to the payment of any amount imposed on any Person of the type described in clause (i)&nbsp;or (ii)&nbsp;as
a result of any existing express or implied agreement or arrangement (including an indemnification agreement or arrangement, but other
than any such agreement or arrangement entered into in the ordinary course of business, the primary purpose of which does not relate
to Taxes).</P>

<P STYLE="font: 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">&ldquo;<B>Tax Return</B>&rdquo; means any report,
return, document, declaration or other information or other Filing required to be supplied to any Governmental Authority with respect
to Taxes, including information returns, any documents with respect to or accompanying payments of estimated Taxes, or with respect to
or accompanying requests for the extension of time in which to file any such report, return, document, declaration or other 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"></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">&ldquo;<B>Third Party</B>&rdquo; means any Person,
including as defined in Section&nbsp;13(d)&nbsp;of the Exchange Act, other than the Purchaser or any of its Affiliates.</P>

<P STYLE="font: 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">&ldquo;<B>Transaction Documents</B>&rdquo; means
this Agreement, the Registration Rights Agreement, and the Amended Articles.</P>

<P STYLE="font: 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">&ldquo;<B>Transactions</B>&rdquo; means the Offer,
the acceptance for payment and acquisition of Shares pursuant to the Offer, and the other transactions contemplated by this Agreement
and the other Transaction Documents.</P>

<P STYLE="font: 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">&ldquo;<B>Transfer</B>&rdquo; means, with respect
to any Company Securities, (i)&nbsp;when used as a verb, to sell, assign, dispose of, exchange, pledge or otherwise transfer such Company
Securities or any economic participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction),
or agree or commit to do any of the foregoing, and (ii)&nbsp;when used as a noun, a direct or indirect sale, assignment, disposition,
exchange, pledge or other transfer of such Company Securities or any participation or interest therein or any agreement or commitment
to do any of the foregoing.</P>

<P STYLE="font: 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">&ldquo;<B>Triggering Event</B>&rdquo; means any
of the following: (i)&nbsp;the Company Board shall have failed to unanimously recommend that the Company&rsquo;s shareholders accept
the Offer and tender their Shares pursuant to the Offer, or shall have withdrawn or modified in a manner adverse to the Purchaser the
Company Board Recommendation; (ii)&nbsp;the Company shall have failed to include in the Schedule 14D-9 the Company Board Recommendation;
(iii)&nbsp;the Company Board shall have publicly approved, endorsed or recommended any Acquisition Proposal; (iv)&nbsp;the Company shall
have entered into any letter of intent or Contract contemplating or providing for any Acquisition Proposal (other than an Acceptable
Confidentiality Agreement); or (v)&nbsp;a tender or exchange offer relating to securities of the Company shall have been commenced and
the Company shall not have sent to its security holders, within ten (10)&nbsp;Business Days after the commencement of such tender or
exchange offer, a statement disclosing that the Company recommends rejection of such tender or exchange offer.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the following terms is defined in the Section&nbsp;set forth opposite such term:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 73%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Term</U></B></FONT></TD>
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptable Confidentiality
    Agreement&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>5.02(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance Time&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(d)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternative Transferee&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended Articles&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.07</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Securities&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>3.05(e)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation Program&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Policy&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.07</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discussion Period&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End Date&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>7.01(b)(i)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration Time&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(c)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Directors&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnified Persons&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.09</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-Up Period&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Sale Terms&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum Share Number&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Condition&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex I</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Share Number&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex I</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negotiation Period&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>5.02(c)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice Period&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Objection Notice&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Closing Date&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(d)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Commencement Date&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Conditions&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Documents&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(f)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Price&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned Real Property&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>3.09</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party/Parties&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Transferee&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchaser&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 14D-9&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.02(d)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule TO&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>2.01(f)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Sale Transaction&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT>6.06(b)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Other
Definitional and Interpretative Provisions</I>. The words &ldquo;hereof,&rdquo; &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and
words of like import used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.
The captions herein are included for convenience of reference only and will be ignored in the construction or interpretation hereof.
References to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits, Annexes and Schedules of this
Agreement unless otherwise specified. All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein. Any capitalized term used in any Exhibit, Annex or Schedule but
not otherwise defined therein, will have the meaning as defined in this Agreement. Any singular term in this Agreement will be deemed
to include the plural, and any plural term the singular. Whenever the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; or &ldquo;including&rdquo;
are used in this Agreement, they will be deemed to be followed by the words &ldquo;without limitation,&rdquo; whether or not they are
in fact followed by those words or words of like import. &ldquo;Writing,&rdquo; &ldquo;written&rdquo; and comparable terms refer to printing,
typing and other means of reproducing words (including electronic media) in a visible form. References to any statute, rule&nbsp;or regulation
will be deemed to refer to such statute, rule&nbsp;or regulation as amended or supplemented from time to time, including through the
promulgation of applicable rules&nbsp;or regulations. References to any Contract are to that Contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof; <I>provided</I> that with respect to any Contract listed on any schedules
hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include
the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including
or through and including, respectively. References to one gender include all genders. The phrase &ldquo;to the extent&rdquo; means the
degree to which a subject or other thing extends, and such phrase will not simply mean &ldquo;if&rdquo;. The word &ldquo;or&rdquo; is
not exclusive. The word &ldquo;will&rdquo; will be interpreted to express a command. The term &ldquo;dollars&rdquo; and character &ldquo;$&rdquo;
shall mean United States dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;2</FONT><FONT STYLE="font-variant: small-caps"><BR>
THE OFFER</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>The
Offer.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
that this Agreement has not been terminated in accordance with &lrm;Section&nbsp;7.01, as promptly as practicable after the date hereof,
but in no event later than ten Business Days following the date of this Agreement, the Purchaser will commence (within the meaning of
Rule&nbsp;14d-2 under the Exchange Act) the Offer. The Offer will be subject to the conditions set forth in <U>Annex I</U> hereto (the
&ldquo;<B>Offer Conditions</B>&rdquo;), except to the extent that Purchaser may (to the extent not prohibited hereby) waive any of the
Offer Conditions. The date on which the Purchaser commences the Offer is referred to as the &ldquo;<B>Offer Commencement Date</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Purchaser expressly reserves the right to (i)&nbsp;waive any of the Offer Conditions, (ii)&nbsp;increase the Offer Price and (iii)&nbsp;make
any change in the terms of or conditions to the Offer not inconsistent with the terms of this Agreement; <I>provided</I> that the Purchaser&rsquo;s
right to waive any Offer Condition is subject to the last paragraph of <U>Annex I</U> hereto; and <I>provided further</I>, that, without
the prior written consent of the Company, the Purchaser will not:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>decrease
the Offer Price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>amend,
modify or waive the Minimum Condition or the conditions set forth in clauses <I>&lrm;</I>(a), (c)(i)&nbsp;or (c)(ii)&nbsp;of <U>Annex
I</U>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>change
the form of consideration to be paid in the Offer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>extend
or otherwise change the Expiration Time of the Offer except as provided herein;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>change
the Maximum Share Number;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>otherwise
amend or modify any of the other terms of the Offer in a manner that adversely affects any holder of Shares in its capacity as such,
or that would, individually or in the aggregate, materially impair or prevent or delay beyond the End Date (as extended) Purchaser&rsquo;s
ability to consummate the Offer; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>impose
conditions to the Offer other than the Offer 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
extended as provided in this Agreement, the Offer will expire at midnight, New York City time, on the date that is 20 business days (calculated
as set forth in Rule&nbsp;14d-1(g)(3)&nbsp;under the Exchange Act) after the Offer Commencement Date. Notwithstanding the foregoing:
the Purchaser will extend the Offer (i)&nbsp;for one or more consecutive increments of not more than ten (10)&nbsp;Business Days from
time to time if, at the then-scheduled expiration time of the Offer, any of the Offer Conditions has not been satisfied or (to the extent
permitted hereby) waived by the Purchaser and (ii)&nbsp;for any period required by (x)&nbsp;any applicable rule, regulation, interpretation
or position of the SEC or the staff thereof or (y)&nbsp;the rules&nbsp;and regulations of the NYSE or Applicable Law; <I>provided</I>
that notwithstanding anything herein to the contrary, in no event shall Purchaser be required to extend the Offer beyond the earlier
of (A)&nbsp;the End Date (as extended) and (B)&nbsp;the valid termination of this Agreement in accordance with its terms (such earlier
occurrence, the &ldquo;<B>Extension Deadline</B>&rdquo;). The time when the Offer expires (taking into account any permitted or required
extensions in accordance with this &lrm;Section&nbsp;2.01(c)) is referred to herein as the &ldquo;<B>Expiration Time</B>.&rdquo; The
Purchaser will not terminate or withdraw the Offer prior to the then-scheduled expiration time of the Offer unless this Agreement is
validly terminated in accordance with its terms. In the event that this Agreement is terminated, the Purchaser will promptly, irrevocably
and unconditionally terminate the Offer. In the event that the Offer is terminated, the Purchaser will not acquire any Shares pursuant
to the Offer and will cause any depositary acting on its behalf to return, in accordance with Applicable Law, all tendered Shares to
the registered holders 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to the terms and conditions set forth in this Agreement (including &lrm;Section&nbsp;2.01(e)) and to the satisfaction or waiver of the
Offer Conditions in accordance with this Agreement, the Purchaser will (i)&nbsp;accept for payment, as promptly as practicable (and in
any event within one Business Day) after the Expiration Time (or, if proration is required under &lrm;Section&nbsp;2.01(e), after the
final proration factor is determined) all Shares validly tendered and not withdrawn pursuant to the Offer (the time at which Shares are
first accepted for payment under the Offer, the &ldquo;<B>Acceptance Time</B>&rdquo;, and the date on which the Acceptance Time occurs,
the &ldquo;<B>Offer Closing Date</B>&rdquo;), and (ii)&nbsp;promptly thereafter (and in any event no later than one Business Day) pay
for such Shares.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
and to the extent that a number of Shares in excess of the Maximum Share Number are validly tendered and not withdrawn pursuant to the
Offer, then, in accordance with Section&nbsp;14(d)(6)&nbsp;of the Exchange Act, the number of Shares validly tendered and not withdrawn
by each tendering holder of Shares will be deemed decreased on a <I>pro rata</I> basis (subject to <I>&lrm;</I>Section&nbsp;2.01(e)(ii))
based on the number of Shares validly tendered and not withdrawn by each tendering shareholder (with fractional Shares rounded to the
nearest whole Share) such that the aggregate number of Shares accepted for payment, and paid for, by the Purchaser in the Offer will
be equal to the Maximum Share Number. The Parties acknowledge and agree that if such proration is necessary, the Purchaser will determine
the final proration factor in accordance with the immediately preceding sentence (and subject to <I>&lrm;</I>Section&nbsp;2.01(e)(ii))
promptly (and in any event within three Business Days) after the Offer Closing Date).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Parties acknowledge and agree that the final proration factor for the Offer will be determined in accordance with Rule&nbsp;14d-8 of
the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Offer Commencement Date, the Purchaser will (i)&nbsp;file with the SEC a Tender Offer Statement on Schedule TO with respect to the
Offer (together with all amendments and supplements thereto, and including all exhibits thereto, the &ldquo;<B>Schedule TO</B>&rdquo;)
that will include the summary term sheet required thereby and, as exhibits, the offer to purchase, a form of letter of transmittal and
a summary advertisement (collectively, together with any amendments or supplements thereto, the &ldquo;<B>Offer Documents</B>&rdquo;)
and (ii)&nbsp;cause the Offer Documents to be disseminated to holders of Shares to the extent required by applicable U.S. federal securities
laws. The Purchaser will use its reasonable best efforts to ensure that the Schedule TO, and any amendments or supplements thereto comply
in all material respects with the rules&nbsp;and regulations promulgated by the SEC under the Exchange Act. Each of the Purchaser and
the Company agrees to promptly respond to any comments of the SEC or its staff and to promptly correct any information provided by it
or on its behalf for use in the Schedule TO and the Offer Documents if and to the extent that such information has become (or has become
known to be) false or misleading in any material respect. The Purchaser will use its reasonable best efforts to cause the Schedule TO
as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case
to the extent required by applicable U.S. federal securities laws or the rules&nbsp;and regulations of the NYSE. The Company will furnish
to the Purchaser the information relating to the Company required by the Exchange Act to be set forth in the Schedule TO and the Offer
Documents. The Company and its counsel will be given a reasonable opportunity to review and comment on the Schedule TO and any Offer
Document each time before any such document is filed with the SEC, and the Purchaser will give reasonable and good faith consideration
to any comments timely made thereon by the Company and its counsel. The Purchaser will provide the Company and its counsel with (i)&nbsp;any
comments or other communications, whether written or oral, that the Purchaser or its counsel may receive from time to time from the SEC
or its staff with respect to the Schedule TO or the Offer Documents promptly after receipt of those comments or other communications
and (ii)&nbsp;a reasonable opportunity to participate in the response of the Purchaser to those comments and to provide comments on that
response (to which reasonable and good faith consideration will be given), including by using reasonable best efforts to give the Company
the opportunity to participate with the Purchaser and its counsel in any substantive discussions or meetings with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Purchaser shall use its reasonable best efforts to keep the Company reasonably informed on a reasonably current basis of the status of
the Offer, including with respect to the number of Shares that have been validly tendered and not validly withdrawn in accordance with
the terms of the Offer, and with respect to any material developments with respect thereto and, upon the Company&rsquo;s written request,
use its reasonable best efforts to provide the Company as soon as practicable with the most recent report then available from the depositary
agent detailing the number of Shares that have been validly tendered and not validly withdrawn in accordance with the terms of the Offer.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Company
Actions.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company hereby (i)&nbsp;consents to the Offer and (ii)&nbsp;subject to and without limiting &lrm;Section&nbsp;2.02(b)&nbsp;and &lrm;Section&nbsp;5.01(a)(ii),
(x)&nbsp;consents to the inclusion of the Company Board Recommendation in the Offer Documents, and (y)&nbsp;agrees that the Company Board
Recommendation shall not be withdrawn or modified in a manner adverse to the Purchaser, and that no resolution of the Company Board or
any committee thereof to withdraw or modify the Company Board Recommendation in a manner adverse to the Purchaser shall be adopted.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything</FONT> in this Agreement to the contrary, the Company Board Recommendation may be withdrawn or modified in a manner adverse
to the Purchaser at any time prior to the Acceptance Time if: (A)&nbsp;(i)&nbsp;an Acquisition Proposal is made that did not result directly
or indirectly from a breach of this &lrm;Section&nbsp;2.02 or &lrm;Section&nbsp;5.01(a)(ii)&nbsp;that the Company Board has concluded
in good faith (after receiving and considering the advice of the Company&rsquo;s outside financial advisor and outside legal counsel)
would, if this Agreement or the Offer were not amended or an alternative transaction with the Purchaser were not entered into, be a Superior
Proposal; (ii)&nbsp;the Company provides written notice to the Purchaser of its intention to consider withdrawing or modifying the Company
Board Recommendation on the basis of such Acquisition Proposal on or prior to the date four (4)&nbsp;Business Days prior to the Company
Board withdrawing or modifying the Company Board Recommendation, including, if not already provided, a description of the material terms
of such Acquisition Proposal; (iii)&nbsp;the Company complies with the provisions of &lrm;Section&nbsp;5.02(c)&nbsp;with respect to such
Acquisition Proposal and following the Negotiation Period described in &lrm;Section&nbsp;5.02(c), the Company Board reasonably determines
in good faith, after receiving and considering the advice of the Company&rsquo;s outside financial advisor and outside legal counsel,
and after taking into account any written proposal submitted to the Company by the Purchaser to amend this Agreement or the Offer or
enter into an alternative transaction as a result of any negotiations contemplated by &lrm;Section&nbsp;5.02(c), that such Acquisition
Proposal still constitutes a Superior Proposal and that the failure to withdraw or modify the Company Board Recommendation in a manner
adverse to the Purchaser would be inconsistent with the Company Board&rsquo;s fiduciary obligations under Applicable Law; or (B)(i)&nbsp;there
is a material event, change or development in circumstances arises after the date hereof with respect to the Company that was neither
known by nor reasonably foreseeable to the Company Board or management of the Company as of or prior to the date hereof and does not
involve or relate to an Acquisition Proposal (an &ldquo;<B>Intervening Event</B>&rdquo;), (ii)&nbsp;the Company provides written notice
to the Purchaser of its intention to consider withdrawing or modifying the Company Board Recommendation on the basis of such Intervening
Event on or prior to the date four (4)&nbsp;Business Days prior to the Company Board withdrawing or modifying the Company Board Recommendation,
including, if not already provided, a reasonably detailed description of such Intervening Event, (iii)&nbsp;the Company negotiates, and
causes its Representatives to negotiate, in good faith with the Purchaser and its Representatives with respect to any proposed changes
by the Purchaser to the terms and conditions of this Agreement and, if applicable, the other Transaction Documents or the Transactions
(or with respect to other proposals made by the Purchaser), and (iv)&nbsp;the Company Board reasonably determines in good faith, after
receiving and considering the advice of the Company&rsquo;s outside financial advisor and outside legal counsel, and after taking into
account any written proposal submitted to the Company by the Purchaser to amend this Agreement or the Offer or enter into an alternative
transaction as a result of any negotiations contemplated by clause (iii)&nbsp;above, that the failure to withdraw or modify the Company
Board Recommendation in a manner adverse to the Purchaser would be inconsistent with the Company Board&rsquo;s fiduciary obligations
under Applicable Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will, or will cause its transfer agent to, as promptly as practicable, furnish the Purchaser with mailing labels containing the
names and addresses of the record holders of Shares as of the most recent practicable date together with copies of all lists of shareholders,
security position listings, participant lists from Computershare and computer files (including a &ldquo;non-objecting beneficial owners&rdquo;
list), in each case in the Company&rsquo;s possession or control, and such other information or assistance as the Purchaser may reasonably
request in communicating the Offer to holders of Shares. Except as may be necessary to disseminate the Offer Documents, the Purchaser
will hold in confidence the information contained in any such labels, listings and files in accordance with the Nondisclosure Agreement,
will use such information only in connection with the Offer and, if this Agreement is terminated, will return or destroy all copies and
any extracts or summaries of such information then in their possession or control; <I>provided</I> that the Purchaser and each of its
agents may each retain one copy of any such information to the extent necessary to comply with Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Offer Commencement Date, as soon as practicable after the Schedule TO has been filed pursuant to &lrm;Section&nbsp;2.01(f), the Company
will (i)&nbsp;file with the SEC and (ii)&nbsp;to the extent required by applicable U.S. federal securities laws, disseminate to holders
of Shares, a Solicitation/Recommendation Statement on Schedule 14D-9 (together with any amendments or supplements thereto, the &ldquo;<B>Schedule
14D-9</B>&rdquo;) that, subject to &lrm;Section&nbsp;2.02(b), shall reflect the Company Board Recommendation. The Company will use its
reasonable best efforts to ensure that the Schedule 14D-9, and any amendments or supplements thereto, comply in all material respects
with the rules&nbsp;and regulations promulgated by the SEC under the Exchange Act. Each of the Company and the Purchaser agrees to promptly
respond to any comments of the SEC or its staff and to promptly correct any information provided by it or on its behalf for use in the
Schedule 14D-9 if and to the extent that such information has become (or has become known to be) false or misleading in any material
respect. The Company will use reasonable best efforts to cause the Schedule 14D-9 as so corrected to be filed with the SEC and to be
disseminated to holders of Shares, in each case to the extent required by applicable U.S. federal securities laws or the rules&nbsp;and
regulations of the NYSE. The Purchaser will furnish to the Company the information relating to the Purchaser required by the Exchange
Act to be set forth in the Schedule 14D-9. The Purchaser and its counsel will be given a reasonable opportunity to review and comment
on the Schedule 14D-9 each time before it is filed with the SEC, and the Company will give reasonable and good faith consideration to
any comments made by the Purchaser and its counsel. The Company will provide the Purchaser and its counsel with (i)&nbsp;any comments
or other communications, whether written or oral, that the Company or its counsel may receive from time to time from the SEC or its staff
with respect to the Schedule 14D-9 promptly after receipt of those comments or other communications and (ii)&nbsp;a reasonable opportunity
to participate in the Company&rsquo;s response to those comments and to provide comments on that response (to which reasonable and good
faith consideration will be given), including by using reasonable best efforts to give the Purchaser the opportunity to participate with
the Company or its counsel in any substantive discussions or meetings with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Directors</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Effective
upon the Acceptance Time, the Purchaser shall be entitled to designate, to serve on the Company Board, the number of directors, rounded
up to the next whole number, determined by multiplying: (i)&nbsp;the total number of directors on the Company Board (giving effect to
any increase in the size of the Company Board effected pursuant to this Section&nbsp;2.03(a)); by (ii)&nbsp;a fraction having a numerator
equal to the aggregate number of Shares then beneficially owned by the Purchaser (including all Shares accepted for payment pursuant
to the Offer), and having a denominator equal to the total number of Shares then issued and outstanding, and the Purchaser shall have
the right to cause one of the directors so designated by it to serve as the Executive Chairman of the Company. Promptly following a request
from the Purchaser, and if such request is received at least ten (10)&nbsp;days prior to the Acceptance Time, then not later than the
Acceptance Time, the Company shall cause the Purchaser&rsquo;s designees to be elected or appointed to the Company Board, including seeking
and accepting resignations of incumbent directors, such resignations to be delivered to the Purchaser prior to the Acceptance Time but
effective as of the Acceptance Time. From and after the Acceptance Time, to the extent requested by the Purchaser, the Company shall
also use commercially reasonable efforts to cause individuals designated by the Purchaser to constitute the number of members, rounded
up to the next whole number, on (1)&nbsp;each committee of the Company Board and (2)&nbsp;the board of directors of each other Company
Entity (and each committee thereof) that represents at least the same percentage as individuals designated by the Purchaser represent
on the Company Board.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with the performance of its obligations to cause the Purchaser&rsquo;s designees to be elected or appointed to the Company
Board, </FONT>each of the Company and the Purchaser shall use its commercially reasonable efforts to promptly take all actions, and the
Company shall cause to be included in the Schedule 14D-9 such information with respect to the Company and its officers and directors,
as Section&nbsp;14(f)&nbsp;of the Exchange Act and Rule&nbsp;14f-1 thereunder require (subject to the Company&rsquo;s receipt from Purchaser
of the information with respect to the Purchaser and its nominees, officers, directors and affiliates required by Section&nbsp;14(f)&nbsp;of
the Exchange Act and Rule&nbsp;14f-1 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Withholding
Rights</I>. Notwithstanding any provision contained herein to the contrary, the Purchaser and the depositary for the Offer will be entitled
to deduct and withhold from the consideration otherwise payable to any Person pursuant to this Agreement such amounts as it is required
to deduct and withhold with respect to the making of such payment under any provision of Tax law. If the Purchaser or the depositary
for the Offer so withholds amounts and remits such amounts to the applicable Governmental Authority, such amounts will be treated for
all purposes of this Agreement as having been paid to such Person in respect of which the Purchaser or the depositary for the Offer made
such deduction and withholding.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Adjustments</I>.
If, during the period between the date of this Agreement and the Offer Closing Date, the outstanding Shares (or securities convertible
or exchangeable into, or exercisable for, Shares) has been changed into a different number of Shares or a different class (including
by reason of any reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment
of Shares, or stock dividend thereon with a record date during such period or otherwise, the Minimum Share Number, the Maximum Share
Number, the Offer Price and any other amounts payable pursuant to this Agreement will be appropriately adjusted. Nothing in this &lrm;Section&nbsp;2.05
will be construed to permit any Party to take any action that is otherwise prohibited or restricted by any other provision of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;3</FONT><FONT STYLE="font-variant: small-caps"><BR>
REPRESENTATIONS AND WARRANTIES OF THE COMPANY</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to &lrm;Section&nbsp;9.03, except (i)&nbsp;as
disclosed in any Company SEC Documents filed by the Company with the SEC since January&nbsp;1, 2023 and at least two (2)&nbsp;Business
Days prior to the date of this Agreement (other than any information in the &ldquo;Risk Factors&rdquo; or &ldquo;Forward-Looking Statements&rdquo;
sections of such Company SEC Documents), or (ii)&nbsp;as set forth in the Company Disclosure Schedule, the Company represents and warrants
to the Purchaser 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Corporate
Existence and Power</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of Luxembourg (to the extent such concept
exists under the Applicable Law of Luxembourg), including the LCA, and has all corporate powers necessary to enable it to use its legal
or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently
conducted. The Company is duly qualified or registered to do business and is in good standing in each jurisdiction where such qualification
or registration is necessary, except for those jurisdictions where failure to be so qualified or registered would not reasonably be expected
to have, individually or in the aggregate, a Company Material Adverse Effect. The Company has made available to the Purchaser (through
the Company SEC Documents) true and complete copies of the Company Articles as in effect as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the Company nor any other Company Entity owns any capital stock of, or any equity interest of any nature in, any Person that is not a
Company Entity</FONT>. Each of the Company Entities (other than the Company) is a corporation or other legal entity duly incorporated
or organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (to the extent
such concept exists under the Applicable Law of such jurisdiction), and has all corporate or other entity powers necessary to enable
it to use its legal or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry
on its business as presently conducted. Each of the Company Entities (other than the Company) is duly qualified or registered to do business
and is in good standing in each jurisdiction where such qualification or registration is necessary, except for those jurisdictions where
failure to be so qualified or registered would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect. The Company has made available to the Purchaser true and complete copies of the articles of association, articles or
certificate of incorporation or other applicable organizational documents of each of the Company Entities (other than the Company) as
in effect as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Corporate
Authorization.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
execution, delivery and performance by the Company of this Agreement and each other Transaction Document to which the Company is a party,
and the consummation by the Company of the Transactions, are within the Company&rsquo;s corporate powers and have been duly authorized
by all necessary corporate action on the part of the Company. Subject to Section&nbsp;6.07, no vote of the holders of any of the Company&rsquo;s
capital stock is necessary in connection with the Offer or the other Transactions. This Agreement and the other Transaction Documents
to which the Company is a party each constitute a valid and binding agreement of the Company enforceable against the Company in accordance
with its terms, subject to the Enforceability Exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
a meeting duly called and held, the Company Board has unanimously (i)&nbsp;determined that this Agreement, the other Transaction Documents
and the Transactions, including the Offer, are fair to the Company&rsquo;s shareholders, (ii)&nbsp;approved, adopted and declared advisable
this Agreement and each other Transaction Document to which the Company is a party, and the Transactions, including the Offer, and (iii)&nbsp;resolved
to recommend that the shareholders of the Company accept the Offer and tender their Shares into the Offer.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Governmental
Authorization</I>. The execution, delivery and performance by the Company of this Agreement and each other Transaction Document to which
the Company is a party, and the consummation by the Company of the Transactions, require no action by or in respect of, or Filing with,
any Governmental Authority, other than (i)&nbsp;compliance with any applicable requirements of any Competition Laws, (ii)&nbsp;compliance
with any applicable requirements of the Securities Act, the Exchange Act and any other applicable U.S. federal securities laws, (iii)&nbsp;compliance
with any applicable requirements of the NYSE, and (iv)&nbsp;any other actions or Filings the absence of which would not have or reasonably
be expected to have, individually or in the aggregate, a Company Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Non-contravention</I>.
The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the Transactions do not
and will not (i)&nbsp;contravene, conflict with, or result in any violation or breach of any provision of the Company Articles or any
other organizational document of the Company, (ii)&nbsp;assuming compliance with the matters referred to in &lrm;Section&nbsp;3.03, contravene,
conflict with or result in a violation or breach of any provision of any Applicable Law, (iii)&nbsp;assuming compliance with the matters
referred to in &lrm;Section&nbsp;3.03, require any payment to or consent or other action by, or notice to, any Person under, constitute
a breach or default (or constitute an event that, with or without notice or lapse of time or both, would constitute a breach or default)
under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit
to which any of the Company Entities is entitled under any provision of any Contract binding on, or any Permit of, any of the Company
Entities (or any Contract to which any of their respective assets is subject), or (iv)&nbsp;result in the creation or imposition of any
Lien on any asset of any of the Company Entities, except, in the case of the preceding clauses (ii)-(iv), as would not reasonably be
expected to have, individually or in the aggregate, a Company Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Capitalization.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
authorized capital stock of the Company consists of 146,858,178 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
of the date of this Agreement, there are issued 111,381,815 Shares, of which 99,993,156 are outstanding. All outstanding Shares have
been duly authorized and validly issued, and are fully paid and nonassessable, free and clear of any Liens and free of any preemptive
or similar rights.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
of the date of this Agreement, there are (i)&nbsp;1,269,446 Shares issuable under Company Options outstanding, (ii)&nbsp;2,396,797 Company
Restricted Shares outstanding and (iii)&nbsp;644,439 Shares reserved and available for future issuance under the Company Stock Plans.
All outstanding Company Options and Company Restricted Shares have been duly authorized and validly issued, and are fully paid and nonassessable,
free and clear of any Liens and free of any preemptive or similar rights. The number of Fully Diluted Shares as of the date of this Agreement
is 101,262,602.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Other
than the Company Restricted Shares set forth in Section&nbsp;3.05(c), there are no equity or equity-based awards outstanding under any
Company Stock Plan.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
are no outstanding bonds, debentures, notes or other indebtedness of the Company having the right to vote (or convertible into, or exchangeable
for, securities having the right to vote) on any matters on which shareholders of the Company may vote. Except as set forth in this &lrm;Section&nbsp;3.05,
there are no issued, reserved for issuance or outstanding (i)&nbsp;shares of capital stock or other voting securities of or ownership
interests in the Company, (ii)&nbsp;securities of the Company convertible into or exchangeable or exercisable for shares of capital stock
or other voting securities of or ownership interests in the Company, (iii)&nbsp;warrants, calls, options or other rights to acquire from
the Company, or other obligation of the Company to issue, any capital stock or other voting securities or ownership interests in or any
securities convertible into or exchangeable or exercisable for capital stock or other voting securities or ownership interests in the
Company or (iv)&nbsp;restricted shares, restricted stock units, stock appreciation rights, performance units, contingent value rights,
&ldquo;phantom&rdquo; stock or similar securities or rights that are derivative of, or provide economic benefits based on, directly or
indirectly, the value or price of, any capital stock or voting securities of the Company (the items in clauses &lrm;(i)&nbsp;through
&lrm;(iv)&nbsp;being referred to collectively as the &ldquo;<B>Company Securities</B>&rdquo;). There are no outstanding obligations of
any of the Company Entities to repurchase, redeem or otherwise acquire any of the Company Securities. Neither the Company nor any of
the other Company Entities is a party to any voting agreement with respect to the voting of any Company Securities. There are no Company
Securities or instruments containing anti-dilution, adjustments, modifications or similar provisions that will be triggered by the Offer
or the Transactions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
Shares or other Company Securities are owned by any of the Company Entities.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>SEC
Filings</I>. The Company timely has filed with or furnished to the SEC, all Company SEC Documents. The Company has made available to
the Purchaser true and complete copies of all comment letters from the staff of the SEC relating to the Company SEC Documents containing
unresolved comments and all written responses of the Company thereto and, except as set forth therein, to the knowledge of the Company,
no Company SEC Document is the subject of ongoing SEC review, comment or investigation and there are no outstanding or unresolved comments
received from the SEC with respect to any Company SEC Document. As of its filing date (or, if amended or superseded by a filing prior
to the date hereof, on the date of such filing), each Company SEC Document complied in all material respects with the applicable requirements
of the NYSE, the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, and did not (and each Company SEC Document
filed subsequent to the date hereof will not) contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made,
not misleading. As of the date hereof, the Shares are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act and listed on
the NYSE and the Company has taken no action designed to, or which to the knowledge of the Company is reasonably likely to have the effect
of, terminating the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the NYSE, nor has the
Company received as of the date of this Agreement any notification that the SEC or the NYSE is contemplating terminating such registration
or listing. The Company is in compliance in all material respects with applicable continued listing requirements of the NYSE.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.07.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Financial
Statements</I>. The Company Audited Financial Statements (a)&nbsp;complied at the time they were filed as to form in all material respects
with the applicable accounting requirements and the published rules&nbsp;and regulations of the SEC with respect thereto, (b)&nbsp;were
prepared in accordance with IFRS applied on a consistent basis throughout the periods covered thereby (except as may be indicated in
the notes to such financial statements), and (c)&nbsp;fairly present in all material respects, in conformity with IFRS applied on a consistent
basis (except as may be indicated in the notes thereto), the consolidated financial position of the Company and its consolidated Subsidiaries
as at the dates thereof and their consolidated results of operations and cash flows for the periods then ended.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.08.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Disclosure
Documents.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Schedule 14D-9 will, when filed, distributed or disseminated, as applicable, will comply as to form in all material respects with the
applicable requirements of the Exchange Act and all other Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>None
of the information supplied or to be supplied by or on behalf of the Company for inclusion in the Offer Documents or the Schedule 14D-9
will, at the time the Offer Documents and the Schedule 14D-9 are mailed to shareholders of the Company or at any time between the time
the Offer Documents and the Schedule 14D-9 are mailed to shareholders of the Company and the Acceptance Time, contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they are made, not misleading; <I>provided, however</I>, that notwithstanding the foregoing,
the Company makes no representation or warranty with respect to any information furnished or otherwise provided to the Company by or
on behalf of the Purchaser for inclusion in the Schedule 14D-9.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.09.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Properties</I>.
Section&nbsp;3.09 of the Company Disclosure Schedule sets forth a true and complete list of the real properties owned by the Company
Entities (the &ldquo;<B>Owned Real Property</B>&rdquo;) as of the date of this Agreement. Except as would not be material to the Company
Entities, as of the date of this Agreement the Company Entities have good title to all Owned Real Property.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Undisclosed Liabilities</I>. There are no liabilities or obligations of any of the Company Entities of any kind whatsoever, whether accrued,
contingent, absolute, known, unknown, determined, determinable or otherwise, other than: (i)&nbsp;liabilities or obligations disclosed
and reserved for in the Company&rsquo;s balance sheet as of the Company Balance Sheet Date (or the notes thereto), (ii)&nbsp;liabilities
or obligations incurred after the Company Balance Sheet Date in the ordinary course of business consistent with past practice (excluding
liabilities arising out of any breach of or default under a Contract or violation of Applicable Law), (iii)&nbsp;obligations expressly
contemplated by, and fees and expenses payable to its external Representatives for services rendered in connection with, this Agreement,
the other Transaction Documents and the Transactions, (iv)&nbsp;liabilities or obligations under Contracts existing as of the date of
this Agreement or entered into after the date hereof to the extent permitted under Section&nbsp;5.01 (excluding liabilities arising out
of any breach or default under such Contracts), and (v)&nbsp;liabilities or obligations that would not reasonably be expected to have,
individually or in the aggregate, a Company Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance
with Laws and Court Orders</I>. Except as has not been, and would not reasonably be expected to be, material to the Company Entities,
taken as a whole, Company and each of the other Company Entities is, and since January&nbsp;1, 2024, has been, in compliance with, has
not been charged with or given written notice by any Governmental Authority of any violation of and, to the knowledge of the Company,
is not under investigation with respect to and has not been threatened to be charged with any violation of, Applicable Law or the terms
of any of its Permits. As of the date of this Agreement, there is no judgment, decree, injunction, rule&nbsp;or order of any arbitrator
or Governmental Authority outstanding against or affecting any of the Company Entities that prevents, enjoins, alters or materially delays
the Offer or any of the other Transactions. Except as has not been, and would not reasonably be expected to be, material to the Company
Entities, taken as a whole, the Company and each of the other Company Entities has all Permits necessary to enable it to use its legal
or other business name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently
conducted.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.12.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Proceedings</I>.
As of the date of this Agreement, there is no Proceeding pending against or, to the knowledge of the Company, threatened against the
Company, any of the other Company Entities, any of their respective assets or properties, any of their respective present or former officers,
directors or employees in their capacities as such, or any Person for whom the Company or any of the other Company Entities may be liable
before (or, in the case of threatened Proceedings, would be before) or by any Governmental Authority or arbitrator, in each case, except
as has not been, and would not reasonably be expected to be, material to the Company Entities, taken as a whole.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.13.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Finders&rsquo;
Fees</I>. Except as set forth on Section&nbsp;3.13 of the Company Disclosure Schedule, there is no investment banker, broker, finder
or other intermediary who might be entitled to any fee or commission from the Company or any of the other Company Entities in connection
with the Transactions or the other Transaction Documents. The Company has disclosed to the Purchaser all material terms of all agreements
under which any such fee or commission has been paid or may become payable and all indemnification agreements and other Contracts related
to any such arrangements.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.14.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Antitakeover
Statutes and Rights Agreement</I>. The Company has no &ldquo;rights plan,&rdquo; &ldquo;rights agreement,&rdquo; or &ldquo;poison pill&rdquo;
in effect. No &ldquo;control share acquisition,&rdquo; &ldquo;fair price,&rdquo; &ldquo;moratorium&rdquo; or other antitakeover or similar
Applicable Law apply to this Agreement or any other Transaction Document or any of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.15.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Other Representations and Warranties</I>. Except as set forth in this Agreement or in any of the other Transaction Documents, the Company
has not made any representation or warranty, express or implied, to the Purchaser in connection with this Agreement or any of the Transactions.
Notwithstanding the foregoing, nothing contained in this Agreement shall limit, or constitute a waiver of, any right of the Purchaser
to bring a claim, or obtain any remedy for, any fraudulent acts or omissions or intentional misrepresentations of the Company whether
or not contained in the representations or warranties of the Company 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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;4</FONT><FONT STYLE="font-variant: small-caps"><BR>
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</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-indent: 0.5in">The Purchaser represents and warrants to the Company
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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Corporate
Existence and Power</I>. The Purchaser is a corporation duly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has all corporate powers and all Permits necessary to enable it to use its legal or other business
name, to own, lease or otherwise hold and operate its properties and other assets and to carry on its business as presently conducted,
except for those Permits the absence of which would not reasonably be expected to have, individually or in the aggregate, a Purchaser
Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Corporate
Authorization</I>. The execution, delivery and performance by the Purchaser of this Agreement, and the execution, delivery and performance
by the Purchaser of each other Transaction Document to which the Purchaser is a party, and the consummation by the Purchaser of the Offer
and the other Transactions, are within the corporate powers of the Purchaser and have been duly authorized by all necessary corporate
action on the part of the Purchaser. This Agreement and each other Transaction Document to which the Purchaser is a party constitutes
a valid and binding agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to the Enforceability
Exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Governmental
Authorization</I>. The execution, delivery and performance by the Purchaser of this Agreement, and the execution, delivery and performance
by the Purchaser of each other Transaction Document to which the Purchaser is a party, and the consummation by the Purchaser of the Offer
and the other Transactions, require no action by or in respect of, or Filing with, any Governmental Authority, other than (i)&nbsp;compliance
with any applicable requirements of any Competition Laws, (ii)&nbsp;compliance with any applicable requirements of the Securities Act,
the Exchange Act and any other U.S. federal securities laws, (iii)&nbsp;compliance with any national securities exchange on which the
securities of the Purchaser or any of its Affiliates are listed or any other applicable listing authority and (iv)&nbsp;any actions or
Filings the absence of which would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse
Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Non-contravention</I>.
The execution, delivery and performance by the Purchaser of this Agreement, and the execution, delivery and performance by the Purchaser
of each other Transaction Document to which the Purchaser is a party, and the consummation by the Purchaser of the Offer and the other
Transactions, do not and will not (i)&nbsp;contravene, conflict with, or result in any violation or breach of any provision of the organizational
documents of the Purchaser, (ii)&nbsp;assuming compliance with the matters referred to in &lrm;Section&nbsp;4.03, contravene, conflict
with or result in a violation or breach of any provision of any Applicable Law, (iii)&nbsp;assuming compliance with the matters referred
to in &lrm;Section&nbsp;4.03, require any consent or other action by any Person under, constitute a default (or constitute an event that,
with or without notice or lapse of time or both, would constitute a default) under, or cause or permit the termination, cancellation,
acceleration or other change of any right or obligation or the loss of any benefit to which the Purchaser is entitled under any provision
of any Contract binding upon, or any Permit of, the Purchaser (or any Contract to which any of its assets is subject), or (iv)&nbsp;result
in the creation or imposition of any Lien on any asset of the Purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Litigation</I>.
There is no Proceeding pending against or, to the knowledge of the Purchaser, threatened against the Purchaser, any of its Affiliates,
any of their respective assets or properties, any of their respective present or former officers, directors or employees in their capacities
as such, or any Person for whom the Purchaser or any of its Affiliates may be liable before (or, in the case of threatened Proceedings,
would be before) or by any Governmental Authority or arbitrator that, assuming such Proceedings were determined or resolved adversely
in accordance with the opposing party&rsquo;s demands, would reasonably be expected to have, individually or in the aggregate, a Purchaser
Material Adverse Effect.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Disclosure
Documents.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Schedule TO, when filed, and the Offer Documents, when distributed or disseminated, will comply as to form in all material respects with
the applicable requirements of the Exchange Act and all other Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;None
of the information supplied or to be supplied by or on behalf of the Purchaser for inclusion in the </FONT>Schedule 14D-9 or Offer Documents
will, at the time the Schedule 14D-9 and the Offer Documents are mailed to the shareholders of the Company or at the Acceptance Time,
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they are made, not misleading; <I>provided</I>, <I>however</I>,
that notwithstanding the foregoing, the Purchaser makes no representation or warranty with respect to any information furnished or otherwise
provided to the Purchaser by or on behalf of the Company for inclusion in the Offer Documents.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.07.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Finders&rsquo;
Fees</I>. There is no investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf
of the Purchaser who might be entitled to any fee or commission from the Company or any of its Affiliates upon consummation of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.08.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Financing</I>.
The Purchaser has, and will have as of the Offer Closing Date, sufficient cash, available lines of credit or other sources of immediately
available funds to enable it to consummate the Offer in accordance with the terms hereof and to make payment of any other amounts to
be paid by it hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.09.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Other Representations and Warranties</I>. Except as set forth in this Agreement or in any of the other Transaction Documents, the Purchaser
has not made any representation or warranty, express or implied, to the Company in connection with this Agreement or any of the Transactions.
Notwithstanding the foregoing, nothing contained in this Agreement shall limit, or constitute a waiver of, any right of the Company to
bring a claim, or obtain any remedy for, any fraudulent acts or omissions or intentional misrepresentations of the Purchaser whether
or not contained in the representations or warranties of the Purchaser 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;5</FONT><FONT STYLE="font-variant: small-caps"><BR>
COVENANTS OF THE COMPANY</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Conduct
of the Business of the Company Entities</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the Pre-Closing Period, the Company will, and will cause each of any of the other Company Entities to, conduct its business in the ordinary
course consistent with past practice. Without limiting the generality of the foregoing, during the Pre-Closing Period, (i)&nbsp;the Company
will, and will cause each of the other Company Entities to, use its commercially reasonable efforts to (A)&nbsp;preserve intact its present
business organization, (B)&nbsp;maintain in effect its Permits, (C)&nbsp;keep available the services of its directors, officers, key
employees and key consultants, and (D)&nbsp;maintain satisfactory relationships with its customers, lenders, suppliers and others having
significant business relationships with it, and (ii)&nbsp;except (x)&nbsp;as required by or expressly contemplated by this Agreement,
(y)&nbsp;as set forth in Section&nbsp;5.01 of the Company Disclosure Schedule or (z)&nbsp;with the prior written consent of the Purchaser,
the Company will not, nor will it permit any of the other Company Entities to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>take
any actions outside of the ordinary course of business of such Company Entity consistent with past practice;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(x)&nbsp;split,
combine or reclassify any shares of its capital stock, (y)&nbsp;declare, set aside or pay any dividend or other distribution (whether
in cash, stock or property or any combination thereof) in respect of its capital stock, except (A)&nbsp;for dividends payable by any
of the other Company Entities or (B)&nbsp;pursuant to the Distribution Policy or (z)&nbsp;redeem, repurchase or otherwise acquire, or
offer to redeem, repurchase or otherwise acquire, any Company Securities, other than, in the case of this clause (z), in connection with
(A)&nbsp;the formation of any Subsidiary of the Company or (B)&nbsp;(1)&nbsp;the satisfaction by the Company of tax withholding obligations
upon exercise of Company Options and/or the vesting or settlement of any Company Restricted Shares, (2)&nbsp;exercise price net settlements
upon exercise of Company Options and (3)&nbsp;forfeiture of any Company Restricted Shares, in the case of this clause (B)&nbsp;in accordance
with the applicable Company Stock Plan and the applicable award agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>except
as set forth in <FONT STYLE="font-size: 10pt"><I>&lrm;</I></FONT>Section&nbsp;6.11, issue, sell or otherwise deliver any Company Securities,
other than the issuance or transfer of any Shares upon the exercise of Company Options that are outstanding on the date hereof in accordance
with their terms;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>merge
or consolidate with any other Person or adopt a plan of complete or partial liquidation, dissolution, recapitalization or restructuring;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>amend
or waive any of its rights under, or accelerate the vesting under, any provision of any of the Company Stock Plans, or otherwise modify
any of the terms of any outstanding Company Option or Company Restricted Share; <I>provided, however</I>, that this provision shall not
prevent the acceleration of vesting under any Company Option or Company Restricted Share outstanding as of the date of this Agreement
in connection with the consummation of the Offer and the other Transactions; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0.25in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>authorize,
agree, resolve or commit to do any of the foregoing.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the Pre-Closing Period, each of the Company and Purchaser shall, promptly upon obtaining knowledge of any inaccuracy of any representation
or warranty made by such Party contained in this Agreement, any failure of such Party or its Affiliates to comply with any of the covenants
or agreements hereunder applicable to them, or any other facts and circumstances, in each case, that would reasonably be expected to
cause any of the conditions set forth in <U>Annex I</U> not to be satisfied by the End Date (as extended), and in the case of the Company,
any event, condition, fact or circumstance that has had or would reasonably be expected to have or result in a Company Material Adverse
Effect, notify the other Party in writing of such inaccuracy, failure or other facts and circumstances; <I>provided</I> that any good
faith failure by the Company to provide such prompt written notice to the Purchaser shall not in and of itself constitute a breach of
this &lrm;Section&nbsp;5.01(b)&nbsp;that results in the failure of the condition set forth in clause &lrm;(c)(v)&nbsp;of <U>Annex I</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Solicitation; Other Offers</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the Pre-Closing Period, neither the Company nor any of the other Company Entities will, nor will the Company or any of the other Company
Entities authorize (including through any Person that is not a Representative) or permit any of its or their Representatives to, directly
or indirectly: (i)&nbsp;solicit, initiate or take any action to knowingly assist, facilitate or encourage the submission of any Acquisition
Proposal; (ii)&nbsp;enter into or participate in any discussions or negotiations with, furnish any information relating to the Company
or any of the other Company Entities or afford access to the business, properties, assets, books or records of the Company or any of
the other Company Entities to, otherwise cooperate in any way with, or knowingly assist, participate in, facilitate or encourage any
effort by any Third Party that has made, is seeking to make or would be reasonably expected to make an Acquisition Proposal; (iii)&nbsp;recommend
an Acquisition Proposal other than the Offer and the other Transactions; (iv)&nbsp;fail to enforce, or grant any waiver or release under,
any standstill or similar agreement with respect to any class of equity securities of the Company or any of the other Company Entities;
or (v)&nbsp;enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition agreement, option agreement
or other similar instrument relating to an Acquisition Proposal. It is agreed that any violation of the restrictions on the Company set
forth in this Section&nbsp;5.02(a)&nbsp;by any Representative of the Company or of any of the other Company Entities will be a breach
of this Section&nbsp;5.02(a)&nbsp;by the Company; <I>provided</I> that for purposes of this &lrm;Section&nbsp;5.02, the definition of
&ldquo;<B>Representatives</B>&rdquo; shall be deemed to mean the officers, directors, managers, attorneys, investment bankers or other
third-party agents or representatives of the Company and the other Company Entities.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
Section&nbsp;&lrm;5.02(a)&nbsp;or Section&nbsp;&lrm;2.02(a), at any time prior to the Acceptance Time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company, directly or indirectly through its Representatives, (A)&nbsp;provided that the Company has complied with <I>&lrm;</I>Section&nbsp;5.02(a),
may engage in negotiations or discussions with any Third Party and its Representatives that has made after the date of this Agreement
a <I>bona fide</I>, written Acquisition Proposal that the Company Board reasonably believes is or would reasonably be expected to lead
to a Superior Proposal, (B)&nbsp;shall furnish the Purchaser with a copy of the Acquisition Proposal promptly (and in any event within
one Business Day) following receipt, and thereafter keep Purchaser promptly informed of all material changes thereto and material developments
with respect thereto, and (C)&nbsp;may furnish to such Third Party or its Representatives non-public information relating to the Company
or any of the other Company Entities pursuant to a confidentiality agreement with such Third Party with terms in all material respects
no less favorable to the Company than those contained in the Nondisclosure Agreement and other terms necessary to permit the Company
to comply with its obligations to the Purchaser pursuant to this Section&nbsp;5.02 (an &ldquo;<B>Acceptable Confidentiality Agreement</B>&rdquo;);
provided that all such information (to the extent that such information has not been previously provided or made available to the Purchaser)
is provided or made available to the Purchaser, as the case may be, prior to or substantially concurrently with the time it is provided
or made available to such Third Party; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>subject
to compliance with <I>&lrm;</I>Section&nbsp;5.02(c), if the Company has received a Superior Proposal, then the Company Board may cause
the Company to terminate this Agreement pursuant to and in accordance with <I>&lrm;</I>Section&nbsp;7.01(d)(i)&nbsp;in order to enter
into a definitive agreement providing for such Superior Proposal on the terms disclosed to the Purchaser pursuant to <I>&lrm;</I>Section&nbsp;5.02(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything to the contrary contained in this Agreement, provided that the Company has complied with </FONT>&lrm;Section&nbsp;5.02(a), the
Company and its Representatives may (x)&nbsp;following the receipt of an Acquisition Proposal from a Third Party, contact such Third
Party solely to clarify the terms and conditions of an Acquisition Proposal made by such Third Party so as to determine whether such
Acquisition Proposal is or would reasonably be expected to lead to a Superior Proposal or (y)&nbsp;direct any such Third Party to this
Agreement, including the specific provisions of this Section&nbsp;5.02(b). In addition, without limiting any other provision of this
Section&nbsp;5.02(b), the Company Board is permitted to comply with Rule&nbsp;14d-9 (including Item 1012(a)&nbsp;of Regulation M-A under
the Exchange Act) and Rule&nbsp;14e-2(a)&nbsp;under the Exchange Act with regard to an Acquisition Proposal.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will not at any time prior to the Acceptance Time, following receipt of a Superior Proposal pursuant to &lrm;Section&nbsp;5.02(b)(ii),
terminate this Agreement pursuant to &lrm;Section&nbsp;7.01(d)(i)&nbsp;in order to enter into a definitive agreement in respect thereof,
or withdraw or modify in a manner adverse to the Purchaser the Company Board Recommendation, unless: (i)&nbsp;the Company promptly provides
written notice to the Purchaser at least four (4)&nbsp;Business Days before taking such action of its intention to do so (such four (4)-Business
Day period, the &ldquo;<B>Negotiation Period</B>&rdquo;); (ii)&nbsp;such notice attaches the most current version of the proposed agreement
under which such Superior Proposal is proposed to be consummated; (iii)&nbsp;during the Negotiation Period, the Company negotiates, and
causes its Representatives to negotiate, in good faith with the Purchaser and its Representatives with respect to any proposed changes
by the Purchaser to the terms and conditions of this Agreement and, if applicable, the other Transaction Documents or the Transactions
(or with respect to other proposals made by the Purchaser); (iv)&nbsp;the Purchaser does not make, prior to 11:59 p.m., New York City
time, on the final day of the Negotiation Period, an offer that is at least as favorable to the shareholders of the Company as such Superior
Proposal (it being understood and agreed that any amendment to the financial terms or other material terms of such Acquisition Proposal
will require a new written notification from the Company and a new four (4)-Business Day period under this &lrm;Section&nbsp;5.02(c),
which will also be deemed to be a &ldquo;<B>Negotiation Period</B>&rdquo; under this &lrm;Section&nbsp;5.02(c)); and (v)&nbsp;after the
expiration of the Negotiation Period, the Company Board shall have determined in good faith, after receiving and considering the advice
of the Company&rsquo;s outside financial advisor and outside legal counsel, that such Acquisition Proposal still constitutes a Superior
Proposal.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Access
and Investigation</I>. During the Pre-Closing Period, the Company shall, and shall cause the respective Representatives of the Company
Entities, following notice from the Purchaser to the Company in accordance with this &lrm;Section&nbsp;5.03, to provide the Purchaser
and its Representatives with reasonable access during normal business hours to the Representatives of the Company Entities and to inspect
all assets, Contracts, books and records and Tax Returns of the Company Entities and all other financial, operating and other data and
information of the Company Entities, as the Purchaser may reasonably request for the purposes of preparing for the consummation of the
Offer and determining the satisfaction of the Offer Conditions; <I>provided</I>, <I>however</I>, that any such access shall be conducted
at Purchaser&rsquo;s expense and in such a manner as not to unreasonably interfere with the normal operation of the business of the Company
Entities. The Purchaser shall schedule and coordinate all inspection with the Company and shall give the Company reasonable prior written
notice thereof setting forth the scope of the inspection that the Purchaser or its Representatives intend to conduct or review, as applicable.
The Company shall be entitled to have its Representatives present at all times during any such inspection. No information or knowledge
obtained in any investigation pursuant to this &lrm;Section&nbsp;5.03 shall affect or be deemed to modify any representation or warranty
made by the Company hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Disclosures
to Governmental Authorities</I>. Without limiting the effect of any of the Parties&rsquo; other obligations set forth in this Agreement,
during the Pre-Closing Period, before filing any document with or furnishing any document to the SEC or any other Governmental Authority,
each of the Company and the Purchaser shall consult with the other Party regarding, and wherever practicable allow the other Party a
reasonable time to review and comment on, the proposed content of such document.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Takeover
Statutes</I>. The Company will: (a)&nbsp;take all actions necessary so that no &ldquo;control share acquisition,&rdquo; &ldquo;fair price,&rdquo;
&ldquo;moratorium&rdquo; or other antitakeover or similar statute or regulation becomes applicable to the transactions contemplated or
permitted by this Agreement or the other Transaction Documents and (b)&nbsp;if any such antitakeover or similar statute or regulation
becomes applicable to the transactions contemplated or permitted by this Agreement or the other Transaction Documents, use commercially
reasonable efforts to take all actions necessary so that such transactions may be consummated as promptly as practicable and otherwise
to take all such other actions as are reasonably necessary to eliminate or minimize to the greatest extent possible the effects of any
such statute or regulation on such transactions.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Shareholder
Litigation</I>. During the Pre-Closing Period, the Company will promptly advise the Purchaser of any Proceedings (including derivative
claims) commenced or, to the knowledge of the Company, threatened against the Company and/or its directors or executive officers relating
to this Agreement, the Offer or the other Transactions or the other Transaction Documents and will keep the Purchaser reasonably informed
regarding any such Proceeding, including promptly providing information with respect to any material developments relating thereto. The
Company will control the defense of any such Proceeding; <I>provided </I>that the Company shall give the Purchaser the right to review
and comment on all material filings or responses to be made by the Company in connection with any such Proceeding. The Company will not
agree to any settlement of any such Proceeding without the Purchaser&rsquo;s prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;6</FONT><FONT STYLE="font-variant: small-caps"><BR>
COVENANTS OF THE PARTIES</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Parties agree 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reasonable
Best Efforts.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to the terms and conditions of this Agreement, the Company and the Purchaser will use their reasonable best efforts to take, or cause
to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Applicable Law to consummate
the Transactions, including (i)&nbsp;preparing and filing as promptly as practicable with any Governmental Authority or other Third Party
all documentation to effect all necessary Filings and (ii)&nbsp;obtaining and maintaining all approvals, consents, registrations, permits,
authorizations and other confirmations required to be obtained from any Governmental Authority or other Third Party that are necessary,
proper or advisable to consummate the Transactions; <I>provided</I> that the Parties understand and agree that neither the Purchaser
nor the Company will be required to (and neither the Company nor any of the other Company Entities will without the Purchaser&rsquo;s
prior written consent) (A)&nbsp;divest or otherwise hold separate (including by establishing a trust or otherwise), or take, cause to
be taken or refrain from taking any other action (or otherwise agreeing to do any of the foregoing) with respect to, any of the Purchaser&rsquo;s
or the Company&rsquo;s or any of their respective Affiliates&rsquo; businesses, assets or properties, (B)&nbsp;enter into any settlement,
undertaking, consent decree, stipulation or agreement with any Governmental Authority in connection with the Transactions, (C)&nbsp;litigate,
challenge or take any action with respect to any action or Proceeding by any Governmental Authority or (D)&nbsp;agree to do any of the
foregoing.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
furtherance and not in limitation of the foregoing, each of the Purchaser and the Company will make any appropriate Filings pursuant
to any Competition Law with respect to the Transactions (as determined by the mutual agreement of Purchaser and the Company within five
(5)&nbsp;Business Days after the date hereof) as promptly as practicable (and in any event within twenty (20) Business Days) after the
date hereof and subject to Section&nbsp;6.01(a)&nbsp;use their reasonable best efforts (i)&nbsp;to supply as promptly as practicable
any additional information and documentary material that may be requested pursuant to such Competition Law and (ii)&nbsp;to cause the
expiration or termination of the applicable waiting periods under such Competition Law, or the receipt of any requisite clearances and
approvals under such Competition Law, as soon as practicable; <I>provided</I> that, for the avoidance of doubt, the Parties agree that
neither Party shall be obligated to make any Filing pursuant to the Competition Laws set forth on Section&nbsp;6.01(b)&nbsp;of the Company
Disclosure Schedule prior to the Acceptance Time.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
the extent permitted by Applicable Law, and subject to &lrm;Section&nbsp;6.01(a)&nbsp;each of the Purchaser and the Company will use
its reasonable best efforts to (i)&nbsp;cooperate in all respects with each other in connection with any Filing and in connection with
any investigation or other inquiry, including any Proceeding initiated by a private party, (ii)&nbsp;promptly inform the other Party
of any Filing or communication received from, or intended to be given to, any Governmental Authority and of any material communication
received or intended to be given in connection with any Proceeding by a private party, in each case regarding any of the Transactions,
and prior to submitting any Filing, substantive written communication, correspondence or other information or response by such Party
to any Governmental Authority (or members of the staff of any Governmental Authority) or in connection with any Proceeding by a private
party, the submitting Party will permit the other Party and its counsel the opportunity to review as reasonably in advance as practicable
under the circumstances, and consider in good faith the comments of the other Party in connection with, any such Filing, communication
or inquiry and further each of the Company and the Purchaser will furnish each other with a copy of any Filing, communication or, if
in written form, inquiry, it or any of its Affiliates makes to or receives from any Governmental Authority or in connection with any
Proceeding by private party, in each case regarding any of the Transactions, and (iii)&nbsp;consult with each other in advance of any
meeting or conference with any such Governmental Authority or, in connection with any Proceeding by a private party, with any other Person,
and to the extent reasonably practicable, give the other Party the opportunity to attend and participate in such meetings and conferences.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Certain
Filings</I>. The Company and the Purchaser will cooperate with one another (i)&nbsp;in connection with the preparation of the Offer Documents,
(ii)&nbsp;in determining whether any action by or in respect of, or Filing with, any Governmental Authority is required, or any actions,
consents, approvals or waivers are required to be obtained from parties to any Contracts in connection with the consummation of the Transactions
and (iii)&nbsp;subject to &lrm;Section&nbsp;6.01(a), in taking such actions or making any such Filings, furnishing information required
in connection therewith or with the Offer Documents and seeking timely to obtain any such actions, consents, approvals or waivers.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Public
Announcements</I>. Promptly following the execution and delivery the Parties shall issue a joint press release announcing the execution
of this Agreement and the Transactions in the form previously agreed upon by the Company and the Purchaser. Following such initial press
release, (a)&nbsp;the Purchaser and the Company will consult with each other before issuing any press release, having any communication
with the press (whether or not for attribution), making any other public statement or scheduling any press conference or conference call
with investors or analysts with respect to this Agreement, the other Transaction Documents or the Transactions and (b)&nbsp;neither the
Purchaser nor the Company will issue any such press release, make any such other public statement or schedule any such press conference
or conference call without the consent of the other Party; <I>provided</I>, <I>however</I>, that the restrictions set forth in this &lrm;Section&nbsp;6.03
will not apply to any release or public statement (i)&nbsp;required by Applicable Law or any applicable listing authority (in which case
the Parties will use commercially reasonable efforts to (x)&nbsp;consult with each other prior to making any such disclosure and (y)&nbsp;cooperate
(at the other Party&rsquo;s expense) in connection with the other Party&rsquo;s efforts to obtain a protective order), or (ii)&nbsp;made
or proposed to be made by the Company in compliance with Section&nbsp;5.02 with respect to the matters contemplated by Section&nbsp;5.02
(or by the Purchaser in response thereto). Notwithstanding the foregoing, the Parties may make oral or written public announcements,
releases or statements without complying with the foregoing requirements if the substance of such announcements, releases or statements
was publicly disclosed and previously subject to the foregoing requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notice
of Certain Events</I>. Each of the Company and the Purchaser will promptly notify the other of:</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the Transactions;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
notice or other communication received by the Company or any of its Affiliates or the Purchaser or any of its Affiliates from any Governmental
Authority in connection with the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however,</I></FONT> that the delivery of any notice pursuant to this &lrm;Section&nbsp;6.04 will not limit or otherwise affect the remedies
available hereunder to the Party receiving such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Non-Solicit</I>.
During the period commencing on the date hereof and ending on the date that is three years after the Offer Closing Date, Purchaser shall
not and shall ensure that its Affiliates (and any person acting on behalf of or in concert with Purchaser or any of its Affiliates, other
than, after the Acceptance Time, the Company Entities) shall not, directly or indirectly, solicit for employment or hire any officer,
director, or employee of any Company Entity. The restrictions of this &lrm;Section&nbsp;6.05 shall not prohibit Purchaser, however, from
(i)&nbsp;conducting any general solicitations for employment, such as any newspaper or Internet help wanted advertisement, directly or
through any agent (including placement and recruiting agencies) that is not directed at such persons, or (ii)&nbsp;hiring any such person
(A)&nbsp;who approaches Purchaser in response to such advertisements or general solicitations, (B)&nbsp;who contacts Purchaser on his
or her own initiative without any direct or indirect solicitation from Purchaser or (C)&nbsp;whose employment with Company has ceased
for a period of at least six (6)&nbsp;months prior to any solicitation or hiring.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Lock-Up</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Following
the date hereof and ending on the date that is nine months after the Offer Closing Date (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the
Purchaser shall not and shall ensure that its Affiliates (and any person acting on behalf of or in concert with the Purchaser or any
of its Affiliates) shall not, directly or indirectly, (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose
of, directly or indirectly, any Company Securities, or (2)&nbsp;enter into any hedging, swap or other agreement or transaction that transfers,
in whole or in part, any of the economic consequences of ownership of any Company Securities, whether any such transaction described
in clause (1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Company Securities, in cash or otherwise. Notwithstanding the foregoing,
during the Lock-Up Period, the Purchaser may transfer Company Securities pursuant to a bona fide Third Party tender offer, merger, consolidation
or other similar transaction made to all holders of the Company&rsquo;s capital stock, involving a change of control of the Company,
provided that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Company Securities
shall remain subject to the restrictions of this &lrm;Section&nbsp;6.06.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Following
the Lock-Up Period, the Purchaser may not Transfer a number of Shares greater than 50% of the outstanding Shares to any single Third
Party (or group of Third Parties acting in concert) (the &ldquo;<B>Proposed Transferee</B>&rdquo;), in any transaction or series of related
transactions (a &ldquo;<B>Significant Sale Transaction</B>&rdquo;), without first complying with this Section&nbsp;6.06(b). Before consummating
any Significant Sale Transaction, the Purchaser must provide the Company&rsquo;s then independent directors (the &ldquo;<B>Independent
Directors</B>&rdquo;) with thirty (30) days&rsquo; advance written notice (the &ldquo;<B>Notice Period</B>&rdquo;) of such Significant
Sale Transaction, setting forth in such notice the material terms of and any material documentation relating to such Significant Sale
Transaction (the &ldquo;<B>Material Sale Terms</B>&rdquo;). If the Purchaser receives during the Notice Period a written notice (the
&ldquo;<B>Objection Notice</B>&rdquo;) signed by a majority of the Independent Directors, which Objection Notice includes a copy of a
bona fide offer from a Third Party (the &ldquo;<B>Alternative Transferee</B>&rdquo;) to engage in the Significant Sale Transaction with
the Purchaser on all of the Material Sale Terms and to enter into a definitive written agreement with respect to the Significant Sale
Transaction within 30 days after the date of the Objection Notice, then the Purchaser may not consummate the Significant Sale Transaction
with the Proposed Transferee without first engaging in good faith discussions and negotiations (if sought by the Independent Directors
or the Alternative Transferee), for a period of not less than ten (10)&nbsp;Business Days from the date of its receipt of the Objection
Notice (the &ldquo;<B>Discussion Period</B>&rdquo;), with the Independent Directors and Representatives of the Alternative Transferee
with respect to the proposal by the Alternative Transferee to enter into the Significant Sale Transaction. Without limiting the foregoing,
for the avoidance of doubt, nothing in this Section&nbsp;6.06(b)&nbsp;shall obligate the Purchaser to sell any of its Shares to the Alternative
Transferee, or prevent or prohibit the Purchaser from proceeding with the Significant Sale Transaction with the Proposed Transferee,
if an Objection Notice is not received during the Notice Period, following the expiration of the Notice Period, or, if an Objection Notice
is received during the Notice Period, following the expiration of the Discussion Period.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.07.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Board
Approvals</I>. The Purchaser agrees that the Purchaser will, and procures that any of its Affiliates holding Shares in the Company will,
following the Offer Closing Date, vote in favor and approve, at any general meeting of the Company&rsquo;s shareholders: (i)&nbsp;the
2025 Distribution Policy of the Company as approved by the Company Board on March&nbsp;11, 2025, including the dividend distribution
plan (the &ldquo;<B>Distribution Policy</B>&rdquo;), (ii)&nbsp;a distribution of dividends of an amount equal to (and to be allocated
to) the interim dividends of $17,500,000 declared by the Company Board on March&nbsp;11, 2025, (iii)&nbsp;the annual accounts of the
Company (<I>solus</I>) for the financial year ending December&nbsp;31, 2024 and the Company Audited Financial Statements and the discharge
(<I>quitus)</I> of each member of the Company Board for the proper performance of their duties and (iv)&nbsp;the amendment and restatement
of the Company Articles in the form attached hereto as <U>Exhibit&nbsp;B</U> (the &ldquo;<B>Amended Articles</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.08.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Other
Purchases</I>. During the Pre-Closing Period, Purchaser agrees that it will not, and will not cause any direct or indirect Affiliate
to, without the consent of the Company, acquire any Company Securities except pursuant to the Offer.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.09.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
of Officers and Directors</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Purchaser agrees that all rights to indemnification, advancement of expenses and exculpation from liabilities for acts or omissions occurring
at or prior to the Acceptance Time (whether asserted or claimed prior to, at or after the Acceptance Time) now existing in favor of the
current or former directors or officers of any Company Entity and any indemnification or other similar agreements of any Company Entity,
in each case as in effect on the date of this Agreement, shall continue in full force and effect in accordance with their terms, and
the Purchaser shall use its reasonable best efforts to cause the Company Entities to perform their obligations thereunder. Without limiting
the foregoing, following the Acceptance Time, the Purchaser shall use its reasonable best efforts to cause the Company Entities to, and
the Company agrees that it will, indemnify and hold harmless each individual who is as of the date of this Agreement, or who becomes
prior to the Acceptance Time, a director, officer or manager of any Company Entity or who is as of the date of this Agreement, or who
thereafter commences prior to the Acceptance Time, serving at the request of any Company Entity as a director, officer or manager of
another Person (the &ldquo;<B>Indemnified Persons</B>&rdquo;), against all claims, losses, liabilities, damages, judgments, inquiries,
fines and reasonable fees, costs and expenses, including attorneys&rsquo; fees and disbursements, incurred in connection with any claim,
action, suit or proceeding, whether civil, criminal, administrative or investigative (including with respect to matters existing or occurring
at or prior to the Acceptance Time, including this Agreement and the transactions and actions contemplated hereby), arising out of or
pertaining to the fact that the Indemnified Person is or was a director, officer or manager of any Company Entity or is or was serving
at the request of any Company Entity as a director, officer or manager of another Person, whether asserted or claimed prior to, at or
after the Acceptance Time, to the fullest extent permitted under Applicable Law. In the event of any such claim, action, suit or proceeding,
(x)&nbsp;each Indemnified Person will be entitled to advancement of expenses incurred in the defense of any such claim, action, suit
or proceeding from the Company Entities, as applicable, in accordance with the organizational documents and any indemnification or other
similar agreements of the Company Entities, as applicable, as in effect on the date of this Agreement, to the fullest extent permitted
under Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event the Company or any of its successors or assigns (i)&nbsp;consolidates with or merges into any other Person and shall not be
the continuing or surviving corporation or entity of such consolidation or merger or (ii)&nbsp;transfers all or substantially all of
its properties and assets to any Person, then, and in each such case, the Purchaser shall use reasonable best efforts to ensure that
the successors and assigns of the Company shall assume the obligations set forth in this <U>&lrm;Section&nbsp;6.09</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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
provisions of this Section&nbsp;6.09 (i)&nbsp;shall survive the acceptance of Shares for payment pursuant to the Offer, (ii)&nbsp;are
intended to be for the benefit of, and will be enforceable by, each Indemnified Person and his or her heirs, successors, assigns and
representatives, and (iii)&nbsp;are in addition to, and not in substitution for, any other rights to indemnification, advancement of
expenses, exculpation or contribution that any such Person may have by contract or otherwise. Unless required by Applicable Law, this
Section&nbsp;6.09 may not be amended, altered or repealed after the Acceptance Time in such a manner as to adversely affect the rights
of any Indemnified Person or any of their successors, assigns or heirs without the prior written consent of the affected Indemnified
Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.10.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Management
Compensation</I>. The Purchaser acknowledges and agrees that the Company has made available to the Purchaser the Company Entities&rsquo;
compensation program for management, including salaries and employee benefits as of the date hereof (the &ldquo;<B>Compensation Program</B>&rdquo;).
Following the Acceptance Time, the Purchaser will use reasonable best efforts to cause the Company Entities to provide employees with
a compensation program that is no less favorable to employees than the Compensation Program. Purchaser acknowledges and agree that it
does not intend to cause the termination of any employment arrangement in effect as of the date hereof; <I>provided</I> that, for the
avoidance of doubt, nothing in this Section&nbsp;6.10 shall constitute a guarantee or assurance of continued employment for the Company
Entities&rsquo; employees.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.11.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Severance;
Equity Grants</I>. The Parties acknowledge and agree that (i)&nbsp;during the Pre-Closing Period, the Company may enter into severance
arrangements with certain senior management of the Company, which severance arrangements will provide for enhanced severance upon a qualifying
involuntary termination of employment consistent with the terms disclosed by the Company to the Purchaser in writing prior to the date
hereof; and (ii)&nbsp;on the Acceptance Time or immediately thereafter, the Company will (and the Purchaser shall use reasonable best
efforts to cause the Company to) implement a performance-based award program and grant awards thereunder to certain of the Company Entities&rsquo;
employees; provided that no such program or award implemented pursuant to this Section&nbsp;6.11 shall provide for acceleration of vesting
or benefits as a result of the consummation of the Offer or any of the other Transactions without the prior written consent of the Purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.12.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Continued
Listing Requirement</I>. Following the Acceptance Time, the Purchaser may not, without the approval of a majority of the Independent
Directors, take any action to cause the Company to fall below the continued listing requirements of the NYSE.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;7</FONT><FONT STYLE="font-variant: small-caps"><BR>
TERMINATION</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Termination</I>.
This Agreement may be terminated and the Offer may be abandoned at any time prior to the Acceptance Time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>by
mutual written agreement of the Company and Purchaser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>by
either the Company or Purchaser, if:</P>

<P STYLE="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: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Acceptance Time has not occurred on or before June&nbsp;24, 2025 (the &ldquo;<B>End Date</B>&rdquo;), as the End Date may be extended
by mutual written agreement of the Purchaser and the Company, provided that if each of the Offer Conditions set forth in Annex I has
been satisfied or waived, if permitted hereby and by Applicable Law (other than those Offer Conditions that, by their nature, are to
be satisfied at the expiration of the Offer, but subject to the satisfaction (or waiver, if permitted hereby and by Applicable Law) of
those conditions) except for any one or more of the Offer Conditions set forth in clause (c)(i), clause (c)(ii)&nbsp;or clause (c)(iii)&nbsp;of
<U>Annex I</U>, then the End Date shall automatically be extended for up to two additional periods of up to sixty (60) days) each; <I>provided
</I>that the right to terminate this Agreement pursuant to this <I>&lrm;</I>Section&nbsp;7.01(b)(i)&nbsp;will not be available to any
Party whose breach of any provision of this Agreement results in the failure of the Acceptance Time to have occurred by the End Date,
as it may have been extended; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
court of competent jurisdiction or other Governmental Authority</FONT> having authority over the Purchaser or any of the Company Entities
shall have issued a final and nonappealable order, decree or ruling, or shall have taken any other action, having the effect of (i)&nbsp;permanently
restraining, enjoining or otherwise prohibiting the acquisition or acceptance for payment of, or payment for, Shares pursuant to the
Offer, or (ii)&nbsp;making the acquisition of or payment for Shares pursuant to the Offer illegal; <I>provided, however, </I>that a Party
shall not be permitted to terminate this Agreement pursuant to this <I>&lrm;</I>Section&nbsp;7.01(b)(ii)&nbsp;if the issuance of such
order, decree or ruling or the taking of such action is attributable to the failure of such Party to fulfill any of its obligations under
this Agreement; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>there
is any Applicable Law that makes consummation of the Offer illegal or otherwise prohibited, and such Applicable Law has become final
and nonappealable;</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>by
the Purchaser, if, prior to the Acceptance Time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
Triggering Event shall have occurred;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Company set forth in this
Agreement will have occurred that would cause the conditions set forth in clause (c)(iv)&nbsp;or clause (c)(v)&nbsp;of <U>Annex I</U>
to exist and such breach or failure is incapable of being cured by the End Date or, if curable by the End Date, the Company does not
cure such breach or failure within 30 days after receipt by the Company of written notice from the Purchaser of such breach or failure;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>by
the Company, if, prior to the Acceptance Time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(A)&nbsp;the
Company has fully complied with the provisions of Sections <I>&lrm;</I>2.02(b)&nbsp;and 5.02, (B)&nbsp;the Company Board has withdrawn
or modified in a manner adverse to the Purchaser the Company Board Recommendation on the basis of (and determined to enter into a definitive
agreement in respect of) a Superior Proposal, all in accordance with this Agreement, (C)&nbsp;the Company shall have paid to the Purchaser
the fee required to be paid to the Purchaser pursuant to <I>&lrm;</I>Section&nbsp;7.03(b)&nbsp;and (D)&nbsp;the Company enters into such
definitive agreement relating to such Superior Proposal immediately following the termination of this Agreement; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Purchaser set forth in this
Agreement has occurred that would reasonably be expected to prevent the Purchaser from consummating the Offer and such breach or failure
is incapable of being cured by the End Date or, if curable by the End Date, the Purchaser does not cure such breach or failure within
30 days after receipt by the Purchaser of written notice from the Company of such breach or failure.</P>

<P STYLE="font: 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">The Party desiring to terminate this Agreement
pursuant to this &lrm;Section&nbsp;7.01 (other than pursuant to &lrm;Section&nbsp;7.01(a)) will give written notice of such termination
to the other Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Effect
of Termination</I>. If this Agreement is terminated pursuant to &lrm;Section&nbsp;7.01, this Agreement will become void and of no effect
without liability of any Party (or any shareholder or Representative of such Party) to the other Party; <I>provided, however,</I> that
(a)&nbsp;if such termination results from either Party&rsquo;s fraud or the willful (i)&nbsp;failure of either Party to fulfill a condition
to the performance of the obligations of the other Party or (ii)&nbsp;breach by either Party of this Agreement, such Party will be fully
liable for any and all liabilities and damages incurred or suffered by the other Party as a result of such failure, and (b)&nbsp;the
provisions of &lrm;Section&nbsp;6.03, this &lrm;Article&nbsp;7 and &lrm;Article&nbsp;9 will survive any termination hereof pursuant to
&lrm;Section&nbsp;7.01.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Expenses;
Termination Fees.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as set forth in this &lrm;Section&nbsp;7.03, all expenses incurred in connection with this Agreement and the Transactions shall be paid
by the Party incurring such expenses, whether or not any Shares are purchased pursuant to the Offer.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
this Agreement is terminated by the Purchaser pursuant to &lrm;Section&nbsp;7.01(c)(i)&nbsp;or by the Company pursuant to &lrm;Section&nbsp;7.01(d)(i),
then the Company shall pay to the Purchaser, in cash at the time specified in the next sentence, a nonrefundable fee in the amount of
$</FONT>25,000,000. In the case of any termination of this Agreement by the Purchaser pursuant to &lrm;Section&nbsp;7.01(c)(i), the fee
referred to in the preceding sentence shall be paid by the Company within two (2)&nbsp;Business Days after such termination; and in the
case of termination of this Agreement by the Company pursuant to &lrm;Section&nbsp;7.01(d)(i), the fee referred to in the preceding sentence
shall be paid by the Company at or prior to the time of such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Company fails to pay when due any amount payable under </FONT>&lrm;Section&nbsp;7.03(b)&nbsp;then (i)&nbsp;the Company shall reimburse
the Purchaser for all costs and expenses (including fees and disbursements of legal counsel) incurred in connection with the collection
of such overdue amount and the enforcement of the Purchaser&rsquo;s rights under this &lrm;Section&nbsp;7.03, and (ii)&nbsp;the Company
shall pay to the Purchaser interest on such overdue amount (for the period commencing as of the date such overdue amount was originally
required to be paid and ending on the date such overdue amount is actually paid to the recipient in full) at a rate per annum equal to
the &ldquo;prime rate&rdquo; (as announced by Bank of America or any successor thereto) in effect on the date such amount was originally
required to be paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;8</FONT><FONT STYLE="font-variant: small-caps"><BR>
SURVIVAL</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Survival of Representations and Warranties</I>. None of the representations and warranties contained in this Agreement or in any certificate
delivered pursuant to this Agreement shall survive the Acceptance Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Survival
of Covenants, Agreements and Obligations</I>. (i)&nbsp;The covenants and agreements of the Parties set forth herein that require performance
or fulfilment at or prior to the Acceptance Time, shall terminate effective as of the Acceptance Time without the need for any further
action by any Person and shall not survive the Acceptance Time for any purpose whatsoever, and thereafter there shall be no liability
or obligation on the part of, nor shall any claim be made by, any party or any of their respective Affiliates in respect thereof, in
connection therewith or related thereto and (ii)&nbsp;the covenants and agreements set forth herein and in the Registration Rights Agreement
that require performance in whole or in part after the Acceptance Time shall survive in accordance with their respective terms, if any,
until fully performed. This &lrm;Article&nbsp;8 shall survive the Acceptance Time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&nbsp;9</FONT><FONT STYLE="font-variant: small-caps"><BR>
MISCELLANEOUS</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notices</I>.
All notices, requests and other communications to any Party hereunder will be in writing (i)&nbsp;by hand, by reliable overnight courier
service (providing proof of delivery), or by United States registered or certified mail, postage prepaid (return receipt requested) or
(ii)&nbsp;by email, with confirmation of receipt, to the address specified in this subsection:</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
to the Purchaser, to:</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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Tether Investments,
    S.A. de C.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Final Av. La Revolucion,
    San Benito Edif. Centro,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Corporativo Presidente
    Plaza Nivel 12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">San Salvador, Republica
    de El Salvador</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 78%"><FONT STYLE="font-size: 10pt">***</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">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">with copies (which
    will not constitute notice) to:</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">McDermott Will&nbsp;&amp;
    Emery LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">One Vanderbilt Avenue</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, NY 10017-3852</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">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Daniel Woodard</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 STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">David Lipkin</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">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>dwoodard@mwe.com</U></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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>dlipkin@mwe.com</U></FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
to the Company, to:</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-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Adecoagro S.A.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">28, Boulevard F.W. Raiffeisen,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">L - 2411 Luxembourg</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Grand Duchy of Luxembourg</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 12%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 78%"><FONT STYLE="font-size: 10pt">***</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">***</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><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 STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">with a copy (which will not constitute notice) to:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><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 STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Davis Polk&nbsp;&amp; Wardwell LLP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">450 Lexington Avenue</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10017</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Maurice Blanco</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><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 STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">James Dougherty</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>maurice.blanco@davispolk.com</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>james.dougherty@davispolk.com</U></FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to such other address or email address as
such Party may hereafter specify for the purpose by notice to the other Party. All such notices, requests and other communications will
be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m.&nbsp;on a Business Day in the place
of receipt. Otherwise, any such notice, request or communication will be deemed to have been received on the next succeeding Business
Day in the place of receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Amendments
and Waivers.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case
of an amendment, by each Party to this Agreement or, in the case of a waiver, by each Party against whom the waiver is to be effective;
<I>provided</I> that (i)&nbsp;after the Acceptance Time, (x)&nbsp;no amendment will be made that decreases the Offer Price and (y)&nbsp;any
agreement by the Company to any amendment or waiver will require the approval of a majority of the directors then in office who were
not designated to the Company Board by the Purchaser, and (ii)&nbsp;there will be no amendment or waiver that would require the approval
of the shareholders of the Company under Applicable Law without such approval having first been obtained.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
failure or delay by any Party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided will be cumulative and not exclusive of any rights or remedies provided by Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Company
Disclosure Schedule and SEC Document References.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Parties agree that any reference in a particular Section&nbsp;of either the Company Disclosure Schedule will only be deemed to be an
exception to (or, as applicable, a disclosure for purposes of) (i)&nbsp;the representations and warranties (or covenants, agreements
and obligations, as applicable) of the relevant Party that are contained in the corresponding Section&nbsp;of this Agreement and (ii)&nbsp;any
other representations and warranties of such Party that are contained in this Agreement, but only if the relevance of that reference
as an exception to (or a disclosure for purposes of) such other representations and warranties would be readily apparent.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Parties agree that any information contained in any part of any Company SEC Document described in the first sentence of Article&nbsp;3
will only be deemed to be an exception to (or a disclosure for purposes of) the representations and warranties of the Company if the
relevance of that information as an exception to (or a disclosure for purposes of) such representations and warranties would be readily
apparent; provided that in no event will any information contained in any part of any such Company SEC Document entitled &ldquo;Risk
Factors&rdquo; or containing a description or explanation of &ldquo;Forward-Looking Statements&rdquo; or any other statements that are
predictive, cautionary or forward-looking in nature, be deemed to be an exception to (or a disclosure for purposes of) any representations
and warranties of the Company contained in 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Binding
Effect; Benefit; Assignment; Third Party Beneficiaries.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
provisions of this Agreement will be binding upon and will inure to the benefit of the Parties and their respective permitted successors
and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder
upon any Person other than the Parties and their respective successors and assigns.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other
Party, except that the Purchaser may transfer or assign its rights and obligations under this Agreement, in whole or from time to time
in part, to one or more of its Affiliates at any time; <I>provided</I> that such transfer or assignment will not relieve the Purchaser
of its obligations hereunder or enlarge, alter or change any obligation of the Company or due to the Purchaser or prejudice the rights
of tendering shareholders to receive payment for Shares validly tendered and accepted for payment pursuant to the Offer.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Following
the Acceptance Time, the Independent Directors shall be express third party beneficiaries of this Agreement and shall be entitled to
enforce, directly or indirectly, the terms of this Agreement against the Purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Following
the Acceptance Time, the provisions of Section&nbsp;6.09 are intended to be for the benefit of, and will be enforceable by, the Indemnified
Persons.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Successors
and Assigns; Applicable Law; Jurisdiction and Venue</I>. This Agreement will be binding upon each Party and its Representatives and their
respective Affiliates, heirs, successors and assigns, and will inure to the benefit of each Party and its Representatives and the respective
Affiliates, heirs, successors and assigns of the foregoing. This Agreement will be governed by and construed in accordance with the laws
of New York (without giving effect to principles of conflicts of laws). Any dispute arising out of or in connection with this Agreement,
including any question regarding its existence, validity, interpretation, breach or termination, will be referred to and finally resolved
by arbitration administered by the London Court of International Arbitration (LCIA) under the LCIA Rules, which are deemed to be incorporated
by reference herein. The number of arbitrators will be one. The seat, or legal place, of arbitration will be London, England. The language
to be used in the arbitral proceedings will be English. All proceedings, including any negotiations, mediations, arbitrations and/or
litigations, conducted pursuant to this Agreement will be confidential. Except as may be required by law, neither a Party nor any arbitrator(s)&nbsp;may
disclose or publish the existence, content, documents exchanged, pleadings or written submissions filed, testimony rendered or arguments
made, orders or awards issued or results of any proceedings conducted hereunder without the prior written consent of both Parties. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Counterparts;
Effectiveness</I>. This Agreement may be signed in any number of counterparts (including electronic means), each of which will be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement will become effective
when each Party has received a counterpart hereof signed by the other Party. Until and unless each Party has received a counterpart hereof
signed by the other Party, this Agreement will have no effect and no Party will have any right or obligation hereunder (whether by virtue
of any other oral or written agreement or other communication).</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.07.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Entire
Agreement</I>. This Agreement, the other Transaction Documents and the Nondisclosure Agreement constitute the entire agreement between
the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and
written, between the Parties with respect to the subject matter hereof and 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.08.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Severability</I>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
will remain in full force and effect and will in no way be affected, impaired or invalidated so long as the economic or legal substance
of the Transactions is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties will negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable
manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.09.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Specific
Performance</I>. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof and that, prior to the valid termination of this Agreement pursuant to &lrm;Section&nbsp;7.01, the Parties will
be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms
and provisions hereof in the courts referred to in &lrm;Section&nbsp;9.07, in addition to any other remedy to which they are entitled
at law or in 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: center">[<I>The remainder of this page&nbsp;has been intentionally
left blank; signature pages&nbsp;follow</I>.]</P>

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

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

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<P STYLE="font: 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 WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed by their respective authorized officers as of the date set forth on the cover page&nbsp;of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></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="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Tether Investments, S.A. de C.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 42%"><FONT STYLE="font-size: 10pt">Giancarlo Devasini</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Sole Administrator</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ADECOAGRO S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Mariano Bosch</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mariano Bosch</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></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">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Emilio Federico Gnecco</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Emilio Federico Gnecco</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OFFER CONDITIONS</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-indent: 0.5in">Notwithstanding any other provision of the Offer,
the Purchaser will not be required to accept for payment or pay for any Shares pursuant to the Offer, if:</P>

<P STYLE="font: 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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;this
Agreement has been terminated in accordance with its terms;</P>

<P STYLE="font: 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">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;immediately
prior to the Acceptance Time there has not been validly tendered and not validly withdrawn in accordance with the terms of the Offer
not less than a number of Shares that, when added to the Shares already owned by the Purchaser as of the date hereof, represents at least
51% of the Fully Diluted Shares (such number of Shares, the &ldquo;<B>Minimum Share Number</B>&rdquo; and the condition set forth in
this clause (b), the &ldquo;<B>Minimum Condition</B>&rdquo;); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;immediately
prior to the Acceptance Time, any of the following conditions exists:</P>

<P STYLE="font: 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: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&nbsp;&nbsp;&nbsp;any
Applicable Law has been enacted, enforced, promulgated, issued or deemed applicable to the Offer, by any Governmental Authority in any
jurisdiction in which either the Purchaser or the Company has material business operations that renders illegal or otherwise restrains
or prohibits the making of the Offer, the acceptance for payment of or payment for some or all of the Shares by the Purchaser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;there
has been instituted or pending any Proceeding by any Governmental Authority in any jurisdiction in which the Company has material business
operations that challenges or seeks to make illegal, prohibit or otherwise prevent the consummation of the Offer;</P>

<P STYLE="font: 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: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;there
has been instituted or pending any Proceeding by any Governmental Authority in any jurisdiction in which the Purchaser has material business
operations that challenges or seeks to make illegal, prohibit or otherwise prevent the consummation of the Offer;</P>

<P STYLE="font: 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: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;any
of the representations and warranties of the Company contained in any of &lrm;Section&nbsp;3.01, &lrm;Section&nbsp;3.02, Section&nbsp;3.05
or Section&nbsp;3.13 that are qualified as to materiality or Company Material Adverse Effect is not true and correct in all respects
and any such representations and warranties that are not so qualified are not true and correct in all material respects or (B)&nbsp;any
of the other representations and warranties of the Company contained in this Agreement or in any certificate or other writing delivered
by the Company pursuant hereto (disregarding all materiality and Company Material Adverse Effect qualifications contained therein) are
not true and correct with, in the case of this clause &lrm;(B)&nbsp;only, only such exceptions as have not had and would not reasonably
be expected to have, individually or in the aggregate, a Company Material Adverse Effect, in the case of each of clauses &lrm;(A)&nbsp;and
&lrm;(B)&nbsp;as of immediately prior to the Acceptance Time as if made at and as of such time (other than any such representation and
warranty that by its terms addresses matters only as of another specified time, which must be true and correct only as of such time);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company has breached or failed to perform in all material respects any of its covenants, agreements or obligations 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"></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: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
has occurred or exists any Event which, individually or in the aggregate, constitutes, has had or would reasonably be expected to have
a Company Material Adverse Effect; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Purchaser has not received a certificate executed by an authorized executive officer of the Company dated as of the date on which the
Expiration Time occurs certifying that the Offer Conditions specified in paragraphs &lrm;(c)(iv), (v)&nbsp;and (c)(vi)&nbsp;above do
not exist.</P>

<P STYLE="font: 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">Subject to the terms and conditions of this Agreement,
the Offer Conditions set forth in paragraphs &lrm;(c)(iii)-(c)(vii)&nbsp;above are for the sole benefit of the Purchaser and, subject
to the terms and conditions of this Agreement and the applicable rules&nbsp;and regulations of the SEC, may be waived by the Purchaser,
in whole or in part, at any time, at the sole discretion of the Purchaser. All other Offer Conditions may be waived by the Purchaser
only with the written consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed.</P>

<P STYLE="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>EXHIBIT&nbsp;A</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AMENDED
aRTICLES OF ASSOCIATION</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 48 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt 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>Amended and Restated Articles of Incorporation</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">**********************************************************</P>

<P STYLE="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: 49 -->
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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"><B>FORM, DENOMINATION, DURATION, REGISTERED OFFICE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Form,
Name</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">There exists a company in the form of a <I>soci&eacute;t&eacute;
anonyme</I>, under the name of <B>Adecoagro S.A. </B>(the &quot;Company&quot;).</P>

<P STYLE="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"><B>Article&nbsp;2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Duration</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is established for an undetermined
duration. The Company may be dissolved at any time by a resolution of the Shareholders adopted in the manner required for the amendment
of these Articles of Incorporation.</P>

<P STYLE="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"><B>Article&nbsp;3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Registered
office</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has its registered office in the City of Luxembourg, Grand-Duchy of Luxembourg. It may be transferred to any other place in the
Grand Duchy of Luxembourg by means of a resolution of a General Meeting or by a resolution of the Board of Directors in which case the
Board of Directors shall have the power to amend the Articles accordingly.</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-size: 10pt">3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
address of the registered office may be transferred within the municipality by decision of the Board of Directors.</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-size: 10pt">3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may have offices and branches, both in Luxembourg and abroad.</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-size: 10pt">3.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Board of Directors determines that extraordinary political, economic or social developments have occurred or are imminent
that would interfere with the normal activities of the Company at its registered office, or with the ease of communication between such
office and persons abroad, the registered office may be temporarily transferred abroad until the complete cessation of these abnormal
circumstances; such temporary measures shall have no effect on the nationality of the Company which, notwithstanding the temporary transfer
of its registered office, will remain a Luxembourg company. Such temporary measures will be taken and notified to any interested parties
by the Board of Directors</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Purpose,
Object</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">4.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
object of the Company is the holding of participations, in any form whatsoever, in Luxembourg and foreign companies, or other entities
or enterprises, the acquisition by purchase, subscription, or in any other manner as well as the transfer by sale, exchange or otherwise
of stock, bonds, debentures, notes and other securities or rights of any kind including interests in partnerships, and the holding, acquisition,
disposal, investment in any manner in, development, licensing or sub licensing, of any patents or other intellectual property rights of
any nature or origin as well as the ownership, administration, development and management of its portfolio. The Company may carry out
its business through branches in Luxembourg or abroad.</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"><FONT STYLE="font-size: 10pt">4.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may borrow in any form and proceed to the issue by private or public of bonds, convertible bonds and debentures or any other securities
or instruments it deems fit.</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-size: 10pt">4.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
a general fashion it may grant assistance (by way of loans, advances, guarantees or securities or otherwise) to companies or other enterprises
in which the Company has an interest or which form part of the group of companies to which the Company belongs or any entity as the Company
may deem fit (including up stream or cross stream), take any controlling, management, administrative and/or supervisory measures and carry
out any operation which it may deem useful in the accomplishment and development of its purposes.</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-size: 10pt">4.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Finally,
the Company can perform all commercial, technical and financial or other operations, connected directly or indirectly in all areas in
order to facilitate the accomplishment of its purpose.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PART&nbsp;II. SHARE CAPITAL &ndash; SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Share
capital</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">5.1.</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Company has an issued share capital of one hundred and sixty-seven million seventy-two thousand seven hundred and twenty-two US Dollars
and fifty cents (USD 167,072,722.50) represented by a total of one hundred and eleven million three hundred and eighty-one thousand eight
hundred and fifteen (111,381,815) fully paid Shares, each with a nominal value of one US Dollar and fifty cents (USD1.5), with such rights
and obligations as set forth in the present Articles.</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 has an authorized share capital of
two hundred and twenty million two hundred and eighty-seven thousand two hundred and sixty-seven US Dollars (USD 220,287,267), including
the issued share capital, represented by one hundred and forty-six million eight hundred and fifty-eight thousand one hundred and seventy-eight
(146,858,178) shares, each with a nominal value of one US Dollar and fifty cents (USD 1.50). The Company's authorized share capital (and
any authorization granted to the Board of Directors in relation thereto) shall be valid from 15 April&nbsp;2020 and until 15 April&nbsp;2025.
The Board of Directors, or any delegate(s)&nbsp;duly appointed by the Board of Directors, may from time to time issue shares within the
limits of the authorized (unissued) share capital against contributions in cash or by way of incorporation of available reserves at such
times and on such terms and conditions, including the issue price, as the Board of Directors or its delegate(s)&nbsp;may in its or their
discretion resolve while reserving a preemptive subscription right to existing shareholders for any issue of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">5.2.</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
issued and the authorised un-issued share capital of the Company may be increased or reduced one or several times by a resolution of the
General Meeting of Shareholders adopted in compliance with the quorum and majority rules&nbsp;set by these Articles of Incorporation or,
as the case may be, by law for any amendment of these Articles of Incorporation.</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-size: 10pt; background-color: white">5.3.</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Company may not issue fractional Shares. The Board of Directors shall be authorised at its discretion to provide for the payment of cash
or the issuance of scrip in lieu of any fraction of a Share.</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-size: 10pt; background-color: white">5.4.</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Company or its subsidiaries may proceed to the purchase or repurchase of its own Shares and may hold Shares in treasury, each time within
the limits laid down by law.</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"><FONT STYLE="font-size: 10pt; background-color: white">5.5.</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Any
Share premium shall be freely distributable in accordance with the provision of these Articles.</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"><B>Article&nbsp;6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Securities
in registered form only</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 6.1.1 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Shares of the Company are in registered form only.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
register of Shares will be kept by the Company and will be available for inspection by any registered shareholder. Ownership of registered
Shares will be established by inscription in the said register or in the event separate registrars have been appointed pursuant to Article&nbsp;6.1.3,
such separate register. Without prejudice to the conditions for transfer by book entry in the case provided for in Article&nbsp;6.1.7
of the present Articles, a transfer of registered Shares shall be carried out by means of a declaration of transfer entered in the relevant
register, dated and signed by the transferor and the transferee or by their duly authorised representatives. The Company may accept and
enter in the relevant register a transfer on the basis of correspondence or other documents recording the agreement between the transferor
and the transferee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered shares entered
therein and the holders of shares may elect to be entered in one of the registers and to be transferred from time to time from one register
to another register. The Board of Directors may however impose transfer restrictions for Shares that are registered, listed, quoted, dealt
in, or have been placed in certain jurisdictions in compliance with the requirements applicable therein. The transfer to the register
kept at the Company's registered office may always be requested.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Article&nbsp;6.1.7, the Company may consider the person in whose name the registered Shares are registered in the
register(s)&nbsp;of Shareholders as the full owner of such registered Shares. The Company shall be completely free from any responsibility
in dealing with such registered Shares towards third parties and shall be justified in considering any right, interest or claims of such
third parties in or upon such registered shares to be non-existent, subject, however, to any right which such third party might have to
demand the registration or change in registration of registered Shares. In the event that a holder of registered shares does not provide
an address to which all notices or announcements from the Company may be sent, the Company may permit a notice to this effect to be entered
into the register(s)&nbsp;of Shareholders and such holder's address will be deemed to be at the registered office of the Company or such
other address as may be so entered by the Company from time to time, until a different address shall be provided to the Company by such
holder. The holder may, at any time, change his address as entered in the register(s)&nbsp;of Shareholders by means of written notification
to the Company or the relevant registrar.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board may decide that no entry shall be made in the register of Shareholders and no notice of a transfer shall be recognised by the Company
or a registrar during the period starting on the fifth (5)&nbsp;business day before the date of a General Meeting and ending at the close
of that General Meeting, unless the Board sets a shorter time limit.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
communications and notices to be given to a registered Shareholder shall be deemed validly made to the latest address communicated by
the Shareholder to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Where
Shares are recorded in the register of Shareholders on behalf of one or more persons in the name of a securities settlement system or
the operator of such a system or in the name of a professional securities depositary or any other depositary (such systems, professionals
or other depositaries being referred to hereinafter as &quot;Depositaries&quot;) or of a sub-depositary designated by one or more Depositaries,
the Company - subject to having received from the Depositary with whom those Shares are kept in account a certificate in proper form -
will permit those persons to exercise the rights attaching to those Shares, including admission to and voting at General Meetings. The
Board of Directors may determine the formal requirements with which such certificates must comply. Notwithstanding the foregoing, the
Company will make dividend payments and any other payments in cash, Shares or other securities only to the Depositary or sub-depositary
recorded in the register or in accordance with its instructions, and such payment will effect full discharge of the Company&rsquo;s obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the written request of a Shareholder, registered nominative Share certificate(s)&nbsp;recording the entry of such Shareholder in the register
of Shareholders may be issued in such denominations as the Board of Directors shall prescribe to the requesting Shareholder and, in the
case provided for in Article&nbsp;6.1.7 of the present Articles and upon request, to the Depositaries or sub-depositaries recorded in
the register(s). The certificates so issued shall be in such form and shall bear such legends and such numbers of identification as shall
be determined by the Board of Directors. Such certificates shall be signed manually or by facsimile by two (2)&nbsp;Board Members. Lost,
stolen or mutilated certificates will be replaced by the Company upon such evidence, undertakings and indemnities as may be deemed satisfactory
to the Company, provided that mutilated share certificates shall be delivered before new certificates are remitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.1.9</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Shares are indivisible vis-&agrave;-vis the Company which will recognise only one holder per Share. In case a Share is held by more than
one person, the persons claiming ownership of the Share will be required to name a single proxy to represent the Share vis-&agrave;-vis
the Company. The Company has the right to suspend the exercise of all rights attached to such Share until one person has been so appointed.
The same rule&nbsp;shall apply in the case of a conflict between an usufructuary and a bare owner or between a pledgor and a pledgee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Other
Securities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Securities
(other than Shares which are covered by article 6.1) of the Company are in registered form only unless otherwise provided for in the terms
and conditions of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">6.2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of article 6.1 shall apply mutatis mutandis.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>Article&nbsp;7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Shareholder
Rights / Obligations</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Voting
Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
as set forth in the present Articles, each Share shall be entitled to one vote at all General Meetings of Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Obligations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
person or group of persons acting in concert holding or acquiring eighty percent (80%) or more of the outstanding Shares or of the voting
rights in the Company (including as a result of a repurchase of Shares or other securities of the Company by (directly or indirectly)
the Company or its subsidiaries), shall be obliged to make, or cause to be made, in each country where the Company's securities are admitted
to trading on a Regulated Market and in each of the countries in which the Company has made a public offering of its shares, an unconditional
public offer to acquire for cash all outstanding Shares and securities giving access to Shares, linked to the share capital or whose rights
are dependent on the profits of the Company (hereafter, collectively, &ldquo;<B>securities linked to capital</B>&rdquo;), whether those
securities were issued by the Company or by entities controlled or established by it or members of its group. Each of these public offers
must be conducted in conformity and compliance with the legal and regulatory requirements applicable to public offers in each country
concerned.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
any case, the price must be fair and equitable and, in order to guarantee equality of treatment of shareholders and holders of securities
linked to capital of the Company, the said public offers must be made at or on the basis of an identical price, which must be justified
by a report drawn up by a first rank financial institution nominated by the Company whose fees and costs must be advanced by the person
subject to the obligation laid down in the first paragraph of this Article&nbsp;7.2.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of Article&nbsp;7.2 above shall not apply:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the Company itself in respect of shares directly or indirectly held in treasury;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
a common or central depository of the Shares for the purposes of a listing or trading of the Shares; acting as such, provided that said
depository may only exercise the voting right attached to such Shares if they have received instructions from the (beneficial) owner of
the Shares, the provisions of Article&nbsp;7.2 thereby applying to the (beneficial) owner of the Shares,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the acquisition of Shares resulting from a public offer for the acquisition of all the Shares in the Company and all of the securities
linked to capital;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">7.2.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Voting
rights are calculated on the basis of the entirety of the outstanding Shares to which voting rights are attached even if the exercise
of such voting rights is suspended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>PART&nbsp;III. MANAGEMENT OF THE COMPANY</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>Article&nbsp;8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Management
of the Company &ndash; Board of Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">8.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall be managed by a Board of Directors which is vested with the broadest powers to manage the business of the Company and to
authorise and/or perform all acts of disposal, management and administration falling within the purposes of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">8.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
powers not expressly reserved by the law or by the Articles of the Company to the General Meeting shall be within the competence of the
Board of Directors.</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-size: 10pt">8.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise provided herein or by law, the Board of Directors of the Company is authorised to take such action (by resolution or otherwise)
and to adopt such provisions as shall be necessary, appropriate, convenient or deemed fit to implement the purpose of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Composition
of the Board of Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">9.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall be managed by a Board of Directors composed of a minimum of three (3)&nbsp;Directors and a maximum of eleven (11) (unless
otherwise provided for herein) who may but do not need to be Shareholders of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">9.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Directors are appointed by the General Meeting of Shareholders for a period of up to three (3)&nbsp;years; provided however the Directors
shall be elected on a staggered basis, with one third (1/3) of the Directors being elected each year and provided further that such three
year term may be exceeded by a period up to the annual general meeting held following the third anniversary of the appointment. <SUP>1</SUP>The
Directors may be removed with or without cause (ad nutum) by the General Meeting of Shareholders by a simple majority vote of votes cast
at a General Meeting of Shareholders. The Directors shall be eligible for re-election indefinitely.</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-size: 10pt">9.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors must always include at least three (3)&nbsp;Directors which qualify as independent members of the Board of Directors.</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-size: 10pt">9.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Shareholder (other than the Company in respect to treasury shares, or a common depository) holding or controlling more than fifty percent
(50%) of the outstanding Shares shall be entitled (but not obliged) to nominate candidates for appointment to the Board of Directors up
to the Candidate Number.</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-size: 10pt">9.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event of a vacancy in the office of a Director because of death, retirement, resignation, dismissal, removal or otherwise, the remaining
Directors may fill such vacancy and appoint a successor in accordance with applicable law and the Articles.</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"><B>Article&nbsp;10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Chairman</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">10.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors shall, to the extent required by law and otherwise may, appoint the chairman of the Board of Directors amongst its
members (the &ldquo;<B>Chairman</B>&rdquo;). The Chairman shall preside over all meetings of the Board of Directors and of Shareholders
including class meetings. In the absence of the Chairman of the Board, a chairman determined ad hoc, shall chair the relevant meeting.</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-size: 10pt">10.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case of a tie the Chairman (or any other Board member) shall not have a casting vote.</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 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Board
Proceedings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">11.1</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Board of Directors shall meet upon call by (or on behalf of) the Chairman or any two Directors. The Board of Directors shall meet as often
as required by the interest of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">11.2</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notice
of any meeting of the Board of Directors must be given by letter, cable, telegram, telephone, facsimile transmission, telex or e-mail
advice to each Director, two (2)&nbsp;days before the meeting, except in the case of an emergency, in which event a twenty four (24) hours
notice shall be sufficient. No convening notice shall be required for meetings held pursuant to a schedule previously approved by the
Board and communicated to all Board members. A meeting of the Board may also be validly held without convening notice to the extent the
Directors present or represented do not object and those Directors not present or represented have waived the convening notice in writing,
by fax or email.</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-size: 10pt; background-color: white">11.3</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Meetings
of the Board of Directors may be held physically or, in all circumstances, by way of conference call (or similar means of communication
which permit the participants to communicate with each other).</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-size: 10pt; background-color: white">11.4</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Any
Director may act at any meeting of the Board of Directors by appointing in writing by letter or by cable, telegram, facsimile transmission
or e-mail another Director as his proxy. A Director may represent more than one of the other Directors.</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-size: 10pt; background-color: white">11.5</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Board of Directors may deliberate and act validly only if the majority of the Board members (able to vote) are present or represented.
Subject to Article&nbsp;11.6 and Article&nbsp;23, decisions shall be taken by a simple majority of the votes validly cast by the Board
members present or represented (and able to vote).</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-size: 10pt; background-color: white">11.6</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Any
related party transaction (as defined under Item 7.B of Form&nbsp;20-F promulgated by the United States Securities and Exchange Commission)
shall be subject to the prior authorisation of the Board deciding at simple majority provided that such majority includes at least a majority
of the independent members of the Board of Directors.</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-size: 10pt; background-color: white">11.7</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Meetings
of the Board of Directors may be validly held at any time and in all circumstances by means of telephonic conference call, videoconference
or any other means, which permit the participants to communicate with each other. A Director attending in such manner shall be deemed
present at the meeting for as long as he is connected.</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-size: 10pt; background-color: white">11.8</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Board of Directors may also in all circumstances with unanimous consent pass resolutions by circular means and written resolutions signed
by all members of the Board will be as valid and effective as if passed at a meeting duly convened and held. Such signatures may appear
on a single document or multiple copies of an identical resolution and may be evidenced by letters, cables, facsimile transmission, or
e-mail.</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-size: 10pt; background-color: white">11.9</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
minutes of any meeting of the Board of Directors (or copies or extracts of such minutes which may be produced in judicial proceedings
or otherwise) shall be signed by the Chairman, the chairman (ad hoc) of the relevant meeting or by any two (2)&nbsp;Directors (including
at least one independent member of the Board of Directors) or as resolved at the relevant Board meeting or any subsequent Board meeting.</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 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Delegation
of power, committees, secretary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">12.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board may delegate the daily management of the business of the Company, as well as the power to represent the Company in its day to day
business, to individual Directors or other officers or agents of the Company (with power to sub-delegate). In addition the Board of Directors
may delegate the daily management of the business of the Company, as well as the power to represent the Company in its day to day business
to an executive or other committee as it deems fit. The Board of Directors shall determine the conditions of appointment and dismissal
as well as the remuneration and powers of any person or persons so appointed.</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-size: 10pt">12.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors may (but shall not be obliged to unless required by law) establish one or more committees (including without limitation
an audit committee, a risk and commercial committee, a strategy committee, and a compensation committee) and for which it shall, if one
or more of such committees are set up, appoint the members (who may be but do not need to be Board members), determine the purpose, powers
and authorities as well as the procedures and such other rules&nbsp;as may be applicable thereto (subject as to the audit committee as
set forth below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">12.2.1.</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Audit
Committee: in the case the Board of Directors decides to set up an audit committee (the &ldquo;<B>Audit Committee</B>&rdquo;), such Audit
Committee shall be composed of at least three (3)&nbsp;members and the Board of Directors shall appoint one of the members of the Audit
Committee as the chairperson of the Audit Committee. The Audit Committee shall (a)&nbsp;assist the Board of Directors in fulfilling its
oversight responsibilities relating to the integrity of the Company&rsquo;s financial statements, including periodically reporting to
the Board of Directors on its activity and the adequacy of the Company&rsquo;s systems of internal controls over financial reporting;
(b)&nbsp;make recommendations for the appointment, compensation, retention and oversight of, and consider the independence of, the Company&rsquo;s
external auditors; (c)&nbsp;review and approve related party transactions (as defined under Item 7.B of Form&nbsp;20-F promulgated by
the United States Securities and Exchange Commission) (other than transactions that were reviewed and approved by the independent members
of the Board of Directors (if any) or other governing body of any subsidiary of the Company or through any other procedures as the Board
of Directors may deem substantially equivalent to the foregoing) to determine whether their terms are consistent with market conditions
or are otherwise fair to the Company and its subsidiaries; and (d)&nbsp;perform such other duties imposed to it by the laws and regulations
of the Regulated Market(s)&nbsp;on which the shares of the Company are listed applicable to the Company, as well as any other duties entrusted
to it by the Board of Directors. The Board of Directors shall allocate to the Audit Committee the necessary resources and authority to
fulfil its functions.</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-size: 10pt; background-color: white">12.2.2</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Compensation
Committee: in the case the Board of Directors decides to set up an compensation committee (the &ldquo;<B>Compensation Committee</B>&rdquo;),
such Compensation Committee shall review and approve the compensation and benefits of the executive officers and other key employees of
the Company and its group, and make recommendations to the Board of Directors regarding principles for compensation, performance evaluation,
and retention strategies. The Compensation Committee (if any) shall be responsible for designing and administering the Company&rsquo;s
equity-based incentive plans of the Company and its group.</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"><FONT STYLE="font-size: 10pt; background-color: white">12.2.3</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Risk
Committee: in the case the Board of Directors decides to set up a risk committee (the &ldquo;<B>Risk Committee</B>&rdquo;), such Risk
Committee shall assist the Board of Directors in fulfilling its oversight responsibilities with regard to (i)&nbsp;evaluating the risks
inherent in the business of the Company and its group and the control processes with respect to such risks; (ii)&nbsp;the assessment and
review of credit, market, commercial, fiduciary, liquidity, reputational and operational risks; and (iii)&nbsp;to review the implementation
of commercial decisions undertaken by the Company with respect of the foregoing.</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-size: 10pt; background-color: white">12.2.4</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Strategy
Committee: in the case the Board of Directors decides to set up a strategy committee (the &ldquo;<B>Strategy Committee</B>&rdquo;), such
Strategy Committee shall assist the Board of Directors in fulfilling its oversight responsibilities with regard to (i)&nbsp;maintaining
a cooperative, interactive strategic planning process with executive officers, including for (a)&nbsp;the identification, review and setting
of strategic goals, and (b)&nbsp;the review of potential acquisitions, joint ventures and strategic alliances and dispositions; (ii)&nbsp;the
making of recommendations as to the means of pursuing strategic goals; and (iii)&nbsp;the review and implementation of strategic decisions
and the Company&acute;s overall development plan.</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-size: 10pt">12.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors may appoint a secretary of the Company who may but does not need to be a member of the Board of Directors and determine
his responsibilities, powers and 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 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Binding
Signature</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will be bound by the joint signature
of any two (2)&nbsp;Directors or by the sole or joint signatures of any persons to whom such signatory power shall have been delegated
by the Board of Directors. For the avoidance of doubt, for acts regarding the daily management of the Company the Company will be bound
by the sole signature of the <I>administrateur d&eacute;l&eacute;gu&eacute;</I> (&quot;<B>Chief Executive Officer</B>&quot; or &quot;<B>CEO</B>&quot;)
or any person or persons to whom such signatory power shall be delegated by the Board of Directors.</P>

<P STYLE="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"><B>Article&nbsp;14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Board
Compensation. Indemnification</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">14.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
compensation of the Board of Directors will be decided by the General Meeting.</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-size: 10pt">14.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Directors are not held personally liable for the indebtedness or other obligations of the Company. As agents of the Company, they are
responsible for the performance of their duties. Subject to the exceptions and limitations listed in article 14.3, every person who is,
or has been, a Director or officer of the Company shall be indemnified by the Company to the fullest extent permitted by law against liability
and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes
involved as a party or otherwise by virtue of his being or having been such Director or officer and against amounts paid or incurred by
him in the settlement thereof. The words &quot;claim&quot;, &quot;action&quot;, &quot;suit&quot; or &quot;proceeding&quot; shall apply
to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words &quot;liability&quot;
and &quot;expenses&quot; shall include without limitation attorneys' fees, costs, judgements, amounts paid in settlement and other liabilities.</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"><FONT STYLE="font-size: 10pt">14.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
indemnification shall be provided to any Director or officer:</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-size: 10pt">14.3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Against
any liability to the Company or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of
the duties involved in the conduct of his office;</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-size: 10pt">14.3.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">With
respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in the interest of the Company;
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; text-align: justify"><FONT STYLE="font-size: 10pt">14.3.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by the Board of Directors.</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-size: 10pt">14.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
right of indemnification herein provided shall be severable, shall not affect any other rights to which any Director or officer may now
or hereafter be entitled, shall continue as to a person who has ceased to be such Director or officer and shall inure to the benefit of
the heirs, executors and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which
corporate personnel, including directors and officers, may be entitled by contract or otherwise under law.</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-size: 10pt">14.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Expenses
in connection with the preparation and representation of a defence of any claim, action, suit or proceeding of the character described
in this Article&nbsp;shall be advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf
of the officer or director, to repay such amount if it is ultimately determined that he is not entitled to indemnification under this
article.</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"><B>Article&nbsp;15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Conflicts
of Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">15.1</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Subject
to Article&nbsp;11, no contract or other transaction between the Company and any other company or firm shall be affected or invalidated
by the fact that any one or more of the Directors, member of any committee or officers of the Company is interested in, or is a director,
associate, officer, agent, adviser or employee of such other company or firm. Any Director, member of any committee or officer who serves
as a director, officer or employee or otherwise of any company or firm with which the Company shall contract or otherwise engage in business
shall not, by reason of such affiliation with such other company or firm only, be prevented from considering and voting or acting upon
any matters with respect to such contract or other business.</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-size: 10pt; background-color: white">15.2</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
the event a Director or a member of any committee has a direct or indirect financial interest conflicting with that of the Company in
a transaction which has to be considered by the Board of Directors or the committee, such Director or member of any committee shall indicate
such conflict of interest to the Board or, as the case may be, the committee and shall not deliberate or vote on the relevant matter.
Any conflict of interest arising at Board or at committee level shall be reported to respectively the next General Meeting of Shareholders
or the Board of Directors&rsquo; meeting before any resolution as and to the extent required by law.</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"><B>PART&nbsp;IV. GENERAL MEETINGS OF SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;General
Meetings of Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">16.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
regularly constituted General Meeting of Shareholders of the Company shall represent the entire body of Shareholders of the Company. It
shall have the broadest powers to order, carry out or ratify acts relating to the operations of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">16.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Bond
holders are not entitled to attend the General Meeting.</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-size: 10pt">16.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
annual general meeting of Shareholders as well as any other meetings of Shareholders shall be held in the Grand Duchy of Luxembourg at
such place and time as indicated in the notice of the meeting.</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-size: 10pt">16.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">General
Meetings shall be convened in accordance with the provisions of law and in the case the Shares of the Company are listed on a Regulated
Market, in accordance with the publicity requirements of such Regulated Market applicable to the Company. If all of the Shareholders are
present or represented at a general meeting of Shareholders, the General Meeting may be held without prior notice or publication.</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-size: 10pt">16.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case the shares of the Company are not listed in a any Regulated Market, all Shareholders recorded in the share register on the date of
the General Meeting are entitled to be admitted in the General Meeting; provided, however, that in case the Shares of the Company are
listed on a Regulated Market, the Board of Directors may determine a date preceding the General Meeting as the record date for admission
to the General Meeting (the &ldquo;<B>Record Date</B>&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"><FONT STYLE="font-size: 10pt">16.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Where,
in accordance with the provisions of Article&nbsp;6.1.7 of the present Articles, Shares are recorded in the register(s)&nbsp;of Shareholders
in the name of a Depositary or sub-depositary of the former, the certificates provided for in Article&nbsp;6.1.7 must be received by the
Company (or its agents as set forth in the convening notice) no later than the day preceding the fifth (5<SUP>th</SUP>) working day before
the date of the General Meeting unless the Board fixes a different period. Such certificates must (unless otherwise required by applicable
law) certify the fact that the Shares in the account shall be blocked until the close of the General Meeting. All proxies must be received
by the Company (or its agents) by the same deadline provided that the Board of Directors may, if it deems so advisable amend these periods
of time for all Shareholders and admit Shareholders (or their proxies) who have provided the appropriate documents to the Company (or
its agents as aforesaid) to the General Meeting, irrespective of these time limits.</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-size: 10pt">16.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors shall adopt all other regulations and rules&nbsp;concerning the attendance to the General Meeting, and availability
of access cards, proxy forms and/or voting forms in order to enable Shareholders to exercise their right to vote.</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"><FONT STYLE="font-size: 10pt">16.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Shareholder may be represented at a General Meeting by appointing as his or her proxy another person, who need not be a Shareholder.</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"><B>Article&nbsp;17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Majority
and quorum at the General Meeting</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">17.1</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">At
any General Meeting of Shareholders other than a General Meeting convened for the purpose of amending the Company&rsquo;s Articles of
Incorporation or voting on resolutions whose adoption is subject to the quorum and majority requirements for amendments of the Articles
of Incorporation, no presence quorum is required and resolutions shall be adopted, irrespective of the number of Shares represented, by
a simple majority of votes validly cast.</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-size: 10pt; background-color: white">17.2</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Subject
to Article&nbsp;17.3, at any extraordinary General Meeting of Shareholders for the purpose of amending the Company&rsquo;s Articles of
Incorporation or voting on resolutions whose adoption is subject to the quorum and majority requirements for amendments of the Articles
of Incorporation, the quorum shall be at least one half of the issued share capital of the Company. If the said quorum is not present,
a second Meeting may be convened at which there shall be no quorum requirement. In order for the proposed resolutions to be adopted at
such a General Meeting, and save as otherwise provided by law or Article&nbsp;17.3, a two thirds (2/3) majority of the votes validly cast
at any such General Meeting.</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-size: 10pt; background-color: white">17.3</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Any
direct or indirect amendment of Article&nbsp;7, Article&nbsp;9.3, Article&nbsp;11.6, Article&nbsp;17.2, Article&nbsp;23 and this Article&nbsp;17.3
or any of the provisions thereof shall, in addition to the majority required by law, always be subject to a 90% majority of the outstanding
voting rights in the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PART&nbsp;V. AMENDMENT OF ARTICLES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amendments
of Articles</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Articles of Incorporation may be amended from
time to time by a resolution of the General Meeting of Shareholders to the quorum and voting requirements provided by the laws of Luxembourg
and as may otherwise be provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PART&nbsp;VI. ACCOUNTING YEAR, AUDITOR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Accounting
Year</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting year of the Company shall begin
on first of January&nbsp;and shall terminate on thirty-first of December&nbsp;of each year.</P>

<P STYLE="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"><B>Article&nbsp;20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Auditor</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s annual accounts shall be audited
by one or more independent auditors, appointed by the General Meeting at the Board of Directors&rsquo; recommendation (or if so resolved
by the Board of Directors, the recommendation of the Audit Committee, if any). The General Shareholders&rsquo; Meeting shall determine
the number of independent auditors and the term of their office, which shall not exceed one (1)&nbsp;year. They may be reappointed and
dismissed at any time by the General Shareholders&rsquo; Meeting at the Board of Directors&rsquo; recommendation (or if so resolved by
the Board of Directors, the recommendation of the Audit Committee, if any).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PART&nbsp;VII. DISTRIBUTIONS, WINDING UP</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Distributions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">21.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">From
the annual net profits of the Company, five per cent (5%) shall be allocated to an un-distributable reserve required by law. This allocation
shall cease to be required as soon and as long as such reserve amounts to ten per cent (10%) of the issued share capital of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">21.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
General Meeting of Shareholders, upon recommendation of the Board of Directors, will determine how the remainder of the annual net profits
will be disposed of, including by way of stock dividend.</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-size: 10pt">21.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Interim
distributions may be declared and paid (including by way of staggered payments) by the Board of Directors subject to observing the terms
and conditions provided by law either by way of a cash distribution or by way of an in kind distribution.</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-size: 10pt">21.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event it is decided by the General Meeting, or in the case interim distributions declared by the Board, that a distribution be paid
in Shares or other securities of the Company, the Board of Directors may exclude from such offer such Shareholders he deems necessary
or advisable due to legal or practical problems in any territory or for any other reasons as the Board may determine.</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"><B>Article&nbsp;22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Liquidation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">22.1</FONT><FONT STYLE="background-color: white">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
the event of the dissolution of the Company for whatever reason or whatever time, the liquidation will be performed by liquidators or
by the Board of Directors then in office who will be endowed with the powers provided by articles 144 et seq. of the Luxembourg law of
10<SUP>th</SUP> August&nbsp;1915 on commercial companies. Once all debts, charges and liquidation expenses have been met, any balance
resulting shall be paid to the holders of Shares in the Company in accordance with the provisions of these Articles.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PART&nbsp;VIII. RESTRICTION ON SHAREHOLDER
RIGHTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Article&nbsp;23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Waiver
and/or Suspension of Voting Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">23.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
Shareholder may individually decide not to exercise and waive, temporarily or permanently, all or part of its voting rights and the exercise
thereof. The waiving Shareholder is bound by such waiver.</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-size: 10pt">23.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board may suspend the voting rights of any Shareholder that it determines (acting reasonably and in good faith) to be in breach of its
obligations as described by the Articles, or any subscription, transaction, governance, shareholders or like agreement; and voting (and
such other rights as provided for herein) rights shall be suspended by operation of the Articles as and to the extent provided for in
these Articles. Such Board decision shall be taken by simple majority provided that such majority includes at least a majority of the
independent members of the Board of Directors.</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-size: 10pt">23.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case the exercise of the voting rights has been waived by one or several Shareholders or are suspended in accordance with the Articles,
such Shareholders may attend any General Meeting of the Company but the Shares they hold are not taken into account for the determination
of the conditions of quorum and majority to be 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"></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"><B>PART&nbsp;IX. SOLE SHAREHOLDER, DEFINITIONS,
APPLICABLE LAW</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Article&nbsp;24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Sole
Shareholder</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, and as long as one Shareholder holds all the
Shares of the Company, the Company shall exist as a single Shareholder company pursuant to the provisions of Company Law. In the event
the Company has only one Shareholder, the Company may at the option of the sole Shareholder, be managed by one Director as provided for
by law and all provisions in the present Articles referring to the Board of Directors shall be deemed to refer to the sole Director (mutatis
mutandis) who shall have all such powers as provided for by law and as set forth in the present Articles with respect to the Board of
Directors.</P>

<P STYLE="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"><B>Article&nbsp;25.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Definitions</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliate</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means, in relation to a person or entity, a person that directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such person or entity. The term &ldquo;Affiliated with&rdquo; has a meaning correlative to the foregoing.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles or Articles of Incorporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means the present articles of incorporation of the Company as amended from time from time.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board or Board of Directors</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means the Board of Directors (<I>conseil d&rsquo;administration)</I> of the Company</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Candidate Number </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means the number of candidates for nomination as directors, rounded up to the next whole number, determined by multiplying: (i)&nbsp;the total number of Directors on the Company Board (giving effect to any increase in the size of the Company Board effected pursuant to Article&nbsp;9.4)); by (ii)&nbsp;a fraction having a numerator equal to the aggregate number of Shares then beneficially owned by the relevant Shareholder (and evidenced to the Company), and having a denominator equal to the total number of Shares then issued and outstanding; provided that such number of candidates shall be reduced to the extent necessary to comply with Article&nbsp;9.3.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means, in relation to a person or entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through ownership of voting securities, by contract or otherwise.</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means a member of the Board of Directors or as the case may be, the sole Director of the Company.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Meeting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means the general meeting of Shareholders.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">independent members of the Board of Directors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means a Director who: (i)&nbsp;is not employed, and has not been employed within the five years immediately prior to the ordinary General Meeting at which the candidates to the Board of Directors will be voted upon, by the Company or any of its subsidiaries in an executive capacity; (ii)&nbsp;does not receive consulting, advisory or other compensatory fees from the Company or any of its subsidiaries (other than fees received as member of the Board of Directors or any committee thereof and fees received as member of the board of directors or other governing body, or any committee thereof, of any of the Company&rsquo;s subsidiaries); (iii)&nbsp;does not Control the Company; (iv)&nbsp;has not (and does not Control a business entity that has) a material business relationship with the Company, any of its subsidiaries, or the person that directly or indirectly Controls the Company, if such material business relationship would be reasonably expected to adversely affect the director&rsquo;s ability to properly discharge its duties; (v)&nbsp;does not Control, and is not, and has not been within the five-year period immediately prior to the ordinary shareholders&rsquo; meeting at which the candidates to the Board of Directors will be voted upon, employed by, a (present or former) internal or external auditor of the Company, any of its subsidiaries or the person that directly or indirectly Controls the Company; and (vi)&nbsp;is not a spouse, parent, sibling or relative up to the third degree of, and does not share a home with, any person above described from (i)&nbsp;to (iv).</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulated Market</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means any official stock exchange or securities exchange market in the European Union, the United States of America or elsewhere.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means a duly registered holder of Shares of the Company.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Means the shares (<I>actions</I>) of the Company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Article&nbsp;26.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Applicable
law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For anything not dealt with in the present Articles of Incorporation,
the Shareholders refer to the relevant legislation.</P>

<P STYLE="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>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>3
<FILENAME>tm2510709d1_ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.6</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>dated as of March&nbsp;26, 2025</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TETHER INVESTMENTS, S.A. DE C.V.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This REGISTRATION RIGHTS AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;)
is entered into as of March&nbsp;26, 2025 by and between Adecoagro S.A., a Luxembourg stock corporation (the &ldquo;<U>Company</U>&rdquo;),
and Tether Investments, S.A. de C.V., an El Salvador corporation (the &ldquo;<U>Holder</U>&rdquo;). Capitalized terms used herein shall
have the meaning assigned to such terms in the text of this Agreement or in Section&nbsp;1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the parties hereto are entering into this
Agreement pursuant to the Transaction Agreement, dated as of March&nbsp;26, 2025, between the Company and the Holder (the &ldquo;<U>Transaction
Agreement</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; text-indent: 0.5in">NOW, THEREFORE, in consideration of the foregoing
recitals and of the mutual promises hereinafter set forth, the Parties agree 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: center"><B><U>AGREEMENT</U></B></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"><B>1.</B></TD><TD><B><U>Definitions and Interpretations</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
As used in this Agreement, the following capitalized terms shall have the following respective meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo; means, with respect
to any Person, any other Person directly or indirectly controlling, controlled by or under common control with, such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo; has the meaning
given to such term in the preamble, as the same may be amended, supplemented or restated from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo; means any day
that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in New York City, the Grand
Duchy of Luxembourg or San Salvador, El Salvador.</P>

<P STYLE="font: 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">&ldquo;<U>Company</U>&rdquo; has the meaning given
to such term in the preamble.</P>

<P STYLE="font: 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">&ldquo;<U>control</U>&rdquo; (including the terms
&ldquo;<U>controlling</U>,&rdquo; &ldquo;<U>controlled by</U>,&rdquo; and &ldquo;<U>under common control with</U>&rdquo;), with respect
to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause
the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by
contract or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Covered Person</U>&rdquo; has the meaning
given to such term in Section&nbsp;5(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Demand Registration</U>&rdquo; has the
meaning given to such term in Section&nbsp;3(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Equity Securities</U>&rdquo; means (a)&nbsp;any
and all Shares or other equity securities of the Company, (b)&nbsp;securities of the Company convertible into, or exchangeable or exercisable
for, such shares, and (c)&nbsp;options, warrants or other rights to acquire such Shares or other equity 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"></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">&ldquo;<U>Exchange Act</U>&rdquo; means the Securities
Exchange Act of 1934, as amended, and any successor statute thereto and the rules&nbsp;and regulations of the SEC 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-indent: 0.5in">&ldquo;<U>FINRA</U>&rdquo; means the Financial
Industry Regulatory Authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Free Writing Prospectus</U>&rdquo; has
the meaning given to such term in Section&nbsp;4(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Holder</U>&rdquo; has the meaning given
to such term in the preamble.</P>

<P STYLE="font: 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">&ldquo;<U>Holder Affiliated Group</U>&rdquo; means
the Holder, the Persons listed on <U>Exhibit&nbsp;A</U> hereto and any Permitted Transferee to whom the rights under this Agreement are
transferred pursuant to Section&nbsp;8(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Indemnified Party</U>&rdquo; has the
meaning given to such term in Section&nbsp;5(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Indemnifying Party</U>&rdquo; has the
meaning given to such term in Section&nbsp;5(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Inspector</U>&rdquo; has the meaning
given to such term in Section&nbsp;4(m).</P>

<P STYLE="font: 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">&ldquo;<U>Lock-Up Period</U>&rdquo; has the meaning
set forth in Section&nbsp;6.07(a)&nbsp;of the Transaction 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-indent: 0.5in">&ldquo;<U>Losses</U>&rdquo; has the meaning given
to such term in Section&nbsp;5(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Parties</U>&rdquo; means the parties
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-indent: 0.5in">&ldquo;<U>Permitted Transferee</U>&rdquo; means,
(a)&nbsp;with respect to any member of the Holder Affiliated Group, any person that is or becomes a member of the same reporting &ldquo;group&rdquo;
(within the meaning of Section&nbsp;13(d)(3)&nbsp;of the Exchange Act, as amended) as such member, (b)&nbsp;with respect to any member
of the Holder Affiliated Group that is a corporation, limited liability company or partnership, any shareholder, member, partner or other
equity holder of such member that receives Registrable Securities in a distribution from it for no consideration, and (c)&nbsp;with respect
to any member of the Holder Affiliated Group that is a trust or an estate, any beneficiary of such member that receives Registrable Securities
in a distribution from it for no consideration.</P>

<P STYLE="font: 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">&ldquo;<U>Person</U>&rdquo; means any individual,
partnership, joint venture, corporation, limited liability company, trust, unincorporated organization, government or any department or
agency thereof or any other 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-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo; means the prospectus
included in any Registration Statement (including a prospectus that discloses information previously omitted from a prospectus filed as
part of an effective Registration Statement in reliance upon Rule&nbsp;430A promulgated under the Securities Act), as amended or supplemented
by any prospectus supplement, relating to Registrable Securities, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">&ldquo;<U>Records</U>&rdquo; has the meaning given
to such term in Section&nbsp;4(m).</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registrable
Securities</U>&rdquo; means (a)&nbsp;any Equity Securities beneficially held by a member of the Holder Affiliated Group as of the date
of this Agreement, (b)&nbsp;any Equity Securities </FONT>purchased by a member of the Holder Affiliated Group as contemplated pursuant
to the tender offer described in the Transaction Agreement, and (c)&nbsp;any other Company equity securities or equity interests issued
or issuable, directly or indirectly, with respect to the securities described in clause (a)&nbsp;or (b)&nbsp;by way of exercise, conversion
or exchange thereof or stock dividends, stock splits or in connection with a combination of shares, reclassification, recapitalization,
merger, consolidation, other reorganization or similar event. Registrable Securities shall include any such Equity Securities transferred
to a Permitted Transferee in accordance with Section&nbsp;8(c). As to any particular Registrable Securities, once issued, such securities
shall cease to be Registrable Securities when (i)&nbsp;they are disposed of pursuant to an effective Registration Statement under the
Securities Act, (ii)&nbsp;they are sold to the public pursuant to Rule&nbsp;144 (or other exemption from registration under the Securities
Act), (iii)&nbsp;they have ceased to be outstanding, (iv)&nbsp;they are eligible to be sold by the holder thereof pursuant to Rule&nbsp;144
without volume or manner-of-sale restrictions and without the need for the Company to be in compliance with the current public information
required under Rule&nbsp;144(c)(i)&nbsp;(or Rule&nbsp;144(i)(2), if applicable),&nbsp;or (v)&nbsp;they have been sold in a private transaction
in which the transferor&rsquo;s rights under this Agreement are not assigned to the transferee 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-indent: 0.5in">&ldquo;<U>Registration Statement</U>&rdquo; means
any registration statement of the Company filed with the SEC under the Securities Act which permits the offering of any Registrable Securities
pursuant to the provisions of this Agreement, including any Prospectus, Free Writing Prospectus, amendments and supplements to such registration
statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Requesting Holder</U>&rdquo; has the
meaning given to such term in Section&nbsp;3(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Rule&nbsp;144</U>&rdquo; means Rule&nbsp;144
under the Securities Act, as such rule&nbsp;may be amended from time to time, or any similar rule&nbsp;or regulation hereafter adopted
by the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo; means the U.S. Securities
and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo; means the Securities
Act of 1933, as amended, and any successor statute thereto and the rules&nbsp;and regulations of the SEC 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-indent: 0.5in">&ldquo;<U>Shares</U>&rdquo; means common shares,
nominal value $1.50 per share, 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">&ldquo;<U>Subsidiary</U>&rdquo; means (i)&nbsp;any
corporation of which a majority of the securities entitled to vote generally in the election of directors thereof, at the time as of which
any determination is being made, are owned by another entity, either directly or indirectly and (ii)&nbsp;any joint venture, general or
limited partnership, limited liability company or other legal entity in which an entity is the record or beneficial owner, directly or
indirectly, of a majority of the voting interests or the general partner.</P>

<P STYLE="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">&ldquo;<U>Transfer</U>&rdquo; means to sell, transfer,
assign, pledge, encumber, hypothecate or similarly dispose of, directly or indirectly, whether voluntarily or involuntarily, or to enter
into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation
or similar disposition of, any Equity Securities beneficially owned by a Person or any interest in any Equity Securities beneficially
owned by a Person. In the event that any member of the Holder Affiliated Group that is a corporation, partnership, limited liability company
or other legal entity (other than an individual, trust or estate) ceases to be, directly or indirectly, controlled by the Person controlling
such member as of the date hereof or a Permitted Transferee thereof, such event will be deemed to constitute a &ldquo;Transfer&rdquo;
as such term is used herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Underwritten Offering</U>&rdquo; means
an offering registered under the Securities Act in which securities of the Company are sold to one or more underwriters on a firm commitment
basis pursuant to the terms of an underwriting agreement for reoffering to the public.</P>

<P STYLE="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-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interpretations.</U>
For purposes of this Agreement, unless otherwise noted:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations and
forms, as amended from time to time or, to the extent replaced, the comparable successor laws, rules, regulations and forms thereto in
effect at the time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the
comparable successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references to agreements and other contractual instruments shall be deemed to be references to such agreements or other instruments as
they may be amended, waived, supplemented or modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references to any amount of securities (including Registrable Securities) shall be deemed to be a reference to such amount measured on
an as-converted or as-exercised basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
term &ldquo;including&rdquo; means &ldquo;including without limitation&rdquo;; the term &ldquo;days&rdquo; means &ldquo;calendar days&rdquo;;
and terms such as &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and words of similar import refer to this Agreement as a whole.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Incidental or Piggyback Registrations</U></B></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 1in; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Right
to Include Registrable Securities</U>. If the Company determines to register its Equity Securities under the Securities Act (excluding
(1)&nbsp;a registration statement filed by the Company on Form&nbsp;F-4, Form&nbsp;S-8, or any successor or other forms promulgated for
similar purposes or (2)&nbsp;a registration statement filed solely in connection with an exchange offer or any employee benefit or dividend
reinvestment plan), in connection with an Underwritten Offering, whether or not for sale for its own account, in a manner which would
permit registration of Registrable Securities for sale to the public under the Securities Act, the Company shall, at each such time, give
prompt written notice (but in no&nbsp;event less than fifteen (15) days prior to the proposed date of submission or filing of the applicable
Registration Statement) to the Holder of its intention to do so and of the Holder&rsquo;s rights under this Section&nbsp;2. Upon the written
request of the Holder made within 10 days after the receipt of any such notice (which request shall specify the Registrable Securities
intended to be disposed of by the Holder Affiliated Group, the owners thereof, and the intended method or methods of disposition thereof),
the Company shall use reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities which
the Company has been so requested to register by the Holder, to the extent required to permit the disposition of the Registrable Securities
so to be registered; <U>provided</U> that (i)&nbsp;if, at any time after giving written notice of its intention to register any securities
and prior to the effective date of the Registration Statement filed in connection with such registration, the Company determines for any
reason not to proceed with the proposed registration of the securities to be sold by it, the Company shall give written notice of such
determination to the Holder and thereupon will be relieved of its obligation to register any Registrable Securities in connection with
such registration (but not from its obligation to pay the expenses in connection therewith) without prejudice to the rights of the Holder
to request that such registration be effected as a registration under Section&nbsp;3, (ii)&nbsp;all members of the Holder Affiliated Group
including Registrable Securities in the Company&rsquo;s registration must sell their Registrable Securities to the underwriters selected
by the Company on the same terms and conditions as apply to the Company and the other holders selling Equity Securities in such Underwritten
Offering, with such differences, including any with respect to indemnification and liability insurance, as may be customary or appropriate
in combined primary and secondary offerings, and (iii)&nbsp;the aggregate dollar amount of securities to be included by the Holder Affiliated
Group must be at least $10,000,000. Any member of the Holder Affiliated Group that has Registrable Securities included in an offering
pursuant to this Section&nbsp;2 shall be permitted to withdraw from such offering by written notice to the Company (x)&nbsp;at least three
(3)&nbsp;Business Days prior to the earlier of the anticipated filing date of the &ldquo;red herring&rdquo; Prospectus, if applicable,
and the anticipated pricing date, or (y)&nbsp;in the case of any offering without a &ldquo;red herring&rdquo; Prospectus, at least three
(3)&nbsp;business days prior to the effective date of the Registration Statement filed in connection with such registration or offering.</P>

<P STYLE="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-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Priority
in Incidental or Piggyback Registrations</U>. The Company shall use reasonable best efforts to cause the managing underwriter(s)&nbsp;of
a proposed Underwritten Offering to include all of the Registrable Securities so requested by the Holder on the same terms and conditions
as any other Equity Securities included in the Underwritten Offering. Notwithstanding the foregoing, if the managing underwriter(s)&nbsp;of
such Underwritten Offering have informed the Company in writing that in its good faith opinion the total number or dollar amount of securities
that the Holder Affiliated Group, the Company and any other securityholders intend to include in such Underwritten Offering is likely
to have a material adverse effect on the timing, price or distribution of such Underwritten Offering, then there shall be included in
such Underwritten Offering the number or dollar amount of Registrable Securities that in the good faith opinion of such managing underwriter(s)&nbsp;can
be sold without having such material adverse effect on such Underwritten Offering, and such number of Registrable Securities shall be
reduced and allocated as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of a registration initiated by the Company to register securities for its own account and not for any securityholder: <I>first</I>,
all securities of the Company requested to be included by the Company in such registration; <I>second</I>, if any capacity remains, the
securities of the Company requested to be included by the Holder, in the amounts allowed by the managing underwriters, allocated among
the members of the Holder Affiliated Group as shall be determined by the Holder; <I>third</I>, if any capacity remains, the securities
of the Company requested to be included by other holders of securities requesting such registration, in the amounts allowed by the managing
underwriters, pro rata among such holders on the basis of the percentage of securities requested to be included in such registration by
such holders and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
any offering initiated by a party to an agreement providing such party with demand registration rights exercising its rights under such
agreement: <I>first</I>, all securities of the Company requested to be included in such registration by such party; <I>second</I>, if
any capacity remains, the securities of the Company requested to be included by the Holder, in the amounts allowed by the managing underwriters,
allocated among the members of the Holder Affiliated Group as shall be determined by the Holder; and <I>third</I>, if any capacity remains,
the securities of the Company requested to be included by any other holder of securities requesting such registration, in the amounts
allowed by the managing underwriters, pro rata among such holders on the basis of the percentage of the securities requested to be included
in such registration by such holders.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Demand Registration</U></B></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 1in; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Following
the expiration of the Lock-Up Period set forth in the Transaction Agreement, the Holder may make a written demand for registration under
the Securities Act of all or part of Registrable Securities, which written demand shall describe the amount and type of securities to
be included in such registration, the identities of the sellers (each such member that includes all or a portion of such member&rsquo;s
Registrable Securities in such registration, a &ldquo;<U>Requesting Holder</U>&rdquo;) and the intended method(s)&nbsp;of distribution
thereof (such written demand a &ldquo;<U>Demand Registration</U>&rdquo;). The Company shall use reasonable best efforts to prepare and
file as soon as reasonably practicable, but not later than forty-five (45) days after the Company&rsquo;s receipt of the Demand Registration,
a Registration Statement on Form&nbsp;F-3 (or, if Form&nbsp;F-3 is unavailable, any similar registration statement that may be available
at that time) with respect to all Registrable Securities requested by the Holder and Requesting Holders pursuant to such the Demand Registration,
and shall use its reasonable best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable
thereafter; <U>provided</U> that (A)&nbsp;the Company shall be required to effect no more than one (1)&nbsp;Demand Registration per calendar
year (unless the Company, in its sole discretion, otherwise agrees to effect an additional Demand Registration during such calendar year)
and no more than eight (8)&nbsp;Demand Registrations in total during the term of this Agreement; (B)&nbsp;each Demand Registration must
pertain to at least $50 million of Registrable Securities; and (C)&nbsp;no Demand Registration may be requested within ninety (90) days
of the date of the Prospectus filed with respect to any prior Demand Registration. All requests for Demand Registrations shall be made
by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the
Demand Registration, the identities of the sellers and the intended method or methods of distribution thereof. Notwithstanding anything
else contained herein, in no event will a Demand Registration require the Company to file a &ldquo;shelf&rdquo; registration statement
to permit the sale of securities on a delayed or continuous basis pursuant to Rule&nbsp;415 of the Securities Act or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effective
Registration</U>. Notwithstanding the provisions of Section&nbsp;3(a)&nbsp;above or any other part of this Agreement, a registration pursuant
to a Demand Registration shall not count as a registration unless and until (i)&nbsp;the Registration Statement filed with the Commission
with respect to a registration pursuant to a Demand Registration has been declared effective by the Commission and (ii)&nbsp;the Company
has complied with all of its obligations under this Agreement with respect thereto; <U>provided</U>, <U>however</U>, that if after such
Registration Statement has been declared effective, an offering of Registrable Securities in a registration pursuant to a Demand Registration
is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency,
the Registration Statement with respect to such registration shall be deemed not to have been declared effective, unless and until, (x)&nbsp;such
stop order or injunction is removed, rescinded or otherwise terminated, and (y)&nbsp;the Holder thereafter affirmatively elects to continue
with such registration and accordingly notifies the Company in writing, but in no event later than five (5)&nbsp;days after such stop
order or injunction is removed, rescinded or otherwise terminated, of such election; and, provided, further, that the Company shall not
be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect
to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.</P>

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

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

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<P STYLE="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-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Priority
in Demand Registrations</U>. If the managing underwriter(s)&nbsp;of a Demand Registration advise the Company and the Holder in writing
that in its good faith opinion the total number or dollar amount of securities that the Holder, the Requesting Holders and the Company
intend to include in such Demand Registration is likely to have a material adverse effect on the timing, price or distribution of such
Demand Registration, then the Company shall include in such Demand Registration, before including any securities proposed to be sold by
the Company, the Registrable Securities that in the good faith opinion of such managing underwriter(s)&nbsp;can be sold without having
such material adverse effect on such Demand Registration, and such number of Registrable Securities shall be allocated as determined by
the Holder.</P>

<P STYLE="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-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Selection
of Underwriters</U>. The Holder shall choose the lead underwriter to administer a Demand Registration, subject to the consent of the Company,
which shall not be unreasonably withheld. The right of any Requesting Holder to include Registrable Securities in a Demand Registration
pursuant to this Section&nbsp;3 is conditioned upon such Requesting Holder&rsquo;s participation in such underwriting and the inclusion
of such Requesting Holder&rsquo;s Registrable Securities in the underwriting, and upon each such Requesting Holder&rsquo;s entering into
(together with the Company and the other participating members) an underwriting agreement in customary form with the underwriter(s)&nbsp;selected
for such underwriting (including pursuant to the terms of any over-allotment or &ldquo;green shoe&rdquo; option requested by the managing
underwriter(s)); <U>provided</U> that no&nbsp;such Requesting Holder shall be required to sell more than the number of Registrable Securities
that the Holder has requested the Company to include in any Demand Registration with respect to such member; <U>provided further</U> that
no&nbsp;such Person (other than the Company) shall be required to make any representations or warranties other than those related to title
and ownership of, and power and authority to transfer, shares and the accuracy and completeness of statements made in a Registration Statement,
Prospectus or other document in reliance upon, and in conformity with, written information prepared and furnished to the Company or the
managing underwriter(s)&nbsp;by such Person pertaining exclusively to such Person.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Demand
Registration Withdrawal</U>. Without prejudice to the rights described in Section&nbsp;3(a), prior to the filing of the applicable &ldquo;red
herring&rdquo; Prospectus or Prospectus supplement used for marketing such Demand Registration, the Holder shall have the right to withdraw
from such Demand Registration for any or no reason whatsoever upon written notification to the Company and the managing underwriter(s)&nbsp;(if
any) of their intention to withdraw from such Demand Registration. If withdrawn, a request for a Demand Registration shall constitute
a request for a Demand Registration for purposes of Section&nbsp;3(a)&nbsp;unless the Holder reimburses the Company for all registration
expenses with respect to such Demand Registration in accordance with Section&nbsp;6.</P>

<P STYLE="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-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Suspension
of Sales; Postponements in Demand Registrations</U>. If the filing, initial effectiveness or continued use of a Registration Statement
with respect to any Registrable Securities would require the Company to make a public disclosure of material non-public information, which
disclosure in the good faith judgment of the Board of Directors of the Company (after consultation with external legal counsel)&nbsp;(i)&nbsp;would
be required to be made in any Registration Statement so that such Registration Statement would not contain any untrue statement of material
fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading, (ii)&nbsp;would not be required to be made at such time but for the filing, effectiveness or continued
use of such Registration Statement and (iii)&nbsp;would reasonably be expected to have a material adverse effect on the Company or its
business or on the Company&rsquo;s ability to effect a bona fide material proposed acquisition, disposition, financing, reorganization,
recapitalization or similar transaction, then the Company may, upon giving prompt written notice of such action to the Holder, delay the
filing or initial effectiveness (but not the preparation) of, or suspend use of, such Registration Statement; <U>provided</U> that the
Company shall be permitted to do so no more than twice in any 12-month period, for an aggregate period not to exceed sixty (60) days .
In the event that the Company exercises its rights under the preceding sentence, the Holder shall, and shall use reasonable best efforts
to cause all Requesting Holders that have Registrable Securities included on the Registration Statement to, suspend, promptly upon receipt
of the notice referred to above, the use of any Prospectus relating to such registration in connection with any sale or offer to sell
Registrable Securities. If the Company postpones registration of Registrable Securities or requires the Holder or a Requesting Holder
to suspend any Demand Registration, the Holder shall be entitled to withdraw its request for such Demand Registration, and if it does
so, such request shall not be treated for any purpose as the delivery of a request for a Demand Registration and Holder shall not be required
to reimburse the Company for any registration expenses with respect to such Demand Registration. Notwithstanding the provisions of this
Section&nbsp;3(f), the Company may delay the filing or initial effectiveness (but not the preparation) of, or suspend use of, any Registration
Statement during the Company&rsquo;s standard quarterly blackout period pursuant to its insider trading policy, and any such delay or
suspension shall not be counted toward the limit of two delays or suspensions in any 12-month period or toward the 60-day aggregate period
referred to above.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><B><U>Registration Procedures</U></B>. The Company shall cooperate with any member of the Holder Affiliated Group in the sale of Registrable
Securities pursuant to Section&nbsp;2 and Section&nbsp;3, and shall, as soon as reasonably practicable:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;prepare
and file, in each case as promptly as practicable, with the SEC a Registration Statement or Registration Statements on such form as shall
be available for the sale of the securities to be included thereon in accordance with the intended method or methods of distribution thereof,
and, if such Registration Statement is not automatically effective upon filing, use reasonable best efforts to cause such Registration
Statement to be declared effective as soon as practicable and to remain effective as provided herein; <U>provided</U>, however, that before
filing a Registration Statement or Prospectus or any amendments or supplements thereto (including a free writing prospectus under Rule&nbsp;433
(a &ldquo;<U>Free Writing Prospectus</U>&rdquo;)) and, to the extent reasonably practicable, documents that would be incorporated by reference
or deemed to be incorporated by reference in a Registration Statement filed pursuant to a Demand Notice, the Company shall furnish or
otherwise make available to the Holder, its counsel and the managing underwriter(s)&nbsp;copies of all such documents proposed to be filed
(including exhibits thereto), which documents will be subject to the reasonable review and comment of such Persons, and such other documents
reasonably requested by such Persons, including any comment letter from the SEC relating to the Registration Statement, and, if requested
by such Persons, provide such Persons reasonable opportunity to participate in the preparation of such Registration Statement and each
Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act,
including reasonable access to the Company&rsquo;s books and records, officers, accountants and other advisors. The Company shall include
comments to any Registration Statement and any amendments or supplements thereto from the Holder, its counsel, or the managing underwriters,
as reasonably requested.</P>

<P STYLE="font: 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">The Company shall not file any Registration Statement,
Prospectus, Free Writing Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated
or deemed incorporated by reference therein) with respect to a Demand Registration to which the Holder, its counsel or the managing underwriter(s)&nbsp;objects
in writing, unless the Company is advised by counsel that such filing is necessary to comply with applicable law;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(i)&nbsp;prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith and
such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such Registration Statement continuously effective
during the period provided herein, (ii)&nbsp;comply in all material respects with the provisions of the Securities Act with respect to
the disposition of all securities covered by such Registration Statement and (iii)&nbsp;cause the related Prospectus to be supplemented
by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of
the securities covered by such Registration Statement, and as so supplemented, to be filed pursuant to Rule&nbsp;424 (or any similar provisions
then in force) under the Securities Act, in each case, until such time as all of such securities have been disposed of in accordance with
the intended method or methods of disposition by the seller or sellers thereof set forth in such Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;notify
the Holder, its counsel and the managing underwriter(s)&nbsp;promptly after the Company receives notice thereof (i)&nbsp;when a Prospectus
or any Prospectus supplement or post-effective amendment or any Free Writing Prospectus has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective, (ii)&nbsp;of any request by the SEC or any other federal
or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information,
(iii)&nbsp;of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceedings for that purpose, (iv)&nbsp;if at any time the Company has reason to believe that the representations
and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated by Section&nbsp;4(l)&nbsp;below
cease to be true and correct, (v)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of such Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding
for such purpose, and (vi)&nbsp;of the happening of any event that makes any statement made in such Registration Statement or related
Prospectus, Free Writing Prospectus, amendment or supplement thereto, or any document incorporated or deemed to be incorporated therein
by reference, as then in effect, untrue in any material respect or that requires the making of any changes in such Registration Statement,
Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and that,
in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

<P STYLE="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-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;use
reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or the lifting
of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction
at the earliest practical date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
requested by the managing underwriter(s)&nbsp;or the Holder, promptly include in a Prospectus supplement or post-effective amendment such
information as the managing underwriter or the Holder, as the case may be, may reasonably request in order to facilitate the disposition
of the Registrable Securities in accordance with the intended method or methods of distribution of such securities set forth in the Registration
Statement and make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable
after the Company has received such request; <U>provided</U>, however, that the Company shall not have any obligation to modify any information
if the Company reasonably believes in good faith that so doing would cause (i)&nbsp;the Registration Statement to contain an 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
or (ii)&nbsp;the Prospectus to contain an untrue statement of a material fact or to omit to state a material fact necessary in order to
make the statements made, in light of the circumstances under which they were made, not misleading;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;deliver
to the Holder, its counsel, and the underwriters, without charge, as many copies of the Prospectus or Prospectuses (including each form
of Prospectus) and each amendment or supplement thereto (including any Free Writing Prospectus) as such Persons may reasonably request
from time to time in order to facilitate the disposition of the Registrable Securities in accordance with the intended method or methods
of disposition thereof; and the Company, subject to the last paragraph of this Section&nbsp;4, hereby consents to the use of such Prospectus
and each amendment or supplement thereto by each of the Holder and the underwriters in connection with the offering and sale of the Registrable
Securities covered by such Prospectus and any such amendment or supplement thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;prior
to any public offering of Registrable Securities, use reasonable best efforts to register or qualify or cooperate with the Holder, the
underwriters, and their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions within the
United States as the Holder or underwriter reasonably requests in writing and to use reasonable best efforts to keep each such registration
or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and
to take any other action that may be necessary or advisable to enable the Holder to consummate the disposition of such Registrable Securities
in such jurisdiction in accordance with the intended method or methods of disposition thereof; <U>provided</U>, <U>however</U>, that the
Company will not be required to (i)&nbsp;qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify but for this Section&nbsp;4(g), (ii)&nbsp;subject itself to taxation in any jurisdiction wherein it is not so subject or (iii)&nbsp;take
any action that would subject it to general service of process in any such jurisdiction where it is not then so subject (other than service
of process in connection with such registration or qualification or any sale of Registrable Securities in connection therewith);</P>

<P STYLE="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-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;cooperate
with the selling members of the Holder Affiliated Group and the managing underwriter(s)&nbsp;to facilitate the timely preparation and
delivery of certificates (not bearing any legends) representing Registrable Securities to be sold and enable such Registrable Securities
to be in such denominations and registered in such names as the managing underwriter(s), if any, or the selling members of the Holder
Affiliated Group may request;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;subject
to Section&nbsp;3(f)&nbsp;above and upon the occurrence of any event contemplated by Section&nbsp;4(c)(vi)&nbsp;above, promptly prepare
a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Securities being sold thereunder, such Prospectus 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, 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 0pt 1in; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;provide
and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date of such
Registration Statement. In connection therewith, if required by the Company&rsquo;s transfer agent, the Company will promptly after the
effective date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be
delivered to and maintained with such transfer agent, together with any other authorizations, certificates and directions required by
the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any legend upon sale by
a member of the Holder Affiliated Group or the underwriter or managing underwriter under the Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;use
reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be listed on a national
securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, prior to the
effectiveness of such Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;enter
into such agreements (including an underwriting agreement in form, scope and substance as is customary in Underwritten Offerings) and
take all such other customary actions reasonably requested by the Holder (including those reasonably requested by the managing underwriter(s))
to expedite or facilitate the disposition of such Registrable Securities, and in connection therewith, (i)&nbsp;make such representations
and warranties to the selling holders of such Registrable Securities and the underwriters with respect to the business of the Company
and its Subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, in form, substance and scope as are customarily made to underwriters in Underwritten Offerings, and, if true, confirm
the same if and when reasonably requested, (ii)&nbsp;use reasonable best efforts to furnish to the selling holders of such Registrable
Securities opinions of outside counsel (and/or internal counsel if acceptable to the managing underwriter(s)) to the Company and updates
thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters and counsel
to the Holder), addressed to the Holder and each of the underwriters covering the matters customarily covered in opinions requested in
Underwritten Offerings and such other matters as may be reasonably requested by such counsel and underwriters, (iii)&nbsp;use reasonable
best efforts to obtain &ldquo;comfort&rdquo; letters and updates thereof from an independent registered public accounting firm with respect
to the Company (and, if necessary, any other independent certified public accountants of any Subsidiary of the Company or of any business
acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement)
who have certified the financial statements included in such Registration Statement, addressed to the Holder (unless such accountants
shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters,
such letters to be in customary form and covering matters of the type customarily covered in &ldquo;comfort&rdquo; letters in connection
with Underwritten Offerings, (iv)&nbsp;enter into an underwriting agreement which contains indemnification provisions and procedures that
are customary for underwriting agreements in connection with Underwritten Offerings; and (v)&nbsp;deliver such documents and certificates
as may be reasonably requested by the Holder or its counsel, as the case may be, or the managing underwriters to evidence the continued
validity of the representations and warranties made pursuant to Section&nbsp;4(l)(i)&nbsp;and to evidence compliance with any customary
conditions contained in the underwriting agreement or other agreement entered into by the Company. The above shall be done at each closing
under such underwriting or similar agreement, or as and to the extent required thereunder;</P>

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

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

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<P STYLE="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-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;upon
reasonable notice, make available for inspection by a representative of the Holder, the underwriters participating in any such disposition
of Registrable Securities, and any attorneys or accountants retained by the Holder or underwriter (collectively, the &ldquo;<U>Inspectors</U>&rdquo;)
at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and
properties of the Company and its Subsidiaries (collectively, the &ldquo;<U>Records</U>&rdquo;), as shall be reasonably necessary to enable
them to exercise their due diligence responsibility, and cause the officers, directors and employees of the Company and its Subsidiaries
to supply all information in each case reasonably requested by any such representative, underwriter, attorney or accountant in connection
with such Registration Statement; <U>provided</U>, <U>however</U>, that any information and Records that are not generally publicly available
at the time of delivery of such information shall be kept confidential by the Inspectors unless (i)&nbsp;disclosure of such information
or Records is required by court or administrative order, (ii)&nbsp;disclosure of such information or Records, in the opinion of counsel
to such Inspector, is required by law or applicable legal process, (iii)&nbsp;such information or Records become generally available to
the public other than as a result of a disclosure or failure to safeguard by such Inspector, (iv)&nbsp;such information or Records becomes
available to such Inspector on a non-confidential basis from a source other than the Company that does not breach a confidentiality obligation
to the Company, or (v)&nbsp;such information or Records are independently developed by such Inspector. In the case of a proposed disclosure
pursuant to (i)&nbsp;or (ii)&nbsp;above, such Inspector shall be required to give the Company written notice of the proposed disclosure
prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure;</P>

<P STYLE="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-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;cause
its officers to support the marketing of the Registrable Securities covered by the Registration Statement (including participation in
such number of &ldquo;road shows&rdquo; and other customary marketing activities as the underwriter(s)&nbsp;reasonably request); <U>provided</U>
that the Holder shall take into account the reasonable business requirements of the Company in determining the scheduling and duration
of any road show;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reasonably
cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;otherwise
use reasonable best efforts to comply with all applicable rules&nbsp;and regulations of the SEC, and make available to its security holders,
as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of
the Company&rsquo;s first full calendar quarter after the effective date of the Registration Statement, which earnings statement will
satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158 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-indent: 0.5in">The Company may require each holder of Registrable
Securities as to which any registration is being effected to furnish to the Company in writing such information required in connection
with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time,
reasonably request and the Company may exclude from such registration the Registrable Securities of any Person who fails to furnish such
information within a reasonable time after receiving such request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">The Company shall not file or amend any Registration
Statement with respect to any Registrable Securities, or file any amendment of or supplement to the Prospectus or any Free Writing Prospectus
used in connection therewith, that refers to any member of the Holder Affiliated Group by name or otherwise identifies such member of
the Holder Affiliated Group as the holder of any securities of the Company without the consent of such member of the Holder Affiliated
Group, such consent not to be unreasonably withheld or delayed, unless and to the extent that such disclosure is required by law, rule&nbsp;or
regulation, in which case the Company shall provide prompt written notice to such Holder prior to the filing of such amendment to any
Registration Statement or amendment of or supplement to the Prospectus or any Free Writing Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Holder agrees, and shall use reasonable best
efforts to cause each member of the Holder Affiliated Group to agree, that (A)&nbsp;without limiting the foregoing, no material nonpublic
information obtained by such Person from the Company or pertaining to a Registration Statement will be used by such Person as the basis
for any market transactions in securities of the Company or its Subsidiaries in violation of law, rule&nbsp;or regulation and (B)&nbsp;if
the Holder or any such member of the Holder Affiliated Group has Registrable Securities covered by such Registration Statement, upon receipt
of any notice from the Company of the happening of any event of the kind described in Section&nbsp;4(c)(ii), 4(c)(iii), 4(c)(iv), 4(c)(v)&nbsp;and
4(c)(vi)&nbsp;hereof, such Person will promptly discontinue disposition of such Registrable Securities covered by such Registration Statement
or Prospectus until such Person&rsquo;s receipt of the copies of the supplemented or amended Prospectus contemplated by Section&nbsp;4(i)&nbsp;hereof
or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies of
any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus.</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"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Indemnification</U></B></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 1in; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
by the Company</U>. The Company shall, without limitation as to time, indemnify and hold harmless, to the fullest extent permitted by
law, each member of the Holder Affiliated Group whose Registrable Securities are covered by a Registration Statement or Prospectus, the
officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each of them, each Person
who controls (within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) each such Holder and
the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling
Person, each underwriter, if any, and each Person who controls (within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act) such underwriter (each such Person being referred to herein as a &ldquo;<U>Covered Person</U>&rdquo;), from and against
any and all losses, claims, damages, liabilities, costs (including costs of preparation and reasonable attorneys&rsquo; fees and any legal
or other fees or expenses incurred by such party in connection with any investigation or proceeding), expenses, judgments, fines, penalties,
charges and amounts paid in settlement (collectively, &ldquo;<U>Losses</U>&rdquo;), as incurred, arising out of or based upon any untrue
statement (or any alleged untrue statement) of a material fact contained in any Prospectus, offering circular, or other document (including
any related Registration Statement, notification, or the like or Free Writing Prospectus or any amendment thereof or supplement thereto
or any document incorporated by reference therein) incident to any such Registration Statement or Prospectus, or based on any omission
(or any alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading or any violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule&nbsp;or regulation
thereunder applicable to the Company and relating to any action or inaction in connection with the related offering of Registrable Securities,
and will reimburse each such Covered Person for any legal and any other expenses reasonably incurred in connection with investigating
and defending or settling any such Loss, <U>provided</U> that the Company will not be liable in any such case to the extent that any such
Loss arises out of or is based on any untrue statement (or alleged untrue statement) or omission (or alleged omission) by such Covered
Person relating to such Covered Person or its Affiliates (other than the Company or any of its Subsidiaries), but only to the extent that
such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus,
offering circular, Free Writing Prospectus or any amendment thereof or supplement thereto, or any document incorporated by reference therein,
or other document in reliance upon and in conformity with written information furnished to the Company by such Covered Person with respect
to such Covered Person for use therein. It is agreed that the indemnity agreement contained in this Section&nbsp;5(a)&nbsp;shall not apply
to amounts paid in settlement of any such Loss or action if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably delayed or withheld).</P>

<P STYLE="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-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
by Holders of Registrable Securities</U>. As a condition to including any Registrable Securities in any Registration Statement filed in
accordance with Section&nbsp;4 hereof, the Company shall have received an undertaking reasonably satisfactory to it from the prospective
seller of such Registrable Securities to indemnify, to the fullest extent permitted by law, severally and not jointly with any other seller
of Registrable Securities, the Company, its officers, directors, accountants, attorneys, agents and employees, and each Person who controls
(within the meaning of Section&nbsp;15 of the Securities Act and Section&nbsp;20 of the Exchange Act) the Company, from and against all
Losses arising out of or based on any untrue statement (or any alleged untrue statement) of a material fact contained in any such Registration
Statement, Prospectus, Free Writing Prospectus, offering circular, or other document, or any omission (or any alleged omission) to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the
Company, such officers, directors, accountants, attorneys, agents, employees, and controlling persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such Loss, in each case to the extent, but only to the extent, that
such untrue statement or omission is made in such Registration Statement, Prospectus, Free Writing Prospectus, offering circular, or other
document in reliance upon and in conformity with written information furnished to the Company by such member of the Holder Affiliated
Group with respect to such member for inclusion in such Registration Statement, Prospectus, offering circular or other document; <U>provided</U>,
<U>however</U>, that the obligations of such Person hereunder shall not apply to amounts paid in settlement of any such Losses (or actions
in respect thereof) if such settlement is effected without the consent of such Person (which consent shall not be unreasonably withheld);
and <U>provided</U>, <U>further</U>, that the liability of each such Person shall be limited to the net proceeds received by such Person
from the sale of Registrable Securities covered by such Registration Statement (less the aggregate amount of any damages which such Person
has otherwise been required to pay in respect of such Loss or any substantially similar Loss arising from the sale of such Registrable
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"></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-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Conduct
of Indemnification Proceedings</U>. If any Person shall be entitled to indemnity hereunder (an &ldquo;<U>Indemnified Party</U>&rdquo;),
such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the &ldquo;<U>Indemnifying Party</U>&rdquo;)
of any claim or of the commencement of any proceeding with respect to which such Indemnified Party seeks indemnification or contribution
pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party
from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure.
The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of
written notice from such Indemnified Party of such claim or proceeding, to, unless in the Indemnified Party&rsquo;s reasonable judgment
a conflict of interest between such Indemnified Party and the Indemnifying Party may exist in respect of such claim, assume, at the Indemnifying
Party&rsquo;s expense, the defense of any such claim or proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided,
however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or proceeding and to participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i)&nbsp;the
Indemnifying Party agrees to pay such fees and expenses; or (ii)&nbsp;the Indemnifying Party fails promptly to assume, or in the event
of a conflict of interest cannot assume, the defense of such claim or proceeding or fails to employ counsel reasonably satisfactory to
such Indemnified Party; in which case the Indemnified Party shall have the right to employ counsel and to assume the defense of such claim
or proceeding at the Indemnifying Party&rsquo;s expense; provided that an Indemnifying Party who is not entitled to, or elects not to,
assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest
may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim. Whether or not such defense is
assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent
(but such consent will not be unreasonably withheld or delayed) or for fees and expenses that are not reasonable. The Indemnifying Party
shall not consent to entry of any judgment or enter into any settlement that (x)&nbsp;does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified
Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification
hereunder or (y)&nbsp;involves the imposition of equitable remedies or the imposition of any obligations on the Indemnified Party or adversely
affects such Indemnified Party other than as a result of financial obligations for which such Indemnified Party would be entitled to indemnification
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Contribution</U>.
If the indemnification provided for in this Section&nbsp;5 is unavailable to an Indemnified Party in respect of any Losses (other than
in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions,
statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made (or omitted) by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent any such action, 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-indent: 0.5in">The Parties agree that it would not be just and
equitable if contribution pursuant to this Section&nbsp;5(d)&nbsp;were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions
of this Section&nbsp;5(d), an Indemnifying Party that is a member of the Holder Affiliated Group shall not be required to contribute any
amount in excess of the amount that such Indemnifying Party has otherwise been, or would otherwise be, required to pay pursuant to Section&nbsp;5(b)&nbsp;by
reason of such untrue or alleged untrue statement or omission or alleged omission. No&nbsp;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-indent: 0.5in">Notwithstanding the foregoing, to the extent that
the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an Underwritten
Offering are more favorable to the Company, on the one hand, or the members of the Holder Affiliated Group, on the other, in their capacities
as Indemnified Parties, than the foregoing provisions, the provisions in the underwriting agreement shall 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Deemed
Underwriter</U>. To the extent that any member of the Holder Affiliated Group is, or would be expected to be, deemed to be an underwriter
of Registrable Securities pursuant to any SEC comments or policies or any court of law or otherwise, the Company agrees that such member
of the Holder Affiliated Group and its representatives shall be entitled to conduct the due diligence which would normally be conducted
in connection with an offering of securities registered under the Securities Act, including receipt of customary opinions and comfort
letters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other
Indemnification</U>. Indemnification similar to that specified in the preceding provisions of this Section&nbsp;5 (with appropriate modifications)
shall be given by the Company and each seller of Registrable Securities with respect to any required registration or other qualification
of securities under any federal or state law or regulation or governmental authority other than 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 0pt 1in; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Non-Exclusivity</U>.
The obligations of the Parties under this Section&nbsp;5 shall be in addition to any liability which any Party may otherwise have to any
other Party.</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"><B>6.</B></FONT></TD><TD><B><U>Registration Expenses</U></B>. All reasonable fees and expenses incurred in the performance of or compliance with this Agreement
by the Company, including (i)&nbsp;all registration and filing fees pertaining to Registrable Securities with respect to filings required
to be made with the SEC, all applicable securities exchanges and FINRA, (ii)&nbsp;fees and expenses with respect to compliance with securities
or blue sky laws, including any reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications
of the Registrable Securities pursuant to Section&nbsp;4(g), (iii)&nbsp;printing expenses (including expenses of printing certificates
for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing
of Prospectuses is requested by the managing underwriters or by the Holder), (iv)&nbsp;messenger, telephone and delivery expenses of the
Company, (v)&nbsp;fees and disbursements of U.S. and local counsel for the Company and the fees and expenses of any Person, including
special experts, retained by the Company, (vi)&nbsp;expenses of the Company incurred in connection with any road show, (vii)&nbsp;fees
and disbursements of all independent registered public accounting firms referred to in Section&nbsp;4(l)&nbsp;hereof (including the expenses
of any &ldquo;comfort&rdquo; letters required by this Agreement) and any other persons, including special experts retained by the Company
and fees and expenses of the transfer agent, (viii)&nbsp;all reasonable fees and disbursements of underwriters (other than those described
in the next paragraph) customarily paid by issuers or sellers of securities and (ix)&nbsp;all other costs, fees and expenses incident
to the Company&rsquo;s performance or compliance with this Agreement, shall be borne by the Company whether or not any Registration Statement
is filed or becomes effective; <U>provided</U>, <U>however</U>, in the case of expenses incurred in connection with a proposed Demand
Registration that is not consummated, Holder shall pay such expenses unless either (a)&nbsp;Holder elects for such unconsummated takedown
to count as one (1)&nbsp;of the eight (8)&nbsp;Demand Registrations for which the Company is financially responsible, or (b)&nbsp;the
reason such transaction is not consummated is due to the fault of the Company or the action or inaction of Company personnel. In addition,
the Company shall pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be registered
on any securities exchange on which similar securities issued by the Company are then listed and rating agency fees.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company shall not be required to pay (i)&nbsp;fees and
disbursements of any counsel, accountants or advisors retained by the Holder, any member of the Holder Affiliated Group, or by any underwriter
(except as set forth above in Section&nbsp;5), (ii)&nbsp;any underwriter&rsquo;s fees (including discounts, commissions or fees of underwriters,
selling brokers, dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities,
or (iii)&nbsp;any other expenses of the Holder or any member of the Holder Affiliated Group not specifically required to be paid by the
Company pursuant to the first paragraph of this Section&nbsp;6, and the Holder hereby undertakes to pay or reimburse the Company for any
such amounts.</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"><B>7.</B></FONT></TD><TD><B><U>Rule&nbsp;144</U></B>. The Company covenants that it will file the reports required to be filed by it under the Securities Act
and the Exchange Act and the rules&nbsp;and regulations adopted by the SEC thereunder (or, if the Company is not required to file such
reports, it will, upon the request of the Holder, make publicly available such information so long as necessary to permit sales of Registrable
Securities pursuant to Rule&nbsp;144), and it will take such further action as the Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell shares of Registrable Securities without registration under the Securities Act within
the limitation of the exemptions provided by Rule&nbsp;144. Upon the reasonable request of the Holder, the Company will deliver to the
Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Miscellaneous</U></B></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 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.
The provisions of this Agreement shall terminate upon the earliest to occur of (i)&nbsp;its termination by the written agreement of all
Parties or their respective successors in interest, (ii)&nbsp;the date on which all Equity Securities</FONT> held by Members of the Holder
Affiliated Group have ceased to be Registrable Securities, (iii)&nbsp;the dissolution, liquidation or winding up of the Company and (iv)&nbsp;the
fifteenth (15<SUP>th</SUP>) anniversary hereof; provided, however, that this Agreement shall renew automatically for a period of five
(5)&nbsp;years unless either Party gives written notice of non-renewal at least two (2)&nbsp;years prior to the fifteenth (15<SUP>th</SUP>)
anniversary hereof. Nothing herein shall relieve any Party from any liability for any breach of this Agreement. The provisions of Sections
5 and 6 shall survive any termination of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendments
and Waivers</U>. This Agreement may be amended or modified, and the parties hereto may take any action herein prohibited, or omit to perform
any act herein required to be performed by them, only if any such amendment, action or omission to act has received the written consent
of the Company and the Holder. No provision of this Agreement may be waived except in a written instrument signed by the party against
whom enforcement of such waived provision is sought. Any waiver of a right hereunder does not extend beyond the specific event or circumstance
giving rise to the right. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, will be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or subsequent such occurrence. Neither the failure nor any delay
on the part of any party to exercise any right or remedy under this Agreement will operate as a waiver thereof, nor does any single or
partial exercise of any right or remedy preclude any other or further exercise of the same or of any other right or remedy.</P>

<P STYLE="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-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors,
Assigns and Transferees</U>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties and their
respective successors and assigns who agree in writing to be bound by the provisions of this Agreement. The rights of members of the Holder
Affiliated Group hereunder may be assigned (but only with all related obligations set forth below, and provided that the rights of Tether
Investments, S.A. de C.V. in its capacity as the Holder hereunder may not be assigned without the consent of the Company) in connection
with a Transfer of Registrable Securities to a Permitted Transferee of such member. Without prejudice to any other or similar conditions
imposed hereunder with respect to such assignment, no&nbsp;assignment permitted under the terms of this Section&nbsp;8(c)&nbsp;will be
effective unless and until the Holder has delivered to the Company written notice that such Permitted Transferee has become a member of
the Holder Affiliated Group. A Permitted Transferee to whom rights are assigned pursuant to this Section&nbsp;8(c)&nbsp;may not again
assign those rights to any other Permitted Transferee other than as provided in this Section&nbsp;8(c). The Company may not assign this
Agreement without the prior written consent of the Holder; provided, however, that the Company may assign this Agreement at any time in
connection with a sale or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company&rsquo;s
assets, or similar transaction, without the consent of the Holder so long as the successor or acquiring Person agrees in writing to assume
all of the Company&rsquo;s rights and obligations 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"></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-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.
All notices, requests and other communications to any party hereunder shall be in writing (including e-mail transmission if confirmed
by telephone or return e-mail (including automated return receipt)) and shall be given:</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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">If to the Company, to:</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Adecoagro S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">28, Boulevard F.W. Raiffeisen,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">L - 2411 Luxembourg</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Grand Duchy of Luxembourg</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%"><FONT STYLE="font-size: 10pt">***</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</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">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">with a copy (which shall not constitute notice) to:</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Davis Polk&nbsp;&amp; Wardwell LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">450 Lexington Avenue</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, New York 10017</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">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Maurice Blanco</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 STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">James Dougherty</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">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">maurice.blanco@davispolk.com</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">james.dougherty@davispolk.com</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 STYLE="text-align: left"><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; text-align: left"><FONT STYLE="font-size: 10pt">if to Holder, to:</FONT></TD>
    <TD STYLE="text-align: left"><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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Tether Investments S.A. de C.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Final Av. La Revolucion, San Benito Edif. Centro,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Corporativo Presidente Plaza Nivel 12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">San Salvador, Republica de El Salvador</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">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</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">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">with a copy (which shall not constitute notice) to:</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 STYLE="text-align: left"><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" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">McDermott Will&nbsp;&amp; Emery LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">One Vanderbilt Avenue</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">New York, NY 10017-3852</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">Attention:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Daniel Woodard</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">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">dwoodard@mwe.com</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">or such other address or email address as such party may hereafter
specify for the purpose by notice to the other Parties.</P>

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

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

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    <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-indent: 0.5in">All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:30 p.m., local time in the place of receipt,
on a Business Day. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business
Day in the place of receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Further
Assurances.</U> At any time or from time to time after the date hereof, the Parties agree to cooperate with each other, and at the request
of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party
may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry
out the intent of the Parties hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Inconsistent Agreements</U>. The Company shall not hereafter enter into any agreement (or amend, modify or supplement any existing agreement)
with respect to its securities which is inconsistent with or violates the rights granted to the Holder Affiliated Group in 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 0pt 1in; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement; No&nbsp;Third Party Beneficiaries</U>. This Agreement (i)&nbsp;constitutes the entire agreement among the Parties with respect
to the subject matter of this Agreement and supersedes any prior discussions, correspondence, negotiation, proposed term sheet, agreement,
understanding or agreement, and there are no&nbsp;agreements, understandings, representations or warranties between the Parties other
than those set forth or referred to in this Agreement and (ii)&nbsp;except as provided in Section&nbsp;5 with respect to an Indemnified
Party, is not intended to confer in or on behalf of any Person not a party to this Agreement (and their successors and assigns), other
than the members of the Holder Affiliated Group, any rights, benefits, causes of action or remedies with respect to the subject matter
or any provision hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law; Jurisdiction and Forum; Waiver of Jury Trial</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts executed and
to be performed wholly within such State and without reference to the choice-of-law principles that would result in the application of
the laws of a different jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
party to this Agreement irrevocably submits to the jurisdiction of the United States District Court for the Southern District of New York
or any court of the State of New York located the City of New York, Borough of Manhattan for any suit, action or other proceeding arising
out of or relating to this Agreement and hereby irrevocably agrees that all claims in respect of such suit, action or proceeding may be
heard and determined in such court. Each party to this Agreement hereby irrevocably waives, to the fullest extent that it may effectively
do so, the defense of an inconvenient forum to the maintenance of such suit, action or other proceeding. The parties further agree, to
the extent permitted by law, that a final and unappealable judgment against any of them in any suit, action or other proceeding contemplated
above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a
certified copy of which shall be conclusive evidence of the fact and amount of such judgment.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY&nbsp;HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY 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 0pt 1in; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full
force and effect and will in no&nbsp;way be affected, impaired or invalidated so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.</P>

<P STYLE="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-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Enforcement</U>.
Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting
any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other
equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Titles
and Subtitles</U>. The titles of the sections and subsections of this Agreement are for convenience of reference only and will not affect
the meaning or interpretation of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts;
Electronic Signatures</U>. This Agreement may be executed in any number of counterparts (including via electronic means), each of which
shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed by electronic signature(s).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effectiveness</U>.
This Agreement will become effective only upon consummation of the Offer (as defined in the Transaction Agreement). Until and unless the
Offer is consummated, this Agreement will have no effect and none of the Parties will have any right or obligation hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of page&nbsp;left intentionally blank]</I></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, each of the undersigned has
caused this Agreement to be duly executed on its behalf as of the date first written above.</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="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Tether Investments, S.A. de C.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 42%"><FONT STYLE="font-size: 10pt">Giancarlo Devasini</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Sole Administrator</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ADECOAGRO S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Mariano Bosch</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mariano Bosch</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></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">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Emilio Federico Gnecco</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Emilio Federico Gnecco</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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

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