<SEC-DOCUMENT>0001104659-23-003856.txt : 20230113
<SEC-HEADER>0001104659-23-003856.hdr.sgml : 20230113
<ACCEPTANCE-DATETIME>20230113165546
ACCESSION NUMBER:		0001104659-23-003856
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230113
DATE AS OF CHANGE:		20230113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13759
		FILM NUMBER:		23529344

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>tm232177d6_8a12b.htm
<DESCRIPTION>8-A12B
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></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: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-A</B></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; text-align: center"><B>FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION&nbsp;12(b)&nbsp;OR (g)&nbsp;OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></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: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDWOOD TRUST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant
as specified in its charter)</B></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>68-0329422</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State of incorporation or organization)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer Identification No.)</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One Belvedere Place Suite&nbsp;300</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mill Valley, California</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>94941</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip Code)</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; text-align: center"><B>Securities to be registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</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: bottom">
    <TD STYLE="white-space: nowrap; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of
    each class</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>to
    be so registered</B></FONT></P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each
    exchange on which</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>each
    class is to be registered</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Ties, Serif; font-size: 10pt"><B>10.00% Series&nbsp;A Fixed-Rate Reset Cumulative</B></FONT></P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redeemable Preferred Stock, par value $0.01 per share</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    New York Stock Exchange</B></FONT></TD></TR>
  </TABLE>
<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">If this form relates to the registration of a class of securities pursuant
to Section&nbsp;12(b)&nbsp;of the Exchange Act and is effective pursuant to General Instruction A.(c), check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</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">If this form relates to the registration of a class of securities pursuant
to Section&nbsp;12(g)&nbsp;of the Exchange Act and is effective pursuant to General Instruction A.(d), check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Act registration statement file
numbers to which this form relates:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>333-263301.</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>Securities to be registered pursuant to Section&nbsp;12(g)&nbsp;of
the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>None.</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-align: center"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;1.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Registrant&rsquo;s Securities to be Registered. </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; text-align: justify">Redwood Trust,&nbsp;Inc. (the &ldquo;Company&rdquo;)
hereby incorporates by reference herein the description of its 10.00% Series&nbsp;A Fixed-Rate Reset Cumulative Redeemable Preferred Stock,
par value $0.01 per share (the &ldquo;Series&nbsp;A Preferred Stock&rdquo;), to be registered hereunder, set forth under the heading &ldquo;Description
of the Series&nbsp;A Preferred Stock&rdquo; in the Company&rsquo;s prospectus supplement, dated January&nbsp;10, 2023 to the prospectus,
dated March&nbsp;4, 2022 (the &ldquo;Prospectus&rdquo;), constituting part of the Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-263301)
of the Company, filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), the related information under the heading &ldquo;Description of Preferred Stock&rdquo; in the Prospectus, and any description
included in a form of prospectus supplement subsequently filed by the Company under Rule&nbsp;424(b)&nbsp;under the Securities Act. The
Series&nbsp;A Preferred Stock is expected to be listed on the New York Stock Exchange.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;2.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits. </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">The documents listed below are filed as exhibits to this registration
statement:</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: bottom">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 6%"><B>Exhibit<BR> Number</B></TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 92%"><B>Description</B></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment and Restatement of Redwood Trust,&nbsp;Inc., effective July&nbsp;6, 1994 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary of Redwood Trust,&nbsp;Inc., effective August&nbsp;11, 1994 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.1, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x2.htm" STYLE="-sec-extract: exhibit">Articles Supplementary of Redwood Trust,&nbsp;Inc., effective August&nbsp;14, 1995 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.2, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.3</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x3.htm" STYLE="-sec-extract: exhibit">Articles Supplementary of Redwood Trust,&nbsp;Inc., effective August&nbsp;9, 1996 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.3, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.4</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x4.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment of Redwood Trust,&nbsp;Inc., effective June&nbsp;30, 1998 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.4, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.5</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x5.htm" STYLE="-sec-extract: exhibit">Articles Supplementary of Redwood Trust,&nbsp;Inc., effective April&nbsp;10, 2003 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.5, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.6</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x6.htm" STYLE="-sec-extract: exhibit">Articles of Amendment of Redwood Trust,&nbsp;Inc., effective June&nbsp;12, 2008 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.6, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420409028950/v150501_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.7</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420409028950/v150501_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment effective May&nbsp;19, 2009 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1, filed on May&nbsp;21, 2009) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420411031423/v223334_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.8</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420411031423/v223334_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment effective May&nbsp;24, 2011 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1, filed on May&nbsp;20, 2011) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
</TABLE>

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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>
<TD STYLE="white-space: nowrap; vertical-align: top; width: 6%"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420412031009/v313876_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.9</FONT></A></TD>
<TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 92%"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420412031009/v313876_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment effective May&nbsp;18, 2012 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1, filed on May&nbsp;21, 2012) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420413030794/v345819_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.10</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420413030794/v345819_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment effective May&nbsp;16, 2013 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1, filed on May&nbsp;21, 2013) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420419027121/tv521764_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.11</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420419027121/tv521764_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment effective May&nbsp;15, 2019 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1, filed on May&nbsp;17, 2019) (File No.&nbsp;001-13759) &nbsp;</A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465920073431/tm2022471d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.12</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465920073431/tm2022471d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment effective June&nbsp;15, 2020 (incorporated by reference to Redwood Trust,&nbsp;Inc.&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1, filed on June&nbsp;15, 2020) (File No.&nbsp;001-13759)</FONT></A></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm232177d6_ex3-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2*</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: left"><A HREF="tm232177d6_ex3-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary designating Redwood Trust,&nbsp;Inc.&rsquo;s 10.00% Series&nbsp;A Fixed-Rate Reset Cumulative Redeemable Preferred Stock</FONT></A></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000162828022028509/rwtex3213q2022.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000162828022028509/rwtex3213q2022.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Redwood Trust,&nbsp;Inc., as adopted on November&nbsp;2, 2022 (incorporated by reference to the Registrant&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2022, Exhibit&nbsp;3.2.1, filed on November&nbsp;7, 2022) (File No.&nbsp;001-13759)</FONT></A></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm232177d6_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1*</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: left"><A HREF="tm232177d6_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Specimen Certificate for Redwood Trust,&nbsp;Inc.&rsquo;s 10.00% Series&nbsp;A Fixed-Rate Reset Cumulative Redeemable Preferred Stock</FONT></A></TD></TR>
</TABLE>

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    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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>SIGNATURES</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: 0.25in">Pursuant to the requirements of Section&nbsp;12
of the Securities Exchange Act of 1934, Redwood Trust,&nbsp;Inc. has duly caused this registration statement to be signed on its behalf
by the undersigned thereto duly authorized.</P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: January&nbsp;13, 2023</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>REDWOOD TRUST,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3.5in; width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 41%"><FONT STYLE="font-size: 10pt">/s/
    Brooke E. Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Brooke E. Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>tm232177d6_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES SUPPLEMENTARY</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>10.00% SERIES A FIXED-RATE RESET CUMULATIVE
REDEEMABLE PREFERRED STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>($25.00 LIQUIDATION PREFERENCE PER SHARE)</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: justify; text-indent: 0.5in">Redwood Trust,&nbsp;Inc.,
a Maryland corporation (the &ldquo;Corporation&rdquo;), does hereby certify to the State Department of Assessments and Taxation of Maryland
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FIRST: Under a power contained
in Article&nbsp;VI of the charter of the Corporation (the &ldquo;Charter&rdquo;), and &sect; 2-105 of the Maryland General Corporation
Law (the &ldquo;MGCL&rdquo;), the Board of Directors of the Corporation (the &ldquo;Board&rdquo;), by duly adopted resolutions, classified
and designated 2,990,000 shares of authorized but unissued Common Stock (as defined in the Charter) as shares of &ldquo;10.00% Series&nbsp;A
Fixed-Rate Reset Cumulative Redeemable Preferred Stock&rdquo; of the Corporation, $0.01 par value per share, with the following preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, or terms
or conditions of redemption, which, upon any restatement of the Charter, shall become part of Article&nbsp;VI of the Charter, with any
necessary or appropriate renumbering or relettering of the sections or subsections hereof:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&nbsp;<U>Designation
and Amount</U>. A series of preferred stock of the Corporation (&ldquo;Preferred Stock&rdquo;) designated as &ldquo;10.00% Series&nbsp;A
Fixed-Rate Reset Cumulative Redeemable Preferred Stock&rdquo; (the &ldquo;Series&nbsp;A Preferred Stock&rdquo;) is hereby established.
The total number of authorized shares of Series&nbsp;A Preferred Stock shall be 2,990,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2.&nbsp;<U>Maturity</U>.
The Series&nbsp;A Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption, and will
remain outstanding indefinitely unless (i)&nbsp;the Corporation decides to redeem or otherwise repurchase the Series&nbsp;A Preferred
Stock or (ii)&nbsp;the Series&nbsp;A Preferred Stock becomes convertible and is actually converted pursuant to Section&nbsp;7 hereof.
The Corporation is not required to set aside funds to redeem the Series&nbsp;A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.&nbsp;<U>Ranking</U>.
The Series&nbsp;A Preferred Stock will rank, with respect to rights to the payment of dividends and the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, (i)&nbsp;senior to all classes or series of the Corporation&rsquo;s
common stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), and to all other equity securities issued by the Corporation
other than equity securities referred to in clauses (ii)&nbsp;and (iii)&nbsp;of this Section&nbsp;3; (ii)&nbsp;on a parity with all other
equity securities issued by the Corporation with terms specifically providing that those equity securities rank on a parity with the Series&nbsp;A
Preferred Stock with respect to rights to the payment of dividends and the distribution of assets upon any liquidation, dissolution or
winding up of the Corporation; and (iii)&nbsp;junior to all equity securities issued by the Corporation with terms specifically providing
that those equity securities rank senior to the Series&nbsp;A Preferred Stock with respect to rights to the payment of dividends and the
distribution of assets upon any liquidation, dissolution or winding up of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.&nbsp;<U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Holders
of shares of the Series&nbsp;A Preferred Stock are entitled to receive, when, as and if authorized by the Board and declared by the Corporation,
out of funds of the Corporation legally available for the payment of dividends, cumulative cash dividends. The dividend rate for the Series&nbsp;A
Preferred Stock, (i)&nbsp;for each Dividend Period (as defined below) from, and including, January&nbsp;18, 2023 (the &ldquo;Original
Issue Date&rdquo;) to, but excluding April&nbsp;15, 2028 (the &ldquo;First Reset Date&rdquo;), will be 10.00% of the $25.00 per share
liquidation preference per annum (equivalent to $2.50 per annum per share), and (ii)&nbsp;for each Dividend Period beginning on the First
Reset Date, during each Reset Period (as defined below), the five-year U.S. Treasury Rate (as defined below) as of the most recent Reset
Dividend Determination Date (as defined below) plus a spread of 6.278% per annum. A &ldquo;Dividend Period&rdquo; means the period from,
and including, each Dividend Payment Date (as defined below) to, but excluding, the next succeeding Dividend Payment Date, except for
the initial Dividend Period, which will be the period from, and including, the Original Issue Date to, but excluding, April&nbsp;15, 2023.
Dividends on the Series&nbsp;A Preferred Stock shall accumulate daily and be cumulative from, and including, the Original Issue Date and
shall be payable quarterly in arrears on the 15th day of each January, April, July&nbsp;and October&nbsp;(each, a &ldquo;Dividend Payment
Date&rdquo;); provided that if any Dividend Payment Date is not a Business Day (as defined below), then the dividend which would otherwise
have been payable on that Dividend Payment Date may be paid on the next succeeding Business Day with the same force and effect as if paid
on such Dividend Payment Date and no interest, additional dividends or other sums will accrue on the amount so payable for the period
from and after such Dividend Payment Date to such next succeeding Business Day. The first dividend on the Series&nbsp;A Preferred Stock
will be paid on April&nbsp;15, 2023 in the amount of $0.60417 per share, and that dividend will be paid to the persons who are the holders
of record of the Series&nbsp;A Preferred Stock at the close of business on the corresponding record date, which is March&nbsp;31, 2023.
Dividends will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of
record as they appear in the stock records of the Corporation for the Series&nbsp;A Preferred Stock at the close of business on the applicable
record date, which shall be the first day of the calendar month, whether or not a Business Day, in which the applicable Dividend Payment
Date falls (each, a &ldquo;Dividend Record Date&rdquo;). The dividends payable on any Dividend Payment Date shall include dividends accumulated
to, but not including, such Dividend Payment Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
 &ldquo;Reset Date&rdquo; means the First Reset Date and each date falling on the fifth anniversary of the preceding Reset Date, whether
or not a Business Day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
 &ldquo;Reset Period&rdquo; means the period from, and including, the First Reset Date to, but excluding, the next following Reset Date
and thereafter each period from, and including, each Reset Date to, but excluding, the next following Reset Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
 &ldquo;Reset Dividend Determination Date&rdquo; means, in respect of any Reset Period, the third Business Day immediately preceding the
beginning of such Reset Period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
any reset period commencing on or after the first reset date, the five-year U.S Treasury Rate will be:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
average of the yields to maturity on actively traded U.S. Treasury securities adjusted to constant maturity, for five-year maturities,
for the five business days immediately preceding the Reset Dividend Determination Date appearing under the caption &ldquo;Treasury Constant
Maturities&rdquo; in the most recently published statistical release designated H.15 Daily Update or any successor publication which is
published by the Federal Reserve Board as of 5:00 p.m.&nbsp;(Eastern Time) as of any Reset Dividend Determination Date, as determined
by the Corporation in its sole discretion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
no calculation for the five-year U.S. Treasury Rate is available as described above, then if a calculation agent has not been appointed
at such time, the Corporation will appoint a calculation agent in accordance with Section&nbsp;4(m)&nbsp;who shall, after consulting such
sources as it deems comparable to any of the foregoing calculations, or any such source as it deems reasonable from which to estimate
the five-year U.S. Treasury Rate, shall determine the five-year U.S. Treasury Rate in its sole discretion, provided that if the calculation
agent determines there is an industry-accepted successor five-year U.S. Treasury Rate, then the calculation agent shall use such successor
rate. If the calculation agent has determined a substitute or successor rate in accordance with the foregoing, the calculation agent,
in its sole discretion, may determine the business day convention, the definition of business day and the reset dividend determination
date to be used and any other relevant methodology for calculating such substitute or successor rate, including any adjustment factor
needed to make such substitute or successor rate comparable to the five-year U.S. Treasury Rate, in a manner that is consistent with industry-accepted
practices for such substitute or successor rate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
five-year U.S. Treasury Rate will be determined by the Corporation or the calculation agent, as described above, on the Reset Dividend
Determination Date. If the five-year U.S. Treasury Rate for any Dividend Period cannot be determined pursuant to the methods described
in the two bullet points above, the dividend rate for such Dividend Period will be the same as the dividend rate determined for the immediately
preceding Dividend Period.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
 &ldquo;Business Day&rdquo; shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking
institutions in New York, New York are authorized or required by law, regulation or executive order to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
dividends on shares of Series&nbsp;A Preferred Stock shall be authorized by the Board or paid or set apart for payment by the Corporation
at any time when the terms and provisions of any agreement of the Corporation, including any agreement relating to any indebtedness of
the Corporation, prohibit the authorization, payment or setting apart for payment thereof or provide that the authorization, payment or
setting apart for payment thereof would constitute a breach of the agreement or a default under the agreement, or if the authorization,
payment or setting apart for payment shall be restricted or prohibited 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, dividends on the Series&nbsp;A Preferred Stock will accrue whether or not terms and provisions
of any laws or agreements referred to in Section&nbsp;4(h)&nbsp;hereof at any time prohibit the current payment of dividends, the Corporation
has earnings, whether or not there are assets legally available for the payment of those dividends and whether or not those dividends
are authorized or declared. No interest, or sum in lieu of interest, will be payable in respect of any dividend payment or payments on
the Series&nbsp;A Preferred Stock which may be in arrears, and holders of shares of Series&nbsp;A Preferred Stock will not be entitled
to any dividends in excess of full cumulative dividends described in Section&nbsp;4(a). Any dividend payment made on the Series&nbsp;A
Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to the Series&nbsp;A Preferred
Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as provided in Section&nbsp;4(k), unless full cumulative dividends on the Series&nbsp;A Preferred Stock for all past dividend periods
have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment,
(i)&nbsp;no dividends (other than in shares of Common Stock or in shares of any class or series of Preferred Stock that the Corporation
may issue ranking junior to the Series&nbsp;A Preferred Stock as to the payment of dividends and the distribution of assets upon liquidation,
dissolution or winding up) shall be declared and paid upon shares of Common Stock or Preferred Stock that the Corporation may issue ranking
junior to or on a parity with the Series&nbsp;A Preferred Stock as to the payment of dividends or the distribution of assets upon liquidation,
dissolution or winding up, (ii)&nbsp;no other distribution shall be declared and made upon shares of Common Stock or Preferred Stock that
the Corporation may issue ranking junior to or on a parity with the Series&nbsp;A Preferred Stock as to the payment of dividends or the
distribution of assets upon liquidation, dissolution or winding up, and (iii)&nbsp;no shares of Common Stock or Preferred Stock that the
Corporation may issue ranking junior to or on a parity with the Series&nbsp;A Preferred Stock as to the payment of dividends or the distribution
of assets upon liquidation, dissolution or winding up shall be redeemed, purchased or otherwise acquired for any consideration (or any
moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Corporation (except (x)&nbsp;by conversion
into or exchange for other capital stock of the Corporation that it may issue ranking junior to the Series&nbsp;A Preferred Stock as to
the payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, (y)&nbsp;for transfers made pursuant
to the provisions of Article&nbsp;XI of the Charter and Section&nbsp;11 hereof or (z)&nbsp;pursuant to a purchase or exchange offer made
on the same terms to holders of all outstanding shares of Series&nbsp;A Preferred Stock and any Preferred Stock that the Corporation may
issue ranking on a parity with the Series&nbsp;A Preferred Stock as to the payment of dividends or the distribution of assets upon liquidation,
dissolution or winding up); provided<I>, </I>however, that the foregoing shall not prevent the <FONT STYLE="background-color: white">redemption,
purchase or acquisition by the Corporation of shares of any class or series of capital stock for the purpose of enforcing restrictions
on transfer and ownership of capital stock contained in the Charter or </FONT>the purchase, redemption or acquisition by the Corporation
of Common Stock for purposes of and in compliance with any incentive or benefit plan of the Corporation.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">When
dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series&nbsp;A Preferred Stock
and the shares of any other class or series of Preferred Stock that the Corporation may issue ranking on a parity as to the payment of
dividends with the Series&nbsp;A Preferred Stock, all dividends declared upon the Series&nbsp;A Preferred Stock and any other class or
series of Preferred Stock that the Corporation may issue ranking on a parity as to the payment of dividends with the Series&nbsp;A Preferred
Stock shall be declared&nbsp;<I>pro rata</I>&nbsp;so that the amount of dividends declared per share of Series&nbsp;A Preferred Stock
and such other class or series of Preferred Stock that the Corporation may issue shall in all cases bear to each other the same ratio
that accrued dividends per share on the Series&nbsp;A Preferred Stock and such other class or series of Preferred Stock that the Corporation
may issue (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such Preferred Stock does
not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any
dividend payment or payments on the Series&nbsp;A Preferred Stock which may be in arrears.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;Set
apart for payment&rdquo; shall be deemed to include, without any action other than the following: the recording by the Corporation in
its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to an authorization by the Board and a declaration
of dividends or other distribution by the Corporation, the allocation of funds to be so paid on any series or class of shares of stock
of the Corporation; provided, however, that if any funds for any class or series of stock ranking junior to or on a parity with the Series&nbsp;A
Preferred Stock as to the payment of dividends are placed in a separate account of the Corporation or delivered to a disbursing, paying
or other similar agent, then &ldquo;set apart for payment&rdquo; with respect to the Series&nbsp;A Preferred Stock shall mean placing
such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Corporation shall appoint a third party independent financial institution of national standing with experience providing such services
as calculation agent for the Series&nbsp;A Preferred Stock if the five-year U.S. Treasury Rate is not available at any time on or after
the First Reset Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.&nbsp;<U>Liquidation
Preference</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, after satisfaction of liabilities
to creditors and subject to the preferential rights of the holders of any class or series of stock of the Corporation that it may issue
ranking senior to the Series&nbsp;A Preferred Stock with respect to the distribution of assets upon liquidation, dissolution or winding
up, the holders of shares of Series&nbsp;A Preferred Stock will be entitled to be paid out of the assets the Corporation has legally available
for distribution to its stockholders a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid
dividends to, but not including, the date of payment, before any distribution of assets is made to holders of Common Stock or any other
class or series of stock of the Corporation that it may issue that ranks junior to the Series&nbsp;A Preferred Stock as to liquidation
rights.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the available assets
of the Corporation or proceeds thereof are insufficient to pay in full the amount of the liquidating distributions on all outstanding
shares of Series&nbsp;A Preferred Stock and the corresponding amounts payable on all shares of other classes or series of capital stock
(including any accrued and unpaid distributions that are required to be paid in accordance with the terms of such stock ranking on a parity
with the Series&nbsp;A Preferred Stock) of the Corporation that it may issue ranking on a parity with the Series&nbsp;A Preferred Stock
in the distribution of assets, then the holders of the Series&nbsp;A Preferred Stock and all other such classes or series of capital stock
shall share ratably in any such distribution of assets or proceeds thereof in proportion to the full liquidating distributions to which
they would otherwise be respectively entitled.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Holders
of shares of Series&nbsp;A Preferred Stock will be entitled to written notice of any such liquidation no fewer than 30 days and no more
than 60 days prior to the payment date. After payment of the full amount of the liquidating distributions to which they are entitled,
the holders of shares of Series&nbsp;A Preferred Stock will have no right or claim to any of the remaining assets of the Corporation.
The consolidation, conversion or merger of the Corporation with or into any other corporation, trust or entity or of any other entity
with or into the Corporation, or the sale, lease, transfer or conveyance of all or substantially all of the property or business of the
Corporation, or a statutory share exchange, shall not be deemed to constitute a liquidation, dissolution or winding up of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption, or other acquisition
of shares of the stock of the Corporation or otherwise, is permitted under the Maryland General Corporation Law, amounts that would be
needed, if the Corporation were to be dissolved at the time of distribution, to satisfy the preferential rights upon dissolution of holders
of shares of the Series&nbsp;A Preferred Stock will not be added to the total liabilities of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6.&nbsp;<U>Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Series&nbsp;A Preferred Stock is not redeemable by the Corporation prior to April&nbsp;15, 2028, except as described in this Section&nbsp;6
and except that, as provided in Article&nbsp;XI of the Charter and Section&nbsp;11 of these Articles Supplementary, the Corporation may
purchase or redeem shares of the Series&nbsp;A Preferred Stock prior to that date in order to preserve its qualification as a real estate
investment trust (&ldquo;REIT&rdquo;) for federal income tax purposes.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Optional
Redemption Right</U>. On and after April&nbsp;15, 2028, the Corporation may, at its option, upon not less than 30 nor more than 60 days&rsquo;
written notice, redeem the Series&nbsp;A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption
price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but excluding, the date fixed for redemption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Special
Optional Redemption Right</U>. Notwithstanding anything to the contrary contained in Section&nbsp;6(a), upon the occurrence of a Change
of Control (as defined below), the Corporation may, at its option, upon not less than 30 nor more than 60 days&rsquo; written notice,
redeem the Series&nbsp;A Preferred Stock, in whole or in part, on or within 120 days after the first date on which such Change of Control
occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but excluding, the
redemption date, without interest. If, prior to the Change of Control Conversion Date (as defined below), the Corporation has provided
notice of its election to redeem some or all of the shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;6, the holders
of shares of Series&nbsp;A Preferred Stock will not have the Change of Control Conversion Right (as defined below) with respect to the
shares called for redemption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
 &ldquo;Change of Control&rdquo; is deemed to occur when, after the Original Issue Date, the following have occurred and are continuing:
(i)&nbsp;the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section&nbsp;13(d)(3)&nbsp;of
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), of beneficial ownership, directly or indirectly, through
a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of the
Corporation entitling that person to exercise more than 50% of the total voting power of all stock of the Corporation entitled to vote
generally in the election of directors of the Corporation (except that such person will be deemed to have beneficial ownership of all
securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition); and (ii)&nbsp;following the closing of any transaction referred to in clause (i), neither the Corporation
nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities)
listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;), the NYSE American LLC (&ldquo;NYSE American&rdquo;) or the Nasdaq Global
Select Market (&ldquo;Nasdaq&rdquo;), or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE
American or Nasdaq.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event the Corporation elects to redeem Series&nbsp;A Preferred Stock, the notice of redemption will be mailed by the Corporation to
each holder of record of Series&nbsp;A Preferred Stock called for redemption at such holder&rsquo;s address as it appears on the stock
transfer records of the Corporation and shall state: (i)&nbsp;the redemption date; (ii)&nbsp;the number of shares of Series&nbsp;A Preferred
Stock to be redeemed; (iii)&nbsp;the redemption price, to be payable on the redemption date; (iv)&nbsp;the place or places where certificates
(if any) for the Series&nbsp;A Preferred Stock are to be surrendered for payment of the redemption price; (v)&nbsp;that dividends on the
shares to be redeemed will cease to accumulate on the redemption date; (vi)&nbsp;whether such redemption is being made pursuant to Section&nbsp;6(a),
Section&nbsp;6(b)&nbsp;or Section&nbsp;6(c); (vii)&nbsp;if applicable, that such redemption is being made in connection with a Change
of Control and, in that case, a brief description of the transaction or transactions constituting such Change of Control; and (viii)&nbsp;if
such redemption is being made in connection with a Change of Control, that the holders of the shares of Series&nbsp;A Preferred Stock
being so called for redemption will not be able to tender such shares of Series&nbsp;A Preferred Stock for conversion in connection with
the Change of Control and that each share of Series&nbsp;A Preferred Stock tendered for conversion that is called, prior to the Change
of Control Conversion Date, for redemption will be redeemed on the related date of redemption instead of converted on the Change of Control
Conversion Date. If less than all of the shares of Series&nbsp;A Preferred Stock held by any holder are to be redeemed, the notice mailed
to such holder shall also specify the number of shares of Series&nbsp;A Preferred Stock held by such holder to be redeemed. No failure
to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of
any shares of Series&nbsp;A Preferred Stock except as to a holder for whom both of the following are true: (i)&nbsp;notice to such holder
was defective or not given and (ii)&nbsp;such holder does not receive the redemption price on the redemption date. Notwithstanding the
foregoing, no notice of redemption will be required where the Corporation elects to redeem Series&nbsp;A Preferred Stock pursuant to Article&nbsp;XI
of the Charter or Section&nbsp;11 of these Articles Supplementary in order to preserve its status as a REIT.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Holders
of shares of Series&nbsp;A Preferred Stock to be redeemed shall surrender the shares of Series&nbsp;A Preferred Stock at the place designated
in the notice of redemption and shall be entitled to the redemption price and any accumulated and unpaid dividends payable upon the redemption
following the surrender.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
notice of redemption of any shares of Series&nbsp;A Preferred Stock has been given and if the Corporation irrevocably sets apart the funds
necessary for redemption (including any accumulated and unpaid dividends) in trust for the benefit of the holders of the shares of Series&nbsp;A
Preferred Stock so called for redemption, then from and after the redemption date (unless the Corporation shall default in providing for
the payment of the redemption price plus accumulated and unpaid dividends, if any), dividends will cease to accrue on those shares of
Series&nbsp;A Preferred Stock, those shares of Series&nbsp;A Preferred Stock shall no longer be deemed outstanding and all rights of the
holders of those shares will terminate, except the right to receive the redemption price plus accumulated and unpaid dividends, if any,
payable upon redemption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any redemption date is not a business day, then the redemption price and accumulated and unpaid dividends, if any, payable upon redemption
may be paid on the next business day and no interest, additional dividends or other sums will accrue on the amount payable for the period
from and after that redemption date to that next business day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
less than all of the outstanding Series&nbsp;A Preferred Stock is to be redeemed, the shares of Series&nbsp;A Preferred Stock to be redeemed
shall be selected <I>pro rata</I> (as nearly as may be practicable without creating fractional shares) or by any other equitable method
the Corporation shall determine that will not result in any holder (or any other person) exceeding the applicable share ownership limitations
contained in Article&nbsp;XI of the Charter or Section&nbsp;11 of these Articles Supplementary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Immediately
prior to any redemption of Series&nbsp;A Preferred Stock, the Corporation will pay, in cash, any accumulated and unpaid dividends through
but excluding the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding dividend
payment date, in which case each holder of shares of Series&nbsp;A Preferred Stock at the close of business on such Dividend Record Date
shall be entitled to the dividend payable on such shares on the corresponding dividend payment date notwithstanding the redemption of
such shares before such dividend payment date. Except as provided in this Section&nbsp;6(j), the Corporation will make no payment or allowance
for unpaid dividends, whether or not in arrears, on shares of the Series&nbsp;A Preferred Stock to be redeemed.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
full cumulative dividends on all shares of Series&nbsp;A Preferred Stock shall have been or contemporaneously are declared and paid or
declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for payment for all past dividend periods,
no shares of Series&nbsp;A Preferred Stock shall be redeemed unless all outstanding shares of Series&nbsp;A Preferred Stock are simultaneously
redeemed and the Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Series&nbsp;A Preferred Stock
(except by exchanging them for shares of its capital stock ranking junior to the Series&nbsp;A Preferred Stock as to the payment dividends
and upon liquidation, dissolution or winding up);&nbsp;<I>provided, however</I>, that the foregoing shall not prevent the purchase or
acquisition by the Corporation of shares of Series&nbsp;A Preferred Stock to preserve its status as a REIT for federal income tax purposes
or pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of Series&nbsp;A Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to applicable law, the Corporation may purchase shares of Series&nbsp;A Preferred Stock in the open market, by tender or by private agreement.
Any shares of Series&nbsp;A Preferred Stock that are acquired by the Corporation, by redemption or otherwise, shall be returned to the
status of authorized but unissued shares of Series&nbsp;A Preferred Stock until reclassified pursuant to the Charter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7.&nbsp;<U>Conversion
Rights</U>. Shares of Series&nbsp;A Preferred Stock are not convertible into or exchangeable for any other property or securities of the
Corporation, except as provided in this Section&nbsp;7.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the occurrence of a Change of Control, each holder of shares of Series&nbsp;A Preferred Stock will have the right (unless, prior to the
Change of Control Conversion Date, the Corporation has provided notice of its election to redeem some or all of the shares of Series&nbsp;A
Preferred Stock held by such holder pursuant to Section&nbsp;6, in which case such holder will have the right only with respect to shares
of Series&nbsp;A Preferred Stock that are not called for redemption) to convert some or all of the Series&nbsp;A Preferred Stock held
by such holder (the &ldquo;Change of Control Conversion Right&rdquo;) on the Change of Control Conversion Date into a number of shares
of Common Stock per share of Series&nbsp;A Preferred Stock (the &ldquo;Common Stock Conversion Consideration&rdquo;) equal to the lesser
of: (i)&nbsp;the quotient obtained by dividing (x)&nbsp;the sum of the $25.00 liquidation preference per share of Series&nbsp;A Preferred
Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless
the Change of Control Conversion Date is after a Dividend Record Date and prior to the corresponding dividend payment date for the Series&nbsp;A
Preferred Stock, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (y)&nbsp;the
Common Stock Price (as defined below) (such quotient, the &ldquo;Conversion Rate&rdquo;); and (ii)&nbsp;6.98324 (the &ldquo;Share Cap&rdquo;),
subject to adjustments provided in Section&nbsp;7(b)&nbsp;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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Share Cap is subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of Common Stock
to existing holders of Common Stock), subdivisions or combinations (in each case, a &ldquo;Share Split&rdquo;) with respect to Common
Stock as follows: the adjusted Share Cap as the result of a Share Split will be the number of shares of Common Stock that is equivalent
to the product obtained by multiplying (i)&nbsp;the Share Cap in effect immediately prior to such Share Split by (ii)&nbsp;a fraction,
the numerator of which is the number of shares of Common Stock outstanding immediately after giving effect to such Share Split and the
denominator of which is the number of shares of Common Stock outstanding immediately prior to such Share Split. For the avoidance of doubt,
subject to the immediately succeeding sentence, the aggregate number of shares of Common Stock (or equivalent Alternative Conversion Consideration
(as defined below), as applicable) issuable or deliverable, as applicable, in connection with the exercise of the Change of Control Conversion
Right will not exceed 18,156,424 shares of Common Stock (or equivalent Alternative Conversion Consideration, as applicable), subject to
proportionate increase to the extent the underwriters&rsquo; over-allotment option to purchase additional shares of Series&nbsp;A Preferred
Stock in the initial public offering of Series&nbsp;A Preferred Stock is exercised, not to exceed 20,879,888 shares of Common Stock in
total (or equivalent Alternative Conversion Consideration, as applicable) (the &ldquo;Exchange Cap&rdquo;). The Exchange Cap is subject
to pro rata adjustments for any Share Splits on the same basis as the corresponding adjustment to the Share Cap and will also be increased
on a pro rata basis with respect to any additional shares of Series&nbsp;A Preferred Stock that are designated and authorized for issuance
pursuant to any subsequent articles supplementary and subsequently issued.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
 &ldquo;Change of Control Conversion Date&rdquo; is the date the Series&nbsp;A Preferred Stock is to be converted, which will be a business
day selected by the Corporation that is no fewer than 20 days nor more than 35 days after the date on which it provides the notice described
in Section&nbsp;7(h)&nbsp;to the holders of shares of Series&nbsp;A Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
 &ldquo;Common Stock Price&rdquo; is (i)&nbsp;if the consideration to be received in the Change of Control by the holders of Common Stock
is solely cash, the amount of cash consideration per share of Common Stock or (ii)&nbsp;if the consideration to be received in the Change
of Control by holders of Common Stock is other than solely cash (x)&nbsp;the average of the closing sale prices per share of Common Stock
(or, if no closing sale price is reported, the average of the closing bid and ask prices per share or, if more than one in either case,
the average of the average closing bid and the average closing ask prices per share) for the ten consecutive trading days immediately
preceding, but not including, the date on which such Change of Control occurred as reported on the principal U.S. securities exchange
on which Common Stock is then traded, or (y)&nbsp;the average of the last quoted bid prices for Common Stock in the over-the-counter market
as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including,
the date on which such Change of Control occurred, if Common Stock is not then listed for trading on a U.S. securities exchange.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the case of a Change of Control pursuant to which Common Stock is or will be converted into cash, securities or other property or assets
(including any combination thereof) (the &ldquo;Alternative Form&nbsp;Consideration&rdquo;), a holder of shares of Series&nbsp;A Preferred
Stock will receive upon conversion of such Series&nbsp;A Preferred Stock the kind and amount of Alternative Form&nbsp;Consideration which
such holder would have owned or been entitled to receive upon the Change of Control had such holder held a number of shares of Common
Stock equal to the Common Stock Conversion Consideration immediately prior to the effective time of the Change of Control (the &ldquo;Alternative
Conversion Consideration&rdquo;; the Common Stock Conversion Consideration or the Alternative Conversion Consideration, whichever shall
be applicable to a Change of Control, is referred to as the &ldquo;Conversion Consideration&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the holders of Common Stock have the opportunity to elect the form of consideration to be received in the Change of Control, the Conversion
Consideration in respect of such Change of Control will be deemed to be the kind and amount of consideration actually received by holders
of a majority of the outstanding shares of Common Stock that made or voted for such an election (if electing between two types of consideration)
or holders of a plurality of the outstanding shares of Common Stock that made or voted for such an election (if electing between more
than two types of consideration), as the case may be, and will be subject to any limitations to which all holders of Common Stock are
subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in such Change of Control.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
fractional shares of Common Stock will be issued upon the conversion of the Series&nbsp;A Preferred Stock in connection with a Change
of Control. Instead, the Corporation will make a cash payment equal to the value of such fractional shares based upon the Common Stock
Price used in determining the Common Stock Conversion Consideration for such Change of Control.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Within
15 days following the occurrence of a Change of Control, unless the Corporation has, prior to the expiration of such 15-day period, provided
notice of its election to redeem all shares of Series&nbsp;A Preferred Stock pursuant to Section&nbsp;6, the Corporation will provide
to holders of shares of Series&nbsp;A Preferred Stock a notice of occurrence of the Change of Control that describes the resulting Change
of Control Conversion Right, which notice shall be delivered to the holders of record of the shares of the Series&nbsp;A Preferred Stock
at their addresses as they appear on the stock transfer records of the Corporation and shall state: (i)&nbsp;the events constituting the
Change of Control; (ii)&nbsp;the date of the Change of Control; (iii)&nbsp;the last date on which the holders of Series&nbsp;A Preferred
Stock may exercise their Change of Control Conversion Right; (iv)&nbsp;the method and period for calculating the Common Stock Price; (v)&nbsp;the
Change of Control Conversion Date; (vi)&nbsp;that if, prior to the Change of Control Conversion Date, the Corporation has provided notice
of its election to redeem all or any shares of Series&nbsp;A Preferred Stock, holders will not be able to convert the shares of Series&nbsp;A
Preferred Stock called for redemption and such shares will be redeemed on the related redemption date, even if such shares have already
been tendered for conversion pursuant to the Change of Control Conversion Right; (vii)&nbsp;if applicable, the type and amount of Alternative
Conversion Consideration entitled to be received per share of Series&nbsp;A Preferred Stock; (viii)&nbsp;the name and address of the paying
agent, transfer agent and conversion agent for the Series&nbsp;A Preferred Stock; (ix)&nbsp;the procedures that the holders of shares
of Series&nbsp;A Preferred Stock must follow to exercise the Change of Control Conversion Right (including procedures for surrendering
shares for conversion through the facilities of a Depositary (as defined below)), including the form of conversion notice to be delivered
by such holders as described below; and (x)&nbsp;the last date on which holders of shares of Series&nbsp;A Preferred Stock may withdraw
shares surrendered for conversion and the procedures that such holders must follow to effect such a withdrawal. No failure to give such
notice or any defect thereto or in the giving thereof will affect the validity of the proceedings for the conversion of any shares of
Series&nbsp;A Preferred Stock except as to the holder to whom notice was defective or not given.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Corporation shall also issue a press release containing such notice provided for in Section&nbsp;7(h)&nbsp;for publication in The Wall
Street Journal, Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in existence at the time of
issuance of the press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant information
to the public), and post a notice on its website, in any event prior to the opening of business on the first business day following any
date on which it provides the notice provided for in Section&nbsp;7(h)&nbsp;to the holders of shares of Series&nbsp;A Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
exercise the Change of Control Conversion Right, the holders of shares of Series&nbsp;A Preferred Stock will be required to deliver, on
or before the close of business on the Change of Control Conversion Date, the certificates (if any) representing the shares of Series&nbsp;A
Preferred Stock to be converted, duly endorsed for transfer (or, in the case of any shares of Series&nbsp;A Preferred Stock held in book-entry
form through a Depositary (as defined below), to deliver, on or before the close of business on the Change of Control Conversion Date,
the shares of Series&nbsp;A Preferred Stock to be converted through the facilities of such Depositary), together with a written conversion
notice in the form provided by the Corporation, duly completed, to its transfer agent. The conversion notice must state: (i)&nbsp;the
relevant Change of Control Conversion Date; (ii)&nbsp;the number of shares of Series&nbsp;A Preferred Stock to be converted; and (iii)&nbsp;that
the Series&nbsp;A Preferred Stock is to be converted pursuant to the applicable provisions of the Series&nbsp;A Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Holders
of shares of Series&nbsp;A Preferred Stock may withdraw any notice of exercise of a Change of Control Conversion Right (in whole or in
part) by a written notice of withdrawal delivered to the transfer agent of the Corporation prior to the close of business on the business
day prior to the Change of Control Conversion Date. The notice of withdrawal delivered by any holder must state: (i)&nbsp;the number of
withdrawn shares of Series&nbsp;A Preferred Stock; (ii)&nbsp;if certificated Series&nbsp;A Preferred Stock has been surrendered for conversion,
the certificate numbers of the withdrawn shares of Series&nbsp;A Preferred Stock; and (iii)&nbsp;the number of shares of Series&nbsp;A
Preferred Stock, if any, which remain subject to the holder&rsquo;s conversion notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained in Sections 7(j)&nbsp;and (k), if any shares of Series&nbsp;A Preferred Stock are held in book-entry
form through The Depository Trust Company (&ldquo;DTC&rdquo;) or a similar depositary (each, a &ldquo;Depositary&rdquo;), the conversion
notice and/or the notice of withdrawal, as applicable, must comply with applicable procedures, if any, of the applicable Depositary.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Series&nbsp;A
Preferred Stock as to which the Change of Control Conversion Right has been properly exercised and for which the conversion notice has
not been properly withdrawn will be converted into the applicable Conversion Consideration in accordance with the Change of Control Conversion
Right on the Change of Control Conversion Date, unless prior to the Change of Control Conversion Date the Corporation has provided notice
of its election to redeem some or all of the shares of Series&nbsp;A Preferred Stock pursuant to Section&nbsp;6, in which case only the
shares of Series&nbsp;A Preferred Stock properly surrendered for conversion and not properly withdrawn that are not called for redemption
will be converted as aforesaid. If the Corporation elects to redeem shares of Series&nbsp;A Preferred Stock that would otherwise be converted
into the applicable Conversion Consideration on a Change of Control Conversion Date, such shares of Series&nbsp;A Preferred Stock will
not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption price
as provided in Section&nbsp;6.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Corporation shall deliver all securities, cash and any other property owing upon conversion no later than the third business day following
the Change of Control Conversion Date. Notwithstanding the foregoing, the persons entitled to receive any shares of Common Stock or other
securities delivered on conversion will be deemed to have become the holders of record thereof as of the Change of Control Conversion
Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
connection with the exercise of any Change of Control Conversion Right, the Corporation shall comply with all federal and state securities
laws and stock exchange rules&nbsp;in connection with any conversion of Series&nbsp;A Preferred Stock into shares of Common Stock or other
property. Notwithstanding any other provision of the Series&nbsp;A Preferred Stock, no holder of Series&nbsp;A Preferred Stock will be
entitled to convert such Series&nbsp;A Preferred Stock into shares of Common Stock to the extent that receipt of such Common Stock would
cause such holder (or any other person) to exceed the applicable share ownership limitations contained in Article&nbsp;XI of the Charter
or Section&nbsp;11 of these Articles Supplementary, unless the Corporation provides an exemption from these limitations to such holder
pursuant to Article&nbsp;XI of the Charter or Section&nbsp;11 of these Articles Supplementary, as applicable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary herein and except as otherwise required by law, the persons who are the holders of record of shares of Series&nbsp;A
Preferred Stock at the close of business on a Dividend Record Date will be entitled to receive the dividend payable on the corresponding
dividend payment date notwithstanding the conversion of those shares after such Dividend Record Date and on or prior to such dividend
payment date and, in such case, the full amount of such dividend shall be paid on such dividend payment date to the persons who were the
holders of record at the close of business on such Dividend Record Date. Except as provided in this Section&nbsp;7(p), the Corporation
will make no allowance for unpaid dividends that are not in arrears on the shares of Series&nbsp;A Preferred Stock to be converted.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8.&nbsp;<U>Voting
Rights</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Holders
of the Series&nbsp;A Preferred Stock will not have any voting rights, except as set forth in this Section&nbsp;8. On each matter on which
holders of shares of Series&nbsp;A Preferred Stock are entitled to vote, each share of Series&nbsp;A Preferred Stock will entitle the
holder thereof to one vote, except that when shares of any other class or series of Preferred Stock have the right to vote with the Series&nbsp;A
Preferred Stock as a single class on any matter, the Series&nbsp;A Preferred Stock and the shares of each such other class or series will
entitle the holders thereof to one vote for each $25.00 of liquidation preference (excluding accumulated dividends).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Whenever
dividends on any shares of Series&nbsp;A Preferred Stock are in arrears for six or more full quarterly dividend periods, whether or not
consecutive, the number of directors constituting the Board will be automatically increased by two (if not already increased by two by
reason of the election of directors by the holders of any other class or series of Preferred Stock that the Corporation may issue upon
which like voting rights have been conferred and are exercisable and with which the Series&nbsp;A Preferred Stock is entitled to vote
as a class with respect to the election of those two directors) and the holders of shares of Series&nbsp;A Preferred Stock (voting together
as a single class with all other classes or series of Preferred Stock that the Corporation may issue upon which like voting rights have
been conferred and are exercisable and which are entitled to vote as a class with the Series&nbsp;A Preferred Stock in the election of
those two directors) will be entitled to vote for the election of those two additional directors at a special meeting called by the Corporation
at the request of the holders of record of at least 25% of the outstanding shares of Series&nbsp;A Preferred Stock or by the holders of
any other class or series of Preferred Stock upon which like voting rights have been conferred and are exercisable and which are entitled
to vote as a class with the Series&nbsp;A Preferred Stock in the election of those two directors (unless the request is received less
than 90 days before the date fixed for the next annual or special meeting of stockholders of the Corporation, in which case, such vote
will be held at the earlier of the next annual or special meeting of stockholders, to the extent permitted by applicable law, of the Corporation),
and at each subsequent annual meeting until all dividends accumulated on the Series&nbsp;A Preferred Stock for all past dividend periods
and the then current dividend period will have been fully paid or declared and a sum sufficient for the payment thereof set aside for
payment. In that case, the right of holders of the Series&nbsp;A Preferred Stock to elect any directors will cease and, unless there are
other classes or series of Preferred Stock upon which like voting rights have been conferred and are exercisable, the term of office of
any directors elected by holders of the Series&nbsp;A Preferred Stock will immediately terminate and the number of directors constituting
the Board will be reduced accordingly. In no event shall the holders of Series&nbsp;A Preferred Stock be entitled under the voting rights
under this Section&nbsp;8 to elect a director that would cause the Corporation to fail to satisfy a requirement relating to director independence
of any national securities exchange or quotation system on which any class or series of the stock of the Corporation is listed or quoted.
For the avoidance of doubt, in no event will the total number of directors elected by holders of the Series&nbsp;A Preferred Stock (voting
together as a single class with all other classes or series of Preferred Stock that the Corporation may issue upon which like voting rights
have been conferred and are exercisable and which are entitled to vote as a class with the Series&nbsp;A Preferred Stock in the election
of such directors) pursuant to the voting rights under this Section&nbsp;8 exceed two.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
a special meeting is not called by the Corporation within 30 days after request from the holders of Series&nbsp;A Preferred Stock as described
in Section&nbsp;8(b), then the holders of record of at least 25% of the outstanding Series&nbsp;A Preferred Stock may designate a holder
to call the meeting at the expense of the Corporation and such meeting may be called by the holder so designated in accordance with the
procedures required for calling a special meeting of stockholders, as set forth in the Charter and Bylaws of the Corporation, and shall
be held at the place designated by the holder calling such meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
at any time when the voting rights conferred upon the Series&nbsp;A Preferred Stock pursuant to Section&nbsp;8(b)&nbsp;are exercisable,
any vacancy in the office of a director elected pursuant to Section&nbsp;8(b)&nbsp;shall occur, then such vacancy may be filled only by
the remaining such director or by vote of the holders of record of the outstanding Series&nbsp;A Preferred Stock and any other classes
or series of Preferred Stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a
class with the Series&nbsp;A Preferred Stock in the election of directors pursuant to Section&nbsp;8(b). Any director elected or appointed
pursuant to Section&nbsp;8(b)&nbsp;may be removed only by the affirmative vote of holders of the outstanding Series&nbsp;A Preferred Stock
and any other classes or series of Preferred Stock upon which like voting rights have been conferred and are exercisable and which classes
or series of Preferred Stock are entitled to vote as a class with the Series&nbsp;A Preferred Stock in the election of directors pursuant
to Section&nbsp;8(b), such removal to be effected by the affirmative vote of a majority of the votes entitled to be cast by the holders
of the outstanding Series&nbsp;A Preferred Stock and any such other classes or series of Preferred Stock, and may not be removed by the
holders of the Common Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">So
long as any shares of Series&nbsp;A Preferred Stock remain outstanding, the Corporation will not, without the affirmative vote or consent
of the holders of at least two-thirds of the shares of the Series&nbsp;A Preferred Stock outstanding at the time, voting together as a
single class with all outstanding series of Preferred Stock ranking on a parity with the Series&nbsp;A Preferred Stock that the Corporation
may issue and upon which like voting rights have been conferred and are exercisable, given in person or by proxy, either in writing or
at a meeting, (i)&nbsp;authorize or create, or increase the number of authorized or issued shares of any class or series of capital stock
ranking senior to the Series&nbsp;A Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation,
dissolution or winding up or reclassify any of the authorized capital stock of the Corporation into shares of such class or series, or
create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such shares; or (ii)&nbsp;amend,
alter or repeal the provisions of the Charter, whether by merger, consolidation or otherwise, so as to materially and adversely affect
any right, preference, privilege or voting power of the Series&nbsp;A Preferred Stock (each, an &ldquo;Event&rdquo;); provided, however,
with respect to the occurrence of any Event set forth in clause (i)&nbsp;and (ii)&nbsp;above, if the proposed amendments would materially
and adversely affect the rights, preferences, privileges or voting powers of the Series&nbsp;A Preferred Stock disproportionately relative
to any other class or series of Preferred Stock ranking on a parity with the Series&nbsp;A Preferred Stock entitled to vote thereon, the
affirmative vote or consent of the holders of at least two-thirds of the outstanding Series&nbsp;A Preferred Shares, voting as a separate
class, is also required; and provided, further, with respect to the occurrence of any Event set forth in (ii), so long as the Series&nbsp;A
Preferred Stock remains outstanding with the terms thereof materially unchanged, or the holders of shares of Series&nbsp;A Preferred Stock
receive securities of a successor person or entity with substantially identical rights as those of the Series&nbsp;A Preferred Stock,
taking into account that, upon an occurrence of an Event, the Corporation may not be the successor entity, the occurrence of any such
Event shall not be deemed to materially and adversely affect the rights, preferences, privileges or voting power of the Series&nbsp;A
Preferred Stock and, provided further, that any increase in the number of the authorized shares of Preferred Stock, including the Series&nbsp;A
Preferred Stock, or the creation or issuance of any additional shares of Series&nbsp;A Preferred Stock or other class or series of Preferred
Stock that the Corporation may issue, or any increase in the number of authorized shares of such class or series, in each case ranking
on a parity with or junior to the Series&nbsp;A Preferred Stock that the Corporation may issue with respect to payment of dividends or
the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights,
preferences, privileges or voting powers.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
voting rights provided for in this Section&nbsp;8 will not apply if, at or prior to the time when the act with respect to which voting
by holders of the Series&nbsp;A Preferred Stock would otherwise be required pursuant to this Section&nbsp;8 shall be effected, all outstanding
shares of Series&nbsp;A Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall
have been deposited in trust to effect such redemption pursuant to Section&nbsp;6.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as expressly stated in this Section&nbsp;8, the Series&nbsp;A Preferred Stock will not have any relative, participating, optional or other
special voting rights or powers and the consent of the holders thereof shall not be required for the taking of any corporate action. The
holders of Series&nbsp;A Preferred Stock shall have exclusive voting rights on any charter amendment that would alter only the contract
rights, as expressly set forth in the Charter, of the Series&nbsp;A Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, holders of any series of Preferred Stock that the Corporation may issue ranking on a parity with the Series&nbsp;A Preferred
Stock shall not be entitled to vote together as a class with the holders of Series&nbsp;A Preferred Stock on any amendment, alteration
or repeal of any provision of the Charter unless such action affects the holders of the Series&nbsp;A Preferred Stock and such other series
of Preferred Stock equally.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">Section&nbsp;9.&nbsp;<U>Information
Rights</U>. During any period in which the Corporation is not subject to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act and any shares
of Series&nbsp;A Preferred Stock are outstanding, the Corporation will use its best efforts to (i)&nbsp;post to its website or transmit
by mail (or other permissible means under the Exchange Act) to all holders of shares of Series&nbsp;A Preferred Stock, as their names
and addresses appear on the record books of the Corporation and without cost to such holders, copies of the annual reports on Form&nbsp;10-K
and quarterly reports on Form&nbsp;10-Q, respectively, that the Corporation would have been required to file with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act if it were subject thereto (other than
any exhibits that would have been required); and (ii)&nbsp;promptly, upon request, supply copies of such reports to any holders or prospective
holder of shares of Series&nbsp;A Preferred Stock. The Corporation will use its best efforts to post to its website or mail (or otherwise
provide) the information to the holders of the Series&nbsp;A Preferred Stock within 15 days after the respective dates by which a periodic
report on Form&nbsp;10-K or Form&nbsp;10-Q, as the case may be, in respect of such information would have been required to be filed with
the SEC, if the Corporation were subject to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act, in each case, based on the dates on which
the Corporation would be required to file such periodic reports if it were a &ldquo;non-accelerated filer&rdquo; within the meaning of
the Exchange Act.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;10.&nbsp;<U>No
Preemptive Rights</U>. No holders of the Series&nbsp;A Preferred Stock will, as holders of Series&nbsp;A Preferred Stock, have any preemptive
rights to purchase or subscribe for Common Stock or any other security of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;11.&nbsp;<U>Restrictions
on Ownership and Transfer</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
For the purpose of this Section&nbsp;11, the following terms shall have the following meanings:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Beneficial Ownership&rdquo;
shall mean ownership of Series&nbsp;A Preferred Stock by a Person, whether the interest in the shares of Series&nbsp;A Preferred Stock
is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application
of Section&nbsp;544 of the Code, as modified by Section&nbsp;856(h)(1)(B)&nbsp;of the Code.&nbsp; The terms &ldquo;Beneficial Owner,&rdquo;
 &ldquo;Beneficially Owns&rdquo; and &ldquo;Beneficially Owned&rdquo; shall have the correlative 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-align: justify; text-indent: 1.5in">&ldquo;Beneficiary&rdquo;
shall mean the beneficiary of the Trust as determined pursuant to Section&nbsp;11(i)&nbsp;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; text-indent: 1.5in">&ldquo;Code&rdquo; shall mean
the Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Capital Stock&rdquo;
shall mean stock that is either Common Stock, Preferred Stock or any other class of capital stock of the Corporation classified or reclassified
pursuant to Article&nbsp;VI or Article&nbsp;XI of the Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Constructive
Ownership&rdquo; shall </FONT>mean ownership of Series&nbsp;A Preferred Stock by a Person, whether the interest in the shares of Series&nbsp;A
Preferred Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through
the application of Section&nbsp;318(a)&nbsp;of the Code, as modified by Section&nbsp;856(d)(5)&nbsp;of the Code. The terms &ldquo;Constructive
Owner,&rdquo; &ldquo;Constructively Owns&rdquo; and &ldquo;Constructively Owned&rdquo; shall have the correlative 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-align: justify; text-indent: 1.5in">&ldquo;Excess Securities&rdquo;
shall have the meaning set forth in Section&nbsp;11(d)&nbsp;herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Market Price&rdquo;
for the Series&nbsp;A Preferred Stock shall mean the last reported sales price reported on the New York Stock Exchange of the Series&nbsp;A
Preferred Stock, on the trading day immediately preceding the relevant date, or if not then traded on the New York Stock Exchange, the
last reported sales price of Series&nbsp;A Preferred Stock on the trading day immediately preceding the relevant date as reported on any
exchange or quotation system over which the Series&nbsp;A Preferred Stock may be traded, or if not then traded any exchange or quotation
system, then the market price of the Series&nbsp;A Preferred Stock on the relevant date as determined in good faith by the Board of Directors
of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;NYSE&rdquo; shall mean
the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Ownership Limit&rdquo;
shall mean 9.8%, in number of shares or value, of shares of Series&nbsp;A Preferred Stock, and after adjustment as set forth in Section&nbsp;11(l)&nbsp;herein
shall mean such greater percentage of the outstanding Series&nbsp;A Preferred Stock as so adjusted. The number and value of shares of
the outstanding Series&nbsp;A Preferred Stock shall be determined by the Board of Directors in good faith, which determination shall be
conclusive for all purposes hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Person&rdquo; shall
mean an individual, corporation, partnership, estate, trust (including a trust qualified under section 401(a)&nbsp;or 501(c)(17) of the
Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in section 642(c)&nbsp;of the
Code, association, private foundation within the meaning of section 509(a)&nbsp;of the Code, joint stock company or other entity; but
does not include an underwriter which participated in a public offering or private placement of Series&nbsp;A Preferred Stock for a period
of 90 days following the purchase by such underwriter of the Series&nbsp;A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Purported Transferee&rdquo;
shall mean, with respect to any purported Transfer which results in Excess Securities, the purported transferee who would have acquired
shares of Series&nbsp;A Preferred Stock, if such Transfer had been valid under Section&nbsp;11(b)&nbsp;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; text-align: justify; text-indent: 1.5in">&ldquo;REIT&rdquo; shall mean
a real estate investment trust as defined under section 856 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Restriction Termination
Date&rdquo; shall mean the first day on which the Board of Directors of the Corporation determines that it is no longer in the best interest
of the Corporation to attempt to, or continue to, qualify as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&ldquo;Transfer&rdquo; shall
mean any sale, transfer, gift, assignment, devise, or other disposition of Series&nbsp;A Preferred Stock (including (a)&nbsp;the granting
of any option of entering into any agreement for the sale, transfer or other disposition of Series&nbsp;A Preferred Stock, (b)&nbsp;the
sale, transfer, assignment or other disposition of any securities or rights convertible into or exchangeable for Series&nbsp;A Preferred
Stock, but excluding the actual conversion or exchange of such securities or rights into Series&nbsp;A Preferred Stock and (c)&nbsp;any
transfer or other disposition of any interest in Series&nbsp;A Preferred Stock as a result of a change in the marital status of the holder
thereof), whether voluntary or involuntary, whether of record or beneficially and whether by operation of law or otherwise. The terms
 &ldquo;Transfers&rdquo; and Transferred&rdquo; shall have the correlative 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-align: justify; text-indent: 1.5in">&ldquo;Trust&rdquo; shall
mean the trust created pursuant to Section&nbsp;11(f)&nbsp;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; text-indent: 1.5in">&ldquo;Trustee&rdquo; shall
mean the Corporation as trustee for the Trust, and any successor trustee appointed by the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Ownership
Limitation</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided
in Section&nbsp;11(m)&nbsp;herein, from the Original Issue Date and until the Restriction Termination Date, no Person shall Beneficially
Own or Constructively Own any shares of Series&nbsp;A Preferred Stock in excess of the Ownership Limit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided
in Section&nbsp;11(m)&nbsp;herein, from the Original Issue Date until the Restriction Termination Date, any Transfer that, if effective
would result in any Person Beneficially Owning or Constructively Owning shares of Series&nbsp;A Preferred Stock in excess of the Ownership
Limit shall be void ab initio as to the Transfer of such shares of Series&nbsp;A Preferred Stock; and the intended transferee shall acquire
no rights in such shares of Series&nbsp;A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided
in Section&nbsp;11(m)&nbsp;herein, from the Original Issue Date and until the Restriction Termination Date, any Transfer that, if effective,
would result in the Capital Stock being beneficially owned (as provided in section 856(a)&nbsp;of the Code) by less than 100 Persons (determined
without reference to any rules&nbsp;of attribution) shall be void ab initio as to the Transfer of such shares of Series&nbsp;A Preferred
Stock which would be otherwise beneficially owned (as provided in section 856(a)&nbsp;of the Code) by the intended transferee; and the
intended transferee shall acquire no rights in such shares of Series&nbsp;A Preferred 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the Original
Issue Date and until the Restriction Termination Date, any transfer that, if effective, would result in the Corporation being &ldquo;closely
held&rdquo; within the meaning of section 856(h)&nbsp;of the Code shall be void ab initio as to the Transfer of such shares of Series&nbsp;A
Preferred Stock which would cause the Corporation to be &ldquo;closely held&rdquo; within the meaning of section 856(h)&nbsp;of the Code;
and the intended transferee shall acquire no rights in such shares of Series&nbsp;A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the Restriction
Termination Date, any Transfer that, if effective, would result in disqualification of the Corporation as a REIT shall be void ab initio
as to the Transfer of such shares of Series&nbsp;A Preferred Stock; and the intended transferee shall acquire no rights in such shares
of Series&nbsp;A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained
herein shall impair the settlement of transactions entered into on the facilities of the NYSE or any other exchange on which shares of
Series&nbsp;A Preferred Stock are traded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Prevention
of Transfer</U>. If the Board of Directors or its designee shall at any time determine in good faith that a purported Transfer has taken
place in violation of Section&nbsp;11(b)&nbsp;herein or that a Person intends to acquire or Transfer or has attempted to acquire or Transfer
Beneficial Ownership or Constructive Ownership of Series&nbsp;A Preferred Stock of the Corporation in violation of Section&nbsp;11(b)&nbsp;herein,
the Board of Directors or its designee shall take such action as it deems advisable to refuse to give effect to or prevent such Transfer,
including, but not limited to, refusing to give effect to such Transfer on the books of the Corporation or instituting proceedings to
enjoin such Transfer; <U>provided, however</U>, that any purported Transfers in violation of this Section&nbsp;11 shall automatically
result in the designation and treatment described in this Section&nbsp;11, irrespective of any actions (or non-action) 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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Excess
Securities</U>. If at any time after the Original Issue Date and before the Restriction Termination Date there is a purported Transfer
or other change in the capital structure of the Corporation such that (x)&nbsp;any Person would Beneficially Own or Constructively Own
Series&nbsp;A Preferred Stock in excess of the Ownership Limit and (y)&nbsp;any provision of Section&nbsp;11(b)&nbsp;herein or any application
of such provision is determined to be void, invalid, or unenforceable by any court having jurisdiction over the issue, then, except as
otherwise provided in Section&nbsp;11(m)&nbsp;herein, such shares of Series&nbsp;A Preferred Stock representing Beneficial Ownership or
Constructive Ownership, as applicable, of shares of Series&nbsp;A Preferred Stock in excess of the Ownership Limit (rounded up to the
nearest whole share) shall constitute &ldquo;Excess Securities&rdquo; and be treated as provided in this Section&nbsp;11. Such designation
and treatment shall be effective as of the close of business on the business day prior to the date of the purported Transfer or change
in capital structure; provided, however, that subject to the provisions of Section&nbsp;11(m)&nbsp;herein, shares of Series&nbsp;A Preferred
Stock held by an underwriter in a public offering or private placement, or in a transaction involving the issuance of shares of Series&nbsp;A
Preferred Stock by the Corporation in which the Board of Directors determines that the underwriter or other person or party initially
acquiring such shares will make a timely distribution of such shares to or among other holders such that, following such distribution,
none of such securities will be Excess Securities, shall not constitute Excess Securities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notice
to Corporation</U>. Any Person who acquires shares of Series&nbsp;A Preferred Stock in violation of Section&nbsp;11(b)&nbsp;herein, or
any Person who is a Purported Transferee such that Excess Securities results under Section&nbsp;11(d)&nbsp;herein, shall immediately give
written notice or, in the event of a proposed or attempted Transfer that would violate Section&nbsp;11(b)&nbsp;herein, give at least 15
days prior written notice to the Corporation of such event and shall provide to the Corporation such other information as the Corporation
may request in order to determine the effect, if any, of such Transfer on the Corporation&rsquo;s status as a REIT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Trust
for Excess Securities</U>. Upon any purported Transfer of Series&nbsp;A Preferred Stock that results in Excess Securities, such Excess
Securities shall be deemed automatically to have been converted into a class separate and distinct from the Series&nbsp;A Preferred Stock
and from any other shares of Capital Stock. All Excess Securities shall be transferred by operation of law to the Corporation, as Trustee
of a Trust for the benefit of such Beneficiary or Beneficiaries to whom an interest in such Excess Securities may later be transferred
pursuant to Section&nbsp;11(i)&nbsp;herein. Excess Securities that constitute shares of Series&nbsp;A Preferred Stock so held in trust
shall be issued and outstanding stock of the Corporation. The Purported Transferee shall have no rights in any Excess Securities except
the right to designate a transferee of such Excess Securities upon the terms specified in Section&nbsp;11(i)&nbsp;herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Distribution for Excess Securities</U>. The Trustee, as holder of Excess Securities, shall not be entitled to any distribution (including
dividends or distributions upon liquidation, dissolution or winding up.) Any dividend or distribution paid prior to the discovery by the
Corporation that the shares of Series&nbsp;A Preferred Stock have been purportedly Transferred so as to be deemed Excess Securities shall
be rapid to the Corporation upon demand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Voting or Exercise Rights for Excess Securities</U>. The Trustee, as holder of Excess Securities, shall not be entitled to vote on any
matter and shall not be entitled to exercise or convert any such securities into shares of Series&nbsp;A Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Transfer
of Excess Securities</U>. The Purported Transferee may freely designate a beneficiary (a &ldquo;Beneficiary&rdquo;) of an interest in
the Trust (representing the number of shares (as the case may be) of Excess Securities held by the Trust attributable to a purported Transfer
that resulted in the Excess Securities), if (a)&nbsp;the Excess Securities held in the Trust would not be Excess Securities in the hands
of such Beneficiary and (b)&nbsp;the Purported Transferee does not receive a price for designating such Beneficiary that reflects a price
per share for such Excess Securities that exceeds (i)&nbsp;the price per share or per warrant such Purported Transferee paid for the Series&nbsp;A
Preferred Stock in the purported Transfer that resulted in the Excess Securities, or (ii)&nbsp;if the Purported Transferee did not give
value for such Excess Securities (through a gift, devise or other transaction), a price per share equal to the Market Price for the shares
of the Excess Securities on the date of the purported Transfer that resulted in the Excess Securities. Upon such transfer of an interest
in the Trust, the corresponding shares of Excess Securities in the Trust shall be automatically exchanged for an equal number of shares
of Series&nbsp;A Preferred Stock and such shares of Series&nbsp;A Preferred Stock shall be transferred of record to the transferee of
the interest in the Trust if such shares of Series&nbsp;A Preferred Stock would not be Excess Securities in the hands of such transferee.
Prior to any transfer of any interest in the Trust, the Purported Transferee must give advance notice to the Corporation of the intended
transfer and the Corporation must have waived in writing its purchase rights under Section&nbsp;11(j)&nbsp;herein.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if a Purported Transferee receives a price for designating a Beneficiary of an interest in the Trust that exceeds the amounts allowable
under this Section&nbsp;11(i), such Purported Transferee shall pay, or cause such Beneficiary to pay, such excess to the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the foregoing restrictions
or transfer of Excess Securities are determined to be void, invalid or unenforceable by any court of competent jurisdiction, then the
Purported Transferee may be deemed, at the option of the Company, to have acted as an agent of the Corporation in acquiring such Excess
Securities and to hold such Excess Securities on behalf of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Call
by Corporation on Excess Securities</U>. Excess Securities shall be deemed to have been offered for sale to the Corporation, or its designee,
at a price per share equal to the lesser of (a)&nbsp;the price per share in the transaction that created such Excess Securities (or, in
the case of a devise or gift, the Market Price at the time of such device or gift), reduced by the amount of any distributions received
in violation of Section&nbsp;11(g)&nbsp;herein that have not been repaid to the Corporation, and (b)&nbsp;the Market Price of the Series&nbsp;A
Preferred Stock to which such Excess Securities related on the date the Corporation, or its designee, accepts such offer, reduced by the
amount of any distributions received in violation of Section&nbsp;11(g)&nbsp;herein that have not been repaid to the Corporation. The
Corporation shall have the right to accept such offer for a period of ninety days after the later of (x)&nbsp;the date of the purported
Transfer which resulted in such Excess Securities and (y)&nbsp;the date the Board of Directors determines in good faith that a purported
Transfer resulting in Excess Securities has occurred if the Corporation does not receive notice of such Transfer pursuant to Section&nbsp;11(e)&nbsp;herein
but in no event later than a permitted transfer pursuant to and in compliance with the terms of Section&nbsp;11(i)&nbsp;herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Information
for Corporation</U>. Until the Restriction Termination Date:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every record owner
of more than 5.0% (during any period in which the number of stockholders of record is 2000 or more) or 1% (during any period in which
the number of stockholders of records is greater than 200 but less than 2000) or 1/2% (during any period in which the number of stockholders
is 200 or less) of the number or value of the outstanding shares of Capital Stock of the Corporation shall, within 30 days after January&nbsp;1
of each year, give written notice to the Corporation stating the name and address of such record owner, the number of shares Beneficially
Owned, and a description of how such shares are held. Each such record owner shall also provide to the Corporation such additional information
as the Corporation may reasonably request in order to determine the effect, if any, of such Beneficial Ownership on the Corporation&rsquo;s
status as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Person who is
a Beneficial Owner or Constructive Owner of Series&nbsp;A Preferred Stock and each Person (including the stockholder of record) who is
holding Series&nbsp;A Preferred Stock for a Beneficial Owner or Constructive Owner shall provide to the Corporation such information that
the Corporation may reasonably request in order to determine the Corporation&rsquo;s status as a REIT, to comply with the requirements
of any taxing authority or government agency, or to determine any such compliance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Increase
in Ownership Limit</U>. The Board of Directors may from time to time increase or decrease the Ownership Limit; provided, however, that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any decrease may
be made prospectively as to subsequent holders (other than a decrease as a result of a retroactive change in existing law, in which case
such decrease shall be effective immediately);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ownership Limit
may not be increased if, after giving effect to such increase, five Beneficial Owners of Common Stock could Beneficially Own, in the aggregate,
more than 50.0% in value of the shares of Capital Stock then outstanding; 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: justify; text-indent: 1.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the modification
of the Ownership Limit the Board of Directors of the Corporation may require such opinions of counsel, affidavits, undertakings or agreements
as it may deem necessary or advisable in order to determine or ensure the Corporation&rsquo;s status as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Waivers
by Board</U>. The Board of Directors, upon receipt of a ruling from the Internal Revenue Service or an opinion of counsel or other evidence
satisfactory to the Board of Directors and upon at least 15 days written notice from a transferee prior to the proposed Transfer which,
if consummated, would result in the intended transferee owning shares in excess of the Ownership Limit and upon such other conditions
as the Board of Directors may direct, may waive the Ownership Limit with respect to such transferee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Legend</U>.
All certificates for shares of Series&nbsp;A Preferred Stock shall bear a legend referencing the restrictions on ownership and transfer
as set forth in the Charter and these Articles Supplementary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12.&nbsp;<U>Record
Holders</U>. The Corporation and the transfer agent for the Series&nbsp;A Preferred Stock may deem and treat the record holder of any
Series&nbsp;A Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor the transfer agent
shall be affected by any notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECOND: The shares of Series&nbsp;A
Preferred Stock have been classified and designated by the Board under the authority contained in the Charter and &sect; 2-105 of the
MGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIRD: These Articles Supplementary
have been approved by the Board in the manner and by the vote required by 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-align: justify; text-indent: 0.5in">FOURTH: The undersigned officer
acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified
under oath, the undersigned officer acknowledges that, to the best of such officer&rsquo;s knowledge, information and belief, these matters
and facts are true in all material respects and that this statement is made under the penalties for perjury.</P>

<P STYLE="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">IN
WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf by its Chief
Financial Officer and attested to by its Executive Vice President, Chief Legal Officer and Secretary on this 13th day of January,
2023.</FONT></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 COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ATTEST:</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDWOOD TRUST,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Andrew P. Stone</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Brooke E. Carillo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>Andrew P. Stone</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>Brooke E. Carillo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Executive Vice President, Chief Legal Officer and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Chief Financial Officer</TD></TR>
  </TABLE>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm232177d6_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></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="text-align: center; width: 27%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">NUMBER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">*PRA1*</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">THIS CERTIFICATE IS
    TRANSFERABLE IN NEW YORK, N.Y.</P></TD>
    <TD STYLE="padding-right: 3pt; text-align: center; width: 46%; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REDWOOD TRUST<FONT STYLE="text-transform: uppercase">,&nbsp;Inc.</FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">INCORPORATED UNDER THE
    LAWS OF THE STATE OF MARYLAND</P></TD>
    <TD STYLE="white-space: nowrap; width: 27%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES</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">SEE REVERSE FOR IMPORTANT NOTICE<BR>
    ON TRANSFER RESTRICTIONS<BR>
    AND OTHER INFORMATION</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>CUSIP 758075 808</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">**SPECIMEN**</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IS THE OWNER OF</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">fully paid
and nonassessable shares of the 10.00% Series&nbsp;A Fixed-Rate Reset Cumulative REDEEMABLE Preferred Stock, par value $0.01 per share,
of</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(the &quot;Company&quot;) transferable on the books of the Company
by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate
is not valid unless countersigned by the Transfer Agent and registered by the Registrar.</P>

<P STYLE="font: 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 Company has caused this
Certificate to be executed on its behalf by its duly authorized officers.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: justify; width: 5%">DATED&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: justify; width: 45%">&nbsp;</TD>
                                                                                   <TD STYLE="white-space: nowrap; text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: left">Countersigned and Registered:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%">Computershare
                                            Trust Company, N.A.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Transfer
                                            Agent and Registrar</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(SEAL)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">[Seal]</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 41%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signature</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 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>

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

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

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

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

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

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

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">THE COMPANY&rsquo;S
CHARTER authorizes ITS board of directors to classify and reclassify from time to time any unissued shares of THE COMPANY&rsquo;S stock
into other classes or series of stock, including preferred stock, and to cause the issuance of such shares. THE BOARD OF DIRECTORS IS
AUTHORIZED TO DETERMINE THE PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF ANY CLASS&nbsp;OF THE PREFERRED STOCK BEFORE THE ISSUANCE
OF SHARES OF SUCH CLASS&nbsp;OF PREFERRED STOCK. THE COMPANY WILL FURNISH, WITHOUT CHARGE, TO ANY STOCKHOLDER MAKING A WRITTEN REQUEST
THEREFOR, A COPY OF THE COMPANY&rsquo;S CHARTER AND A WRITTEN STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES, CONVERSION
OR OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS, QUALIFICATIONS AND TERMS AND CONDITIONS
OF REDEMPTION OF THE STOCK OF EACH CLASS&nbsp;WHICH THE COMPANY HAS THE AUTHORITY TO ISSUE AND,&nbsp;IF THE COMPANY IS AUTHORIZED TO ISSUE
ANY PREFERRED OR SPECIAL CLASS&nbsp;IN SERIES, (i)&nbsp;THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH
SERIES TO THE EXTENT SET, AND (ii)&nbsp;THE AUTHORITY OF THE BOARD OF DIRECTORS TO SET SUCH RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES.
REQUESTS FOR SUCH WRITTEN STATEMENT MAY&nbsp;BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL 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: center"><B>Restriction on Ownership and Transfer</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: 0.25in; text-align: justify"><FONT STYLE="text-transform: uppercase">THE SHARES
OF THE COMPANY&rsquo;S 10.00% SERIES A Fixed-Rate Reset CUMULATIVE REDEEMABLE PREFERRED STOCK (&ldquo;SERIES A PREFERRED STOCK&rdquo;)
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSE OF THE
COMPANY&rsquo;S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &ldquo;CODE&rdquo;).
SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE CHARTER,
The company&rsquo;s charter prohibits any person from acquiring or holding beneficial ownership (as defined in the charter) of shares
of any class of our capital stock in excess of 9.8%, in number of shares or value, of the outstanding shares of such class of capital
stock. All Series&nbsp;A Preferred Stock will be counted as a single class of capital stock for purposes of the 9.8% ownership limitation
applicable to our capital stock in the charter. Additionally, the company&rsquo;s articles supplementary establishing the terms of the
Series&nbsp;A Preferred Stock will prohibit any person from acquiring or holding beneficial ownership (as defined in the articles supplementary)
or constructive ownership (as defined in the articles supplementary) of shares of the Series&nbsp;A Preferred Stock in excess of 9.8%,
in number of shares or value, of the outstanding shares of the Series&nbsp;A Preferred Stock. The number and value of shares of our outstanding
capital stock is determined by the company&rsquo;s board of directors, which determination is conclusive. The acquisition of less than
9.8% of the shares of Series&nbsp;A Preferred Stock (or the acquisition of an interest in an entity that owns, actually or constructively,
Series&nbsp;A Preferred Stock) by an individual or entity could nevertheless cause that individual or entity, or another individual or
entity, to own constructively in excess of 9.8% of the outstanding Series&nbsp;A Preferred Stock and thus violate the ownership limitations
in the company&rsquo;s charter or the articles of supplementary. Any acquisition by a holder of Series&nbsp;A Preferred Stock that results
in such holder violating the ownership limitations in the company&rsquo;s charter or the articles supplementary may not be valid. In addition,
no holder of Series&nbsp;A Preferred Stock will be entitled to convert the Series&nbsp;A Preferred Stock into the company&rsquo;s common
stock to the extent that receipt of the company&rsquo;s common stock would cause the holder to violate the ownership limitations in the
company&rsquo;s charter or the articles supplementary unless the company provide an exemption from these ownership limitations to such
holder at the company&rsquo;s sole discretion. ALL TERMS IN THIS LEGEND WHICH ARE DEFINED IN THE ARTICLES SUPPLEMENTARY FOR THE SERIES
A PREFERRED STOCK SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN SUCH ARTICLES SUPPLEMENTARY, AS THE SAME MAY&nbsp;BE AMENDED FROM TIME TO
TIME, A COPY OF WHICH,&nbsp;INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SERIES A PREFERRED
STOCK ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY&nbsp;BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL 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-indent: 0.25in; text-align: justify">Keep this Certificate in a safe place. If it is
lost, stolen, or destroyed, the Company will require a bond of indemnity as a condition to the issuance of a replacement certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">TEN COM</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">-</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">as tenants in common</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">UNIF GIFT MIN ACT&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Custodian</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 8%">TEN ENT</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 3%">-</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 42%">as tenants by the entireties</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 17%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 14%">(Custodian)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 14%">(Minor)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">JT TEN</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">as joint tenants with right of survivorship and not as tenants in common</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">under Uniform Gifts to Minors Act of</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">(State)</TD>
    </TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Additional abbreviations may also be used though
not in the above list.</P>

<P STYLE="font: 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: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">FOR VALUE RECEIVED, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT><U>&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;<FONT STYLE="font-size: 10pt">DOES
HEREBY SELL, ASSIGN AND TRANSFER UNTO</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; width: 40%">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</TD><TD STYLE="text-align: justify; width: 60%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 3pt; border: Black 1pt solid; text-align: center; padding-bottom: 3pt">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<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="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; text-align: center">(Please Print or Typewrite Name and Address,&nbsp;Including
Zip Code, of Assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="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="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">shares of the 10.00% Series&nbsp;A Cumulative Fixed-Rate Reset Redeemable
Preferred Stock represented by the within Certificate and does hereby irrevocably constitute and appoint</P>

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<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">to transfer the said stock on the books of the within named Company
with full power of substitution in the premises.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 4pt">&nbsp;</TD><TD STYLE="padding-top: 4pt; text-align: right"><B>X</B>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 4pt">&nbsp;</TD><TD STYLE="padding-top: 4pt; text-align: right"><B>X</B>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 4pt; width: 40%"></TD><TD STYLE="text-align: right; padding-top: 4pt; width: 10%"><B>NOTICE:</B>&nbsp;</TD><TD STYLE="padding-top: 4pt; width: 50%"><B>THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAMES AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.</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">Signature(s)&nbsp;Guaranteed</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">THE SIGNATURE(S)&nbsp;MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


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