<SEC-DOCUMENT>0000919574-21-006008.txt : 20210929
<SEC-HEADER>0000919574-21-006008.hdr.sgml : 20210929
<ACCEPTANCE-DATETIME>20210929171452
ACCESSION NUMBER:		0000919574-21-006008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20210929
DATE AS OF CHANGE:		20210929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKERS Ltd
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13944
		FILM NUMBER:		211292686

	BUSINESS ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(441) 292-7202

	MAIL ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORDIC AMERICAN TANKER SHIPPING LTD
		DATE OF NAME CHANGE:	19950906
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d8973702_6-k.htm
<TEXT>
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      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">UNITED STATES</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
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    <div style="text-align: center; margin-top: 9pt; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: center; margin-bottom: 1.5pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="text-align: center; margin-top: 9pt; font-size: 12pt; font-weight: bold;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PURSUANT TO RULE 13A-16 OR 15D-16 OF</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">For the month of September 2021</div>
    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">Commission File Number: 001-13944</div>
    <div>&#160;</div>
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      <div style="text-align: center; margin-bottom: 1.5pt; font-size: 12pt;">&#160;</div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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    <div style="text-align: center; margin-top: 9pt; font-size: 18pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: center; margin-bottom: 1.5pt; font-size: 12pt;">&#160;</div>
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    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">LOM Building, 27 Reid Street, Hamilton, HM 11, Bermuda</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Address of principal executive office)</div>
    <div style="text-align: center; margin-bottom: 1.5pt; font-size: 12pt;">&#160; <br>
    </div>
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      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
    <div style="text-align: justify; margin-top: 9pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div style="text-align: center; margin-top: 9pt;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40-F&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-align: justify; margin-top: 9pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</div>
    <div style="text-align: justify; margin-top: 9pt;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b) (1)&#160;only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
      holders.</div>
    <div style="text-align: justify; margin-top: 9pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;.</div>
    <div style="text-align: justify; margin-top: 9pt;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant
      foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which
      the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the
      subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
    <div style="font-size: 8pt;">&#160;</div>
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      <div style="margin-bottom: 1.5pt; font-size: 12pt;">&#160;</div>
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    <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Attached hereto as <a href="d8973702_ex1-1.htm">Exhibit 1.1</a> is the At Market
      Issuance Sales Agreement, dated September 29, 2021, between Nordic American Tankers Limited (the &#8220;Company&#8221;) and B. Riley Securities, Inc., or B. Riley Securities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Attached hereto as <a href="d8973702_ex5-1.htm">Exhibit 5.1</a> is the opinion of
      the Company&#8217;s counsel regarding the legality and validity of the common shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company&#8217;s Registration Statement on Form F-3 (File No. 333-228603), filed
      with the U.S. Securities and Exchange Commission with an effective date of February 20, 2019.</div>
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    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">SIGNATURES</div>
    <div style="margin-top: 9pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div style="margin-top: 9pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za347c622168942a78c60c5fc0ac3fc1f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 50.01%; vertical-align: top;" colspan="2">
            <div style="text-align: center; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 50.01%; vertical-align: top;" colspan="2">
            <div style="text-align: center;">(registrant)</div>
          </td>
        </tr>
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          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 50.01%; vertical-align: top;" colspan="2">&#160;</td>
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            <div>Dated:&#160;September 29, 2021</div>
          </td>
          <td style="width: 8.54%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 41.47%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>
              <div>/S/ HERBJ&#216;RN HANSSON</div>
            </div>
          </td>
        </tr>
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          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.54%; vertical-align: top;">&#160;</td>
          <td style="width: 41.47%; vertical-align: top;">
            <div style="font-weight: bold;">Herbj&#248;rn Hansson</div>
          </td>
        </tr>
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          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.54%; vertical-align: top;">&#160;</td>
          <td style="width: 41.47%; vertical-align: top;">
            <div style="font-weight: bold;">Chairman, President, and Chief Executive Officer</div>
          </td>
        </tr>
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          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.54%; vertical-align: top;">&#160;</td>
          <td style="width: 41.47%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.54%; vertical-align: top;">&#160;</td>
          <td style="width: 41.47%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.54%; vertical-align: top;">&#160;</td>
          <td style="width: 41.47%; vertical-align: top;">&#160;</td>
        </tr>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d8973702_ex1-1.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 1.1</font><br>
  </div>
  <div> <br>
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  <div style="text-align: right;"><font style="font-weight: bold; font-style: italic;">Execution Version</font><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
    <div style="text-align: center; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">Common Shares</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif;">(par value $0.01 per share)<br>
      </font><br>
    </div>
    <div style="text-align: center; margin-top: 14.4pt; font-family: 'Times New Roman',serif; font-weight: bold;">At Market Issuance Sales Agreement</div>
    <div style="margin-top: 12.6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">&#160; <br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z521d4a0c47ad4efa8fc03f402e16b8a2">

          <tr>
            <td style="width: 75%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;September 29, 2021</td>
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    <div style="font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">B. Riley Securities, Inc.</div>
    <div style="font-family: 'Times New Roman', serif;">299 Park Avenue, 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor</div>
    <div style="font-family: 'Times New Roman', serif;">New York, NY 10171</div>
    <div><br>
    </div>
    <div style="margin-top: 12pt; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">Nordic American Tankers Limited, an exempted company formed under the laws of Bermuda (the &#8220;<u>Company</u>&#8221;), confirms its agreement (this &#8220;<u>Agreement</u>&#8221;)
      with B. Riley Securities, Inc. (the &#8220;<u>Agent</u>&#8221;) as follows:</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-right: 3.6pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">1.&#160; <u>Issuance and Sale of Shares</u>. The Company agrees that, from time to time during the
      term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through or to the Agent, as sales agent or principal, shares (the &#8220;<u>Placement Shares</u>&#8221;);<font style="font-style: italic;">&#160;</font>of the
      Company&#8217;s common shares, par value $0.01 per share (the &#8220;<u>Common Shares</u>&#8221;); <font style="font-style: italic;">provided however, </font>that in no event shall the Company issue or sell through the Agent such number of Placement Shares that (a)
      exceeds the number of shares or dollar amount of Common Shares registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made or (b) exceeds the number of shares or dollar amount registered on the
      Prospectus Supplement (as defined below) (the lesser of (a) or (b) the &#8220;<u>Maximum Amount</u>&#8221;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <u>Section 1</u>
      on the number of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through
      the Agent will be effected pursuant to the Registration Statement (as defined below), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 18pt; font-family: 'Times New Roman', serif;">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended and the rules and regulations thereunder
      (the &#8220;<u>Securities Act</u>&#8221;), with the Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;), a registration statement on Form F-3 (File No. 333-228603), including a base prospectus, relating certain securities including the Placement Shares
      to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended and the rules and regulations
      thereunder (the &#8220;<u>Exchange Act</u>&#8221;). The Company has prepared one or more prospectus supplements to the base prospectus included as part of such registration statement specifically relating to the Placement Shares (the &#8220;<u>Prospectus Supplement</u>&#8221;).
      The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the context
      otherwise requires, such registration statement, and any post-effective amendment thereto, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below)
      subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule&#160;430B of the Securities Act, or any subsequent registration statement on Form F-3 filed
      pursuant to Rule 415(a)(6) under the Securities Act by the Company to cover any Placement Shares or any subsequent registration statement on Form F-3 filed pursuant to 462(b) under the Securities Act, is herein called the &#8220;<u>Registration Statement</u>.&#8221;
      The base prospectus, including all documents incorporated or deemed incorporated therein by reference to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule
      430B(g) of the Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with
      the Commission pursuant to Rule 424(b) under the Securities Act is herein called the &#8220;<u>Prospectus</u>.&#8221; Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and
      include the documents incorporated by reference therein, and any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after
      the execution hereof of any document with the Commission incorporated by reference therein (the &#8220;<u>Incorporated Documents</u>&#8221;).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 18pt; font-family: 'Times New Roman', serif;">For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall
      be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the Commission
      (collectively, &#8220;<u>EDGAR</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">2.&#160; <u>Placements</u>. Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a &#8220;<u>Placement</u>&#8221;),
      it will notify the Agent by electronic mail (or other method mutually agreed to in writing by the parties) of the number of Placement Shares, the time period during which sales are requested to be made, any limitation on the number of Placement
      Shares that may be sold in any one day and any minimum price below which sales may not be made (a &#8220;<u>Placement Notice</u>&#8221;), the form of which is attached hereto as <u>Schedule 1</u>. The Placement Notice shall originate from any of the individuals
      from the Company set forth on <u>Schedule 3</u> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Agent set forth on <u>Schedule 3,</u> as such <u>Schedule
        3</u> may be amended from time to time. The Placement Notice shall be effective immediately upon receipt by the Agent unless and until (i) the Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the
      entire amount of the Placement Shares thereunder has been sold, (iii) the Company suspends or terminates the Placement Notice, which suspension and termination rights may be exercised by the Company in its sole discretion, or (iv) this Agreement has
      been terminated under the provisions of <u>Section 13</u>. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the sale of the Placement Shares shall be calculated in accordance with
      the terms set forth in <u>Schedule 2</u>. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a
      Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of <u>Sections 2</u> or
      <u>3</u> of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">3.&#160; <u>Sale of Placement Shares by the Agent</u>. Subject to the terms and conditions of this Agreement, for the
      period specified in a Placement Notice, the Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the New York Stock
      Exchange (the &#8220;<u>Exchange</u>&#8221;), to sell the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent will provide written confirmation to the Company no later than the opening
      of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to the Agent
      pursuant to <u>Section 2</u> with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in <u>Section 5(b)</u>) from the gross proceeds that it
      receives from such sales. Subject to the terms of a Placement Notice, the Agent may sell Placement Shares by any method permitted by law deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415 of the Securities Act. &#8220;<u>Trading Day</u>&#8221; means
      any day on which shares of Common Shares are purchased and sold on the Exchange.</div>
    <div style="text-align: justify; text-indent: 35.3pt; margin-left: 0.7pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">4.&#160; <u>Suspension of Sales</u>. The Company or the Agent may, upon notice to the other party in writing (including by
      email correspondence to each of the individuals of the other party set forth on <u>Schedule 3</u>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by
      telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <u>Schedule </u>3), suspend any sale of Placement Shares (a &#8220;<u>Suspension</u>&#8221;); <font style="font-style: italic;">provided, however</font>, that such suspension shall not affect or impair any party&#8217;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. While a Suspension is in effect,
      any obligation under <u>Sections 7(l)</u>, <u>7(m)</u>, and <u>7(n)</u> with respect to the delivery of certificates, opinions, or comfort letters to the Agent, shall be waived. Each of the parties agrees that no such notice under this <u>Section
        4</u> shall be effective against any other party unless it is made to one of the individuals named on <u>Schedule 3</u> hereto, as such Schedule may be amended from time to time.</div>
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    <div style="text-indent: 35.3pt; margin-left: 0.7pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">5.&#160; <u>Sale and Delivery to the Agent; Settlement</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">a.&#160; <u>Sale of Placement Shares</u>. On the basis of the representations and warranties herein contained and subject to the terms and
      conditions herein set forth, upon the Agent&#8217;s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this
      Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of
      the Exchange to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful
      in selling Placement Shares, (ii) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Agent to use its commercially reasonable
      efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Exchange to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be
      under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">b.&#160; <u>Settlement of Placement Shares</u>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
      Shares will occur on the second&#160;(2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &#8220;<u>Settlement Date</u>&#8221;). The Agent shall notify the Company
      of each sale of Placement Shares no later than opening day following the Trading Day that the Agent sold Placement Shares. The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the &#8220;<u>Net

        Proceeds</u>&#8221;) will be equal to the aggregate sales price received by the Agent, after deduction for (i) the Agent&#8217;s commission, discount or other compensation for such sales payable by the Company pursuant to <u>Section 2</u> hereof, and (ii) any
      transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">c.&#160; <u>Delivery of Placement Shares</u>. On or before each Settlement Date, the Company will, or will cause its transfer agent to,
      electronically transfer the Placement Shares being sold by crediting the Agent&#8217;s or its designee&#8217;s account (provided the Agent shall have given the Company written notice of such designee and such designee&#8217;s account information at least one Trading
      Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely
      tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company
      agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date through no fault of the Agent, then in addition to and in no way limiting the rights and obligations set
      forth in <u>Section 11(a)</u> hereto, it will (i) hold the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection
      with such default by the Company or its transfer agent (if applicable) and (ii)&#160;pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">d.&#160; <u>Limitations on Offering Size</u>. Under no circumstances shall the Company cause or request the offer or sale of any Placement
      Shares if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum
      Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, a duly authorized
      committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the
      minimum price authorized from time to time by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">6.&#160; <u>Representations and </u><u>Warranties of the Company.</u> Except as disclosed in the Registration Statement
      or Prospectus (including the Incorporated Documents), the Company represents and warrants to, and agrees with the Agent that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation, warranty or
      agreement specifies a different date or time:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">a.&#160; <u>Registration Statement and Prospectus</u>. The transactions contemplated by this Agreement meet the requirements for and comply with
      the conditions for the use of Form&#160;F-3 under the Securities Act. The Company is a &#8220;foreign private issuer&#8221; as such term is defined in Rule 3b-4 under the Exchange Act. The Registration Statement has been filed with the Commission and has been
      declared effective under the Securities Act. The Prospectus Supplement will name the Agent as the agent in the section entitled &#8220;Plan of Distribution.&#8221; The Company has not received, and has no notice of, any order of the Commission preventing or
      suspending the use of the Registration Statement, or threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule 415 under the
      Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the
      Registration Statement have been so described or filed, as applicable. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that were filed with the
      Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the
      distribution of the Placement Shares, will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as
      defined below) to which the Agent has consented, which consent will not be unreasonably withheld or delayed, or that is required by applicable law or the listing maintenance requirements of the Exchange. The Common Shares are currently quoted on the
      Exchange under the trading symbol &#8220;NAT.&#8221; The Company has not, in the 12&#160;months preceding the date hereof, received notice from the Exchange to the effect that the Company is not in compliance with the listing or maintenance requirements of the
      Exchange. To the Company&#8217;s knowledge, it is in compliance with all such listing and maintenance requirements.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">b.&#160; <u>No Misstatement or Omission</u>. At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will
      conform in all material respects with the requirements of the Securities Act. The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable Time (defined below), did not or will not include an untrue
      statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in the Prospectus or any
      Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in
      such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon,
      and in conformity with, information furnished to the Company by the Agent specifically for use in the preparation thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">c.&#160; <u>Conformity with Securities Act and Exchange Act</u>. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus
      or any amendment or supplement thereto, and the Incorporated Documents, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be,
      conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.</div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">d.&#160; <u>Financial Information</u>. The consolidated financial statements of the Company included or incorporated by reference in the
      Registration Statement and the Prospectus, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries (as defined below) as of the dates indicated
      and the consolidated results of operations, cash flows and changes in stockholders&#8217; equity of the Company and the Subsidiaries for the periods specified (subject, in the case of unaudited statements, to normal year-end audit adjustments which will
      not be material, either individually or in the aggregate) and have been prepared in compliance with the published requirements of the Securities Act and Exchange Act, as applicable, and in conformity with generally accepted accounting principles in
      the United States (&#8220;<u>GAAP</u>&#8221;) applied on a consistent basis (except (i) for such adjustments to accounting standards and practices as are noted therein and (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes
      or may be condensed or summary statements) during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries contained or incorporated by reference in the Registration Statement and the Prospectus,
      are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by
      reference in the Registration Statement, or the Prospectus that are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off
      balance sheet obligations), not described in the Registration Statement, and the Prospectus which are required to be described in the Registration Statement or Prospectus; and all disclosures contained or incorporated by reference in the Registration
      Statement and the Prospectus, if any, regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K
      under the Securities Act, to the extent applicable.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">e.&#160; <u>Conformity with EDGAR Filing</u>. The Prospectus delivered to the Agent for use in connection with the sale of the Placement Shares
      pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">f.&#160; <u>Organization</u>. The Company and any subsidiary that is a significant subsidiary (as such term is defined in Rule 1-02 of
      Regulation S-X promulgated by the Commission) (each, a &#8220;<u>Subsidiary</u>,&#8221; collectively, the &#8220;<u>Subsidiaries</u>&#8221;), are, and will be, duly incorporated, validly existing as a company and in good standing under the laws of their jurisdiction of
      incorporation. The Company and the Subsidiaries are duly licensed or qualified as a foreign corporation for transaction of business and in good standing under the laws of each other jurisdiction in which their respective ownership or lease of
      property or the conduct of their respective businesses requires such license or qualification, and have all corporate power and authority necessary to own or hold their respective properties and to conduct their respective businesses as described in
      the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the assets, business,
      operations, earnings, properties, condition (financial or otherwise), prospects, stockholders&#8217; equity or results of operations of the Company and the Subsidiaries taken as a whole, or prevent the consummation of the transactions contemplated hereby
      (a &#8220;<u>Material Adverse Effect</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">g.&#160; <u>Subsidiaries</u>. As of the date hereof, the Company&#8217;s only Subsidiaries are set forth on <u>Schedule 6(g)</u>. The Company owns
      directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly
      issued and are fully paid, nonassessable and free of preemptive and similar rights.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">h.&#160; <u>No Violation or Default</u>. Neither the Company nor any Subsidiary is (i)&#160;in violation of its charter or bye-laws or similar
      organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture,
      mortgage, deed of trust, loan agreement or other similar agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound or to which any of the property or assets of the Company or any
      Subsidiary is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of each of clauses (ii) and (iii) above, for any
      such violation or default that would not, individually or in the aggregate, have a Material Adverse Effect. To the Company&#8217;s knowledge, no other party under any material contract or other agreement to which it or any Subsidiary is a party is in
      default in any respect thereunder where such default would have a Material Adverse Effect.</div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">i.&#160; <u>No Material Adverse Effect</u>. Since the date of the most recent financial statements of the Company included or incorporated by
      reference in the Registration Statement and Prospectus, there has not been (i) any Material Adverse Effect, or any development that would result in a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries
      taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or the Subsidiaries, which is material to the Company and the Subsidiaries taken as a whole, (iv) any
      material change in the share capital (other than (A) the grant of additional options under the Company&#8217;s existing share option plans, (B) changes in the number of outstanding Common Shares of the Company due to the issuance of shares upon the
      exercise or conversion of securities exercisable for, or convertible into, Common Shares outstanding on the date hereof, (C) as a result of the issuance of Placement Shares, (D) any repurchases of share capital of the Company, (E) as described in a
      proxy statement or information statement filed on Form 6-K, or a Registration Statement on Form S-4, or (F)&#160;otherwise publicly announced) or outstanding long-term indebtedness of the Company or the Subsidiaries or (v) any dividend or distribution of
      any kind declared, paid or made on the share capital of the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document
      incorporated by reference therein).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">j.&#160; <u>Capitalization</u>. The issued and outstanding shares of the Company have been validly issued, are fully paid and non-assessable
      and, other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding share capital as set forth in the
      Registration Statement and the Prospectus as of the dates referred to therein (other than (i) the grant of additional options under the Company&#8217;s existing share option plans, (ii) changes in the number of outstanding Common Shares of the Company due
      to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Shares outstanding on the date hereof, (iii) as a result of the issuance of Placement Shares, or (iv) any repurchases of share
      capital of the Company) and such authorized share capital conforms to the description thereof set forth in the Registration Statement and the Prospectus. The description of the Common Shares in the Registration Statement and the Prospectus is
      complete and accurate in all material respects. Except as disclosed in or contemplated by the Registration Statement or the Prospectus, the Company did not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any
      securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares or other securities.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">k.&#160; <u>F-3 Eligibility</u>. (i) At the time of filing the Registration Statement and (ii)&#160;at the time of the most recent amendment thereto
      for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met
      the then applicable requirements for use of Form F-3 under the Securities Act, including compliance with General Instruction I.B.1 of Form F-3, as applicable.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">l.&#160; <u>Authorization; Enforceability</u>. The Company has full legal right, power and authority to enter into this Agreement and perform
      the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except to
      the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and (ii) the indemnification and contribution provisions
      of <u>Section 11</u> hereof may be limited by federal or state securities laws and public policy considerations in respect thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">m.&#160; <u>Authorization of Placement Shares</u>. The Placement Shares, when issued and delivered pursuant to the terms approved by the board
      of directors of the Company or a duly authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, will be duly and validly authorized and issued and fully paid and nonassessable, free and clear
      of any pledge, lien, encumbrance, security interest or other claim (other than any pledge, lien, encumbrance, security interest or other claim arising from an act or omission of the Agent or a purchaser), including any statutory or contractual
      preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Placement Shares, when issued, will conform in all material respects to the description thereof
      set forth in or incorporated into the Prospectus.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">n.&#160; <u>No Consents Required</u>. No consent, approval, authorization, order, registration or qualification of or with any court or
      arbitrator or any governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, and the issuance and sale by the Company of the Placement Shares as contemplated hereby, except for such
      consents, approvals, authorizations, orders and registrations or qualifications (i) as may be required under applicable state securities laws or by the by-laws and rules of the Financial Industry Regulatory Authority (&#8220;<u>FINRA</u>&#8221;) or the Exchange,
      including any notices that may be required by the Exchange, in connection with the sale of the Placement Shares by the Agent, (ii) as may be required under the Securities Act and (iii) as have been previously obtained by the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">o.&#160; <u>No Preferential Rights</u>. (i) No person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities
      Act (each, a &#8220;<u>Person</u>&#8221;), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Shares or other shares or other securities of the Company (other than upon the exercise of options or warrants to
      purchase Common Shares or upon the exercise of options that may be granted from time to time under the Company&#8217;s share option plan), (ii) no Person has any preemptive rights, rights of first refusal, or any other rights (except pursuant to
      Shareholder Rights Agreement dated as of June 16, 2017 by and between the Company and Computershare Trust Company, N.A.) to purchase any Common Shares or other shares or other securities of the Company from the Company which have not been duly waived
      with respect to the offering contemplated hereby, (iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Common Shares, and (iv) no Person has the right,
      contractual or otherwise, to require the Company to register under the Securities Act any Common Shares or other shares or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the
      offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated thereby or otherwise, except in each case for such rights as have been waived on or
      prior to the date hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">p.&#160; <u>Independent Public Accountant</u>. KPMG AS (the &#8220;<u>Accountant</u>&#8221;), whose report on the consolidated financial statements of the
      Company is filed with the Commission as part of the Company&#8217;s most recent Annual Report on Form 20-F filed with the Commission and incorporated into the Registration Statement, are and, during the periods covered by their report, were independent
      public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company&#8217;s knowledge, the Accountant is not in violation of the auditor independence requirements of the
      Sarbanes-Oxley Act of 2002 (the &#8220;<u>Sarbanes-Oxley Act</u>&#8221;) with respect to the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">q.&#160; <u>Enforceability of Agreements</u>. All agreements between the Company and third parties expressly referenced in the Prospectus, other
      than such agreements that have expired by their terms or whose termination is disclosed in documents filed by the Company on EDGAR, are legal, valid and binding obligations of the Company and, to the Company&#8217;s knowledge, enforceable in accordance
      with their respective terms, except to the extent that (i)&#160;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and (ii) the
      indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, and except for any unenforceability that, individually or in the aggregate, would not have a
      Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">r.&#160; <u>No Litigation</u>. There are no legal or governmental proceedings pending or threatened to which the Company or
      any Subsidiary is a party or to which any of the properties of the Company or any Subsidiary is subject (i) other than proceedings accurately described in all material respects in the Prospectus and proceedings that would not have a Material Adverse
      Effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Prospectus or (ii) that are required to be
      described in the Registration Statement or the Prospectus and are not so described&#894; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed
      as exhibits to the Registration Statement that are not described or filed as required.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">s.&#160; <u>Licenses and Permits</u>. The Company and the Subsidiaries possess or have obtained, all licenses, certificates, consents, orders,
      approvals, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their
      respective properties or the conduct of their respective businesses and operations as currently conducted, as described in the Registration Statement and the Prospectus (the &#8220;<u>Permits</u>&#8221;), except where the failure to possess, obtain or make the
      same would not, individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any Subsidiary has received written notice of any proceeding relating to revocation or modification of any such Permit or has any reason to
      believe that such Permit will not be renewed in the ordinary course, except where the failure to obtain any such renewal would not, individually or in the aggregate, have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">t.&#160; <u>No Material Defaults</u>. Neither the Company nor any Subsidiary has defaulted on any installment on indebtedness for borrowed money
      or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of
      its last Annual Report on Form 20-F, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more
      long-term leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">u.&#160; <u>Certain Market Activities</u>. Neither the Company, nor any Subsidiary, nor, to the knowledge of the Company, any of their
      respective directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that has constituted or would cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of
      any security of the Company to facilitate the sale or resale of the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">v.&#160; <u>Broker/Dealer Relationships</u>. Neither the Company nor any Subsidiary or any related entities (i) is required to register as a
      &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a &#8220;person associated with a member&#8221; or &#8220;associated person of a member&#8221; (within the meaning
      set forth in the FINRA Manual).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">w.&#160; <u>No Reliance</u>. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or accounting advice in
      connection with the offering and sale of the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">x.&#160; <u>Taxes</u>. The Company and the Subsidiaries have filed all federal, state, local and foreign tax returns which have been required to
      be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where the failure to do so would not have a Material Adverse Effect. Except as
      otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined adversely to the Company or any Subsidiary which has had, or would have, individually or in the aggregate, a Material
      Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">y.&#160; <u>Title to Real and Personal Property</u>. The Company and the Subsidiaries have good and valid title in fee
      simple to all items of real property and good and valid title to all personal property described in the Registration Statement or Prospectus as being owned by them that are material to the businesses of the Company or such Subsidiary, in each case
      free and clear of all liens, encumbrances and claims, except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries or (ii) would not, individually or in the
      aggregate, have a Material Adverse Effect. Any real property described in the Registration Statement or Prospectus as being leased by the Company and the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A)
      do not materially interfere with the use made or proposed to be made of such property by the Company or the Subsidiaries or (B) would not, individually or in the aggregate, have a Material Adverse Effect.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">z.&#160; <u>Intellectual Property</u>. Except as otherwise disclosed in the Registration Statement and Prospectus, the
      Company and the Subsidiary does not own or possess any material trade names, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights, copyright registrations, (collectively, the &#8220;<u>Intellectual
        Property</u>&#8221;), necessary for the conduct of their respective businesses as conducted as of the date hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">aa.&#160; <u>Compliance with Applicable Laws</u>. The Company has not been advised, and has no reason to believe, that it
      and each of its subsidiaries are not conducting business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business, except where failure to be so in compliance would not result in a Material
      Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">bb.&#160; <u>Environmental Laws</u>. The Company and the Subsidiaries (i) are in compliance with any and all applicable federal, state, local
      and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, &#8220;<u>Environmental Laws</u>&#8221;);
      (ii)&#160;have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement and the Prospectus; and
      (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i),
      (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">cc.&#160; <u>Disclosure Controls</u>. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance
      that (i) transactions are executed in accordance with management&#8217;s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
      accountability; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
      action is taken with respect to any differences. The Company is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the Registration Statement or the Prospectus). Since the date of the
      latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the
      Company&#8217;s internal control over financial reporting (other than as set forth in the Registration Statement or the Prospectus). The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) that
      comply with the requirements of the Exchange Act. The Company&#8217;s certifying officers have evaluated the effectiveness of the Company&#8217;s controls and procedures as of a date within 90 days prior to the filing date of the Form 20-F for the fiscal year
      most recently ended (such date, the &#8220;<u>Evaluation Date</u>&#8221;). The Company presented in its Form 20-F for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures
      based on their evaluations as of the most recent Evaluation Date, and the &#8220;disclosure controls and procedures&#8221; are effective.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">dd.&#160; <u>Sarbanes-Oxley Act</u>. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the
      Company&#8217;s directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer
      and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of
      the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence, &#8220;principal
      executive officer&#8221; and &#8220;principal financial officer&#8221; shall have the meanings given to such terms in the Exchange Act Rules 13a-15 and 15d-15.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">ee.&#160; <u>Finder&#8217;s Fees</u>. Neither the Company nor any Subsidiary has incurred any liability for any finder&#8217;s fees, brokerage commissions
      or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Agent pursuant to this Agreement.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">ff.&#160; <u>Vessels</u>. Except as otherwise disclosed in the Registration Statement and Prospectus, all of the vessels described in the
      Registration Statement and the Prospectus are owned directly by the Company or subsidiaries of the Company. Each of such vessels (the &#8220;<u>Owned Vessels</u>&#8221;), to the knowledge of the Company, has been duly and validly registered as a vessel under the
      laws and regulations and flag of the applicable jurisdiction; each Company subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and claims and all defects of the title of
      record, except for those mortgages, pledges, liens, security interests and claims arising under credit facilities, each as disclosed in the Registration Statement and the Prospectus, and any other encumbrances which would not, in the aggregate,
      reasonably be expected to result in a material adverse effect on the Company and its subsidiaries, taken as a whole.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">gg.&#160; <u>Labor Disputes</u>. No labor disturbance by or dispute with employees of the Company or any Subsidiary exists or, to the knowledge
      of the Company, is threatened which would result in a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">hh.&#160; <u>Investment Company Act</u>. Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the
      Placement Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;<u>Investment Company Act</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">ii.&#160; <u>Operations</u>. To the knowledge of the Company, the operations of the Company and the Subsidiaries are and have been conducted at
      all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or the
      Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction over the Company (collectively, the &#8220;<u>Money
        Laundering Laws</u>&#8221;), except where the failure to be in such compliance would not result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
      the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">jj.&#160; <u>Off-Balance Sheet Arrangements</u>. Except as otherwise disclosed in the Registration Statement and Prospectus, the Company does
      not have any off-balance sheet arrangement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">kk.&#160; <u>Underwriter Agreements</u>. Other than with respect to this Agreement, the Company is not a party to any agreement with an agent or
      underwriter for any other &#8220;at the market&#8221; or continuous equity transaction.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">ll.&#160; <u>ERISA</u>. To the knowledge of the Company, (i) each material employee benefit plan, within the meaning of Section 3(3) of the
      Employee Retirement Income Security Act of 1974, as amended (&#8220;<u>ERISA</u>&#8221;) that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and the Subsidiaries has been
      maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the &#8220;<u>Code</u>&#8221;); (ii) no
      prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a
      statutory or administrative exemption; and (iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no &#8220;accumulated funding deficiency&#8221; as defined in Section 412 of the Code has been incurred,
      whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all benefits accrued under such plan determined using reasonable
      actuarial assumptions, other than, in the case of (i), (ii) and (iii) above, as would not have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">mm.&#160; <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section
      21E of the Exchange Act) (a&#160;&#8220;<u>Forward-Looking Statement</u>&#8221;) contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">nn.&#160; <u>Reserved</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">oo.&#160; <u>Insurance</u>. The Company and the Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the
      Company and the Subsidiaries reasonably believe are adequate for the conduct of their business.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">pp.&#160; <u>No Improper Practices</u>. (i) Neither the Company nor, to the Company&#8217;s knowledge, the Subsidiaries, nor to the Company&#8217;s
      knowledge, any of their respective executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of law) or made any contribution
      or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any law or of the character required to be disclosed in the
      Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or, to the Company&#8217;s knowledge, the Subsidiaries or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company
      or, to the Company&#8217;s knowledge, the Subsidiaries, on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists
      between or among the Company or the Subsidiaries or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors of the Company or, to the Company&#8217;s knowledge, the Subsidiaries, on the other hand, that is required by
      the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or, to the Company&#8217;s
      knowledge, the Subsidiaries to or for the benefit of any of their respective officers or directors or any of the members of the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer, Common Shares to any
      person with the intent to influence unlawfully (A) a customer or supplier of the Company or the Subsidiaries to alter the customer&#8217;s or supplier&#8217;s level or type of business with the Company or the Subsidiaries or (B) a trade journalist or publication
      to write or publish favorable information about the Company or the Subsidiaries or any of their respective products or services, and, (vi) neither the Company nor the Subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company
      or the Subsidiaries has made any payment of funds of the Company or the Subsidiaries or received or retained any funds in violation of any law, rule or regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which
      payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">qq.&#160; <u>Status Under the Securities Act</u>. The Company was not and is not an ineligible issuer as defined in Rule 405 under the
      Securities Act at the times specified in Rules&#160;164 and 433 under the Securities Act in connection with the offering of the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">rr.&#160; <u>No Misstatement or Omission in an Issuer Free Writing Prospectus</u>. Each Issuer Free Writing Prospectus, as of its issue date and
      as of each Applicable Time (as defined in <u>Section 25</u> below), did not, does not and will not, through the completion of the Placement or Placements for which such Issuer Free Writing Prospectus is issued, include any information that
      conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence
      does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically for use therein.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">ss.&#160; <u>No Conflicts</u>. Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares, nor the
      consummation of any of the transactions contemplated herein, nor the compliance by the Company with the terms and provisions hereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will
      constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company
      may be bound or to which any of the property or assets of the Company is subject, except (i)&#160;such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not have a Material Adverse Effect;
      nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y)&#160;in any material violation of the provisions of any statute or any order, rule or regulation applicable to the
      Company or of any court or of any federal, state or other regulatory authority or other government body having jurisdiction over the Company, except where such violation would not have a Material Adverse Effect.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-right: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">tt.&#160; <u>OFAC</u>.</div>
    <div style="text-align: justify; text-indent: 104.4pt; margin-left: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(i)&#160; Neither the Company nor any Subsidiary (collectively, the &#8220;<u>Entity</u>&#8221;) nor, to the Company&#8217;s knowledge, any
      director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph (tt), &#8220;<u>Person</u>&#8221;) that is, or is owned or controlled by a Person that is:</div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(a)&#160; the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets
      Control (&#8220;<u>OFAC</u>&#8221;), the United Nations Security Council (&#8220;<u>UNSC</u>&#8221;), the European Union (&#8220;<u>EU</u>&#8221;), Her Majesty&#8217;s Treasury (&#8220;<u>HMT</u>&#8221;), or other relevant sanctions authority (collectively, &#8220;<u>Sanctions</u>&#8221;), nor</div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(b)&#160; located, organized or resident in a country or territory that is the subject of Sanctions.</div>
    <div style="text-align: justify; text-indent: 108.9pt; margin-left: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(ii)&#160; The Entity will not, directly or indirectly, knowingly use the proceeds of the offering, or lend, contribute or
      otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(a)&#160; to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the
      time of such funding or facilitation, is the subject of Sanctions; or</div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(b)&#160; in any other manner that will result in a violation of Sanctions by any Person (including any Person participating
      in the offering, whether as underwriter, advisor, investor or otherwise).</div>
    <div style="text-align: justify; text-indent: 108.9pt; margin-left: 3.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(iii)&#160; The Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus,
      for the past 5 years, it has not knowingly engaged in and is not now knowingly engaged in any dealing or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">uu.&#160; <u>Stock Transfer Taxes</u>. On each Settlement Date, all material stock transfer or other taxes (other than income taxes) which are
      required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied
      with by the Company in all material respects.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; color: #000000; font-family: 'Times New Roman', serif;">vv.&#160; <u>Reserved.</u></div>
    <div style="text-align: justify; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">&#160;&#160;&#160;&#160;Any certificate signed by an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant to or in connection with this Agreement
      shall be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set forth therein.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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    <div style="text-align: justify; text-indent: 35.3pt; margin-left: 0.7pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">7.&#160; <u>Covenants of the Company</u>. The Company covenants and agrees with the Agent that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">a.&#160; <u>Registration Statement Amendments</u>. After the date of this Agreement and during any period in which a prospectus relating to any
      Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act) (the &#8220;<u>Prospectus Delivery Period</u>&#8221;) (i) the
      Company will notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference or amendments not related to any Placement, has been filed with the Commission and/or has
      become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related to the Placement or for additional information
      related to the Placement, (ii) the Company will prepare and file with the Commission, promptly upon the Agent&#8217;s request, any amendments or supplements to the Registration Statement or Prospectus that, upon the advice of the Company&#8217;s legal counsel,
      may be necessary or advisable in connection with the distribution of the Placement Shares by the Agent (<font style="font-style: italic;">provided, however</font>, that the failure of the Agent to make such request shall not relieve the Company of
      any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall have with respect to the failure to
      make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus relating to the Placement
      Shares or a security convertible into the Placement Shares (other than an Incorporated Document) unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected
      thereto (<font style="font-style: italic;">provided, however</font>, that (A) the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the
      representations and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide the Agent any advance copy of such filing or to provide the Agent an opportunity to object to such filing if the filing does not
      name the Agent or does not relate to the transaction herein provided; and provided, further, that the only remedy the Agent shall have with respect to the failure by the Company to obtain such consent shall be to cease making sales under this
      Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available
      via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be
      incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <u>Section
        7(a)</u>, based on the Company&#8217;s reasonable opinion or reasonable objections, shall be made exclusively by the Company).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">b.&#160; <u>Notice of Commission Stop Orders</u>. The Company will advise the Agent, promptly after it receives notice or obtains knowledge
      thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction,
      or of the initiation or threatening of any proceeding for any such purpose; and it will use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company
      will advise the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information
      related to the offering of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">c.&#160; <u>Delivery of Prospectus; Subsequent Changes</u>. During the Prospectus Delivery Period, the Company will comply with all requirements
      imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
      to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430A under the Securities Act, it will use its commercially
      reasonable efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430A and to notify the Agent promptly of all such filings. If during the Prospectus Delivery Period any event occurs as a
      result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not
      misleading, or if during such Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of
      Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; <font style="font-style: italic;">provided, however</font>, that the Company may delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">d.&#160; <u>Listing of Placement Shares</u>. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts to
      cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions in the United States as the Agent reasonably designates and to continue such qualifications in effect
      so long as required for the distribution of the Placement Shares; <font style="font-style: italic;">provided, however</font>, that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities,
      file a general consent to service of process, or subject itself to taxation in any jurisdiction if it is not otherwise so subject.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">e.&#160; <u>Delivery of Registration Statement and Prospectus</u>. The Company will furnish to the Agent and its counsel (at the reasonable
      expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission
      during the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent
      may from time to time reasonably request and, at the Agent&#8217;s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <font style="font-style: italic;">provided, however</font>,
      that the Company shall not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">f.&#160; <u>Earnings Statement</u>. The Company will make generally available to its security holders as soon as practicable, but in any event
      not later than 15 months after the end of the Company&#8217;s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">g.&#160; <u>Use of Proceeds</u>. The Company will use the Net Proceeds as described in the Prospectus in the section entitled &#8220;Use of Proceeds.&#8221;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">h.&#160; <u>Notice of Other Sales</u>. Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer to
      sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any
      rights to purchase or acquire, Common Shares during the period beginning on the date on which any Placement Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day immediately following the final Settlement Date with
      respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination); and
      will not directly or indirectly in any other &#8220;at the market&#8221; or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Placement Shares offered pursuant
      to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase or acquire, Common Shares prior to the termination of this Agreement; <font style="font-style: italic;">provided, however</font>,
      that such restrictions will not apply in connection with the Company&#8217;s issuance or sale of (i) Common Shares, options to purchase Common Shares or Common Shares issuable upon the exercise of options, pursuant to any share option, or benefits plan,
      share ownership plan or dividend reinvestment plan (but not Common Shares subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented; (ii) Common Shares issuable upon
      conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to the Agent, (iii)&#160;Common Shares, or securities convertible
      into or exercisable for Common Shares, offered and sold in a privately negotiated transaction to vendors, customers, strategic partners or potential strategic partners or other investors conducted in a manner so as not to be integrated with the
      offering of Common Shares hereby and (iv) Common Shares in connection with any acquisition, strategic investment or other similar transaction (including any joint venture, strategic alliance or partnership).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">i.&#160; <u>Change of Circumstances</u>. The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly after
      it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this
      Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">j.&#160; <u>Due Diligence Cooperation</u>. During the term of this Agreement, the Company will cooperate with any reasonable due diligence
      review conducted by the Agent or its representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business
      hours and at the Company&#8217;s principal offices, as the Agent may reasonably request.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">k.&#160; <u>Required Filings Relating to Placement of Placement Shares</u>. The Company agrees that on such dates as the Securities Act shall
      require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every date a filing under Rule 424(b) is made, a &#8220;<u>Filing Date</u>&#8221;), which prospectus
      supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such Placement Shares, and (ii)
      deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">l.&#160; <u>Representation Dates; Certificate</u>. Each time during the term of this Agreement that the Company:</div>
    <div style="text-align: justify; text-indent: 108pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(i)&#160; amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement
      Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the
      Prospectus relating to the Placement Shares;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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    <div style="text-align: justify; text-indent: 108pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(ii)&#160; files an annual report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended audited financial
      information or a material amendment to the previously filed Form 20-F);</div>
    <div style="text-align: justify; text-indent: 108pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(iii)&#160; files its quarterly or semi-annual financial statements on Form 6-K under the Exchange Act; or</div>
    <div style="text-align: justify; text-indent: 108pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">(iv)&#160; files a current report on Form 6-K containing amended financial information under the Exchange Act;</div>
    <div style="text-align: justify; margin-top: 14.4pt; font-family: 'Times New Roman', serif;">(Each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a &#8220;<u>Representation Date</u>.&#8221;)</div>
    <div style="text-align: justify; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">the Company shall furnish the Agent (but in the case of clause (iv) above only if the Agent reasonably determines that the information contained in such Form
      6-K is material) with a certificate, in the form attached hereto as <u>Exhibit 7(l)</u>. The requirement to provide a certificate under this <u>Section 7(l)</u> shall be waived for any Representation Date occurring at a time at which no Placement
      Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation
      Date on which the Company files its annual report on Form 20-F. Notwithstanding the foregoing, (i) upon the delivery of the first Placement Notice hereunder and (ii) if the Company subsequently decides to sell Placement Shares following a
      Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate under this <u>Section 7(l)</u>, then before the Agent sells any Placement Shares, the Company shall provide the Agent with a certificate, in
      the form attached hereto as <u>Exhibit 7(l)</u>, dated the date of the Placement Notice.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">m.&#160; <u>Legal Opinion</u>. On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished to
      the Agent a written opinion and a negative assurance letter of Seward &amp; Kissel LLP (&#8220;<u>Company Counsel</u>&#8221;), or other counsel reasonably satisfactory to the Agent, each in form and substance reasonably satisfactory to the Agent. Thereafter,
      within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <u>Exhibit 7(l)</u> for which no waiver is applicable, the Company shall cause to be
      furnished to the Agent a&#160;negative assurance letter of Company Counsel in form and substance reasonably satisfactory to the Agent; provided that, in lieu of such negative assurance for subsequent periodic filings under the Exchange Act, counsel may
      furnish the Agent with a letter (a&#160;&#8220;<u>Reliance Letter</u>&#8221;) to the effect that the Agent may rely on the negative assurance letter previously delivered under this <u>Section 7(m)</u> to the same extent as if it were dated the date of such letter
      (except that statements in such prior letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">n.&#160; <u>Comfort Letter</u>. Within five (5) Trading Days of each subsequent Representation Date, other than pursuant to <u>Section
        7(l)(iii)</u>, the Company shall cause its independent accountants to furnish the Agent letters (the &#8220;<u>Comfort Letters</u>&#8221;), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this <u>Section 7(n)</u>.
      The Comfort Letter from the Company&#8217;s independent accountants shall be in a form and substance reasonably satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within the meaning of the Securities Act and the
      Public Company Accounting Oversight Board (the &#8220;<u>PCAOB</u>&#8221;), (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221;
      to underwriters in connection with registered public offerings (the first such letter, the &#8220;<u>Initial Comfort Letter</u>&#8221;) and (iii)&#160;updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter
      had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">o.&#160; <u>Market Activities</u>. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that
      constitutes or would constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Shares or (ii) sell, bid for, or purchase Common Shares in violation of Regulation M, or pay
      anyone any compensation for soliciting purchases of the Placement Shares other than the Agent.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">p.&#160; <u>Investment Company Act</u>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor the
      Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &#8220;investment company,&#8221; as such term is defined in the Investment Company Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">q.&#160; <u>No Offer to Sell</u>. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in its capacity
      as agent hereunder pursuant to <u>Section 23</u>, neither of the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written
      communication (as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">8.&#160; <u>Representations and Covenants of the Agent</u>. The Agent represents and warrants that it is duly registered as a broker-dealer
      under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise
      required. The Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and
      sold, except such states in which it is exempt from registration or such registration is not otherwise required, during the term of this Agreement. The Agent shall comply with all applicable law and regulations in connection with the transactions
      contemplated by this Agreement, including the issuance and sale through the Agent of the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">9.&#160; <u>Payment of Expenses</u>. The Company will pay all expenses incident to the performance of its obligations
      under this Agreement, including (i) the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment and
      supplement thereto and each Free Writing Prospectus, in such number as the Agent shall deem reasonably necessary, (ii) the printing and delivery to the Agent of this Agreement and such other documents as may be required in connection with the
      offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital
      duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the reasonable and
      documented out-of-pocket fees and disbursements of counsel to the Agent up to $40,000.00 after the Agent or its legal counsel provided the Company with written invoices documenting such fees and disbursement in reasonable detail, then starting with
      the fourth quarter ended December 31, 2021 at the earliest, an additional $2,500.00 per quarter so long as this Agreement remains in effect and excluding any period during which a Suspension is in place pursuant to <u>Section 4</u> (provided that
      such additional fee shall be paid upon the resumption of sale upon the ending of any Suspension); (vi) the fees and expenses of the transfer agent and registrar for the Common Shares, (vii) the filing fees incident to any review by FINRA of the terms
      of the sale of the Placement Shares, and (viii) the fees and expenses incurred in connection with the listing of the Placement Shares on the Exchange.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">10.&#160; <u>Conditions to the Agent&#8217;s Obligations</u>. The obligations of the Agent hereunder with respect to a Placement
      will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein (other than those representations and warranties made as of a specified date or time), to the due performance in all material
      respects by the Company of its obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to it in its reasonable judgment, and to the continuing reasonable satisfaction (or waiver by the Agent in its sole
      discretion) of the following additional conditions:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">a.&#160; <u>Registration Statement Effective</u>. The Registration Statement shall remain effective and shall be available for the sale of all
      Placement Shares contemplated to be issued by any Placement Notice.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">b.&#160; <u>No Material Notices</u>. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any
      request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post&#8209;effective amendments or
      supplements to the Registration Statement or the Prospectus; (ii)&#160;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or receipt by the
      Company of notification of the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for
      sale in any jurisdiction or receipt by the Company of notification of the initiation of, or a threat to initiate, any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration
      Statement or the Prospectus or any material Incorporated Document untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or any material Incorporated Document so that, in the case of
      the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of
      the Prospectus or any material Incorporated Document, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of
      the circumstances under which they were made, not misleading.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">c.&#160; <u>No Misstatement or Material Omission</u>. The Agent shall not have advised the Company that the Registration Statement or
      Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&#8217;s reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s reasonable opinion is material and is required to be stated
      therein or is necessary to make the statements therein not misleading.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">d.&#160; <u>Material Changes</u>. Except as contemplated in the Prospectus, or disclosed in the Company&#8217;s reports filed with the Commission,
      there shall not have been any Material Adverse Effect, or any development that would cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company&#8217;s securities (other than asset backed securities) by
      any &#8220;nationally recognized statistical rating organization,&#8221; as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act (a &#8220;<u>Rating Organization</u>&#8221;), or a public announcement by any Rating Organization that
      it has under surveillance or review its rating of any of the Company&#8217;s securities (other than asset backed securities), the effect of which, in the case of any such action by a Rating Organization described above, in the reasonable judgment of the
      Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in
      the Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">e.&#160; <u>Legal Opinion</u>. The Agent shall have received (i) the opinion and negative assurance letter of Company Counsel required to be
      delivered pursuant to <u>Section&#160;7(m)</u> on or before the date on which such delivery of such opinion and negative assurance letter are required pursuant to <u>Section 7(m)</u>; and (ii) the opinion of MJM Limited, the Company&#8217;s Bermuda counsel,
      in a form reasonably satisfactory to the Agent.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">f.&#160; <u>Comfort Letter</u>. The Agent shall have received the Comfort Letter required to be delivered pursuant <u>Section 7(n)</u> on or
      before the date on which such delivery of such letter is required pursuant to <u>Section 7(n)</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">g.&#160; <u>Representation Certificate</u>. The Agent shall have received the certificate required to be delivered pursuant to <u>Section 7(l)</u>
      on or before the date on which delivery of such certificate is required pursuant to <u>Section 7(l)</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">h.&#160; <u>Secretary&#8217;s Certificate</u>. On or prior to the first Representation Date, the Agent shall have received a certificate, signed on
      behalf of the Company by its corporate Secretary, in form and substance satisfactory to the Agent and its counsel. Such certificate shall include a representation that the Company (i) has a non-affiliate and public common equity float of at least
      $300 million, calculated on any date within the past 60 days from the date of this Agreement, and (ii) has been subject to the Exchange Act reporting requirements for a period of at least 36 months and has filed in a timely manner all such reports
      required to be filed in the past 12 months.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">i.&#160; <u>No Suspension</u>. Trading in the Common Shares shall not have been suspended on the Exchange and the Common Shares shall not have
      been delisted from the Exchange.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">j.&#160; <u>Other Materials</u>. On each date on which the Company is required to deliver a certificate pursuant to <u>Section 7(l)</u>, the
      Company shall have furnished to the Agent such appropriate further information, certificates and documents as the Agent may reasonably request and which are usually and customarily furnished by an issuer of securities in connection with a securities
      offering of the type contemplated hereby. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">k.&#160; <u>Securities Act Filings Made</u>. All filings with the Commission required by Rule 424 under the Securities Act to have been filed
      prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">l.&#160; <u>Approval for Listing</u>. The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice
      of issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">m.&#160; <u>No Termination Event</u>. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant
      to <u>Section 13(a)</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">n.&#160; <u>FINRA</u>. If applicable, FINRA shall have raised no objection to the terms of this offering and the amount of compensation
      allowable or payable to the Agent as described in the Prospectus.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">11.&#160; <u>Indemnification and Contribution</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 14.4pt; font-family: 'Times New Roman', serif;">(a)&#160; <u>Company Indemnification</u>. The Company agrees to indemnify and hold harmless the Agent, its partners, members, directors,
      officers, employees and agents and each person, if any, who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</div>
    <div style="text-align: justify; text-indent: 108pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">(i)&#160; against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
      any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to
      make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or
      the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</div>
    <div style="text-align: justify; text-indent: 108pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">(ii)&#160; against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the
      aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged
      untrue statement or omission; provided that (subject to <u>Section&#160;11(d)</u> below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and</div>
    <div style="text-align: justify; text-indent: 108pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">(iii)&#160; against any and all expense whatsoever, as incurred (including the reasonable and documented out-of-pocket fees and disbursements of
      counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue
      statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above,</div>
    <div style="text-align: justify; margin-top: 14.4pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">provided, however</font>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to
      the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration
      Statement (or any amendment thereto), or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-top: 14.4pt; font-family: 'Times New Roman', serif;">(b)&#160; <u>Indemnification by the Agent</u>. The Agent agrees to indemnify and hold harmless the Company and its directors and officers, and
      each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all loss, liability,
      claim, damage and expense described in the indemnity contained in <u>Section 11(a)</u>, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
      amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the
      Agent expressly for use therein.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 14.4pt; font-family: 'Times New Roman', serif;">(c)&#160; <u>Procedure</u>. Any party that proposes to assert the right to be indemnified under this <u>Section 11</u> will, promptly after
      receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this <u>Section 11</u>, notify each such indemnifying party of the commencement of such
      action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this <u>Section 11</u>
      and (ii) any liability that it may have to any indemnified party under the foregoing provisions of this <u>Section 11</u> unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the
      indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering
      written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel
      reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other
      expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such
      action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the
      indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict
      or potential conflict of interest exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action
      on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the
      reasonable and documented out-of-pocket fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding
      or related proceedings in the same jurisdiction, be liable for the reasonable and documented out-of-pocket fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such
      indemnified party or parties. All such reasonable and documented out-of-pocket fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to fees,
      disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written
      consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this <u>Section 11</u> (whether or not any indemnified
      party is a party thereto), unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a
      statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 14.4pt; font-family: 'Times New Roman', serif;">(d)&#160; <u>Contribution</u>. In order to provide for just and equitable contribution in circumstances in which the indemnification provided
      for in the foregoing paragraphs of this <u>Section 11</u> is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the Agent, the Company and the Agent will contribute to the total losses, claims,
      liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any
      contribution received by the Company from persons other than the Agent, such as persons who control the Company within the meaning of the Securities Act or the Exchange Act, officers of the Company who signed the Registration Statement and directors
      of the Company, who also may be liable for contribution) to which the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other
      hand. The relative benefits received by the Company on the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by
      the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable
      law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Agent, on the
      other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative
      fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the
      intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to this <u>Section
        11(d)</u> were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss,
      claim, liability, expense, or damage, or action in respect thereof, referred to above in this <u>Section 11(d)</u> shall be deemed to include, for the purpose of this <u>Section 11(d)</u>, any legal or other expenses reasonably incurred by such
      indemnified party in connection with investigating or defending any such action or claim to the extent consistent with <u>Section 11(c)</u> hereof. Notwithstanding the foregoing provisions of this <u>Section 11(d)</u>, the Agent shall not be
      required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
      from any person who was not guilty of such fraudulent misrepresentation. For purposes of this <u>Section 11(d)</u>, any person who controls a party to this Agreement within the meaning of the Securities Act or the Exchange Act, and any officers,
      directors, partners, employees or agents of the Agent, will have the same rights to contribution as that party, and each officer who signed the Registration Statement and director of the Company will have the same rights to contribution as the
      Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this <u>Section
        11(d)</u>, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under
      this <u>Section 11(d)</u> except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to
      the last sentence of <u>Section 11(c)</u> hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to <u>Section 11(c)</u> hereof.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">12.&#160; <u>Representations and Agreements to Survive Delivery</u>. The indemnity and contribution agreements contained
      in <u>Section 11</u> of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of
      the Agent, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
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    </div>
    <div style="text-indent: 35.3pt; margin-left: 0.7pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">13.&#160; <u>Termination</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">a.&#160; The Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the
      time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or any development that would have a Material Adverse Effect that, in the sole judgment of the Agent, is material
      and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or
      the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions,
      in each case the effect of which is such as to make it, in the judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Shares has
      been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of
      the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6)&#160;if a
      banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section 11</u>
      (Indemnification and Contribution), <u>Section 12</u> (Representations and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to Jurisdiction) hereof shall remain in
      full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in this <u>Section 13(a)</u>, the Agent shall provide the required notice as specified in <u>Section 14</u> (Notices).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">b.&#160; The Company shall have the right, by giving five (5) days&#8217; notice as hereinafter specified to terminate this Agreement in its sole
      discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section 11</u> (Indemnification and
      Contribution), <u>Section 12</u> (Representations and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to Jurisdiction) hereof shall remain in full force and effect
      notwithstanding such termination.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">c.&#160; The Agent shall have the right, by giving five (5) days&#8217; notice as hereinafter specified to terminate this Agreement in its sole
      discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section&#160;11</u> (Indemnification and
      Contribution), <u>Section 12</u> (Representations and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to Jurisdiction) hereof shall remain in full force and effect
      notwithstanding such termination.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">d.&#160; Unless earlier terminated pursuant to this <u>Section 13</u>, this Agreement shall automatically terminate upon the issuance and sale
      of all of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section 11</u> (Indemnification and Contribution), <u>Section 12</u>
      (Representations and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">e.&#160; This Agreement shall remain in full force and effect unless terminated pursuant to <u>Sections 13(a)</u>, <u>(b</u>), <u>(c</u>), or
      <u>(d)</u> above or otherwise by mutual agreement of the parties; <font style="font-style: italic;">provided, however</font>, that any such termination by mutual agreement shall in all cases be deemed to provide that <u>Section 9</u> (Payment of
      Expenses), <u>Section 11</u> (Indemnification and Contribution), <u>Section 12</u> (Representations and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to
      Jurisdiction) shall remain in full force and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or other compensation with respect to any Placement Shares not otherwise sold
      by the Agent under this Agreement.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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    </div>
    <div><br>
    </div>
    <div style="margin-top: 10.8pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">f.&#160; Any termination of this Agreement shall be effective on the date specified in such notice of termination; <font style="font-style: italic;">provided, however</font>, that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the
      Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">14.&#160; <u>Notices</u>. All notices or other communications required or permitted to be given by any party to any other
      party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:</div>
    <div style="margin-left: 72pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">B. Riley Securities, Inc.</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">299 Park Avenue, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">New York, NY 10171</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Attention: General Counsel<br>
      Telephone: (212) 457-9947</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Email: atmdesk@brileyfin.com</div>
    <div style="margin-top: 12pt; font-family: 'Times New Roman', serif;">with a copy to:</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;"><br>
      Morgan Lewis &amp; Bockius LLP</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">1400 Page Mill Road</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Palo Alto, CA 94304</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Attention:&#160;&#160; Albert Lung</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Telephone:&#160;&#160; (650) 843-7263</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Email: albert.lung@morganlewis.com</div>
    <div><br>
    </div>
    <div style="text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">and if to the Company, shall be delivered to:</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">LOM Building</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">27 Reid Street, Hamilton, HM 11</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Bermuda<br>
      Attention: Bjorn Giaever<br>
      Telephone: (441) 292-7202</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Email: bg@scandicamerican.com</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">with a copy to:</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Seward &amp; Kissel LLP</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">One Battery Park Plaza</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">New York NY 10004<br>
      Attention: Gary Wolfe<br>
      Telephone: (212) 574-1223</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman', serif;">Email: Wolfe@sewkis.com</div>
    <div style="text-align: justify; margin-top: 12.6pt; font-family: 'Times New Roman', serif;">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.
      Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by verifiable facsimile transmission on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the
      next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt
      requested, postage prepaid). For purposes of this Agreement, &#8220;<u>Business Day</u>&#8221; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="margin-top: 12.6pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">15.&#160; <u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the Company and
      the Agent and their respective successors and the affiliates, controlling persons, officers and directors referred to in <u>Section 11</u> hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors
      and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or
      liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither the Company nor the Agent may assign its rights or obligations under this Agreement without the prior written consent of the other party.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">16.&#160; <u>Adjustments for Stock Splits</u>. The parties acknowledge and agree that all share&#8209;related numbers contained
      in this Agreement shall be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event effected with respect to the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">17.&#160; <u>Entire Agreement; Amendment; Severability</u>. This Agreement (including all schedules and exhibits attached
      hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter
      hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one or more of the provisions contained herein, or the application thereof in any
      circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the
      remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and
      provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">18.&#160; <u>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. THE COMPANY AND THE AGENT EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
      APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">19.&#160; <u>CONSENT TO JURISDICTION</u>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE
      STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY
      SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.
      EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE
      ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS
      IN ANY MANNER PERMITTED BY LAW.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">20.&#160; <u>Use of Information</u>. The Agent may not use any information gained in connection with this Agreement and
      the transactions contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved by the Company.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 10.8pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">21.&#160; <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed
      an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission or email of a .pdf attachment.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">22.&#160; <u>Effect of Headings</u>. The section, Schedule and Exhibit headings herein are for convenience only and shall
      not affect the construction hereof.</div>
    <div style="text-align: justify; text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">23.&#160; <u>Permitted Free Writing Prospectuses</u>. The Company represents, warrants and agrees that, unless it obtains
      the prior consent of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free
      Writing Prospectus, or that would otherwise constitute a &#8220;free writing prospectus,&#8221; as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agent or by the Company, as the case may be, is
      hereinafter referred to as a &#8220;<u>Permitted Free Writing Prospectus</u>.&#8221; The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as defined
      in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of
      clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <u>Exhibit 23</u> hereto are Permitted Free Writing Prospectuses.</div>
    <div style="text-align: justify; text-indent: 35.3pt; margin-left: 0.7pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">24.&#160; <u>Absence of Fiduciary Relationship</u>. The Company acknowledges and agrees that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">a.&#160; The Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each
      transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees
      or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company
      on other matters, and the Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">b.&#160; it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
      contemplated by this Agreement;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">c.&#160; the Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this
      Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">d.&#160; it is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from
      those of the Company and the Agent has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">e.&#160; it waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
      breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary
      duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company, other than in respect of the Agent&#8217;s obligations under this Agreement and to keep information provided by
      the Company to the Agent and its counsel confidential to the extent not otherwise publicly-available.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
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    </div>
    <div><br>
    </div>
    <div style="margin-top: 10.8pt;"><br>
    </div>
    <div style="text-indent: 35.1pt; margin-left: 0.9pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">25.&#160; <u>Definitions</u>. As used in this Agreement, the following terms have the respective meanings set forth below:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12.6pt; font-family: 'Times New Roman', serif;">&#8220;<u>Applicable Time</u>&#8221; means (i) each Representation Date and (ii) the time of each sale of any Placement Shares pursuant to this
      Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">&#8220;<u>Issuer Free Writing Prospectus</u>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, relating to the Placement Shares
      that (1) is required to be filed with the Commission by the Company, (2) is a &#8220;road show&#8221; that is a &#8220;written communication&#8221; within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing
      pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be
      filed, in the form retained in the Company&#8217;s records pursuant to Rule 433(g) under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">&#160;&#8220;<u>Rule 172</u>,&#8221; &#8220;<u>Rule 405</u>,&#8221; &#8220;<u>Rule 415</u>,&#8221; &#8220;<u>Rule 424</u>,&#8221; &#8220;<u>Rule 424(b)</u>,&#8221; &#8220;<u>Rule 430B</u>,&#8221;
      and &#8220;<u>Rule 433</u>&#8221; refer to such rules under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">All references in this Agreement to financial statements and schedules and other information that is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in
      the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration
      Statement or the Prospectus, as the case may be.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', serif;">All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be
      deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed
      with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to &#8220;supplements&#8221; to the Prospectus shall include, without limitation, any supplements, &#8220;wrappers&#8221; or
      similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States.</div>
    <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', serif;">[Remainder of the page intentionally left blank]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">If the foregoing correctly sets forth the understanding between the Company and the Agent, please so indicate in the space provided below for that purpose, whereupon this letter
      shall constitute a binding agreement between the Company and the Agent.</div>
    <div><br>
    </div>
    <div><br>
    </div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Very truly yours,</div>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
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        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">By:</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Herbjorn Hansson</div>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Herbjorn Hansson</div>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Title:</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Founder, Chairman &amp; CEO</div>
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        </tr>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">ACCEPTED as of the date first-above written:</div>
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        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">B. RILEY SECURITIES, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 42.14%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Patrice McNicoll</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td style="width: 42.14%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Patrice McNicoll</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Title:</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Co-Head of Investment Banking</div>
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    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 19.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 1</div>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">FORM OF PLACEMENT NOTICE</div>
          </td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>

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    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z38aa826fd336453da5fbfaef4186c768">

        <tr>
          <td style="width: 10.53%; vertical-align: top;">&#160;</td>
          <td style="width: 12.57%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">From:</div>
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          <td style="width: 50.53%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Nordic American Tankers Limited</div>
          </td>
          <td style="width: 26.36%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.53%; vertical-align: top;">&#160;</td>
          <td style="width: 12.57%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">To:</div>
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          <td style="width: 50.53%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">B. Riley Securities, Inc.</div>
          </td>
          <td style="width: 26.36%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.53%; vertical-align: top;">&#160;</td>
          <td style="width: 12.57%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Attention:</div>
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          <td style="width: 50.53%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">[&#8226;]</div>
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          <td style="width: 26.36%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.53%; vertical-align: top;">&#160;</td>
          <td style="width: 12.57%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Subject:</div>
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          <td style="width: 50.53%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">At Market Issuance--Placement Notice</div>
          </td>
          <td style="width: 26.36%; vertical-align: top;">&#160;</td>
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    <div style="margin-left: 36pt; margin-top: 14.4pt; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12.6pt; font-family: 'Times New Roman', serif;">Pursuant to the terms and subject to the conditions contained in the At Market Issuance Sales Agreement between Nordic American Tankers
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    <div style="margin-top: 10.8pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 2</div>
    <div><br>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Compensation</div>
          </td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
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    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12.6pt; font-family: 'Times New Roman', serif;">The Company shall pay to the Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to 2.5% of the
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 3</div>
    <div><br>
    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notice Parties</div>
          </td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc2c25fb1cbb449568d9ce011b48be15a">

        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>The Company</u></div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Herbjorn Hansson</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>Herbjorn.Hansson@scandicamerican.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Bjorn Giaever</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>bg@scandicamerican.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;"><u>B. Riley Securities, Inc.</u></div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Seth Appel</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>sappel@brileyfin.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Ernie Dahlman</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>edahlman@brileyfin.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Scott Ammaturo</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>sammaturo@brileyfin.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Patrice McNicoll</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>pmcnicoll@brileyfin.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Keith Pompliano</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>kpompliano@brileyfin.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 26.95%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">with a copy to</div>
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          <td style="width: 53.85%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;"><u>atmdesk@brileyfin.com</u></div>
          </td>
          <td style="width: 19.2%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 6(g)</div>
    <div><br>
    </div>
    <div><br>
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        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Subsidiaries</div>
          </td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.56%; vertical-align: top;">&#160;</td>
          <td style="width: 56.41%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 22.03%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
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        <tr>
          <td style="width: 51.91%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;"><u>Company</u></div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Jurisdiction</u></div>
          </td>
          <td style="width: 5.52%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.91%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif;">NAT BERMUDA HOLDINGS LIMITED</div>
          </td>
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            <div style="font-family: 'Times New Roman',serif; text-align: center;">Bermuda</div>
          </td>
          <td style="width: 5.52%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.91%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif;">Scandic American Shipping Ltd.</div>
          </td>
          <td style="width: 42.56%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',serif; text-align: center;">Bermuda</div>
          </td>
          <td style="width: 5.52%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.91%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif;">NAT Chartering Ltd.</div>
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            <div style="font-family: 'Times New Roman',serif; text-align: center;">Bermuda</div>
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          <td style="width: 5.52%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: center; margin-left: 32.4pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>EXHIBIT 7(l)</u><br>
      Form of Representation Date Certificate</div>
    <div style="text-align: center; margin-left: 32.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">___________, 20___</div>
    <div style="text-align: justify; text-indent: 32.4pt; margin-top: 16.2pt; font-family: 'Times New Roman', serif;">This Representation Date Certificate (this &#8220;<u>Certificate</u>&#8221;) is executed and delivered in connection with <u>Section 7(l)</u> of the
      At Market Issuance Sales Agreement (the &#8220;<u>Agreement</u>&#8221;), dated September 29, 2021, and entered into between Nordic American Tankers Limited (the &#8220;<u>Company</u>&#8221;) and B. Riley Securities, Inc. All capitalized terms used but not defined herein
      shall have the meanings given to such terms in the Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt; font-family: 'Times New Roman', serif;">The Company hereby certifies as follows:</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;"><font style="font-family: Garamond, serif;">1.&#160; </font>As of the date of this Certificate (i) the Registration Statement does not contain
      any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (ii) neither the Registration Statement nor the Prospectus contain any
      untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii) no event has
      occurred as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein not untrue or misleading for this paragraph 1 to be true.</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;"><font style="font-family: Garamond, serif;">2.&#160; </font>Each of the representations and warranties of the Company contained in the
      Agreement were, when originally made, and are, as of the date of this Certificate, true and correct in all material respects.</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;"><font style="font-family: Garamond, serif;">3.&#160; </font>Except as waived by the Agent in writing, each of the covenants required to be
      performed by the Company in the Agreement on or prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement, has been duly, timely and fully performed in all material
      respects and each condition required to be complied with by the Company on or prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement has been duly, timely and
      fully complied with in all material respects.</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-top: 12.6pt; font-family: 'Times New Roman', serif;"><font style="font-family: Garamond, serif;">4.&#160; </font>Subsequent to the date of the most recent financial statements in the Prospectus,
      and except as described in the Prospectus, including Incorporated Documents, there has been no Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;"><font style="font-family: Garamond, serif;">5.&#160; </font>No stop order suspending the effectiveness of the Registration Statement or of any
      part thereof has been issued, and no proceedings for that purpose have been instituted or are pending or threatened by any securities or other governmental authority (including, without limitation, the Commission).</div>
    <div style="text-align: justify; text-indent: 39.6pt; margin-top: 9pt; font-family: 'Times New Roman', serif;"><font style="font-family: Garamond, serif;">6.&#160; </font>No order suspending the effectiveness of the Registration Statement or the
      qualification or registration of the Placement Shares under the securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or threatened, to the Company&#8217;s knowledge or in writing by, any
      securities or other governmental authority (including, without limitation, the Commission).</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 10.8pt; font-family: 'Times New Roman', serif;">The undersigned has executed this Representation Date Certificate as of the date first written above.</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">[&#8226;]</div>
          </td>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 50.15%; vertical-align: top;">&#160;</td>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 50.15%; vertical-align: top;">&#160;</td>
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          <td colspan="2" style="width: 50.15%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">By:</div>
          </td>
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        </tr>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 8.01%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td style="width: 42.14%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Title:</div>
          </td>
          <td style="width: 42.14%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
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          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 42.14%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"><u>EXHIBIT 23</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Permitted Issuer Free Writing Prospectuses</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">[None].</div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d8973702_ex5-1.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 5.1</font><br>
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  <div style="text-align: right;"> <img src="image00001.jpg"></div>
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    <table cellspacing="0" cellpadding="0" border="0" id="zd50c7e6655d644928246fce1d17041b2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">B. Riley Securities, Inc.</div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Email </font>&#160;JRego@applebyglobal.com</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">299 Park Avenue, 21st Floor</div>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">New York, NY 10171</div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Direct Dial&#160; </font>+1 441 298 3562 /&#160; Ext.6162</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Tel&#160; </font>+1 441 295 2244</div>
          </td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(the Agent)</div>
          </td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman', serif;">&#160;&#160;29 September 2021</div>
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    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">Bermuda Office</div>
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    </div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">Appleby (Bermuda) Limited</div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">Canon's Court</div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">22 Victoria Street</div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">PO Box HM 1179</div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">Hamilton HM EX</div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">Bermuda</div>
    <div><br>
    </div>
    <div style="color: #595959; font-family: 'Microsoft Sans Serif', sans-serif; font-size: 7.5pt;">Tel +1 441 295 2244</div>
  </div>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Nordic American Tankers Limited (Company)</div>
    <div style="margin-top: 6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">INTRODUCTION</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This opinion as to Bermuda law is addressed to you in connection with the Prospectus Supplement (<font style="font-weight: bold;">Prospectus Supplement</font>) dated 29 September 2021 and filed pursuant to Rule 424(b)(3) of the United States Securities Act of 1933, as amended (<font style="font-weight: bold;">Securities Act</font>), including the base prospectus contained therein (<font style="font-weight: bold;">Base Prospectus</font>).&#160; The Prospectus
      Supplement and the Base Prospectus, together with additional relevant information, were filed with the United States Securities and Exchange Commission (the <font style="font-weight: bold;">Commission</font>)
      in a registration statement on Form F-3 (Registration No. 333-228603) (<font style="font-weight: bold;">Registration Statement</font>) on 29 November 2018 under the Securities Act.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company proposes to issue and sell through the Agent, on terms set out in an at the market issuance sales agreement (<font style="font-weight: bold;">Agreement</font>) dated 29 September 2021 between the Agent and the Company, common shares of par value US$0.01 per share in the share capital of the Company, having
      an aggregate gross sales price of up to US$60,000,000 (<font style="font-weight: bold;">Shares</font>). This opinion is being rendered, at the request of the Company, pursuant to Section 10(e)
      of the Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DEFINED TERMS</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Terms defined in the Agreement have the same meaning when used in this opinion, unless otherwise defined in this opinion.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In this opinion, the following term has the following meaning:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Bermuda Subsidiaries</font>&#8221; means those companies
      whose names are listed in Part 4 of Schedule 1.</div>
    <div style="margin-top: 6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">OUR REVIEW</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For the purposes of giving this opinion we have examined and relied upon the documents listed in Schedule 1.&#160; We have not examined any other
      documents, even if they are referred to in the Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In giving this opinion we have relied upon and assume the accuracy and completeness of the certificate of a Director of the Company annexed
      hereto (<font style="font-weight: bold;">Director&#8217;s Certificate</font>), the contents of which we have not verified.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">For the purposes of giving this opinion we have relied on the Company Searches and the Electronic Litigation Searches described in Part 3 of
      Schedule 1, the contents of which we have not verified.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or
      representation (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion.</div>
    <div style="margin-top: 6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">LIMITATIONS</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our opinion is limited to, and should be construed in accordance with, the laws of Bermuda at the date of this opinion.&#160; We express no
      opinion on the laws of any other jurisdiction.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This opinion is limited to the matters stated in it and does not extend to, and is not to be extended by implication, to any other matters.&#160;
      We express no opinion on the commercial implications of the Documents or whether they give effect to the commercial intentions of the parties.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This opinion is given solely for the benefit of the Agent and its legal counsel in connection with the matters referred to herein and, except
      with our prior written consent, it may not be transmitted or disclosed to or used or relied upon by any other person or be relied upon for any other purpose whatsoever.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">However, a copy of this opinion may be provided, for the purpose of information, to the professional advisors, auditors and regulators of the
      Agent, but only on the express basis that it will not be relied upon by any such person and no such person may provide a copy of this opinion to any other person.</div>
    <div style="margin-top: 6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ASSUMPTIONS AND RESERVATIONS</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We give the following opinions on the basis of the assumptions set out in Schedule 2 (<font style="font-weight: bold;">Assumptions</font>), which we have not verified, and subject to the reservations set out in Schedule 3 (<font style="font-weight: bold;">Reservations</font>).</div>
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    <div style="margin-top: 6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">OPINIONS</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Incorporation and Status</font>:&#160; Each of the Company and the Bermuda Subsidiaries is
              incorporated as an exempted company limited by shares and existing under the laws of Bermuda and is a separate legal entity.&#160; The Company is in good standing with the Registrar of Companies of Bermuda.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Capacity</font>:&#160; The Company has the requisite capacity and power to enter into,
              execute and deliver the Agreement and to perform its obligations under it.</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="z3efa3d4214164341aaa3740eb2c145db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Authorisation</font>:&#160; The Company has taken all necessary corporate action to
              authorise the execution and delivery of the Agreement and the performance of the Company&#8217;s obligations under it.</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="z2f0bf2f6d7464525bb4f1f009e649d2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Execution and Binding Obligations</font>:&#160; The Agreement has been duly executed by or
              on behalf of the Company and constitutes legal, valid and binding obligations of the Company, enforceable against the Company.</div>
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        </tr>

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    <table cellspacing="0" cellpadding="0" id="zee84b2e505124a819879ce912673c732" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">No Conflict</font>:&#160; The due execution and delivery by the Company of the Agreement
              and the performance by the Company of its obligations under the Agreement, the Prospectus Supplement and the Base Prospectus, including the issuance, offer and sale of the Shares will not (i) contravene any provisions of the Constitutional
              Documents or (ii) violate any prohibition or restriction imposed on the Company or its directors under its Memorandum of Association and Bye-Laws; (iii) violate or contravene any applicable Bermuda law, regulation, or judgment, order or
              decree of any governmental body, agency or court of Bermuda to be contravened; (iv) result in the imposition of any lien, charge or encumbrance upon any assets of the Company located in Bermuda; or (v) violate or contravene any provisions in
              any material agreements, instrument or documents to which the Company is a party.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0e1fda9ae1374d39877ddf0e9b3fb890" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Consents and Approvals</font>:&#160; No consent, approval, licence or authorisation is
              required from any governmental, judicial or public body or authority in Bermuda in connection with the execution and delivery by the Company of the Agreement and the performance by the Company of its obligations under the Agreement, including
              the issuance of the Shares, future resale of the Shares by the Agent or otherwise to ensure the legality, validity, admissibility into evidence or enforceability, as to the Company, of the Agreement.</div>
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        </tr>

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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Delegation of Authority</font>:&#160; The Resolutions represent a proper delegation of
              authority by the Company in respect of the matters to which such Resolutions relate and are sufficient to authorise the person or persons named or referred to therein on behalf of the Company to sign, execute, deliver and perform, and to sign
              all forms and documents necessary to give effect to, the Agreement.</div>
          </td>
        </tr>

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Registrations</font>:&#160; It is not necessary in order to ensure the legality, validity,
              enforceability or admissibility in evidence in proceedings of the obligations of the Company under the Documents or the rights of the parties that the Documents or any other document be notarised, filed, registered or recorded in Bermuda.</div>
          </td>
        </tr>

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Share Capital</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z9db11b5b5a814c52a797a3c31aec1268" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">The Company has the authorised share capital set out in the Registration Statement and the Prospectus Supplement. Based solely upon our review of the Register of Members, all
              of the issued common shares in the share capital of the Company have been duly authorised and are validly issued, fully paid and non-assessable and were not issued in violation of any pre-emptive or other similar rights set out in the
              Constitutional Documents; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbe204a97b4004b5894393aa1cbe34baf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">The Shares have been duly and validly authorised and reserved for issuance and, when issued and delivered upon payment therefor in accordance with the terms of the Agreement
              and pursuant to the Resolutions, will be validly issued, fully paid and non-assessable and free and clear of any pre-emptive or other similar rights set out in the Constitutional Documents; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z87f6ab9aecc64cfda0b84fd8dcdb68a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Based solely upon our review of the Subsidiaries Register of Members, all of the issued shares and share capital of each of the Bermuda Subsidiaries have been duly and validly
              authorised and issued, fully paid and non-assessable and are owned directly by the Company, and were not issued in violation of any pre-emptive or other similar rights set out in the Subsidiary Constitutional Documents.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2a2d310360a0489f9571ce876d6d0fe7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Enforcement of Foreign Judgments</font>:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">A final and conclusive judgment of a competent foreign court (other than a court of jurisdiction to which the Judgments
      (Reciprocal Enforcement) Act 1958 applies, and it does not apply to the courts of the State of New York) against the Company based upon the Agreement under which a sum of money is payable (not being a sum payable in respect of taxes or other charges
      of a like nature, in respect of a fine or other penalty, or in respect of multiple damages as defined in the Protection of Trading Interests Act 1981) may be the subject of enforcement proceedings in the Supreme Court of Bermuda under the common law
      doctrine of obligation by action on the debt evidenced by the judgment of such competent foreign court.&#160; A final opinion as to the availability of this remedy should be sought when the facts surrounding the foreign court&#8217;s judgment are known, but, on
      general principles, we would expect such proceedings to be successful provided that:</div>
    <table cellspacing="0" cellpadding="0" id="zf6015b7a553f4234bec4fbf6513ebf00" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the court which gave the judgment was competent to hear the action in accordance with private international law principles as applied in Bermuda;&#160; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za7340e88b30b4b579bf64d59b342b10b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the judgment is not contrary to public policy in Bermuda, has not been obtained by fraud or in proceedings contrary to natural justice and is not based on an error in Bermuda
              law.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Enforcement of such a judgment against assets in Bermuda may involve the conversion of the judgment debt into Bermuda
      dollars, but the Bermuda Monetary Authority has indicated that its present policy is to give the consents necessary to enable recovery in the currency of the obligation.</div>
    <table cellspacing="0" cellpadding="0" id="z2903c62fc25946748296a3230bdd383b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Choice of Governing Law</font>:&#160; The choice of the laws the State of New York as the
              proper law to govern the Agreement would be recognised, upheld and applied by the courts of Bermuda as a valid choice of law and the proper law of the Documents provided it is a bona fide choice of law in proceedings brought before them in
              relation to the Documents except for those laws:&#160; (i) which the Bermuda courts consider to be procedural in nature;&#160; or (ii) the application of which would be inconsistent with public policy as that term is interpreted under Bermuda law.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb2c7252819094b249cd6aad0203904e8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Submission to Jurisdiction</font>:&#160; The Company&#8217;s contractual submission to the courts
              of the jurisdiction specified in the Agreement would generally be recognised by the courts of Bermuda, if such submission is accepted by the courts of the jurisdiction specified and is legal, valid and binding under the laws of the relevant
              jurisdiction.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4ff4861c4bbf49dbb55a7243904a78f2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Residence</font>:&#160; A lender would not be deemed to be resident, domiciled or carrying
              on business in Bermuda by reason solely of the negotiation, preparation, execution, performance, enforcement of, and/or receipt of any payment due from the Company under the Agreement, nor is it necessary for the execution, delivery,
              performance and enforcement of the Agreement that the Agent be authorised or qualified to carry on business in Bermuda.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z98012c05d9a949aa9d566dc8a23480da" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Taxes</font>:&#160; There is no stamp duty, registration, documentary or any similar tax or
              duty of any kind payable in Bermuda in connection with the signature, performance or enforcement by legal proceedings of the Agreement.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4c92cb516557462494930d7ee23e76a7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Tax Assurance</font>:&#160; The Company has received an assurance from the Ministry of
              Finance granting an exemption, until 31 March 2035, from the imposition of tax under any applicable Bermuda law computed on profits or income or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or
              inheritance tax, provided that such exemption shall not prevent the application of any such tax or duty to such persons as are ordinarily resident in Bermuda and shall not prevent the application of any tax payable in accordance with the
              provisions of the Land Tax Act 1967 or otherwise payable in relation to land in Bermuda leased to the Company.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z32cc01841a6441c5b01c78a38b4ed0fb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Exchange Control</font>:&#160; The transactions contemplated by the Agreement are not
              subject to any currency deposit or reserve requirements in Bermuda.&#160; The Company has been designated as &#8220;non-resident&#8221; for the purposes of the Exchange Control Act 1972 and regulations made under it and there is no restriction or requirement
              of Bermuda binding on the Company which limits the availability or transfer of foreign exchange (i.e. monies denominated in currencies other than Bermuda dollars) for the purposes of the performance by the Company of its obligations under the
              Agreement or the payment by the Company of dividends or other distributions to holders of its common shares.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbc96857f7c7944b09ffcf0f3282585a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">No Immunity</font>:&#160; The Company is not entitled to immunity from suit or enforcement
              of a judgment on the ground of sovereignty or otherwise in the courts of Bermuda in respect of proceedings against it in relation to the Documents.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze7128861f0044c56b60d18113926a265" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Winding Up and Litigation</font>:&#160; Due to the current situation relating to COVID-19,
              Litigation Searches can only be conducted electronically.&#160; Therefore, based upon the Company Searches and the Electronic Litigation Searches:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z413f05f194074fc38d0883d8b7f9304f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">no court proceedings are pending against the Company;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbff2a3c1abcf43e8ae20b344c0bec18a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">no petition to wind up the Company or application to reorganise its affairs pursuant to a scheme of arrangement or application for the appointment of a receiver has been filed
              with the Supreme Court of Bermuda;&#160; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb923f18d18f9489da590c708833dd4d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">no notice of the passing of a resolution of members or creditors to wind up or the appointment of a liquidator or receiver has been given to the Registrar of Companies.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z28a0a7fe5b624586b2c227386428c96e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">19.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Charges</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Based solely upon the Company Searches, charges are registered in Bermuda against the Company and the Bermuda Subsidiaries
      over their respective assets, the available details of which are set out in Schedule 4.</div>
    <table cellspacing="0" cellpadding="0" id="z713950bcb4fb4cff9669c6af9995cdd5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">20.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Accuracy of Statements</font>:&#160; The statements in the Registration Statement and the
              Base Prospectus, as the case may be, headed &#8220;Description of Capital Stock&#8221; and &#8220;Material Tax Consequences&#8221;, solely insofar as those statements purport to constitute summaries of certain provisions of documents governed by Bermuda law or
              Bermuda statutes or regulations referred to therein, are fair, accurate and correct in all material respects.</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Yours faithfully</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Appleby (Bermuda) Limited</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><img src="image00002.jpg"></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Schedule 1</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Part 1</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">The Documents</div>
    <table cellspacing="0" cellpadding="0" id="z82c16797b2ee4a05b698e4430ba2e34c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A scanned copy in PDF format of Registration Statement and the Prospectus (the <font style="font-weight: bold;">Prospectus</font>)
              included therein;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7daaf7c55bc2462d9b43b1e2969eddb6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A scanned copy in PDF format of the supplement to the Prospectus dated 29 September 2021 (the <font style="font-weight: bold;">Prospectus Supplement</font>);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7855b5689b594b23af0607308d421153" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A scanned copy in PDF format of an executed Agreement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Part 2</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Other Documents Examined</div>
    <table cellspacing="0" cellpadding="0" id="zebb6de4c6b854184ad1e88f331442d09" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the certificate of incorporation and certificate of incorporation on change of name of the Company (<font style="font-weight: bold;">Certificate of Incorporation</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze1ca62957cfc4badb4d0430cf635fffc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the certificate of amalgamation of the Company.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc9620cafc9ec46cd887ce63ebf78c4d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the (i) memorandum of association, (ii) certificate of deposit of memorandum of increase of share capital dated 8 September 1995, (iii) certificate of
              deposit of memorandum of increase of share capital dated 22 June 2011, (iv) certificate of deposit of memorandum of increase of share capital dated 22 July 2014, (v) certificate of deposit of memorandum of increase of share capital dated 25
              September 2017, (vi) certificate of deposit of memorandum of increase of share capital dated 3 January 2019, and (vii) bye-laws of the Company (together the <font style="font-weight: bold;">Constitutional Documents</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zec9647050fb249d5ab09f2405b9149ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Certified copies of the certificate of incorporation of NAT Bermuda Holdings Limited.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z60cad863d8664296a1bae53e8e0d5021" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Certified copies of the following documents in respect of each of the Bermuda Subsidiaries:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zabea965652b54310b0b9fb093a99f661" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Memorandum of association;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbd64e714abcb49d38f9b51782f97dfaa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Bye-laws;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(<font style="font-weight: bold;">Subsidiary Constitutional
        Documents</font>).</div>
    <table cellspacing="0" cellpadding="0" id="zbc2f59d1938142819f31d193829b204f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A Certificate of Compliance, dated 29 September 2021 issued by the Registrar of Companies in respect of the Company (<font style="font-weight: bold;">Certificate of Compliance</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z063dd4ae275b4839b3b2eacf62bec503" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A Certificate of Compliance, dated 29 September 2021 issued by the Registrar of Companies in respect of each of the Bermuda Subsidiaries.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z63ca5b2873b94752b2b2b5c6db3dfe41" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the unanimous written consent of the board of directors of the Company dated 28 September 2021, (together the <font style="font-weight: bold;">Resolutions</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc2aee06eb52a480d8bff99323692b644" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the register of members of the Company (<font style="font-weight: bold;">Register of Members</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zfe2800ab6f9840b6bae4d4f24b18eb99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Certified copies of the register of members for each of the Bermuda Subsidiaries (<font style="font-weight: bold;">Subsidiaries
                Registers of Members</font>).</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z90397ff4ba884198b8f251c7a28be828" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the Register of Directors and Officers of the Company (<font style="font-weight: bold;">Register of
                Directors and Officers</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6019f21ec90a4d4daf3b7340ac9ed276" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Certified copies of the register of directors and officers for each of the Bermuda Subsidiaries.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z8792477bc580422f83424d72c40ed844" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the Foreign Exchange Letter, dated 5 November 2004, issued by the Bermuda Monetary Authority, Hamilton, Bermuda in relation to the Company (<font style="font-weight: bold;">Foreign Exchange Letter</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z8cf454fc661649668e49ba7ccf3b23fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the foreign exchange consent in relation to the Company and dated 29 January 2019.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za23e709143c040358800837a5b949180" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A certified copy of the Tax Assurance, issued by the Registrar of Companies for the Minister of Finance in relation to the Company (<font style="font-weight: bold;">Tax Assurance</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd3d426ad06324ea1889bac26b8f7d9d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Certified copies of the tax assurance, issued by the Registrar of Companies for the Minister of Finance in relation to each of the Bermuda Subsidiaries.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z775be6115799466f9d2d36a80ad06cca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A Director&#8217;s Certificate (<font style="font-weight: bold;">Certificate</font>) dated 29 September 2021 in respect of
              the Company.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Part 3</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Searches</div>
    <table cellspacing="0" cellpadding="0" id="z225371993f534031b531023f73cc84c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">A search of the entries and filings shown and available for inspection in respect of the Company in the register of charges and on file of the Company maintained in the
              register of companies at the office of the Registrar of Companies in Hamilton, Bermuda, as revealed by an electronic company extract prepared by the Registrar of Companies on 29 September 2021 and the documents delivered by the Registrar of
              Companies in connection therewith (<font style="font-weight: bold;">Company Searches</font>).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z13b6524c01a94f82932625d140fd5c26" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">An electronic record of the Cause and Judgment Book which is updated by electronic records of the Cause and Judgment Book distributed by the Supreme Court to law firms at 3pm
              each Tuesday and Friday.&#160; We last received such update on 29 September 2021 reflecting the Cause and Judgement Book of the Supreme Court maintained at the Registry of the Supreme Court in Hamilton, Bermuda as at 29 September 2021 (<font style="font-weight: bold;">Electronic Litigation Searches</font>).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Part 4</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Subsidiaries</div>
    <table cellspacing="0" cellpadding="0" id="z22eb9ee43ae741c691e166d0dff0d7ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">NAT Bermuda Holdings Limited.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z09920ecfb603400d93336104a8687bbb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">NAT Chartering Ltd.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb30074d38202489ab94a9c5c17a0f16a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Scandic American Shipping Ltd.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 2</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Assumptions</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have assumed:</div>
    <table cellspacing="0" cellpadding="0" id="zda0cd274532e4e0385aa2bb31be5f324" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">(i) that the originals of all documents examined in connection with this opinion are authentic, accurate and complete; and (ii) the authenticity, accuracy completeness and
              conformity to original documents of all documents submitted to us as copies;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6509d27b5b074a4193950f69216ffc81" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that each of the Documents and other documentation which was received by electronic means is complete, intact and in conformity with the transmission as sent;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z1cbda106e1e04a65b207d5215d212120" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that there has been no change to the information contained in the Certificate of Incorporation and that the Constitutional Documents and Subsidiary Constitutional Documents
              remain in full force and effect and are unamended;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zbcfc7116dd3b4c3c982f3f437fcc9767" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the signatures, initials and seals on all documents and certificates submitted to us as originals or copies of executed originals are authentic, and the signatures and
              initials on any Document executed by the Company or Bermuda Subsidiaries are the signatures and initials of a person or persons authorised to execute the documents by the Company or Bermuda Subsidiaries, by resolution of its board of
              directors or any power of attorney granted by the Company or the Bermuda Subsidiaries, to execute such Document;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z069cb9e6423f46d1bb7c2ea9bc3ce2bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that each of the parties (other than the Company under Bermuda law) is incorporated, organised or registered (as the case may be) and in good standing (where such concept is
              legally relevant) under the laws which govern its capacity and has the capacity, power and authority, has fulfilled all internal authorisation procedures and completed all applicable filings and formalities, and has obtained all
              authorisations, approvals, consents, licences and exemptions required under the laws of any relevant jurisdiction to execute, deliver and perform its respective obligations under the Documents and the transactions contemplated thereby and has
              taken all necessary corporate and other action required and completed all applicable formalities required to authorise the execution of the Documents and the performance of its obligations under them;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z2b47b9e0fa4b45c5818b86e82f26e26b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the due execution and delivery of the Agreement by each of the parties thereto (other than execution by the Company under Bermuda law);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze27dd9f845f748e6bb484088ff4fe723" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the Agreement constitutes, or when executed will constitute, legal, valid, binding and enforceable obligations of all parties thereto (save for the Company under Bermuda
              law) in accordance with their jurisdiction(s) of existence;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z842adf2d85704bacb17d88ebace09877" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the choice of the law of the State of New York as the governing law of the Agreement has been made in good faith and is valid and binding under the laws of all relevant
              jurisdictions (other than Bermuda);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z08309791fdd9433e9458e24aace4cbaa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the Agreement is in the proper legal form to be admissible in evidence and enforced in the courts of the State of New York and in accordance with the laws of the State of
              New York;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd9138e58aad247048d1ae4fcb1a11bfc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that, insofar as any obligation under the Agreement is to be performed by any of the parties thereto in any jurisdiction outside of Bermuda, its performance will be legal,
              valid and binding in accordance with the law of any jurisdiction other than Bermuda to which they are subject or in which they are respectively constituted and established;</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd48852b963ee4d12af19b0ad52fa05cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that no party to the Agreement by having entered into and performing the transactions contemplated by the Agreement will be in breach of any other agreement, deed, trust deed
              or licence to which it is a party or by which it is bound;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zdccbc66dbfe441a08fd89f7777bf91e8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the truth, accuracy and completeness of all representations and warranties or statements of fact or law (other than as to the laws of Bermuda in respect of matters upon which
              we have expressly opined) made in any of the Documents;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd18557aaf7584cfbaad9ad6dd7b2ddd3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the accuracy, completeness and currency of the records and filing systems maintained at the public offices where we have caused Company Searches, Electronic Litigation
              Searches or enquiries&#160; to be conducted, that such search and enquiry did not fail to disclose any information which had been filed with or delivered to the relevant body but had not been processed at the time when the search was conducted and
              the enquiries were made, and that the information disclosed by the Company Searches and the Electronic Litigation Searches are accurate and complete in all respects and such information has not been materially altered since the date and time
              of the Company Searches and the Electronic Litigation Searches;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4443925fe8de49188b6e1822e70bca55" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the Company was able to pay its debts when it executed the Agreement and did not become unable to do so as a result of the execution and delivery of the Agreement or the
              performance of its obligations under the Agreement;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z83c5ae4936ab4ff4a114fe7c82aa8c80" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that (i) the Documents are in the form of the documents approved in the Resolutions;&#160; (ii) any meetings at which Resolutions were passed were duly convened and had a duly
              constituted quorum present and voting throughout;&#160; (iii) all interests of the directors of the Company on the subject matter of the Resolutions, if any, were declared and disclosed in accordance with the law and Constitutional Documents;&#160;
              (iv) the Resolutions have not been revoked, amended or superseded, in whole or in part, and remain in full force and effect at the date of this opinion;&#160; and (v) the directors of the Company have concluded that the entry by the Company into
              the Agreement and such other documents approved by the Resolutions and the transactions contemplated thereby are <font style="font-style: italic;">bona fide</font> in the best interests
              of the Company and for a proper purpose of the Company;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z474326323542451496dba19cb14c73a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that (i) the Register of Directors and Officers accurately reflects the names of all directors and officers of the Company;&#160; and (ii) the Register of Members and Subsidiary
              Registers of Members accurately reflects the names of all members of the Company and Bermuda Subsidiaries as at the date the Resolutions were passed or adopted, the date the Documents were executed and as at the date of this opinion;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z41f433d2c650456587a9a8992f6019c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that there is no matter affecting the authority of the directors of the Company to effect entry by the Company into the Agreement including breach of duty or lack of good
              faith which would have any adverse implications in relation to the opinions expressed herein;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z086bb8d12da0473eb83f041c6693d866" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the Company has entered into its obligations under the Agreement in good faith for the purpose of carrying on its business and that, at the time it did so, there were
              reasonable grounds for believing that the transactions contemplated by the Agreement would benefit the Company;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze03ba08dff4546e6b2d913118925f9e3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">19.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that each transaction to be entered into pursuant to the Agreement is entered into in good faith and for full value and will not have the effect of preferring one creditor
              over another;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z97530c34225f4d47ae1fcf8fc40b06c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">20.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the entry into the Agreement and carrying out each of the transactions referred to therein will not conflict with or breach any applicable economic, anti-money
              laundering, anti-terrorist financing or other sanctions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze96c9d930d5842d79ffd7dc544f99cc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">21.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that, save for the documents provided to us, there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged
              in the Documents;</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb95636531b6b42b8914c504c68b28a8c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">22.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that no resolution to voluntarily wind up the Company has been adopted by the members and no event of a type which is specified in the Constitutional Documents as giving rise
              to the winding up of the Company (if any) has in fact occurred;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0e55c9a9f26246d891913c02cdf3e568" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">23.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that the Prospectus Supplement has, and any amendments thereto have, been filed with the Commission; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z866fec23369345ab9a18941b57d52f4a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">24.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">that there are no matters of fact or law (excluding matters of Bermuda law) affecting the enforceability of the Agreement that have arisen since the execution of the Agreement
              which would affect the opinions expressed herein.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 3</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Reservations</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our opinion is subject to the following:</div>
    <table cellspacing="0" cellpadding="0" id="z2679ab0700274ede8bea36d958499e96" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Enforcement</font>:&#160; The term &#8220;enforceable&#8221; as used in this opinion means that there
              is a way of ensuring that each party performs an agreement or that there are remedies available for breach.&#160; Notwithstanding that the obligations established by the Documents are obligations which the Bermuda courts would generally enforce,
              they may not necessarily be capable of enforcement in all circumstances in accordance with their terms.&#160; In particular, but without limitation:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z9f353b8f19144a748bbfec2cd57a8ef8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">enforcement and priority may be limited by laws relating to bankruptcy, insolvency, reorganisation, liquidation, court schemes of arrangement, or other laws of general
              application relating to, or affecting the rights of, creditors generally;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za0329db2b6eb493a96b5ed6f1de56521" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">enforcement may be limited by the principles of unjust enrichment or by general principles of equity and we express no opinion as to the availability of equitable remedies or
              as to any matters which are within the discretion of the courts of Bermuda, even where such remedies are included in the Documents (for example equitable remedies such as the grant of an injunction or an order for specific performance may not
              be available where liquidated damages are considered an adequate remedy);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zea930a8e689d4d01bca65b7fb9bbf54c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">claims may become barred by relevant limitation periods by prescription or may be or become subject to defences of set-off, counterclaim, estoppel and similar defences;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z5091e3d6507a43e18cacaef3ec808e67" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">obligations to be performed outside Bermuda may not be enforceable in Bermuda to the extent that performance would be illegal or contrary to public policy under the laws of
              that foreign jurisdiction;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze0e2157e36684b10a327892dd499c08b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">enforcement may be limited to the extent that matters which we have expressly assumed in this opinion will be done, have not been done;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zccb62ca4aa1646ae8bff65d36bc6f83f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">the enforcement of the obligations of the parties to the Agreement may be limited by the law applicable to obligations held to have been frustrated by events happening after
              their execution;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze463c4ff491f40d19cf4cee45d29ab11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">enforcement of obligations may be invalidated by reason of fraud, duress, misrepresentation or undue influence;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z708d4575efb04946899de277b26a61c1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">where the performance of payment obligations is contrary to the exchange control regulations of any country in the currency of which such amounts are payable, such obligations
              may not be enforceable in the Bermuda Courts;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0c5f9125392f4a4e8ecdb46aa36edbd9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">any provision of a Document governed by the laws of Bermuda purporting to impose an obligation on a person who is not a party to the Document (a Third Party) is unenforceable
              against that Third Party and any provision in a Document governed by the laws of Bermuda purporting to grant rights to a Third Party is unenforceable by that Third Party except to the extent that the relevant Document expressly provides that
              the Third Party may, in its own right, enforce such rights in accordance with (and subject to) the Contracts (Rights of Third Parties) Act 2016.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z5e0aad38130047af85193946e6db3732" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Penalties</font>:&#160; Any provision that provides for the payment of liquidated damages
              or forfeiture for breach of contract is enforceable provided it is not extravagant or unconscionable.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z6dc1f2dce10d4561b8d5365dda5d78bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Severability</font>:&#160; Severability provisions contained in the Agreement may not be
              binding and the question of whether or not provisions may be severed would be determined by the Bermuda courts at their discretion, having regard to such matters as whether a particular severance would accord with public policy or involve the
              courts in making a new contract for the parties.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za9ccfc618add4d0f91fff45e831c1ab0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Other Obligations</font>:&#160; We express no opinion as to whether the acceptance,
              execution or performance of the Company&#8217;s obligations under the Agreement will result in the breach of or infringe any other agreement, deed or document (other than the Constitutional Documents) entered into by or binding on the Company.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7f7f3987df684acc97f774ecab8af4e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Determination</font>:&#160; Any provision in the Agreement that certain calculations or
              certificates will be conclusive and binding will not be effective if such calculations or certificates are fraudulent or erroneous on their face and will not necessarily prevent judicial enquiries into the merits of any claim by an aggrieved
              party.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z234cf650362044b8b264b2a3ccf26655" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Discretion</font>:&#160; Where a party to the Agreement is vested with a discretion or may
              determine a matter in its opinion or is given the right to determine a conclusive calculation or determination, the Bermuda courts, if called upon to consider the question, may require that such discretion be exercised reasonably or that such
              opinion be based upon reasonable grounds or may determine that such right is not finally binding.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z82235fc5e71d4f84bac7aaf23f3b87a2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Modification of Documents</font>:&#160; We express no view on any provision in the
              Agreement requiring written amendments and waivers of any of the provisions of the Agreement insofar as it suggests that oral or other modification, amendments or waivers could not be effectively agreed upon or granted by or between the
              parties or implied by the course of conduct of the parties.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd9364648d0fa42d4956fa92d4e68b34c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Limitations on Liability</font>:&#160; The effectiveness of any terms releasing or limiting
              a party from a liability or duty owed is limited by law.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc14fc3c78f1149fa95863e9afbd5fb3f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Jurisdiction</font>:&#160; Where a Document provides for the submission to the exclusive or
              non-exclusive jurisdiction of the Bermuda courts, the court may decline to accept jurisdiction in any matter where (a) it determines that some other jurisdiction is a more appropriate or convenient forum; (b) another court of competent
              jurisdiction has made a determination in respect of the same matter; or (c) litigation is pending in respect of the same matter in another jurisdiction.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd7ef69c6a69d4cc79ceea736a0236e2f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Concurrent Proceedings</font>:&#160; Proceedings may be stayed in Bermuda if concurrent
              proceedings in respect of the same matter are or have been commenced in another jurisdiction.&#160; Notwithstanding any provision in the Agreement that all disputes arising under or in connection with the Agreement should be brought before the
              competent court in the jurisdiction specified in the Agreement, the Bermuda courts have discretion to refuse to stay proceedings in Bermuda if it is satisfied that it is just and equitable to do so and may grant leave to serve Bermuda
              proceedings outside of Bermuda.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z548c4dda824a4a37aaf157d2e6580933" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Foreign Law</font>:&#160; Relevant foreign law will not be applied by the Bermuda courts if
              it is not pleaded and proved, is not a bona fide and lawful choice of law, or it would be contrary to public policy for that law to be applied.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zf5d325c896b34a41a138e35434186310" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Currency of Court Judgments</font>:&#160; The Bermuda courts may grant judgments in foreign
              currencies.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z57a067436dfa4e719e840072e94a474c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Interest on Judgments</font>:&#160; Section 9 of the Interest and Credit Charges
              (Regulation) Act 1975 provides that the Bermuda courts have discretion as to the amount of interest, if any, payable on the amount of a judgment after date of judgment.&#160; If the Court does not exercise that discretion, then interest will
              accrue at the statutory rate which is currently 3.5% per annum.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6afd724b2c034a0c89da65e71f39e3fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Costs</font>:&#160; A Bermuda court may refuse to give effect to any provisions of the
              Agreement in respect of costs of unsuccessful litigation brought before the Bermuda court or where that court has itself made an order for costs.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbdb374dd13b84af580e9419ece95a431" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Conversion of Debts</font>:&#160; In the event the Company is placed into liquidation, the
              liquidator is likely to require that all debts are converted (at the official exchange rate at the date of the liquidation order) into and paid in a common currency which is likely to be Bermuda dollars or United States dollars.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze8cbe4798da946b78f7cd598d2529f0e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Existence of and Title to Assets</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have not independently verified the existence of any assets and we express no opinion as to the title of the Company to
      any assets.</div>
    <table cellspacing="0" cellpadding="0" id="z305dc54af4644c09a27a28a8a850a87e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Preferences</font>:&#160; Every conveyance or transfer of property, or charge thereon, and
              every payment obligation and judicial proceeding, made, incurred, taken or suffered by a company at a time when that company was unable to pay its debts within the meaning of section 162 of the Companies Act, and made or granted in favour of
              a creditor with a view to giving that creditor a preference over the other creditors of the Company, would be invalid pursuant to section 237 of the Companies Act, if made, incurred, taken or suffered within the six months preceding the
              commencement of a liquidation of the Company.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zacb2ed851193475dad3d999fc25dc54f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Undervalues</font>:&#160; Any disposition of property made at an undervalue by or on behalf
              of a company and with an intent to defraud its creditors (which means an intention to wilfully defeat an obligation owed to a creditor), shall be voidable under Part IVA of the Conveyancing Act 1983 at the instance of a creditor thereby
              prejudiced.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z50882894cd5b4b03ad846be480443b3f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">19.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Defrauding Creditors</font>:&#160; If any business of a company has been carried on with
              intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose, the Bermuda court may under section 246 of the Companies Act declare that any persons who were knowingly parties to the carrying on of
              the business of the company in such manner are liable to make such contributions, if any, to the company&#8217;s assets as the court thinks proper.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zf007c28630184f5eb3f4304a6c4e0e97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">20.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Good Standing</font>:&#160; The term &#8220;good standing&#8221; means that the Company and each of the
              Subsidiaries has received a Certificate of Compliance from the Registrar of Companies.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z20dada10fb7c4c6eb4bde5833fa5d88a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">21.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Fettering of Statutory Powers</font>:&#160; We express no opinion as to the validity or
              binding effect of any provision in the Agreement which provides that the Company will not exercise its statutory powers.&#160; This may constitute an unlawful fetter on the statutory powers of the Company.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z0af2046142fc46629128e24e92713e0d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">22.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">COVID-19</font>:&#160; Due to the restrictions in place at the relevant government offices
              caused by COVID-19, we are relying on Electronic Litigation Searches in lieu of a physical search;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6baba31f08504dceb393fd7f8a77d48a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">23.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Shares Non-Assessable</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any reference in this opinion to shares being &#8220;non-assessable&#8217; means, in relation to fully-paid shares of the Company and
      subject to any contrary provision in any agreement in writing between the Company and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for
      their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a shareholder, of and so far
      as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.</div>
    <table cellspacing="0" cellpadding="0" id="z0fb90d9549e64c5e8a51fee7eeee29ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">24.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Director&#8217;s Certificate</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">With respect to opinion paragraph 5(v), we have relied upon statements and representations made to us in the Director&#8217;s
      Certificate provided to us by an authorised officer of the Company for the purposes of this opinion. We have made no independent verification of the matters referred to in the Director&#8217;s Certificate, and we qualify such opinion to the extent that the
      statements or representations made in the Director&#8217;s Certificate are not accurate in any respect.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SCHEDULE 4</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Charges Registered</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Nordic American Tankers Limited</div>
      <table cellspacing="0" cellpadding="0" border="0" id="za1581620006146bca35afe837e9d9f10" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif;">Serial Number / Date of Registration:</div>
              <div style="font-family: 'Times New Roman', serif;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(i)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46968 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(ii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46969 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46970 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46971 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(v)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46972 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(vi)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46973 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(vii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46974 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(viii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46975 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(ix)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46976 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(x)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46977 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xi)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46978 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46979 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xiii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46980 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xiv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46981 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46982 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xvi)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46983 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xvii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46984 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xviii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46985 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xix)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46986 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xx)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47002 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxi)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47003 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47004 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxiii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47005 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxiv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47006 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47007 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxvi)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47008 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxvii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47009 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxviii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47010 / 1 March 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(xxix)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">48550 / 10 August 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Scandic American Shipping Ltd.</div>
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif;">Serial Number / Date of Registration:</div>
              <div style="font-family: 'Times New Roman', serif;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(i)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46987 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(ii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46988 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46989 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">NAT Chartering Ltd.</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif;">Serial Number / Date of Registration:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(i)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46990 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(ii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46991 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46992 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46993 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">NAT Bermuda Holdings Ltd.</div>
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif;">Serial Number / Date of Registration</div>
              <div style="font-family: 'Times New Roman', serif;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(i)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">27320 / 23 May 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(ii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46994 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">46995 / 28 February 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(iv)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47318 / 23 May 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(v)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47319 / 23 May 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(vi)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47321 / 23 May 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(vii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47322 / 23 May 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(viii)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47323 / 23 May 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">(ix)</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">47324 / 23 May 2019</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47325 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47326 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47327 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47328 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47329 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47330 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47331 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47332 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47333 / 23 May 2019</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">47334 / 23 May 2019</div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
  </div>
  <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 13</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
