<SEC-DOCUMENT>0001104659-21-103039.txt : 20210811
<SEC-HEADER>0001104659-21-103039.hdr.sgml : 20210811
<ACCEPTANCE-DATETIME>20210810211954
ACCESSION NUMBER:		0001104659-21-103039
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20210806
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210811
DATE AS OF CHANGE:		20210810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK MORTGAGE TRUST INC
		CENTRAL INDEX KEY:			0001273685
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				470934168
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32216
		FILM NUMBER:		211161711

	BUSINESS ADDRESS:	
		STREET 1:		90 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 792-0107

	MAIL ADDRESS:	
		STREET 1:		90 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 under the Securities Act (&#167;230.405 of this chapter) or Rule 12b-2 under
the Exchange Act (&#167;240.12b-2 of this chapter).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.75in; text-indent: 1.5in">Emerging Growth Company <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20210806__20210806_zmFc3p8jHIM4"><ix:nonNumeric contextRef="From2021-08-06to2021-08-06" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>



<p style="margin: 0 0 0 0.25in">&#160;&#160;</p>

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 60pt; text-align: left"><b>Item 5.03.</b></td><td style="text-align: justify"><b>Amendments
                                            to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">On
August&#160;6, 2021, New York Mortgage Trust,&#160;Inc. (the &#8220;Company&#8221;) filed Articles Supplementary (the &#8220;Additional
Series&#160;F Articles Supplementary&#8221;) with the State Department of Assessments and Taxation of Maryland to classify and designate
2,000,000 shares of the Company&#8217;s authorized but unissued preferred stock, par value $0.01 per share, as additional shares of </span>6.875%
Series&#160;F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, par value $0.01 per
share (the &#8220;Series&#160;F Preferred Stock&#8221;), with the powers, designations, preferences and other rights as set forth in the
Articles Supplementary filed as Exhibit&#160;3.9 to the Company&#8217;s Registration Statement on Form&#160;8-A, filed with the U.S. Securities
and Exchange Commission (the &#8220;SEC&#8221;) on July&#160;6, 2021 (the &#8220;July&#160;2021 Series&#160;F Articles Supplementary&#8221;).
The Additional Series&#160;F Articles Supplementary became effective upon filing on August&#160;6, 2021, and upon such effectiveness,
the Company was authorized to issue an aggregate of 7,750,000 shares of Series&#160;F Preferred Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the Additional Series&#160;F Articles
Supplementary is filed as Exhibit&#160;3.1 to this Current Report on Form&#160;8-K, and the information in the July&#160;2021 Series&#160;F
Articles Supplementary is incorporated into this Item 5.03 by reference. The description of the terms of the Additional Series&#160;F
Articles Supplementary in this Item 5.03 is qualified in its entirety by reference to Exhibit&#160;3.1 hereto and the July&#160;2021 Series&#160;F
Articles Supplementary.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 60pt"><b>Item 8.01.</b></td><td><b>Other Events.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Common Stock ATM Program</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August&#160;10, 2021,
the Company entered into an Equity Distribution Agreement (the &#8220;Common Stock Equity Distribution Agreement&#8221; and such
transactions contemplated thereby, the &#8220;Common Stock ATM Program&#8221;) with B. Riley Securities,&#160;Inc., as sales agent
(&#8220;B. Riley&#8221;), pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share
(the &#8220;Common Stock&#8221;), having a maximum aggregate sales price of up to $100.0 million (the &#8220;Offered Common
Shares&#8221;), from time to time through B. Riley.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Common Stock
Equity Distribution Agreement, the Offered Common Shares may be offered and sold through B. Riley in transactions that are deemed to be
&#8220;at-the-market&#8221; offerings as defined in Rule&#160;415 under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), including sales made directly on Nasdaq Global Select Market, the existing trading market for the Common Stock, sales
made to or through a market maker, if specified in a written notice from the Company, by any other method permitted by law, including,
but not limited to, in privately negotiated transactions and block trades. Under the terms of the Common Stock Equity Distribution Agreement,
the Company may also sell the Offered Common Shares to B. Riley as principal for its own account at a price agreed upon at the time of
sale. If the Company sells the Offered Common Shares to B. Riley as principal, the Company will enter into a separate terms agreement
with B. Riley. Under the Common Stock Equity Distribution Agreement, B. Riley will be entitled to compensation of up to 2.0% of the gross
proceeds from the sale of the Offered Common Shares sold through it from time to time pursuant to the terms of the Common Stock Equity
Distribution Agreement. The Company has no obligation to sell any of the Offered Common Shares under the Common Stock Equity Distribution
Agreement and may at any time suspend solicitations and offers under the Common Stock Equity Distribution Agreement.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Stock Equity Distribution
Agreement contains customary representations, warranties and covenants by the Company. The Company also agreed to indemnify B. Riley against
certain specified types of liabilities, including liabilities under the Securities Act, and to contribute to payments B. Riley may be
required to make in respect of these liabilities. From time to time, in the ordinary course of business, B. Riley and its affiliates have
provided, and in the future may provide, various financial advisory and investment banking services to the Company, for which they have
received or will received customary fees and expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Stock Equity Distribution Agreement and related Common Stock ATM Program replaces the Company's prior equity distribution agreement
dated as of August 10, 2017, as amended by Amendment No. 1 to Equity Distribution Agreement, dated as of September 10, 2018 (collectively,
the &#8220;Prior Agreement&#8221;), which provided for the offer and sale of shares of Common Stock having a maximum aggregate sales price
of up to $177.1 million from time to time in transactions that were deemed to be &#8220;at the market&#8221; offerings. As of August 9,
2021, the Company sold approximately $104.6 million of the $177.1 million of Common Stock that was available for issuance under the Prior
Agreement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The foregoing
description of certain provisions of the Common Stock Equity Distribution Agreement is not intended to be complete and is qualified
in its entirety by reference to the full text of the Common Stock Equity Distribution Agreement filed as Exhibit 1.1 to this
Current Report on Form&#160;8-K, which is incorporated herein by reference.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Offered Common Shares
will be issued pursuant to the Company&#8217;s automatic shelf registration statement filed with the SEC on August&#160;6, 2021 (File
No.&#160;333-258589), a base prospectus, dated August&#160;6, 2021, included as part of the registration statement, and a prospectus supplement,
dated August&#160;10, 2021, filed with the SEC pursuant to Rule&#160;424(b)&#160;under the Securities Act.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the
filing of the Common Stock Equity Distribution Agreement, the Company is filing as Exhibit&#160;5.1 to this Current Report on
Form 8-K  the opinion of its Maryland counsel, Venable LLP, regarding the validity of the Offered Common Shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Preferred Stock ATM Program</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
August&#160;10, 2021, the Company entered into Amendment No.&#160;2 to Equity Distribution Agreement (&#8220;Amendment
No.&#160;2&#8221;) to its existing Equity Distribution Agreement, dated March&#160;29, 2019 (the &#8220;Original Preferred Stock
Equity Distribution Agreement&#8221;), as earlier amended by Amendment No.&#160;1 to Equity Distribution Agreement, dated
November&#160;27, 2019 (&#8220;Amendment No.&#160;1&#8221; and, together with the Original Preferred Stock Equity Distribution
Agreement and Amendment No.&#160;2, the &#8220;Amended Preferred Stock Equity Distribution Agreement&#8221;), with JonesTrading
Institutional Services LLC, as sales agent (&#8220;JonesTrading&#8221;), in connection with the Company&#8217;s existing
&#8220;at-the-market&#8221; preferred equity offering program (the &#8220;Preferred Stock ATM Program&#8221;). Amendment No.&#160;2, among other things, (i)&#160;increased the maximum aggregate sales price of shares of preferred stock that the Company may offer
and sell under the Preferred Stock ATM Program, (ii) provided for the inclusion of sales of the Series&#160;F Preferred Stock under
the Preferred Stock ATM Program, and (iii) reflected the Company&#8217;s new automatic shelf registration statement covered by the Amended
Preferred Stock Equity Distribution Agreement on Form&#160;S-3 (File No.&#160;333-258589) filed with the SEC on
August&#160;6, 2021.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to the Amended Equity Distribution Agreement, the Company may offer and sell (i)&#160;shares of the Company&#8217;s 7.75% Series&#160;B
Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, par value $0.01 per share (the &#8220;Series&#160;B Preferred
Stock&#8221;), (ii)&#160; shares of the Company&#8217;s 8.00% Series&#160;D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock,
liquidation preference $25.00 per share, par value $0.01 per share (the &#8220;Series&#160;D Preferred Stock&#8221;), (iii)&#160;shares
of the Company&#8217;s 7.875% Series&#160;E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, liquidation preference $25.00
per share, par value $0.01 per share (the &#8220;Series&#160;E Preferred Stock&#8221;) and (iv)&#160;shares of the Company&#8217;s Series&#160;F
Preferred Stock (collectively, the &#8220;Preferred Stock&#8221;), having a maximum aggregate gross sales price of up to $149.1 million.&#160;
Pursuant to a prospectus supplement filed on the date hereof, shares of Preferred Stock having a maximum aggregate sales price of $100.0
million (the &#8220;Offered Preferred Shares&#8221;) remain available for offer and sale under the Amended Preferred Stock Equity Distribution
Agreement. The Company has previously sold shares of its Series&#160;B Preferred Stock, 7.875% Series&#160;C Cumulative Redeemable Preferred
Stock, liquidation preference $25.00 per share, par value $0.01 per share, Series&#160;D Preferred Stock and Series&#160;E Preferred Stock
having an aggregate maximum offering price of $49.1 million under the Preferred Stock ATM Program.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Offered Preferred Shares will be issued pursuant to the Company&#8217;s automatic shelf registration statement filed with the SEC on August&#160;6,
2021 (File No.&#160;333-258589), a base prospectus, dated August&#160;6, 2021, included as part of the registration statement, and a prospectus
supplement, dated August&#160;10, 2021, filed with the SEC pursuant to Rule&#160;424(b)&#160;under the Securities Act.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
foregoing description of certain provisions of Amendment No.&#160;2 is not intended to be complete and is qualified in its entirety
by reference to Amendment No.&#160;2 filed as Exhibit 1.2 to this Current Report on Form&#160;8-K, which is incorporated herein by
reference.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
connection with the filing of Amendment No.&#160;2, the Company is filing as Exhibit&#160;5.2 to this Current Report on Form&#160;8-K
the opinion of its Maryland counsel, Venable LLP, regarding the validity of the Offered Preferred Shares.</p>

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

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

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

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

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

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

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<td style="width: 0"></td><td style="width: 60pt"><b>Item 9.01.</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160; <i>Exhibits. </i>The following exhibits are being filed herewith
this Current Report on Form&#160;8-K.</p>

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    <td style="padding-left: 3pt">&#160;</td>
    <td style="padding-right: 2pt; padding-left: 3pt"><a href="tm2124230d5_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Equity Distribution Agreement, dated August&#160;10, 2021, by and between the Company and B. Riley Securities,&#160;Inc.</span></a></td></tr>
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    <td style="padding-left: 3pt">&#160;</td>
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    <td style="padding-right: 2pt; padding-left: 3pt"><a href="tm2124230d5_ex1-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">Amendment No.&#160;2 to Equity Distribution Agreement dated August&#160;10, 2021, by and between the Company and JonesTrading Institutional Services LLC.</span></a></td></tr>
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    <td style="padding-right: 2pt; padding-left: 3pt"><a href="tm2124230d5_ex3-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Articles
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    <td style="padding-left: 3pt">&#160;</td>
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    <td style="padding-left: 3pt">&#160;</td>
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    <td style="padding-left: 3pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</p>

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

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    <td><span style="font: 10pt Times New Roman, Times, Serif">Date: August&#160;10, 2021</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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


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

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    <TD STYLE="border-top: Black 2.5pt double; width: 100%; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York Mortgage Trust,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Up to $100,000,000</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: August&nbsp;10, 2021</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;1.</FONT></TD>
    <TD STYLE="text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description of Securities</U></FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;2.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Placements</U></FONT></TD>
    <TD STYLE="text-align: right">3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;3.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sale of Placement Securities by the Placement Agent</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;4.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Suspension of Sales</U></FONT></TD>
    <TD STYLE="text-align: right">4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;5.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations and Warranties</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;6.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sale and Delivery to the Placement Agent; Settlement</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;7.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Covenants of the Company</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;8.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Payment of Expenses</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;9.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Conditions of the Placement Agent&rsquo;s Obligations</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;10.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnity and Contribution by the Company and the Placement Agent</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;11.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations, Warranties and Agreements to Survive Delivery</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;12.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination of Agreement</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;13.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;14.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Parties</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;15.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Adjustments for Stock Splits</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;16.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing Law and Time</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;17.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effect of Headings</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;18.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Permitted Free Writing Prospectuses</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;19.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Absence of Fiduciary Relationship</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;20.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Recognition of the U.S. Special Resolution Regimes</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;A</FONT></TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Placement Notice</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Individuals for Placement Notices and Acceptances</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;C</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;D-1</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Corporate Opinion of Company Corporate Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;D-2</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Opinion of Company Maryland Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;E</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Tax Opinion of Company Special Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;F</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer&rsquo;s Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;G</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;H</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer Free Writing Prospectus</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Up to $100,000,000</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August&nbsp;10, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">299 Park Avenue, 21st Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10171</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York Mortgage Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with </FONT>B. Riley Securities,&nbsp;Inc. (the &ldquo;<U>Placement Agent</U>&rdquo;), as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the Placement Agent, acting as agent and/or principal, shares of the Company&rsquo;s common stock, par value
$0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;), having a maximum aggregate sales price of up to $100.0 million (the &ldquo;<U>Securities</U>&rdquo;)</FONT><FONT STYLE="font-size: 10pt">;</FONT>
provided, however, that in no event shall the Company issue or sell through the Placement Agent such number or dollar amount of Securities
that would (i)&nbsp;exceed the number or dollar amount of shares of Common Stock registered on an effective registration statement pursuant
to which the offering is being made, (ii)&nbsp;exceed the number of authorized but unissued shares of Common Stock under the Company&rsquo;s
organizational documents, (iii)&nbsp;exceed the number or dollar amount of shares of Common Stock permitted to be sold under Form&nbsp;S-3
(including General Instruction I.B.6 thereof, if applicable) or (iv)&nbsp;exceed the number or dollar amount of shares of Common Stock
for which the Company has filed a Prospectus Supplement (defined below) (the lesser of (i), (ii), (iii), and (iv), the &ldquo;<U>Maximum
Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein, except as set forth in a Placement Notice (as defined below),
the parties hereto agree that compliance with the limitations set forth in this Section&nbsp;1 on the number of the Securities issued
and sold under this Agreement shall be the sole responsibility of the Company, and the Placement Agent shall have no obligation in connection
with such compliance. The issuance and sale of the Securities through the Placement Agent will be effected pursuant to the Registration
Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;),
although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to offer, sell or issue
the Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder
(collectively, the &ldquo;<U>Securities Act</U>&rdquo;), with the Commission an automatic shelf registration statement of well-known seasoned
issuers on Form&nbsp;S-3 (File No.&nbsp;333-258589), including a base prospectus, relating to, among other securities of the Company,
the Common Stock, including the Securities 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&nbsp;and regulations thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;). The Registration Statement became automatically
effective upon filing with the Commission on August&nbsp;6, 2021. The Company has prepared a prospectus supplement specifically relating
to the Securities (the &ldquo;<U>Prospectus Supplement</U>&rdquo;) to the base prospectus included as part of such registration statement.
The Company will furnish to </FONT>the Placement Agent, for use by the Placement Agent, copies of the base prospectus included as part
of such registration statement, as supplemented by the Prospectus Supplement, relating to the Securities. Except where the context otherwise
requires, such registration statement, as amended when it became effective, 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&nbsp;424(b)&nbsp;under the Securities Act or deemed to be a part of such registration statement pursuant to Rule&nbsp;430B
or 462(b)&nbsp;of the Securities Act, is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; The base prospectus, including
all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement,
in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act is herein called the &ldquo;<U>Prospectus</U>.&rdquo; Any reference herein to the Registration
Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement (as defined below), the Prospectus or any amendment or supplement thereto
shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo;
 &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement or the Prospectus shall be deemed to refer
to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein.
Any reference herein to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean
and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement
or the Prospectus, as the case may be. Any reference herein 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 the Commission&rsquo;s Electronic Data
Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;); all references in this Agreement to any Issuer Free Writing Prospectus
(defined below) (other than any Issuer Free Writing Prospectuses that, pursuant to Rule&nbsp;433 under the Securities Act, are not required
to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
time that the Company wishes to issue and sell the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify </FONT>the
Placement Agent by email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance
with which it desires the Securities to be sold, which shall at a minimum include the maximum number of Securities to be offered, sold
and issued (the &ldquo;<U>Placement Securities</U>&rdquo;), the time period during which sales are requested to be made, any limitation
on the number of Securities that may be sold in any one day, any minimum price below which sales may not be made, and the maximum prices
above which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), a form of which containing such parameters necessary is
attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice shall originate from any of the individuals from the Company set forth
on <U>Exhibit&nbsp;B</U> (with a copy to each of the other individuals from the Company listed on such exhibit), and shall be addressed
to each of the individuals from the Placement Agent set forth on <U>Exhibit&nbsp;B</U>, as such <U>Exhibit&nbsp;B</U> may be amended
from time to time. If the Placement Agent wishes to accept such proposed terms included in the Placement Notice (which it may decline
to do so for any reason in its sole discretion) or, following discussion with the Company, wishes to accept amended terms, the Placement
Agent will, prior to 8:30 a.m., Eastern Time, on the Business Day (as defined below) following the Business Day on which such Placement
Notice is delivered to the Placement Agent, issue to the Company a notice by email (or other method mutually agreed to in writing by
the parties) addressed to all of the individuals from the Company and the Placement Agent set forth on <U>Exhibit&nbsp;B</U> setting
forth such acceptance or, in the alternative, such other terms that the Placement Agent is willing to accept. Where the terms provided
in the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on the Company
or the Placement Agent until the Company delivers to the Placement Agent an acceptance by email (or other method mutually agreed to in
writing by the parties) of all of the terms of such Placement Notice, as amended (the &ldquo;<U>Acceptance</U>&rdquo;), which email shall
be addressed to all of the individuals from the Company and the Placement Agent set forth on <U>Exhibit&nbsp;B</U>. The Placement Notice
(as amended by the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of the Placement Agent&rsquo;s
acceptance of the terms of the Placement Notice or upon receipt by the Placement Agent of the Company&rsquo;s Acceptance, as the case
may be, unless and until (i)&nbsp;the entire amount of the Placement Securities have been sold, (ii)&nbsp;the Company terminates the
Placement Notice in writing (including via email) at any time and in its sole discretion, (iii)&nbsp;the Company issues a subsequent
Placement Notice with parameters expressly superseding those on the earlier dated Placement Notice, (iv)&nbsp;this Agreement has been
terminated under the provisions of Section&nbsp;12 or (v)&nbsp;either party shall have suspended the sale of the Placement Securities
in accordance with Section&nbsp;4 below. The amount of any discount, commission or other compensation to be paid by the Company to the
Placement Agent in connection with the sale of the Placement Securities shall be calculated in accordance with the terms set forth in
<U>Exhibit&nbsp;C</U>. It is expressly acknowledged and agreed that neither the Company nor the Placement Agent will have any obligation
whatsoever with respect to a Placement or any Placement Securities unless and until the Company delivers a Placement Notice to the Placement
Agent and either (i)&nbsp;the Placement Agent accepts the terms of such Placement Notice or (ii)&nbsp;where the terms of such Placement
Notice are amended, the Company accepts such amended terms by means of an Acceptance pursuant to the terms set forth above, and then
only upon the terms specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable) and herein. In the
event of a conflict between the terms of this Agreement and the terms of a Placement Notice (as amended by the corresponding Acceptance,
if applicable), the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable) will control. The term
 &ldquo;Business Day&rdquo; means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions
in New York are generally authorized or obligated by law or executive order to close.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of Section&nbsp;6(a), </FONT>the Placement 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&nbsp;and regulations
and the rules&nbsp;of the Nasdaq Stock Market LLC (&ldquo;<U>NASDAQ</U>&rdquo;) to sell the Placement Securities up to the amount specified,
and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). The Placement
Agent will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Securities hereunder setting forth the number of Placement Securities sold on
such day, the compensation payable by the Company to the Placement Agent pursuant to Section&nbsp;2 with respect to such sales, and the
Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Placement Agent (as set forth
in Section&nbsp;6(b)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice (as amended
by the corresponding Acceptance, if applicable), the Placement Agent may sell Placement Securities by any method permitted by law deemed
to be an &ldquo;at-the-market&rdquo; offering as defined in Rule&nbsp;415 of the Securities Act, including without limitation sales made
directly on NASDAQ, on any other existing trading market for the Common Stock or to or through a market maker. If specified in a Placement
Notice (as amended by the corresponding Acceptance, if applicable), the Placement Agent may also sell Placement Securities by any other
method permitted by law, including but not limited to in privately negotiated transactions and block trades. For the purposes hereof,
 &ldquo;<U>Trading Day</U>&rdquo; means any day on which shares of Common Stock are purchased and sold on the principal market on which
the Common Stock is listed or quoted and during which there has been no market disruption of, unscheduled closing of or suspension of
trading on such principal market.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Suspension
of Sales</U>.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with Registration Requirements</U>. The Securities have been duly registered under the Securities Act pursuant to the Registration Statement.
The Registration Statement has become effective under the Securities Act, or, with respect to any registration statement to be filed to
register the offer and sale of the Securities pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, including the documents incorporated
by reference therein and the Rule&nbsp;430A Information, (a &ldquo;<U>Rule&nbsp;462(b)&nbsp;Registration Statement</U>&rdquo;), will be
filed with the Commission and become effective under the Securities Act no later than 10:00 p.m., Eastern Time, on the date of determination
of the public offering price for the Securities, and no stop order preventing or suspending the use of any base prospectus, the Prospectus
Supplement, the Prospectus or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement
or any Rule&nbsp;462(b)&nbsp;Registration Statement and no proceedings for such purpose have been instituted or are pending or, to the
knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional information
with respect to such Registration Statement has been complied with. (A)&nbsp;At the original effectiveness of the Registration Statement
and (B)&nbsp;at the time of the most recent amendment thereto for the purpose of complying with Section&nbsp;10(a)(3)&nbsp;of the Securities
Act (whether such amendment was by post-effective amendment or incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the Exchange Act or in the form of a prospectus), the Company was a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule&nbsp;405
under the Securities Act). The Company has not received from the Commission any notice pursuant to Rule&nbsp;401(g)(2)&nbsp;under the
Securities Act objecting to the Company&rsquo;s use of the automatic shelf registration form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At the respective
times each of the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any post-effective amendments thereto became
or becomes effective and as of the date hereof, the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any amendments
and supplement thereto complied and will comply in all material respects with the requirements of the Securities Act. The conditions for
the use of Form&nbsp;S-3, as set forth in the General Instructions thereto, have been complied with and the Registration Statement meets,
and the offering and sale of the Securities as contemplated hereby complies with, the requirements of Rule&nbsp;415(a)(1)(x)&nbsp;under
the Securities Act (including without limitation, Rule&nbsp;415(a)(5)). The Registration Statement, as of the date hereof and each effective
date with respect thereto, did not and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments or supplements
thereto, as of their respective dates, and at each Applicable Time, each Settlement Date (as defined below) and each Representation Date,
as the case may be, included or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Prospectus,
at the time the Prospectus was issued and at each Settlement Date, complied and will comply in all material respects with the Securities
Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
representations and warranties set forth in the immediately preceding paragraph shall not apply to statements in or omissions from the
Registration Statement or the Prospectus, as amended or supplemented, made in reliance upon and in conformity with information furnished
to the Company in writing by </FONT>the Placement Agent expressly for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
copies of the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any amendments thereto, each Issuer Free Writing
Prospectus (as defined below) that is required to be filed with the Commission pursuant to Rule&nbsp;433 under the Securities Act and
the Prospectus and any amendments or supplements thereto delivered and to be delivered to </FONT>the Placement Agent (electronically or
otherwise) in connection with the offering of the Securities were and will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;
means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities Act, relating to the Securities
that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show&rdquo; that is a &ldquo;written
communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i)&nbsp;under the Securities Act whether or not required to be filed with
the Commission, or (iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;under the Securities Act because it contains
a description of the Securities or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed
in <U>Exhibit&nbsp;H</U> hereto, in each case, in the form furnished (electronically or otherwise) to the Placement Agent for use in connection
with the offering of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Issuer Free Writing Prospectus relating to the Securities, if any, as of its issue date and as of each Applicable Time and Settlement
Date, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained
in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded
or modified; each Issuer Free Writing Prospectus, as supplemented by and taken together with the Prospectus, as of the Applicable Time
and Settlement Date, will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in light of the circumstances, prevailing at that time, not misleading. The foregoing sentence does not apply
to statements in or omissions from any issuer free writing prospectus based upon and in conformity with written information furnished
to the Company by </FONT>the Placement Agent specifically for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each document incorporated
or deemed to be incorporated by reference in the Registration Statement and the Prospectus, at the time they were or hereafter are filed
with the Commission, complied and will comply when filed in all material respects with the requirements of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Capitalization</U>. The Company has an authorized capitalization as set forth in the Prospectus; the outstanding shares of capital stock
of the Company have been duly and validly authorized and issued and are fully paid and nonassessable. All of the outstanding limited liability
company, partnership or other equity interests of each Subsidiary of the Company have been duly authorized and validly issued and are
fully paid and are owned directly or indirectly by the Company, free and clear of any claim, lien, encumbrance or security interest.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Disclosure
Regarding Outstanding Securities</U>. Except as disclosed in the Prospectus, there are no outstanding (A)&nbsp;securities or obligations
of the Company or the subsidiaries of the Company required to be set forth in Exhibit&nbsp;21.1 to the Company&rsquo;s Form&nbsp;10-K
filed for its most recently completed fiscal year, (each a &ldquo;<U>Subsidiary</U>,&rdquo; and together, the &ldquo;<U>Subsidiaries</U>&rdquo;)
convertible into or exchangeable for any capital stock of or partnership interests, membership interests or other equity interests, as
the case may be, in the Company or any such Subsidiary, (B)&nbsp;preemptive rights, rights of first refusal, warrants, options or other
rights to subscribe for or purchase from the Company or any Subsidiary any such capital stock or any such convertible or exchangeable
securities or obligations or any restriction upon the voting or transfer of, any shares of capital stock pursuant to the Company&rsquo;s
charter, bylaws or other governing documents or any agreement or other instrument to which the Company or any of the Subsidiaries is a
party or by which any of them may be bound, or (C)&nbsp;obligations of the Company or any Subsidiary to issue any securities or obligations,
any such convertible or exchangeable securities or obligations, or any such warrants, rights or options the existence of which, in each
case (A), (B)&nbsp;and (C), is required to be disclosed in the Registration Statement and the Prospectus and are not so disclosed. None
of the outstanding shares of the Company&rsquo;s capital stock were issued in violation of any preemptive rights, rights of first refusal
or other similar rights to subscribe for or purchase securities of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Good
Standing</U>. Each of the Company and the Subsidiaries has been duly incorporated or organized and is validly existing as a corporation,
general or limited partnership, limited liability company or statutory trust, as the case may be, except to the extent, in the case of
the Subsidiaries, that the failure to be so organized in its respective jurisdiction of incorporation or organization would not, individually
or in the aggregate, reasonably be expected to have any material adverse effect on, or any material adverse change with respect to, the
assets, business operation, earnings, prospects, properties or financial condition of the Company and its Subsidiaries taken as a whole
(a &ldquo;<U>Material Adverse Effect</U>&rdquo; or &ldquo;<U>Material Adverse Change</U>&rdquo;), and is in good standing under the laws
of its respective jurisdiction of incorporation or organization except to the extent that the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Corporate
Power</U>. Each of the Company and the Subsidiaries have the corporate, partnership or limited liability company power, as the case may
be, and authority, to own, lease or operate its respective properties and conduct its respective businesses, as presently conducted and
as described in each of the Registration Statement and the Prospectus (as applicable) except to the extent that the failure to have such
power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; the Company
has all necessary corporate power to execute and deliver this Agreement and to consummate the transactions described in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Foreign
Qualifications</U>. The Company and the Subsidiaries are duly qualified or licensed and in good standing in each jurisdiction where such
qualification or license is required except where the failure, individually or in the aggregate, to be so qualified or licensed would
not reasonably be expected to have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Prohibition on Dividends Payable by the Subsidiaries</U>. Except as disclosed in the Prospectus, no Subsidiary (excluding, for purposes
of this representation, each subsidiary set forth in <U>Exhibit&nbsp;G</U> hereto and any subsidiaries formed or organized in the future
for purposes of facilitating a securitization by the Company) is contractually prohibited or restricted, directly or indirectly, from
paying dividends or from making any other distribution with respect to the outstanding membership interests of such Subsidiary or from
repaying to the Company or another subsidiary of the Company any amounts which may from time to time become due under any loans or advances
to such Subsidiary from the Company or another subsidiary of the Company, or from transferring such Subsidiary&rsquo;s property or assets
to the Company or another subsidiary of the Company except for any such prohibitions and restrictions that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect or to the extent that any such restriction would currently
materially limit the Company&rsquo;s ability to pay dividends or that would be reasonably likely to materially limit the future payment
of dividends on capital stock of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Defaults</U>. Except as disclosed in the Prospectus, neither the Company nor any Subsidiary is in breach of or in default under (nor
has any event occurred which with notice, lapse of time, or both would constitute a breach of, or default under), its respective organizational
documents, or in the performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture,
mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or
by which any of them or their respective properties or assets is bound, except for such breaches or defaults which would not reasonably
be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Conflicts</U>. The execution, delivery and performance of this Agreement, the issuance, sale and delivery of the Securities by the
Company and the consummation of the transactions contemplated herein will not (A)&nbsp;conflict with, or result in any breach of, or constitute
a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach of, or default under): (1)&nbsp;any
provision of the organizational documents of the Company, (2)&nbsp;any provision of any license, indenture, mortgage, deed of trust, bank,
loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or
their respective assets or properties may be bound or affected, or (3)&nbsp;under any federal, state, local or foreign law, regulation
or rule&nbsp;or any decree, judgment or order applicable to the Company or any Subsidiary, except in the case of clauses (2)&nbsp;or (3),
for such conflicts, breaches or defaults which have been validly waived or would not reasonably be expected to have a Material Adverse
Effect; or (B)&nbsp;result in the creation or imposition of any material lien, charge, claim or encumbrance upon any property or asset
of the Company or any Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authorization
of Agreement</U>. 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 as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&rsquo; rights generally, and by general equitable principles, and except to the extent
that the indemnification and contribution provisions of Section&nbsp;10 hereof may be limited by federal or state securities laws and
public policy considerations in respect thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Further Requirements</U>. No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental
or regulatory commission, board, body, authority or agency is required in connection with the Company&rsquo;s execution, delivery and
performance of this Agreement, the consummation of the transactions contemplated herein by the Company, including the Company&rsquo;s
issuance, sale and delivery of the Securities, other than (A)&nbsp;such as have been obtained, or will have been obtained at the Settlement
Date (as defined below), as the case may be, under the Securities Act, the Exchange Act or state securities laws or as may be required
by NASDAQ or the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;) or (B)&nbsp;any such approvals, authorizations,
consents, orders, or filings that if not obtained or made, would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect or which would not reasonably be expected to have a material adverse effect on the Company&rsquo;s ability to
perform its obligations under this Agreement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Possession
of Licenses and Permits</U>. To the Company&rsquo;s knowledge, each of the Company and the Subsidiaries has all necessary licenses, authorizations,
consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule,
and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct its respective
businesses as described in the Prospectus, except to the extent that any failure to have any such licenses, authorizations, consents or
approvals, to make any such filings or to obtain any such authorizations, consents or approvals would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; neither the Company nor any of the Subsidiaries is in violation of, in default
under, or has received any notice regarding a possible violation, default or revocation of any such license, authorization, consent or
approval or any federal, state, local or foreign law, regulation or rule&nbsp;or any decree, order or judgment applicable to the Company
or any of the Subsidiaries the effect of which would reasonably be expected to result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Permitted
Free Writing Prospectuses</U>. The Company has not prepared, used or referred to, and will not, without the prior consent of the Placement
Agent or upon advice of counsel that failure to do so could result in a violation of applicable securities laws, prepare, use or refer
to, any Issuer Free Writing Prospectus in connection with any Placement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Not an Ineligible Issuer</U>. (i)&nbsp;At the earliest time after the filing of the Registration Statement that the Company or another
offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;of the Securities Act) of the Securities and
(ii)&nbsp;as of the date hereof, the Company was not and is not an Ineligible Issuer (as defined in Rule&nbsp;405 of the Securities Act),
without taking account of any determination by the Commission pursuant to Rule&nbsp;405 of the Securities Act that it is not necessary
that the Company be considered an Ineligible Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Filing
of Registration Statement</U>. The Company filed the Registration Statement with the Commission before using any Issuer Free Writing Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Proceedings</U>. There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency
or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened, against or affecting the Company or any Subsidiary,
which is required to be disclosed in the Registration Statement or the Prospectus (other than as disclosed therein), or which would reasonably
be expected to result in a Material Adverse Effect, or which would reasonably be expected to materially and adversely affect the consummation
of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder; the aggregate of all
pending legal or governmental proceedings to which the Company or any Subsidiary is a party or of which any of their respective property
or assets is the subject which are not described in the Registration Statement, including ordinary routine litigation incidental to the
business, would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Company
nor any Subsidiary is in violation of any law, statute, ordinance, rule&nbsp;or regulation or any court decree, ruling or order to which
it or any of its assets may be subject which violation would reasonably be expected to have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Financial
Statements</U>. The consolidated financial statements of the Company and its subsidiaries and schedules (and related notes) included or
incorporated by reference in the Prospectus present fairly the consolidated financial conditions of the Company and its subsidiaries,
as of the dates indicated and consolidated results of operations and changes in financial condition and cash flows for the periods specified;
such financial statements have been prepared in conformity with generally accepted accounting principles as applied in the United States
and on a consistent basis during the periods involved and in accordance with Regulation S-X promulgated by the Commission; the financial
statement schedules included or incorporated by reference in the Prospectus have been compiled on a basis consistent with the financial
statements; no pro forma financial information, financial statements or supporting schedules other than the financial statements and schedules
included in the Prospectus are required to be included in the Registration Statement or the Prospectus. All adjustments necessary for
a fair presentation of results for such periods have been made. The consolidated financial statements of the Company and its consolidated
subsidiaries, together with related notes and schedules as set forth or incorporated by reference in the Registration Statement and the
Prospectus, comply in all material respects with the applicable accounting requirements of the Securities Act. The selected financial,
operating and statistical data set forth or incorporated by reference in the Prospectus under the caption &ldquo;<I>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</I>&rdquo; fairly present, when read in conjunction with the
Company&rsquo;s financial statements and the related notes and schedules and on the basis stated in the Registration Statement, the information
set forth therein and such data has been compiled on a basis consistent with the financial statements presented therein and the books
and records of the Company. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration
Statement and the Prospectus fairly present the information called for in all material respects and have been prepared in accordance with
the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto. All non-GAAP financial measures (as such term is defined by the rules&nbsp;and
regulations of the Commission) included in or incorporated by reference into the Registration Statement and the Prospectus comply in all
material respects with the requirements of Regulation G and Item 10 of Regulation S-K of the Securities Act to the extent such rules&nbsp;are
applicable to such financial measures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Independent
Accountants</U>. Grant Thornton LLP (&ldquo;<U>Grant Thornton</U>&rdquo;), whose reports on the consolidated financial statements of the
Company and its subsidiaries constitute part of the Prospectus, is, and was during the periods covered by its reports, an independent
registered public accounting firm as required by the Securities Act and the Public Company Accounting Oversight Board (including the rules&nbsp;and
regulations promulgated by such entity, the &ldquo;<U>PCAOB</U>&rdquo;).&nbsp;To the knowledge of the Company, Grant Thornton is duly
registered and in good standing with the PCAOB.&nbsp;Grant Thornton has not during the periods covered by the financial statements included
or incorporated by reference in the Registration Statement and in the Prospectus, provided to the Company any non-audit services, as such
term is defined in Section&nbsp;10A(g)&nbsp;of the Exchange Act, except for such non-audit services as have been pre-approved by the Audit
Committee of the Company&rsquo;s Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Material Adverse Change</U>. Subsequent to the respective dates of the financial statements, and except as may be otherwise disclosed
in the Prospectus, there has not been (A)&nbsp;any Material Adverse Change or any development that would reasonably be expected to result
in a Material Adverse Change, whether or not arising in the ordinary course of business, (B)&nbsp;any transaction that is material to
the Company and the Subsidiaries taken as a whole entered into by the Company or any of the Subsidiaries, (C)&nbsp;any obligation, contingent
or otherwise, directly or indirectly incurred by the Company or any Subsidiary that is material to the Company and the Subsidiaries taken
as a whole or (D)&nbsp;any dividend or other distribution of any kind declared, paid or made by the Company on any class of its capital
stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Description
of Securities</U>. The Common Stock and the Preferred Stock conform in all material respects to the descriptions thereof contained in
the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Registration Rights</U>. Except as disclosed in the Prospectus, there are no persons with registration or other similar rights to have
any equity or debt securities of the Company or the Subsidiaries, including securities which are convertible into or exchangeable or redeemable
for equity securities of the Company or the Subsidiaries, registered pursuant to the Registration Statement or otherwise registered by
the Company under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authorization
of Securities</U>. The Securities have been duly authorized and, when issued and duly delivered against payment therefor as contemplated
by this Agreement, will be validly issued, fully paid and non-assessable and the sale of the Securities by the Company is not subject
to preemptive, right of first refusal or other similar rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Listing</U>.
The shares of Common Stock are listed on the Nasdaq Global Select Market and the Company is currently in compliance in all material respects
with all continued listing standards and corporate governance standards of the Nasdaq Global Select Market and the Company has no knowledge
of any proceeding intended to suspend or terminate listing of its Common Stock on the Nasdaq Global Select Market.&nbsp;The Common Stock
is registered under Section&nbsp;12(b)&nbsp;of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Stabilization and Manipulation</U>. The Company has not taken, directly or indirectly, any action which is designed to or which has
constituted or which might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Registration Requirements</U>. Neither the Company nor, to the knowledge of the Company, any of its affiliates, (A)&nbsp;is required
to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act, or (B)&nbsp;directly,
or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article&nbsp;I of
the By-laws of FINRA) any member firm of FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Form&nbsp;of
Certificates</U>. The form of certificate used to evidence the Common Stock complies in all material respects with all applicable statutory
requirements, with any applicable requirements of the organizational documents of the Company and the requirements of NASDAQ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Title
to Property</U>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, and good
title to all personal property, if any, owned by them, in each case free and clear of all liens, security interests, pledges, charges,
encumbrances, claims, restrictions, mortgages and defects in such title (collectively, the &ldquo;<U>Encumbrances</U>&rdquo;), except
such Encumbrances that are disclosed in the Prospectus or would not reasonably be expected to have a Material Adverse Effect; any real
or personal property leased by the Company or any Subsidiary is held under a lease which is a valid and binding agreement, enforceable
against the Company or such Subsidiary (to the extent a party thereto) and, to the Company&rsquo;s knowledge, the other parties thereto,
except (A)&nbsp;as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights
generally, and by general principles of equity, and except to the extent that the indemnification and contribution provisions of Section&nbsp;10
hereof may be limited by federal or state securities laws and public policy considerations in respect thereof, (B)&nbsp;as otherwise disclosed
in the Prospectus or (C)&nbsp;for such exceptions that would not reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Mortgages</U>.
Except as disclosed in the Prospectus, the mortgages, if any, encumbering any real property owned in fee simple by the Company or a Subsidiary
are not and will not be: (A)&nbsp;convertible (in the absence of foreclosure) into an equity interest in such real property or in the
Company or any Subsidiary, (B)&nbsp;cross-defaulted to any indebtedness other than indebtedness of the Company or any of the Subsidiaries
or (C)&nbsp;cross-collateralized to any property or assets not owned by the Company or any of the Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Description
of Legal Proceedings</U>. The descriptions of legal or governmental proceedings, contracts, leases and other legal documents in the Prospectus
constitute fair and accurate summaries of such proceedings or documents, and there are no legal or governmental proceedings, contracts,
leases or other documents that are known to the Company of a character required to be described in the Prospectus or filed as exhibits
to the Registration Statement which are not so described or filed; all agreements between the Company or any of the Subsidiaries and
third parties expressly referenced in the Prospectus are legal, valid and binding obligations of the Company or the Subsidiaries, to
the extent a party thereto, and, to the knowledge of the Company, of the other parties thereto, enforceable against the Company or Subsidiaries
in accordance with their respective terms (except (A)&nbsp;to the extent enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&rsquo; rights generally and by general equitable principles, and except to the extent
that the indemnification and contribution provisions may be limited by federal or state securities laws and public policy considerations
in respect thereof and (B)&nbsp;where the failure to be enforceable would not reasonably be expected to have a Material Adverse Effect),
and neither the Company nor any Subsidiary is in breach or default under any such agreements except where the breach or default thereof
would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Possession of Intellectual Property</U>. The Company or the Subsidiaries own or possess adequate
licenses or other rights to use all material patents, trademarks, service marks, trade names, copyrights, software licenses, trade
secrets, other intangible property rights and know-how (collectively, &ldquo;<U>Intangibles</U>&rdquo;) necessary for the Company
and the Subsidiaries taken together as a whole (the &ldquo;<U>Consolidated Company</U>&rdquo;) to conduct the business of the
Consolidated Company as described in the Prospectus, and neither the Company nor any Subsidiary has received notice of infringement
of or conflict with (and the Company and the Subsidiaries know of no such infringement of or conflict with) asserted rights of
others with respect to any Intangibles which could reasonably be expected to have a Material Adverse Effect. Except as would not
reasonably be expected to have a Material Adverse Effect, the Company and the Subsidiaries own or have a valid right to access and
use all computer systems, networks, hardware, software, databases, websites, and equipment used to process, store, maintain and
operate data, information, and functions used in connection with the business of the Company and the Subsidiaries (the
 &ldquo;<U>Company IT Systems</U>&rdquo;). The Company IT Systems are adequate for, and operate and perform in all material respects
as required in connection with, the operation of the business of the Company and the Subsidiaries as currently conducted, except as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and the
Subsidiaries have implemented commercially reasonable backup, security and disaster recovery technology, and to the Company&rsquo;s
knowledge there have been no material breaches, violations, outages or unauthorized uses of or accesses to the Company IT Systems
and data (including all personal, personally identifiable, sensitive, confidential or regulated data), nor any incidents under
internal review or investigations relating to the same.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Accounting
Controls</U>. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that, with respect
to the Consolidated Company, (A)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(B)&nbsp;transactions are recorded as necessary to permit preparation of the consolidated financial statements of the Company in conformity
with generally accepted accounting principles as applied in the United States and to maintain asset accountability; (C)&nbsp;access to
assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (D)&nbsp;the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Except as disclosed in the Prospectus, since the date of the most recent evaluation of such system of internal accounting controls, there
has been no material change in internal control over financial reporting, including any corrective actions with regard to significant
deficiencies or material weaknesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Disclosure
Controls</U>. (A)&nbsp;the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&nbsp;13a-15(e)&nbsp;under
the Exchange Act), which (1)&nbsp;are designed to ensure that the information required to be disclosed by the Company in the reports it
files or submits under the Exchange Act is accumulated and communicated to management of the Company, including its principal executive
officer and its principal financial officer, as appropriate, to allow timely disclosure to be made, (2)&nbsp;have been evaluated for effectiveness
as of the end of the Company&rsquo;s most recent quarterly fiscal period, and (3)&nbsp;are effective in all material respects to perform
the functions for which they were established, and (B)&nbsp;based on the evaluation of the Company&rsquo;s disclosure controls and procedures
described above, the Company is not aware of (1)&nbsp;any material weakness in the design or operation of internal control over financial
reporting which is reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial
information, or (2)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in
the Company&rsquo;s internal control over financial reporting. To the Company&rsquo;s knowledge, since the most recent evaluation of the
Company&rsquo;s disclosure controls and procedures described above and except as otherwise described in the Prospectus, there have been
no significant changes in internal control over financial reporting or in other factors that could significantly affect internal control
over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>ERISA</U>.
The Company and the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the Employee Retirement
Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (&ldquo;<U>ERISA</U>&rdquo;);
no &ldquo;reportable event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA)
for which the Company or any of the Subsidiaries would have any material liability; neither the Company nor any of the Subsidiaries has
incurred and none of them expect to incur any material liability under (A)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal
from, any &ldquo;pension plan&rdquo; or (B)&nbsp;Section&nbsp;412 or 4971 of the Internal Revenue Code of 1986, as amended, including
the regulations and published interpretations thereunder (&ldquo;<U>Code</U>&rdquo;); each &ldquo;pension plan&rdquo; for which the Company
or any of the Subsidiaries would have any liability that is intended to be qualified under Section&nbsp;401(a)&nbsp;of the Code is so
qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss of such
qualification, the result of which would reasonably be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Tax
Returns</U>. The Company and each of the Subsidiaries has filed on a timely basis all material federal, state, local and foreign tax returns
required to be filed through the date hereof or have properly requested extensions thereof, and all such tax returns are true, correct
and complete in all material respects (except where any omission or inaccuracy could not reasonably be expected to have a Material Adverse
Effect), and have paid all material taxes required to be paid, including any tax assessment, fine or penalty levied against the Company
or any of the Subsidiaries other than such amounts that are being contested in good faith and for which appropriate reserves have been
provided for on the books of such entities; and no tax deficiency has been asserted against any such entity, nor does any such entity
know of any tax deficiency which is likely to be asserted against any such entity which, individually or in the aggregate, if determined
adversely to any such entity, could reasonably be expected to have a Material Adverse Effect; all material tax liabilities are adequately
provided for on the respective books of such entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>REIT
Qualification</U>. The Company is organized and has operated in conformity with the requirements for qualification as a real estate investment
trust (a &ldquo;<U>REIT</U>&rdquo;) under the Code; the Company qualified as a REIT for the taxable years ended December&nbsp;31, 2004
through December&nbsp;31, 2020 and the present and contemplated method of operation of the Company and the Subsidiaries will enable the
Company to meet the requirements for qualification and taxation as a REIT under the Code for its tax year ending December&nbsp;31, 2021
and subsequent taxable years; and the Company intends to continue to qualify as a REIT until the Board of Directors of the Company determines
that it is no longer in the best interests of the Company to continue to qualify as a REIT; neither the Company nor any of the Subsidiaries
has taken any action that could reasonably be expected to cause the Company to fail to qualify as a REIT under the Code at any time. The
description of the Company&rsquo;s organization and actual and proposed method of operation and its qualification and taxation as a REIT
set forth in the Prospectus is accurate and presents fairly the matters referred to therein in all material respects; the Company&rsquo;s
operating policies and investment guidelines described in the Prospectus accurately reflect in all material respects the current intentions
of the Company with respect to the operation of its business, and no material deviation from such guidelines or policies is currently
contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Key
Personnel</U>. To the knowledge of the Company, no director, officer or other key person of the Company, its Subsidiaries or its affiliates
named in the Prospectus, plans to terminate his or her employment with the Company, its Subsidiaries or its affiliates. None of the directors,
officers or other key persons of the Company named in the Prospectus is subject to any noncompete, nondisclosure, confidentiality, employment,
consulting or similar agreement that would be violated by the present or proposed business activities of the Company as described in the
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>U.S.
Federal Income Tax Considerations</U>. The statements set forth in the Prospectus under the caption &ldquo;Material U.S. Federal Income
Tax Considerations&rdquo; insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate
and complete in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Tax
Advice</U>. The Company has not relied upon the Placement Agent or legal counsel for the Placement Agent for any legal, tax or accounting
advice in connection with the offering and sale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Other Offering Documents or Prospectuses</U>. The Company has not distributed, and prior to the completion of the distribution of the
Securities, will not distribute, any offering material in connection with the offering or sale of the Securities to be sold hereunder
by the Placement Agent, other than the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus reviewed and consented
to by the Placement Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Insurance</U>.
The Company maintains insurance, including title insurance (in each case, issued by insurers of recognized financial responsibility) of
the types and in the amounts as are, in the reasonable opinion of management, prudent for their business, all of which insurance is in
full force and effect. The Company has not been refused any insurance coverage sought or applied for, and the Company has no reason to
believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material
Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Environmental
Laws</U>. The Company and the Subsidiaries have received all permits, licenses or other approvals required of them under applicable federal
and state occupational safety and health and environmental laws, regulations and rules&nbsp;to conduct the business of the Consolidated
Company, and the Company and the Subsidiaries are in compliance with all terms and conditions of any such permits, licenses or approvals,
except for any failure to have required permits, licenses or other approvals or to comply with the terms and conditions of such permits,
licenses or approvals which would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Impermissible Transactions</U>. None of the Company, any of the Subsidiaries or, to the knowledge of the Company, any officer, director,
employee or agent purporting to act on behalf of the Company or any of the Subsidiaries has at any time (A)&nbsp;made any contributions
to any candidate for political office, or failed to disclose fully any such contributions, in violation of law, (B)&nbsp;made any payment
of funds or received or retained any funds in violation of any law, rule&nbsp;or regulation or of a character required to be disclosed
in the Prospectus, or (C)&nbsp;engaged in any material transactions, maintained any bank account or used any material corporate funds
except for transactions, bank accounts and funds which have been or are, as applicable, reflected in the books and records of the Company
and the Subsidiaries. The Company has not offered, or caused the Placement Agent to offer, the Securities to any person or entity with
the intention of unlawfully influencing a journalist or publication to write or publish favorable information about the Company or any
such affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Indebtedness</U>. Except as disclosed in the Prospectus, there are no material outstanding loans, advances or guarantees of indebtedness
by the Company or any of the Subsidiaries to or for the benefit of any of the officers or directors of the Company or any officers and
or directors of the Subsidiaries or any of the members of the immediate families of any such officers or directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(44)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issued
Securities</U>. All securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or any of the
Subsidiaries have been issued and sold in compliance with (A)&nbsp;all applicable federal and state securities laws and (B)&nbsp;the
applicable corporate or partnership law of the jurisdiction of incorporation or organization of the Company or Subsidiary, as applicable
except, in each case, where failure thereof would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(45)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lessees</U>.
Except as disclosed in the Prospectus, to the Company&rsquo;s knowledge, no lessee of any portion of any of the real properties owned
by the Company or any of the Subsidiaries (collectively, the &ldquo;<U>Properties</U>&rdquo;) is in default under any of the leases governing
such Properties and there is no event which, but for the passage of time or the giving of notice or both, would constitute a default
under any of such leases, except such defaults that, individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Hazardous
Materials</U>. To the Company&rsquo;s knowledge neither the Company nor any of the Subsidiaries has any liability under any applicable
environmental, health, safety or similar law or otherwise relating to any Hazardous Material (as defined below) and there are no written
notices of potential liability or claims pending or, to the knowledge of the Company, threatened against the Company or any of the Subsidiaries
or concerning any of the Properties under any applicable environmental, health, safety or similar law or otherwise relating to any Hazardous
Material, except for such liabilities or claims which would not reasonably be expected to have a Material Adverse Effect; neither the
Company nor any of the Subsidiaries or, to the knowledge of the Company, any other person, has contaminated or caused conditions that
threaten to contaminate any of the Properties with Hazardous Materials, except for such contamination or threats of contamination which
could not reasonably be expected to have a Material Adverse Effect; neither the Properties nor any other land ever owned by the Company
or any of the Subsidiaries is included on or, to the knowledge of the Company, is proposed for inclusion on the National Priorities List
pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. &sect; 9601 <U>et seq.</U>, or any similar
list or inventory of contaminated properties, the result of which would reasonably be expected to have a Material Adverse Effect. As used
herein, &ldquo;<U>Hazardous Material</U>&rdquo; shall mean any hazardous material, hazardous waste, hazardous substance, hazardous constituent,
toxic substance, pollutant, contaminant, asbestos, petroleum, petroleum waste, radioactive material, biohazardous material, explosive
or any other material, the presence of which in the environment is prohibited, regulated, or serves as the basis of liability, as defined,
listed, or regulated by any applicable federal, state, or local environmental law, ordinance, rule, or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(47)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with Securities Laws</U>. In connection with the offer and sale of the Securities, the Company has not offered shares of Common Stock
or any other securities convertible into or exchangeable or exercisable or redeemable for Common Stock in a manner in violation of the
Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(48)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Labor
Relations</U>. With respect to employees of the Company or any Subsidiary, no labor dispute exists or, to the knowledge of the Company
or any Subsidiary, is imminent, that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Lending
Relationship</U>. Except as disclosed in the Prospectus, neither the Company nor any of its Subsidiaries has any outstanding borrowings
from, or is a party to any line of credit, credit agreement or other credit facility or otherwise has a borrowing relationship with, any
bank or other lending institution affiliated with the Placement Agent, and the Company does not intend to use any of the proceeds from
the sale of the Securities to repay any debt owed to the Placement Agent or, to the knowledge of the Company, any affiliate thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Finders&rsquo; Fees</U>. The Company has not incurred any liability for any finder&rsquo;s fees or similar payments in connection with
the transactions herein contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(51)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Other Contracts</U>. Other than this Agreement, there are no contracts, agreements or understandings between the Company or any of its
Subsidiaries and any person that would give rise to a valid claim against the Company or any of its Subsidiaries or the Placement Agent
for a brokerage commission, finder&rsquo;s fee or other like payment with respect to the consummation of the transactions contemplated
by this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Proprietary
Trading by the Placement Agent.</U> The Company acknowledges and agrees that the Placement Agent has informed the Company that the Placement
Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own
account while this Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this
Agreement, except as otherwise agreed by the Placement Agent in the Placement Notice (as amended by the corresponding Acceptance, if applicable);
<I>provided</I>, that no such purchase or sales shall take place while a Placement Notice is in effect (except (i)&nbsp;as agreed by the
Placement Agent in the Placement Notice (as amended by the corresponding Acceptance, if applicable) or (ii)&nbsp;to the extent the Placement
Agent may engage in sales of Placement Securities purchased or deemed purchased from the Company as a &ldquo;riskless principal&rdquo;
or in a similar capacity). The Company further acknowledges and agrees that, except as otherwise agreed in a Placement Notice (as amended
by the corresponding Acceptance, if applicable), it shall not be deemed to have authorized or consented to any such purchases or sales
by the Placement Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(53)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>FINRA
Matters</U>. All of the information provided to the Placement Agent or to counsel for the Placement Agent by the Company and, to the knowledge
of the Company, its officers and directors and the holders of any securities of the Company in connection with letters, filings or other
supplemental information provided to FINRA pursuant to FINRA Rule&nbsp;5110 or 5121 is true, complete and correct in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Related
Party Transactions</U>. Except as disclosed in the Prospectus, no relationship, direct or indirect, exists between or among the Company
or any of the Subsidiaries on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of
the Subsidiaries on the other hand, that is required by the Securities Act to be described in the Prospectus and which is not so described.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with Sarbanes-Oxley</U>. The Company and the Subsidiaries and, to the knowledge of the Company, the officers and directors of the Company
and the Subsidiaries, in their capacities as such, are, and at each Settlement Date and any Applicable Time will be, in compliance in
all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated
thereunder or implementing the provisions thereof (the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investment
Company Act</U>. The Company is not and, after giving effect to the offering and sale of the Securities and the application of the net
proceeds thereof as described under the caption &ldquo;Use of Proceeds&rdquo; in the Prospectus, will not be required to register as an
 &ldquo;investment company&rdquo; under the Investment Company Act of 1940, as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(57)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Statistical
and Market Data</U>. The statistical and market related data included in the Prospectus are based on or derived from sources that the
Company believes to be reliable and accurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(58)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>OFAC</U>.
Neither the Company nor any of the Subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company or any of the Subsidiaries is (A)&nbsp;currently the subject of any sanctions administered or enforced by the U.S. Department
of Treasury&rsquo;s Office of Foreign Assets Control or any similar sanctions imposed by any other relevant sanction authority to which
the Company or any of its Subsidiaries is subject (collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor (B)&nbsp;located, organized or resident
in the country or territory that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the
offering of the Securities contemplated hereby, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of any person that, at the time of such funding,
is subject to any such Sanctions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(59)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of the Subsidiaries: (i)&nbsp;has used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expense relating to political activity: (ii)&nbsp;has made any direct or indirect unlawful contribution
or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds; (iii)&nbsp;has
made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment; or (iv)&nbsp;is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public
Officials in International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations
thereunder (collectively, the &ldquo;<U>FCPA</U>&rdquo;) or any similar law or regulation to which the Company, any of its Subsidiaries,
any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its Subsidiaries
is subject. Each of the Company, the Subsidiaries and their affiliates have conducted its businesses in compliance with the FCPA and any
applicable similar law or regulation and has instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(60)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Money
Laundering Laws</U>. The operations of the Company and the Subsidiaries are and have been conducted at all times in material compliance
with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT Act), the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable anti-money laundering statutes of
jurisdictions where the Company or any Subsidiaries conduct business, the rules&nbsp;and regulations thereunder and any related or similar
applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<U>Anti-Money
Laundering Laws</U>&rdquo;), and no action, suit or proceeding by or before any court or governmental agency, authority or body involving
the Company or any of the Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company,
threatened.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sale
and Delivery to the Placement Agent; Settlement</U>.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Settlement
of Placement Securities</I>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Securities
will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on
which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;). The amount of proceeds to be delivered to the Company on a Settlement
Date against receipt of the Placement Securities sold (the &ldquo;<U>Net Proceeds</U>&rdquo;) will be equal to the aggregate sales price
received by the Placement Agent at which such Placement Securities were sold, after deduction for (i)&nbsp;the Placement Agent&rsquo;s
commission, discount or other compensation for such sales payable by the Company pursuant to Section&nbsp;2 hereof and (ii)&nbsp;any other
amounts due and payable by the Company to the Placement Agent hereunder pursuant to Section&nbsp;8(a)&nbsp;hereof; provided such amounts
are detailed and itemized in a written statement delivered to the Company at least one Business Day prior to the Settlement Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Denominations;
Registration</I>. If requested by the Placement Agent at least two Business Days prior to the Settlement Date, then in lieu of electronic
transfer, certificates for the Securities shall be in such denominations and registered in such names as the Placement Agent shall have
specified in such request. The certificates for the Securities will be made available for examination and packaging by the Placement Agent
in The City of New York not later than 12:00 p.m.&nbsp;(New York time) on the Business Day prior to the Settlement Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;7.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Covenants
of the Company</U>. The Company covenants with the Placement Agent as follows:</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Delivery
of Registration Statement and Prospectus.</I> Except to the extent such documents have been publicly filed with the Commission pursuant
to EDGAR, the Company will furnish to the Placement Agent and its counsel (at the expense of the Company) copies of the Registration Statement,
the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement
or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any period in which a Prospectus relating
to the Placement Securities is required to be delivered under the Securities Act (including all documents filed with the Commission during
such period that are deemed to be incorporated by reference therein), in each case, as soon as reasonably practicable and in such quantities
and at such locations as the Placement Agent may from time to time reasonably request.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Blue
Sky and Other Qualifications</I>. The Company will use its commercially reasonable efforts, in cooperation with the Placement Agent, to
qualify the Placement Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the
applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Placement Agent may designate and to maintain
such qualifications and exemptions in effect for so long as required for the distribution of the Securities (but in no event for less
than one year from the date of this Agreement); <I>provided</I>, <I>however</I>, that the Company shall not be obligated to file any general
consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not
so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.
In each jurisdiction in which the Placement Securities have been so qualified or exempt, the Company will file such statements and reports
as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so
long as required for the distribution of the Placement Securities (but in no event for less than one year from the date of this Agreement).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notice
of Other Sales</I>. During the pendency of any Placement Notice (as amended by the corresponding Acceptance, if applicable) given hereunder,
the Company shall provide the Placement Agent notice a reasonable time before it offers to sell, contracts to sell, sells, grants any
option to sell or otherwise disposes of any shares of Common Stock (other than Placement Securities offered pursuant to the provisions
of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common
Stock; <I>provided</I>, that such notice shall not be required in connection with the (i)&nbsp;issuance, grant or sale of restricted stock,
Common Stock, long-term incentive plan units, options to purchase Common Stock, or Common Stock issuable upon the exercise of options
or other equity awards pursuant to any stock option, stock bonus or other stock or compensatory plan or arrangement described in the Prospectus,
(ii)&nbsp;the issuance of securities in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus,
(iii)&nbsp;the issuance or sale of Common Stock pursuant to any dividend reinvestment plan or direct stock purchase plan that the Company
has in effect or may adopt from time to time, <I>provided</I> the implementation of such new plan is disclosed to the Placement Agent
in advance, or (iv)&nbsp;the issuance of Common Stock upon the exercise of any outstanding security of the Company convertible into or
exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided further that such notice shall not
be required if such information has been filed or furnished on EDGAR or has otherwise been publicly disclosed in advance of such offer,
contract, sale, grant or other disposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Placement Securities, advise the Placement 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 provided
to the Placement Agent pursuant to this Agreement during such fiscal quarter.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Disclosure
of Sales</I>. The Company agrees that it will either (i)&nbsp;disclose in its Quarterly Reports on Form&nbsp;10-Q and in its Annual Report
on Form&nbsp;10-K the number of Placement Securities sold through the Placement Agent during the most recent fiscal quarter, the Net Proceeds
to the Company and the compensation paid or payable by the Company to the Placement Agent with respect to such Placement Securities or
(ii)&nbsp;(x)&nbsp;on or prior to the date of each such filing of its Annual and Quarterly Reports on Forms 10-K and 10-Q, file a prospectus
supplement with the Commission under the applicable paragraph of Rule&nbsp;424(b)&nbsp;under the Securities Act, which prospectus supplement
will contain the information required by clause (i), and (y)&nbsp;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&nbsp;or regulations of such exchange or market.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
time the Company files the Prospectus relating to the Placement Securities or amends or supplements the Registration Statement or the
Prospectus relating to the Placement Securities (other than amendments or supplements that are filed solely to report sales of the Placement
Securities pursuant to this Agreement) by means of a post-effective amendment, sticker, or supplement but, except as set forth in clauses
(ii), (iii)&nbsp;and (iv)&nbsp;below, not by means of incorporation of documents by reference into the Registration Statement or the Prospectus
relating to the Placement Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
time the Company files its Annual Report on Form&nbsp;10-K under the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
time the Company files its Quarterly Reports on Form&nbsp;10-Q under the Exchange Act; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
time the Company files a report on Form&nbsp;8-K containing amended financial information (other than an earnings release, to &ldquo;furnish&rdquo;
information pursuant to Items 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant to Item 8.01 of Form&nbsp;8-K relating to
the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No.&nbsp;144) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i)&nbsp;through (iv)&nbsp;shall
be a &ldquo;<U>Representation Date</U>&rdquo;);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Legal
Opinions</I>. On or prior to the date that the Securities are first sold pursuant to the terms of this Agreement and within three (3)&nbsp;Trading
Days after each Representation Date (excluding Representation Dates with regard to the time the Company files its Quarterly Reports on
Form&nbsp;10-Q) with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;F</U>
for which no waiver is applicable, the Company shall use its commercially reasonable efforts to cause to be furnished to the Placement
Agent (i)&nbsp;a written opinion of Vinson&nbsp;&amp; Elkins LLP, corporate counsel to the Company (&ldquo;<U>Company Corporate Counsel</U>&rdquo;),
or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel,
dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;D-1</U>,
(ii)&nbsp;a written opinion of Venable LLP, Maryland counsel to the Company (&ldquo;<U>Company Maryland Counsel</U>&rdquo;), or other
counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated
the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;D-2</U> and
(iii)&nbsp;a written opinion of Vinson&nbsp;&amp; Elkins LLP, special tax counsel to the Company (&ldquo;<U>Company Special Counsel</U>&rdquo;),
or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel,
dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;E</U>.
The Placement Agent covenants to use its commercially reasonable efforts to cause to be furnished to itself a written opinion of Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP, counsel to the Placement Agent (&ldquo;<U>Counsel to the Placement Agent</U>&rdquo;), or other
counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent, dated the date that
the opinion is required to be delivered. In lieu of such opinions for subsequent Representation Dates, counsel may furnish the Placement
Agent with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that the Placement Agent may rely on a prior opinion delivered
under this Section&nbsp;7(p)&nbsp;to the same extent as if it were dated the date of such letter (except that statements in such prior
opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Comfort
Letter</I>. On or prior to the date that the Securities are first sold pursuant to the terms of this Agreement and within three (3)&nbsp;Trading
Days after each Representation Date (excluding Representation Dates with regard to the time the Company files its Quarterly Reports on
Form&nbsp;10-Q) with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;F</U>
for which no waiver is applicable, the Company shall use its commercially reasonable efforts to cause its independent accountants (and
any other independent accountants whose report is included in the Prospectus) to furnish the Placement Agent letters (the &ldquo;<U>Comfort
Letters</U>&rdquo;), dated the date the Comfort Letter is delivered, in form and substance reasonably satisfactory to the Placement Agent,
(i)&nbsp;confirming that they are an independent registered public accounting firm within the meaning of the Securities Act, the Exchange
Act and the PCAOB, and (ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial information
and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with registered
public offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Market
Activities</I>. The Company will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Securities or (ii)&nbsp;sell, bid for, or purchase the Securities to be issued and sold pursuant to this Agreement,
or pay anyone any compensation for soliciting purchases of the Securities to be issued and sold pursuant to this Agreement other than
the Placement Agent; provided, however, that the Company may bid for and purchase its Common Stock in accordance with Rule&nbsp;10b-18
under the Exchange Act.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance in
writing by the Company and the Placement Agent in its capacity as principal or agent hereunder, or as deemed necessary by the Company
to comply with applicable securities laws under advice of counsel, the Company (including its agents and representatives, other than the
Placement Agent in its capacity as such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any free
writing prospectus relating to the Securities to be sold by the Placement Agent as principal or agent hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Sarbanes-Oxley
Act</I>. The Company will use its commercially reasonable efforts to comply with all effective applicable provisions of the Sarbanes-Oxley
Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>REIT
Qualification</I>. The Company will use its best efforts to enable the Company to meet the requirements to qualify as a REIT under the
Code until the Board of Directors of the Company determines that it is no longer in the best interests of the Company to qualify as a
REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;8.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
of Expenses</U>. The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i)&nbsp;the
preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and
of each amendment and supplement thereto, (ii)&nbsp;the word processing, printing and delivery to the Placement 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 Securities,
(iii)&nbsp;the preparation, issuance and delivery of the certificates for the Placement Securities by the Company to the Placement 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 Securities to the Placement Agent, (iii)&nbsp;the fees and disbursements of the counsel, accountants and
other advisors to the Company, (iv)&nbsp;the qualification or exemption of the Placement Securities under securities laws in accordance
with the provisions of Section&nbsp;7(e)&nbsp;hereof (provided, however, that any fees or disbursements of counsel for the Placement
Agent in connection therewith and in connection with the preparation of the Blue Sky Survey and any supplements thereto shall be paid
by the Placement Agent), (v)&nbsp;the printing and delivery to the Placement Agent of copies of any permitted Free Writing Prospectus
and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing
by the Placement Agent to investors, (vi)&nbsp;the fees and expenses of the transfer agent and registrar for the Securities, (vii)&nbsp;the
filing fees incident to the review (if any) by FINRA of the terms of the sale of the Securities, and (viii)&nbsp;the fees and expenses
incurred in connection with the listing of the Placement Securities on NASDAQ.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Opinions
of Company Corporate Counsel, Company Maryland Counsel, Company Special Counsel and Counsel to the Placement Agent</I>. On or prior to
the date that Securities are first sold pursuant to the terms of this Agreement the Company shall furnish to the Placement Agent the
opinions, each addressed to the Placement Agent, of (i)&nbsp;Company Corporate Counsel, or other counsel satisfactory to the Placement
Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required
to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;D-1</U>; (ii)&nbsp;Company Maryland Counsel, or
other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel,
dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;D-2</U>;
(iii)&nbsp;Company Special Counsel, or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory
to the Placement Agent and its counsel, dated the date that the opinion is required to be delivered, substantially similar to the form
attached hereto as <U>Exhibit&nbsp;E</U>; and (iv)&nbsp;Counsel to the Placement Agent, or other counsel satisfactory to the Placement
Agent, in form and substance reasonably satisfactory to the Placement Agent dated the date that the opinion is required to be delivered.</P>



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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Misstatement or Material Omission</I>. The Placement Agent shall not have advised the Company that the Registration Statement or Prospectus,
or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Placement
Agent&rsquo;s reasonable opinion is material, or omits to state a fact that in the Placement Agent&rsquo;s opinion is material and is
required to be stated therein or is necessary to make the statements therein not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Material
Changes</I>. Except as disclosed in the Prospectus, there shall not have been any Material Adverse Change.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;10.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnity
and Contribution by the Company and the Placement Agent.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
by the Company</I>. The Company agrees to indemnify, defend and hold harmless the Placement Agent and any person who controls the Placement
Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any loss, expense,
liability, damage or claim (including the reasonable cost of investigation) which, jointly or severally, the Placement Agent or any controlling
person may incur under the Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises
out of or is based upon (1)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
(or any amendment thereof), any Issuer Free Writing Prospectus that the Company has filed or was required to file with the Commission
or the Prospectus (the term Prospectus for the purpose of this Section&nbsp;10 being deemed to include the Prospectus as of its date and
as amended or supplemented by the Company), (2)&nbsp;any omission or alleged omission to state a material fact required to be stated in
any such Registration Statement, or necessary to make the statements made therein not misleading, or (3)&nbsp;any omission or alleged
omission from any such Issuer Free Writing Prospectus or Prospectus of a material fact necessary to make the statements made therein,
in the light of the circumstances under which they were made, not misleading; <I>except</I>, in the case of each of clauses (1), (2)&nbsp;and
(3), insofar as any such loss, expense, liability, damage or claim arises out of or is based upon any untrue statement or alleged untrue
statement of a material fact or any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of the Prospectus and any Issuer Free Writing Prospectus, in the light of the circumstances under
which they were made) not misleading, in each such case, made in reliance upon and in conformity with information relating to the Placement
Agent and furnished in writing by the Placement Agent to the Company expressly stating that such information is intended for inclusion
in any document described in clause (a)(1)&nbsp;above. The indemnity agreement set forth in this Section&nbsp;10(a)&nbsp;shall be in addition
to any liability which the Company may otherwise have. If any action is brought against the Placement Agent or any controlling person
in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph of this Section&nbsp;10(a), the Placement
Agent shall promptly notify the Company, as the case may be, in writing of the institution of such action (enclosing a copy of all papers
served), and the Company, as the case may be, shall if it so elects, assume the defense of such action, including the employment of counsel
and payment of expenses; <I>provided</I>, <I>however</I>, that any failure or delay to so notify the Company, as the case may be, will
not relieve the Company of any obligation hereunder, except to the extent that their ability to defend is materially prejudiced by such
failure or delay. The Placement Agent or such controlling person shall have the right to employ its or their own counsel in any such case,
but the fees and expenses of such counsel shall be at the expense of the Placement Agent or such controlling person unless the employment
of such counsel shall have been authorized in writing by the Company, as the case may be, in connection with the defense of such action,
or the Company shall not have employed counsel reasonably satisfactory to the Placement Agent or such controlling person, as the case
maybe, to have charge of the defense of such action within a reasonable time or such indemnified party or parties shall have reasonably
concluded (based on the advice of counsel) that there may be defenses available to it or them which are different from or additional to
those available to the Company (in which case the Company shall not have the right to direct the defense of such action on behalf of the
indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company and paid as incurred (it being
understood, however, that the Company shall not be liable for the expenses of more than one separate firm of attorneys for the Placement
Agent or such controlling persons in any one action or series of related actions in the same jurisdiction (other than local counsel in
any such jurisdiction) representing the indemnified parties who are parties to such action). Anything in this paragraph to the contrary
notwithstanding, the Company shall not be liable for any settlement of any such claim or action effected without its consent.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
by the Placement Agent. </I>The Placement Agent agrees to indemnify, defend and hold harmless the Company, the Company&rsquo;s directors,
the Company&rsquo;s officers that signed the Registration Statement, any person who controls the Company within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any loss, expense, liability, damage or claim (including
the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Securities Act,
the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises out of or is based upon (1)&nbsp;any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereof), any Issuer
Free Writing Prospectus that the Company has filed or was required to file with the Commission, or the Prospectus, (2)&nbsp;any omission
or alleged omission to state a material fact required to be stated in any such Registration Statement, or necessary to make the statements
made therein not misleading, or (3)&nbsp;any omission or alleged omission from any such Issuer Free Writing Prospectus or the Prospectus
of a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading,
but in each case only insofar as such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration
Statement,&nbsp;Issuer Free Writing Prospectus or Prospectus in reliance upon and in conformity with information relating to the Placement
Agent furnished in writing by the Placement Agent to the Company expressly stating that such information is intended for use in the Registration
Statement (or any amendment thereto), the Issuer Free Writing Prospectus (or any amendment thereto) or the Prospectus (or any amendment
or supplement thereto). The indemnity agreement set forth in this Section&nbsp;10(b)&nbsp;shall be in addition to any liabilities that
the Placement Agent may otherwise have.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any action is brought against the Company or any such person in respect of which indemnity may be sought against </FONT>the Placement
Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Placement Agent in writing of the institution
of such action (enclosing a copy of all papers served) and the Placement Agent shall if it so elects assume the defense of such action,
including the employment of counsel and payment of expenses; <I>provided</I>, <I>however</I>, that any failure or delay to so notify the
Placement Agent will not relieve the Placement Agent of any obligation hereunder, except to the extent that their ability to defend is
materially prejudiced by such failure or delay. The Company or such person shall have the right to employ its own counsel in any such
case, but the fees and expenses of such counsel shall be at the expense of the Company or such person unless the employment of such counsel
shall have been authorized in writing by the Placement Agent in connection with the defense of such action or the Placement Agent shall
not have employed counsel reasonably satisfactory to the Company or such person, as the case may be, to have charge of the defense of
such action within a reasonable time or such indemnified party or parties shall have reasonably concluded (based on the advice of counsel)
that there may be defenses available to it or them which are different from or additional to those available to (in which case the Placement
Agent shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events
such fees and expenses shall be borne by the Placement Agent and paid as incurred (it being understood, however, that the Placement Agent
shall not be liable for the expenses of more than one separate firm of attorneys in any one action or series of related actions in the
same jurisdiction (other than local counsel in any such jurisdiction) representing the indemnified parties who are parties to such action).
Anything in this paragraph to the contrary notwithstanding, the Placement Agent shall not be liable for any settlement of any such claim
or action effected without its written consent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Contribution</I>.
If the indemnification provided for in this Section&nbsp;10 is unavailable or insufficient to hold harmless an indemnified party under
subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;10 in respect of any losses, expenses, liabilities, damages or claims referred
to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid
or payable by such indemnified party as a result of such losses, expenses, liabilities, damages or claims (i)&nbsp;in such proportion
as is appropriate to reflect the relative benefits received by the Company and by the Placement Agent, each from the offering of the Securities,
or (ii)&nbsp;if (but only if) the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company
and the Placement Agent in connection with the statements or omissions which resulted in such losses, expenses, liabilities, damages or
claims, as well as any other relevant equitable considerations. The relative benefits received by the Company shall be deemed to be equal
to the total net proceeds from the offering of the Securities (after underwriting discounts and commissions but before deducting the expenses
described in Section&nbsp;8(a)) received by each of them and benefits received by the Placement Agent shall be deemed to be equal to the
underwriting discounts and commissions received by the Placement Agent. The relative fault of the Company and of the Placement Agent shall
be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission
or alleged omission relates to information supplied by the Company or by the Placement Agent and the intent of the parties and their relative
knowledge, access to information and opportunity to correct or prevent such statement or omission. Subject to the limitations set forth
in Sections 10(a)&nbsp;and 10(b)&nbsp;hereof, the amount paid or payable by a party as a result of the losses, claims, damages and liabilities
referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with
investigating or defending any claim or action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Placement Agent agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;10 were determined
by <I>pro rata</I> allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in clause (i)&nbsp;and, if applicable, clause (ii)&nbsp;of subsection (c)&nbsp;above. Notwithstanding the provisions of this Section&nbsp;10,
the Placement Agent shall not be required to contribute any amount in excess of the underwriting discounts and commissions applicable
to the Securities purchased by the Placement Agent and the liability of the Company pursuant to this Section&nbsp;10 shall not exceed
the total net proceeds (after underwriting discounts and commissions but before deducting the expenses described in Section&nbsp;8(a))
received by the Company in the offering. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
provisions of this Section&nbsp;shall not affect any agreement among the Company with respect to indemnification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">SECTION&nbsp;11.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations,
Warranties and Agreements to Survive Delivery</U>. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company or any of its subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect,
regardless of any investigation made by or on behalf of the Placement Agent or controlling person, or by or on behalf of the Company,
and shall survive delivery of the Securities to the Placement Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;12.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination
of Agreement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Termination;
General</I>. The Placement Agent may terminate this Agreement, by written notice to the Company, as hereinafter specified at any time
(i)&nbsp;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 Change, or (ii)&nbsp;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 reasonable judgment of the Placement Agent, impracticable or inadvisable to market the Securities
or to enforce contracts for the sale of the Securities, or (iii)&nbsp;if trading in the Common Stock has been suspended or materially
limited by the Commission or NASDAQ, or if trading generally on NASDAQ, the NYSE MKT or the New York Stock Exchange has been suspended
or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any
of said exchanges or by order of the Commission, FINRA or any other governmental authority, or a material disruption has occurred in commercial
banking or securities settlement or clearance services in the United States or in Europe, or (iv)&nbsp;if a banking moratorium has been
declared by either Federal or New York authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Termination
by the Company</I>. The Company shall have the right, by giving written notice in advance as hereinafter specified to terminate this Agreement
in its sole discretion at any time after the date of this Agreement. Upon termination of this Agreement pursuant to this Section&nbsp;12(b),
any outstanding Placement Notices (as amended by the corresponding Acceptance, if applicable) shall also be terminated.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Continued
Force and Effect</I>. This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), (b), or (c)&nbsp;above
or otherwise by mutual agreement of the parties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section&nbsp;12, such termination shall be without liability of any party to any other
party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of this Agreement, Section&nbsp;8,
Section&nbsp;10, Section&nbsp;11, Section&nbsp;16 and Section&nbsp;19 hereof shall survive such termination and remain in full force and
effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">SECTION&nbsp;13.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>.
Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed
to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Placement Agent shall be directed
to the Placement Agent at 299 Park Avenue, 21st Floor, New York, NY 10171, Attention: General Counsel), with a copy to Skadden, Arps,
Slate, Meagher&nbsp;&amp; Flom LLP, One Manhattan West, New York, New York 10001, Facsimile: (917) 777-3574, Attention: David J. Goldschmidt,
and notices to the Company shall be directed to it at the offices of the Company at 90 Park Avenue, New York, New York 10016, Facsimile:&nbsp;&nbsp;(732)
559-8250, Attention: Chief Executive Officer, with a copy to Vinson&nbsp;&amp; Elkins LLP, 2200 Pennsylvania Avenue NW, Suite&nbsp;500
West, Washington, D.C. 20037, Facsimile: (202) 879-8941, Attention:&nbsp;&nbsp;Christopher C. Green.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;14.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Parties</U>.
This Agreement shall inure to the benefit of and be binding upon the Placement Agent, the Company and their respective successors. Nothing
expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Placement
Agent, the Company and their respective successors and the controlling persons and officers and directors referred to in Section&nbsp;10
and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any
provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit
of the Placement Agent, the Company and their respective successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Placement
Agent shall be deemed to be a successor by reason merely of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;15.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments
for Stock Splits</U>. The parties acknowledge and agree that all stock-related numbers contained in this Agreement shall be adjusted
to take into account any stock split, stock dividend or similar event effected with respect to the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;16.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing
Law and Time</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. SPECIFIED TIMES
OF DAY REFER TO NEW YORK CITY TIME.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;17.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
of Headings</U>. The Section&nbsp;and Exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;18.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Permitted
Free Writing Prospectuses</U>. The Company represents, warrants and agrees that, unless it obtains the prior consent of the Placement
Agent or is acting under advice of counsel in order to comply with applicable securities laws, and the Placement Agent represents, warrants
and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Securities
that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo;
as defined in Rule&nbsp;405 under the Securities Act, required to be filed with the Commission. Any such free writing prospectus consented
to by the Placement Agent or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities Act, and has complied and will comply with the requirements
of Rule&nbsp;433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission
where required, legending and record keeping.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;19.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Fiduciary Relationship</U>. The Company acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Placement Agent is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection
with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship
between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other
party, on the one hand, and the Placement 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 Placement Agent has advised or is advising the Company on other matters,
and the Placement 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;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
public offering price of the Securities was not established by the Placement Agent; it is capable of evaluating and understanding, and
understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Placement 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;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
is aware that the Placement 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 Placement 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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
waives, to the fullest extent permitted by law, any claims it may have against the Placement Agent for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that the Placement 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;20.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Recognition
of the U.S. Special Resolution Regimes.</U></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
purposes of this Section&nbsp;8, a &ldquo;<U>BHC Act Affiliate</U>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<U>Covered Entity</U>&rdquo; means any of the following:
(i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;252.82(b);
(ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;47.3(b);
or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;382.2(b).
 &ldquo;<U>Default Right</U>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect;
252.81, 47.2 or 382.1, as applicable. &ldquo;<U>U.S. Special Resolution Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and the regulations promulgated thereunder.</P>

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

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

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

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

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

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

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>New York Mortgage Trust,&nbsp;Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Steven R. Mumma</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name: Steven R. Mumma</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CONFIRMED AND ACCEPTED, as of the date first above written:</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>B. RILEY SECURITIES,&nbsp;INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Patrice McNicoll&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name: &nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Patrice McNicoll</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD> <FONT STYLE="font-size: 10pt">Senior Managing Director &amp; Co-Head of Investment Banking</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>




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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cc:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject: Equity Distribution &mdash; Placement Notice</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and subject to the conditions contained in the Equity Distribution Agreement between New York Mortgage Trust,&nbsp;Inc.
(the &ldquo;<U>Company</U>&rdquo;) and B. Riley Securities,&nbsp;Inc. (the &ldquo;Placement Agent&rdquo;) dated August&nbsp;10, 2021
(the &ldquo;<U>Agreement</U>&rdquo;),&nbsp;I hereby request on behalf of the Company that </FONT>the Placement Agent sell up to $[&#9679;]
shares of the Company&rsquo;s common stock, par value $0.01 per share, at a minimum market price of $[&#9679;] per share and a maximum
market price of $[&#9679;] per share, beginning on [insert start date] and ending on [insert end date] [such date in the future as notified
in writing (including by email) by the Company].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ADDITIONAL
SALES PARAMETERS MAY&nbsp;BE ADDED, SUCH AS THE MAXIMUM AGGREGATE OFFERING PRICE, SPECIFIC DATES THE SHARES MAY&nbsp;NOT BE SOLD ON,
THE MAXIMUM NUMBER OF SHARES THAT MAY&nbsp;BE SOLD ON ANY SINGLE DAY, THE MANNER IN WHICH SALES ARE TO BE MADE BY THE PLACEMENT AGENT</FONT>,
AND/OR THE CAPACITY IN WHICH THE PLACEMENT AGENT MAY&nbsp;ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH)]</P>

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




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AUTHORIZED INDIVIDUALS FOR PLACEMENT NOTICES
AND ACCEPTANCES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>B. Riley Securities,&nbsp;Inc.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patrice McNicoll, Senior Managing Director, Co-Head of Investment
Banking</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">pmcnicoll@brileyfin.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Larry Goldsmith, Senior Managing Director, Head of the Real Estate
Investment Banking Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">lgoldsmith@brileyfin.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scott Ammaturo, Managing Director Head of ATM Trading</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">sammaturo@brileyfin.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keith Pompliano, Director, ATM Trading</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">kpompliano@brileyfin.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to atmdesk@brileyfin.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>New York Mortgage Trust,&nbsp;Inc.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Steven R.
Mumma, Chief Executive Officer, </FONT>smumma@nymtrust.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jason T. Serrano, President, jserrano@nymtrust.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nathan R. Reese, Chief Operating Officer and Secretary, nreese@nymtrust.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kristine R. Nario-Eng, Chief Financial Officer, knario@nymtrust.com</P>




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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Agent</FONT> shall be paid compensation to be agreed upon in an amount up to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.0% of the gross proceeds from the sales of
Securities pursuant to the terms of this Agreement.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York Mortgage Trust 2005-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York Mortgage Trust 2005-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York Mortgage Trust 2005-3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NYMT Loan Trust I, Series&nbsp;2021-BPL1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NYMT Loan Trust 2020-SP1, Mortgage-Backed Securities,
Series&nbsp;2020-SP1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NYMT Loan Trust 2020-SP2, Mortgage-Backed Securities,
Series&nbsp;2020-SP2</P>

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




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Issuer Free Writing Prospectus</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None</P>

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

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

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    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>tm2124230d5_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="background-color: White"><B>Exhibit&nbsp;1.2</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AMENDMENT NO. 2<BR>
TO<BR>
EQUITY DISTRIBUTION AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August&nbsp;10, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JonesTrading Institutional Services LLC<BR>
757 Third Avenue, 23<SUP>rd</SUP> Floor<BR>
New York, New York 10017</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reference
is made to the Equity Distribution Agreement, dated March&nbsp;29, 2019 (the &ldquo;<U>Original </U></FONT><U>Equity Distribution Agreement</U>&rdquo;),
between New York Mortgage Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and JonesTrading Institutional
Services LLC (the &ldquo;<U>Placement Agent</U>&rdquo;), as amended by Amendment No.&nbsp;1 to Original Equity Distribution Agreement,
dated as of November&nbsp;27, 2019 (&ldquo;<U>Amendment No.&nbsp;1</U>&rdquo; and together with the Original Equity Distribution Agreement,
the &ldquo;<U>Equity Distribution Agreement</U>&rdquo;), pursuant to which the Company agreed to sell through the Placement Agent, acting
as agent and/or principal, up to an aggregate of $131,477,592 of shares of the Company&rsquo;s 7.75% Series&nbsp;B Cumulative Redeemable
Preferred Stock, par value $0.01 per share, the Company&rsquo;s 7.875% Series&nbsp;C Cumulative Redeemable Preferred Stock, par value
$0.01 per share, the Company&rsquo;s 8.00% Series&nbsp;D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01
per share, and the Company&rsquo;s 7.875% Series&nbsp;E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01
per share. All capitalized terms used in this Amendment No.&nbsp;2 to the Equity Distribution Agreement between the Company and the Placement
Agent (this &ldquo;<U>Amendment</U>&rdquo;) and not otherwise defined herein shall have the respective meanings assigned to them in the
Equity Distribution Agreement. The Company and the Placement Agent agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A.</FONT></TD><TD STYLE="text-align: justify"><U>Amendments to Equity Distribution Agreement</U>. The Equity Distribution Agreement is amended as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The first paragraph of Section&nbsp;1 of the Equity Distribution Agreement is hereby deleted and replaced
with the following:</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;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 the Placement Agent, acting as agent and/or principal, up to an aggregate of $</FONT>149,094,182 of shares
(the &ldquo;<U>Securities</U>&rdquo;) of any of the Company&rsquo;s 7.75% Series&nbsp;B Cumulative Redeemable Preferred Stock, par value
$0.01 per share (the &ldquo;<U>Series&nbsp;B Preferred Stock</U>&rdquo;), the Company&rsquo;s 7.875% Series&nbsp;C Cumulative Redeemable
Preferred Stock, par value $0.01 per share (the &ldquo;<U>Series&nbsp;C Preferred Stock</U>&rdquo;), the Company&rsquo;s 8.00% Series&nbsp;D
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &ldquo;<U>Series&nbsp;D Preferred Stock</U>&rdquo;),
the Company&rsquo;s 7.875% Series&nbsp;E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the
 &ldquo;<U>Series&nbsp;E Preferred Stock</U>&rdquo;), and the Company&rsquo;s 6.875% Series&nbsp;F Fixed-to-Floating Rate Cumulative Redeemable
Preferred Stock, par value $0.01 per share (the &ldquo;<U>Series&nbsp;F Preferred Stock</U>&rdquo;); <I>provided, however</I>, that as
of the date hereof, the Company has redeemed all of its outstanding Series&nbsp;C Preferred Stock and has no further authorized shares
of Series&nbsp;C Preferred Stock for sale under this Agreement. References to &ldquo;<U>Preferred Stock</U>&rdquo; shall refer hereinafter
collectively to the Series&nbsp;B Preferred Stock, the Series&nbsp;D Preferred Stock, the Series&nbsp;E Preferred Stock and the Series&nbsp;F
Preferred Stock. In no event shall the Company issue or sell through the Placement Agent such number or dollar amount of Securities that
would (i)&nbsp;exceed the number or dollar amount of shares of Preferred Stock registered on an effective registration statement pursuant
to which the offering is being made, (ii)&nbsp;exceed the number of authorized but unissued shares of Preferred Stock under the Company&rsquo;s
organizational documents, (iii)&nbsp;exceed the number or dollar amount of shares of Preferred Stock permitted to be sold under Form&nbsp;S-3
(including General Instruction I.B.6 thereof, if applicable) or (iv)&nbsp;exceed the number or dollar amount of shares of Preferred Stock
for which the Company has filed a Prospectus Supplement (defined below) (the lesser of (i), (ii), (iii), and (iv), the &ldquo;<U>Maximum
Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein, except as set forth in a Placement Notice (as defined below),
the parties hereto agree that compliance with the limitations set forth in this Section&nbsp;1 on the number of the Securities issued
and sold under this Agreement shall be the sole responsibility of the Company, and the Placement Agent shall have no obligation in connection
with such compliance. The issuance and sale of the Securities through the Placement Agent will be effected pursuant to the Registration
Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;),
although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to offer, sell or issue
the Securities.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The first sentence of the second paragraph of Section&nbsp;1 of the Equity Distribution Agreement shall
be amended to replace &ldquo;(File No.&nbsp;333-226726)&rdquo; with &ldquo;(File No.&nbsp;333-258589)&rdquo;.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The second sentence of the second paragraph of Section&nbsp;1 of the Equity Distribution Agreement shall
be amended to replace &ldquo;August&nbsp;9, 2018&rdquo; with &ldquo;August&nbsp;6, 2021&rdquo;.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The first sentence of Section&nbsp;2 of the Equity Distribution Agreement is hereby deleted and replaced
with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Each
time that the Company wishes to issue and sell the Securities hereunder (each, a </FONT>&ldquo;<U>Placement</U>&rdquo;), it will notify
the Placement Agent by email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance
with which it desires the Securities to be sold, which shall at a minimum include the maximum number of each series of Preferred Stock
to be offered, sold and issued (the &ldquo;<U>Placement Securities</U>&rdquo;), the time period during which sales are requested to be
made, any limitation on the number of Securities that may be sold in any one day, any minimum price below which sales may not be made,
and the maximum prices above which sales of shares of Series&nbsp;B Preferred Stock, Series&nbsp;D Preferred Stock, Series&nbsp;E Preferred
Stock and Series&nbsp;F Preferred Stock may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), a form of which containing such parameters
necessary is attached hereto as <U>Exhibit&nbsp;A</U>.&rdquo;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Section&nbsp;5(a)(36) of the Equity Distribution Agreement is hereby deleted and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>REIT
Qualification</U>. The Company is organized and has operated in conformity with the requirements for qualification as a real estate investment
trust (a </FONT>&ldquo;<U>REIT</U>&rdquo;) under the Code; the Company qualified as a REIT for the taxable years ended December&nbsp;31,
2004 through December&nbsp;31, 2020 and the present and contemplated method of operation of the Company and the Subsidiaries will enable
the Company to meet the requirements for qualification and taxation as a REIT under the Code for its tax year ending December&nbsp;31,
2021 and subsequent taxable years; and the Company intends to continue to qualify as a REIT until the Board of Directors of the Company
determines that it is no longer in the best interests of the Company to continue to qualify as a REIT; neither the Company nor any of
the Subsidiaries has taken any action that could reasonably be expected to cause the Company to fail to qualify as a REIT under the Code
at any time. The description of the Company&rsquo;s organization and actual and proposed method of operation and its qualification and
taxation as a REIT set forth in the Prospectus is accurate and presents fairly the matters referred to therein in all material respects;
the Company&rsquo;s operating policies and investment guidelines described in the Prospectus accurately reflect in all material respects
the current intentions of the Company with respect to the operation of its business, and no material deviation from such guidelines or
policies is currently contemplated.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">6.</TD><TD>The last sentence in Section&nbsp;5(a)(31) of the Equity Distribution Agreement is hereby deleted and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;The Company and the Subsidiaries
have implemented commercially reasonable backup, security and disaster recovery technology, and to the Company&rsquo;s knowledge there
have been no material breaches, violations, outages or unauthorized uses of or accesses to the Company IT Systems and data (including
all personal, personally identifiable, sensitive, confidential or regulated data), nor any incidents under internal review or investigations
relating to the same.&rdquo;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">7.</TD><TD>The first paragraph of the Form&nbsp;of Placement Notice attached as Exhibit&nbsp;A to the Equity Distribution Agreement is hereby
deleted and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Pursuant
to the terms and subject to the conditions contained in the Equity Distribution Agreement between New York Mortgage Trust,&nbsp;Inc. (the
 &ldquo;Company&rdquo;) and JonesTrading Institutional Services LLC (the &ldquo;Placement Agent&rdquo;) dated March&nbsp;</FONT>29, 2019,
as amended on November&nbsp;27, 2019 and August&nbsp;10, 2021 (the &ldquo;Agreement&rdquo;),&nbsp;I hereby request on behalf of the Company
that the Placement Agent sell [(a)&nbsp;up to $[&#9679;] of shares of the Company&rsquo;s 7.75% Series&nbsp;B Cumulative Redeemable Preferred
Stock, par value $0.01 per share, at a minimum market price of $[&#9679;] per share and a maximum market price of $[&#9679;] per share,
(b)&nbsp;up to $[&#9679;] of shares of the Company&rsquo;s 8.00% Series&nbsp;D Fixed-to-Floating Rate Cumulative Redeemable Preferred
Stock, par value $0.01 per share, at a minimum market price of $[&#9679;] per share and a maximum market price of $[&#9679;] per share,
(c)&nbsp;up to $[&#9679;] of shares of the Company&rsquo;s 7.875% Series&nbsp;E Fixed-to-Floating Rate Cumulative Redeemable Preferred
Stock, par value $0.01 per share, at a minimum market price of $[&#9679;] per share and a maximum market price of $[&#9679;] per share],
and (d)&nbsp;up to $[&#9679;] of shares of the Company&rsquo;s 6.875% Series&nbsp;F Fixed-to-Floating Rate Cumulative Redeemable Preferred
Stock, par value $0.01 per share, at a minimum market price of $[&#9679;] per share and a maximum market price of $[&#9679;] per share],
beginning on [insert start date] and ending on [insert end date] [such date in the future as notified in writing (including by email)
by the Company].&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The second sentence of the Form&nbsp;of Officer&rsquo;s
Certificate attached as Exhibit&nbsp;F to the Equity Distribution Agreement shall be amended to add &ldquo;, as amended on August&nbsp;</FONT>10,
2021&rdquo; immediately before &ldquo;(the &ldquo;<U>Equity Distribution Agreement</U>&rdquo;)&rdquo;.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>New Registration Statement Covered by Equity
Distribution Agreement</U>.&nbsp; The parties to this Amendment agree that from and after the initial filing of a Prospectus Supplement
to the base prospectus included as part of the registration statement on Form&nbsp;S-3 (File No.&nbsp;333-258589) filed with the Commission
by the Company on August&nbsp;</FONT>6, 2021, all references to &ldquo;Registration Statement&rdquo; included in the Equity Distribution
Agreement shall be deemed to include such registration statement on Form&nbsp;S-3 (File No.&nbsp;333-258589), including a base prospectus,
relating to, among other securities of the Company, the Preferred Stock, including the Securities to be issued from time to time by the
Company, and the documents that the Company has filed or will file in accordance with the provisions of the Exchange Act that are or will
be incorporated by reference in such registration statement, and all references to &ldquo;base prospectus&rdquo; included in the Equity
Distribution Agreement shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference,
included in such registration statement at the time of the initial filing of a Prospectus Supplement to the base prospectus included as
part of such registration statement. For the avoidance of confusion, all references to &ldquo;Registration Statement&rdquo; included in
the Equity Distribution Agreement relating to the offer and sale of any Securities or such other relevant action that occurred prior to
the filing with the Commission of the registration statement on Form&nbsp;S-3 (File No.&nbsp;333-258589) shall be deemed to refer to the
Company&rsquo;s registration statement on Form&nbsp;S-3 (File No.&nbsp;333-226726), including a base prospectus, relating to, among other
securities of the Company, the Preferred Stock, including the Securities, including all documents incorporated by reference therein</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">C.</FONT></TD><TD STYLE="text-align: justify"><U>Prospectus Supplement</U>. The Company agrees to file a 424(b)&nbsp;Prospectus Supplement reflecting
this Amendment within two business days of the date hereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">D.</FONT></TD><TD STYLE="text-align: justify"><U>No Other Amendments</U>. Except as set forth in Part&nbsp;A and B above, all the terms and provisions
of the Equity Distribution Agreement shall continue in full force and effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">E.</FONT></TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Amendment 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 Amendment by one party
to the other may be made by facsimile or email transmission.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW YORK MORTGAGE TRUST,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven R. Mumma</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Steven R. Mumma</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONFIRMED AND ACCEPTED, as of the date first above written:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JONESTRADING INSTITUTIONAL SERVICES LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Burke Cook</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>Burke Cook</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>General Counsel</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>4
<FILENAME>tm2124230d5_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;Exhibit&nbsp;3.1</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.875% Series&nbsp;F Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">New York Mortgage Trust,&nbsp;Inc., a Maryland
corporation (the &ldquo;Corporation&rdquo;), hereby certifies to the State Department of Assessments and Taxation of Maryland that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>FIRST</U></FONT>:
Under the power contained in Article&nbsp;VI of the charter of the Corporation, as amended (the &ldquo;Charter&rdquo;), the Board of Directors
of the Corporation (the &ldquo;Board&rdquo;) by duly adopted resolutions classified and designated 2,000,000 shares of authorized but
unissued Preferred Stock (as defined in the Charter) as additional shares (the &ldquo;Additional Series&nbsp;F Shares&rdquo;) of Series&nbsp;F
Preferred Stock (as defined in the Articles Supplementary dated July&nbsp;6, 2021 (the &ldquo;Series&nbsp;F Articles Supplementary&rdquo;)),
with the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption of the Series&nbsp;F Preferred Stock set forth in the Series&nbsp;F Articles Supplementary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SECOND</U></FONT>:
The Additional Series&nbsp;F Shares have been classified and designated by the Board under the authority contained in the Charter. After
giving effect to the classification and designation of the Additional Series&nbsp;F Shares set forth herein, the Corporation has authority
to issue 7,750,000 shares of Series&nbsp;F Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>THIRD</U></FONT>:
These Articles Supplementary have been approved by the Board in the manner and by the vote required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>FOURTH</U></FONT>:
The undersigned acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required
to be verified under oath, the undersigned acknowledges that to the best of his knowledge, information and belief, these matters and facts
are true in all material respects and that this statement is made under the penalties for perjury.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">IN WITNESS WHEREOF, the Corporation has caused
these Articles Supplementary to be executed in its name and on its behalf by its Chief Executive Officer and attested to by its Chief
Operating Officer and Secretary on this 6th day of August, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATTEST:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Mortgage Trust,&nbsp;Inc.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 43%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Nathan R. Reese</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 44%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Kristine R. Nario-Eng</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nathan R. Reese</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristine R. Nario-Eng</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer and Secretary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-1img01.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August&nbsp;10, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90 Park Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement on Form&nbsp;S-3ASR (File No.&nbsp;333-258589)</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to New York Mortgage
Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of
the sale and issuance by the Company of up to $100,000,000 in maximum aggregate offering price of shares (the &ldquo;Shares&rdquo;) of
common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of the Company, covered by the above-referenced Registration
Statement (the &ldquo;Registration Statement&rdquo;) filed by the Company with the United States Securities and Exchange Commission (the
 &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;). The Shares may be issued pursuant
to the Equity Distribution Agreement, dated August&nbsp;10, 2021 (the &ldquo;Agreement&rdquo;), by and between the Company and B. Riley
Securities,&nbsp;Inc., as placement agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement and the related form of prospectus included therein, in the form in which it was transmitted to the Commission
under the 1933 Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Second Amended and Restated Bylaws of the Company (the &ldquo;Bylaws&rdquo;), certified as of the date hereof by an officer of the Company;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Directors of the Company (the &ldquo;Board of Directors&rdquo;), or a duly authorized
committee thereof, relating to, among other matters, (i)&nbsp;the sale and issuance of the Shares, (ii)&nbsp;the execution, delivery and
performance of the Agreement and (iii)&nbsp;the delegation to designated officers of the Company (the &ldquo;Authorized Officers&rdquo;)
of the power to determine the number and price of the Shares and certain other matters in connection with the sale and issuance of the
Shares, subject to the restrictions set forth in the Resolutions, certified as of the date hereof by an officer of the Company;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-1img02.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;10, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in
accordance with all stated terms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information as to
matters of fact contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any
of the Documents, and there has been no waiver of any of the provisions of any of the Documents, by action or omission of the parties
or otherwise.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-1img02.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;10, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares will not be issued or transferred in violation of any restriction or limitation contained in Article&nbsp;VII of the Charter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number
of shares of Common Stock that the Company is then authorized to issue under the Charter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance of, and certain terms of, the Shares to be issued by the Company from time to time will be authorized and approved by the Board
of Directors or a duly authorized committee thereof, or by the Authorized Officers, in accordance with and not in violation of, the Maryland
General Corporation Law, the Charter, the Bylaws and the Resolutions and reflected, to the extent applicable, in appropriate governing
documents (with such approvals referred to hereinafter as the &ldquo;Corporate Proceedings&rdquo;) prior to the issuance thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and validly existing under the laws of the State of Maryland and is in good standing with the
SDAT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the completion of all Corporate Proceedings relating to the Shares, the issuance of the Shares will be duly authorized and, when and if
issued and delivered against payment therefor in accordance with the Agreement and the Corporate Proceedings, the Shares will be validly
issued, fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance with any federal
or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent
transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction
other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect
of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-1img02.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;10, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K (the &ldquo;Current Report&rdquo;), which is incorporated
by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the
said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within
the category of persons whose consent is required by Section&nbsp;7 of the 1933 Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 48%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Venable LLP</FONT></TD></TR>
  </TABLE>

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

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>tm2124230d5_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August&nbsp;10, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90 Park Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement on Form&nbsp;S-3ASR (File No.&nbsp;333- 258589)</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to New York Mortgage
Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of
the sale and issuance by the Company of shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s 7.75% Series&nbsp;B Cumulative Redeemable
Preferred Stock, par value $0.01 per share (the &ldquo;Series&nbsp;B Preferred Stock&rdquo;), 8.00% Series&nbsp;D Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &ldquo;Series&nbsp;D Preferred Stock&rdquo;), 7.875% Series&nbsp;E
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &ldquo;Series&nbsp;E Preferred Stock&rdquo;),
and 6.875% Series&nbsp;F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &ldquo;Series&nbsp;F
Preferred Stock&rdquo; and, together with the Series&nbsp;B Preferred Stock, the Series&nbsp;D Preferred Stock and the Series&nbsp;E Preferred
Stock, the &ldquo;Preferred Stock&rdquo;), having an aggregate offering price of up to $100,000,000 covered by the above-referenced Registration
Statement (the &ldquo;Registration Statement&rdquo;) filed by the Company with the United States Securities and Exchange Commission (the
 &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement and the related form of prospectus included therein, in the form in which it was transmitted to the Commission
under the 1933 Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Second Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Directors of the Company (the &ldquo;Board&rdquo;), relating to, among other matters,
the sale and issuance of the Shares and the Conversion Shares (as defined herein), certified as of the date hereof by an officer of the
Company;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-2img002.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;10, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information as to
matters of fact contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any
of the Documents, and there has been no waiver of any of the provisions of any of the Documents, by action or omission of the parties
or otherwise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the issuance of any shares of common stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), of the Company issuable upon the
conversion of any of the Shares (the &ldquo;Conversion Shares&rdquo;), the total number of shares of Common Stock issued and outstanding
will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-2img002.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;10, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the issuance of any Shares, the total number of Shares of the applicable series of Preferred Stock issued and outstanding will not exceed
the total number of shares of such series of Preferred Stock the Company is then authorized to issue under the Charter, including the
Articles Supplementary classifying and designating such series of Preferred Stock and the Articles Supplementary designating additional
Shares of such series of Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares and the Conversion Shares will not be issued or transferred in violation of the restrictions on transfer and ownership contained
in Article&nbsp;VII of the Charter or, with regard to the Preferred Stock, any provision of the Articles Supplementary classifying and
designating such series of Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and validly existing under the laws of the State of Maryland and is in good standing with the
SDAT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance of the Shares has been duly authorized and, when issued and delivered against payment therefor in accordance with the Resolutions
and the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance of the Conversion Shares has been duly authorized and, when issued and delivered by the Company upon conversion of the Shares
in accordance with the Registration Statement, the Resolutions and the Charter, the Conversion Shares will be validly issued, fully paid
and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning federal law or any other state law. We express no opinion as to
compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state
laws regarding fraudulent transfers or the laws, codes or regulations of any municipality or other local jurisdiction. To the extent that
any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland,
we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may
permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124230d5_ex5-2img002.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;10, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K (the &ldquo;Current Report&rdquo;), which is incorporated
by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the
said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within
the category of persons whose consent is required by Section&nbsp;7 of the 1933 Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 48%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Venable LLP</FONT></TD></TR>
  </TABLE>

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

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

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	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2020-01-31" schemaLocation="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
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    <import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
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    <element id="nymt_A7.875SeriesCCumulativeRedeemablePreferredStockMember" name="A7.875SeriesCCumulativeRedeemablePreferredStockMember" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>8
<FILENAME>nymt-20210806_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>nymt-20210806_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>nymt-20210806_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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    <dei:TradingSymbol contextRef="From2021-08-062021-08-06_custom_A8.000SeriesDFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NYMTN</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-08-062021-08-06_custom_A8.000SeriesDFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2021-08-062021-08-06_custom_A7.875SeriesEFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">7.875% Series E Fixed-to-Floating     Rate Cumulative Redeemable Preferred Stock</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-08-062021-08-06_custom_A7.875SeriesEFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NYMTM</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-08-062021-08-06_custom_A7.875SeriesEFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2021-08-062021-08-06_custom_A6.875SeriesFCumulativeRedeemablePreferredStockMember">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable     Preferred Stock,</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-08-062021-08-06_custom_A6.875SeriesFCumulativeRedeemablePreferredStockMember">NYMTL</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-08-062021-08-06_custom_A6.875SeriesFCumulativeRedeemablePreferredStockMember">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2021-08-06to2021-08-06">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm139886448486840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 06, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  06,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-32216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NEW YORK MORTGAGE TRUST, INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001273685<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-0934168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">90 Park Avenue<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">792-0107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A7.75SeriesBCumulativeRedeemablePreferredStockMember', window );">7.75% Series B Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.75% Series B Cumulative Redeemable Preferred Stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A8.000SeriesDFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A7.875SeriesEFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">7.875 % Series E Fixed- to-Floating Rate Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.875% Series E Fixed-to-Floating
    Rate Cumulative Redeemable Preferred Stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTM<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A6.875SeriesFCumulativeRedeemablePreferredStockMember', window );">6.875% Series F Cumulative Redeemable Preferred Stock Member</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable
    Preferred Stock,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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#

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
