<SEC-DOCUMENT>0001193125-14-014499.txt : 20140117
<SEC-HEADER>0001193125-14-014499.hdr.sgml : 20140117
<ACCEPTANCE-DATETIME>20140117160306
ACCESSION NUMBER:		0001193125-14-014499
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140117
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140117
DATE AS OF CHANGE:		20140117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUELCELL ENERGY INC
		CENTRAL INDEX KEY:			0000886128
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				060853042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14204
		FILM NUMBER:		14535146

	BUSINESS ADDRESS:	
		STREET 1:		3 GREAT PASTURE RD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813
		BUSINESS PHONE:		2038256000

	MAIL ADDRESS:	
		STREET 1:		3 GREAT PASTURE ROAD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENERGY RESEARCH CORP /NY/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d661819d8k.htm
<DESCRIPTION>FORM 8-K
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<TITLE>FORM 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): January&nbsp;17, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>FUELCELL ENERGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-14204</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>06-0853042</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>3 Great Pasture Road, Danbury, Connecticut</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>06813</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (203)&nbsp;825-6000 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;17, 2014, FuelCell Energy, Inc. (the &#147;Company&#148;) entered into an underwriting agreement (the &#147;Underwriting
Agreement&#148;) with Stifel, Nicolaus&nbsp;&amp; Company, Incorporated, as the sole book-running manager, Cowen&nbsp;&amp; Company, as the co-lead manager, and FBR Capital Markets&nbsp;&amp; Co., as the co-manager for the offering (together, the
&#147;Underwriters&#148;), relating to the public offering (the &#147;Offering&#148;) of 22,000,000 shares of the Company&#146;s common stock, $0.0001 par value per share (the &#147;Common Stock&#148;), at a price to the public of $1.25 per share
(the &#147;Offering Price&#148;), less underwriting discounts and commissions. Under the terms of the Underwriting Agreement, the Company has also granted the Underwriters a 30-day option to purchase up to an additional 3,300,000 shares of Common
Stock offered in the Offering to cover over-allotments, if any, at the Offering Price. The net proceeds to the Company from the sale of the Common Stock, after deducting the Underwriters&#146; discount and commission and other estimated offering
expenses payable by the Company, are expected to be approximately $25.5 million, assuming no exercise by the Underwriters of their over-allotment option. The Offering is expected to close on or about January&nbsp;23, 2014, subject to the
satisfaction of customary closing conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The net proceeds from this offering will be used for project development, project
financing, working capital support and general corporate purposes.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Common Stock is being offered and sold pursuant to a prospectus
dated July&nbsp;18, 2013 and a prospectus supplement filed with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) on January&nbsp;17, 2014, in connection with a takedown from the Company&#146;s effective shelf registration statement
on Form S-3 (File No.&nbsp;333-189185) declared effective by the SEC on July&nbsp;18, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Underwriting Agreement contains customary
representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of
the parties and termination provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Underwriting Agreement has been filed with this report to provide investors and security
holders with information regarding its terms. It is not intended to provide any other factual information about the Company. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such
agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the
parties in connection with the execution of the Underwriting Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing is only a brief description of the material terms
of the Underwriting Agreement, does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the Underwriting Agreement that is filed as Exhibit&nbsp;1.1 to
this report and is incorporated by reference herein. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01. Other Events </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;17, 2014, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is attached as
Exhibit&nbsp;99.1 to this report and is incorporated by reference herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Underwriting Agreement, dated as of January 17, 2014, between FuelCell Energy, Inc. and Stifel, Nicolaus &amp; Company, Incorporated, As Representative of the several Underwriters</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, issued January 17, 2014, in connection with the pricing of the Offering</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">FUELCELL ENERGY, INC.</TD></TR>


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<TD VALIGN="top">Date: January&nbsp;17, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Bishop</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Michael Bishop</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Senior Vice President, Chief Financial Officer, Corporate Secretary and Treasurer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:37.30pt; font-size:8pt; font-family:Times New Roman">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Underwriting Agreement, dated as of January 17, 2014, between FuelCell Energy, Inc. and Stifel, Nicolaus &amp; Company, Incorporated, As Representative of the several Underwriters</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, issued January 17, 2014, in connection with the pricing of the Offering</TD></TR>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d661819dex11.htm
<DESCRIPTION>EX-1.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>22,000,000 Shares of Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>par value $0.0001 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3,300,000 Over-Allotment Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FUELCELL ENERGY, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>UNDERWRITING AGREEMENT</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January 17, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stifel, Nicolaus&nbsp;&amp;
Company, Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representative of the several Underwriters set forth in Schedule C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Stifel, Nicolaus&nbsp;&amp; Company, Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">237 Park
Ave, 8th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <I>I<SMALL>NTRODUCTION</SMALL></I><SMALL></SMALL>. FuelCell Energy, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), proposes
to issue and sell to the several Underwriters (defined below), pursuant to the terms and conditions of this Underwriting Agreement (this &#147;<B>Agreement</B>&#148;), an aggregate of 22,000,000 shares of common stock, $0.0001 par value per share
(the &#147;<B>Common Stock</B>&#148;) of the Company (the &#147;<B>Firm Shares</B>&#148;) as set forth in <U>Schedule C</U> hereto. The Company hereby confirms that Stifel, Nicolaus&nbsp;&amp; Company, Incorporated (&#147;<B>SNC</B>&#148;), Cowen
and Company, LLC (&#147;<B>Cowen</B>&#148;) and FBR Capital Markets&nbsp;&amp; Co. (&#147;<B>FBR</B>&#148;, and together with SNC and Cowen, the &#147;<B>Underwriters</B>&#148;) acted as the Underwriters in accordance with the terms and conditions
hereof. SNC is acting as the representative of the Underwriters and in such capacity is hereinafter referred to as the &#147;<B>Representative</B>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>The Company also proposes to issue and sell to the several Underwriters not more than an additional 3,300,000 shares of its Common
Stock (the &#147;<B>Additional Shares</B>&#148;) if and to the extent that you, as Underwriters, shall have, severally and not jointly, determined to exercise your right to purchase such shares of Common Stock granted to the Underwriters below and
in <U>Section&nbsp;2</U> hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the &#147;<B>Shares</B>.&#148; The offering and sale of the Shares is hereinafter referred to as the
&#147;<B>Offering</B>.&#148;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>The Underwriters may exercise their over-allotment purchase right in whole or from time to
time in part by giving written notice not later than thirty (30)&nbsp;days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such shares are
to be purchased. If any Additional Shares are to be purchased, the number of Additional Shares to be purchased by each Underwriter shall be the number of Additional Shares which bears the same ratio to the aggregate number of Additional Shares being
purchased as the number of Firm Shares purchased by such Underwriter bears to the aggregate number of Firm Shares purchased from the Company by the Underwriters, subject, however, to such adjustments to eliminate any fractional Shares as the
Representative in its sole discretion shall make. Each purchase date must be at least one business day after the written notice is given and may not be earlier than the closing date for the Firm Shares nor later than ten business days after the date
of such notice. Additional Shares may be purchased hereby solely for the purpose of covering <FONT STYLE="white-space:nowrap">over-allotments</FONT> made in connection with the offering of the Firm Shares. On each day, if any, that Additional Shares
are to be purchased (an &#147;<B>Option Closing Date</B>&#148;). <B> </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <I>D<SMALL>ELIVERY</SMALL> <SMALL>AND</SMALL>
P<SMALL>AYMENT</SMALL></I><SMALL><I></I></SMALL><I>. </I>On the basis of the representations, warranties and agreements of the Company herein contained, and subject to the terms and conditions set forth in this Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 The Company agrees to issue and sell and the Underwriters, severally and not jointly, agree to purchase from the Company an
aggregate of 22,000,000 Firm Shares at a purchase price of $1.18125 per share of Common Stock (the &#147;<B>Purchase Price</B>&#148;), which represents an underwriting discount of 5.5 percent (5.5%) to the Public Offering Price (defined below). The
Company has been advised by you that you propose to make a public offering of the Shares as soon after this Agreement has become effective as in your judgment is advisable. The Company is further advised by you that the Shares are to be offered to
the public initially at $1.25 per Share (&#147;<B>Public Offering Price</B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 Payment of the Purchase Price for,
and delivery of, the Firm Shares shall be made at the time and date of closing and delivery of the documents required to be delivered to the Underwriters pursuant to <U>Sections 4</U> and <U>6</U> hereof shall be at 10:00 A.M., New York time, on
January 23, 2014 (the &#147;<B>Closing Date</B>&#148;) at the office of Patterson Belknap Webb&nbsp;&amp; Tyler LLP, 1133 Avenue of the Americas, New York, NY 10036 or at such other time and date as the Representative and the Company determine
pursuant to Rule 15c6-1(a) under the Securities Exchange Act of 1934, as amended (the &#147;<I>Exchange Act</I>&#148;), the Company shall deliver the Firm Shares, which shall be registered in the name or names and shall be in such denominations as
the Representative may request at least one (1)&nbsp;business day before the Closing Date, to the Representative, which delivery shall be made through the facilities of the Depository Trust Company&#146;s DWAC system. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 Payment of the Purchase Price for, and delivery of, any Additional Shares shall be made at the Option Closing Date or at
such other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, the Company shall deliver the Additional Shares, which shall be registered in the name or names and shall be in such
denominations as the Underwriters may request at least one (1)&nbsp;business day before the Option Closing Date, to the Underwriters, which delivery shall be made through the facilities of the Depository Trust Company&#146;s DWAC system. The Option
Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term &#147;Closing Date&#148; shall refer to the time and date of delivery of the
Firm Shares and Additional Shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 Prior to either of the First Closing Date or the Option Closing Date, the
Company shall not, without the prior written consent of the Representative, solicit or accept offers to purchase shares of the Common Stock or securities convertible into, exchangeable or exercisable for, shares of Common Stock (other than pursuant
to the exercise of options or warrants to purchase shares of Common Stock that are outstanding at the date hereof and up to 20,000,000 shares of common stock which may be issued to POSCO Power, NRG Energy Inc., or their respective affiliates (the
&#147;<B>Excepted Issuances</B>&#148;)) otherwise than through the Underwriters in accordance herewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 No Shares
which the Company has agreed to sell pursuant to this Agreement shall be deemed to have been purchased and paid for, or sold by the Company, until such Shares shall have been delivered to the Underwriters thereof against payment by each of the
Underwriters. If the Company shall default in its obligations to deliver any Shares to the Underwriters, the Company shall indemnify and hold each Underwriter harmless against any loss, claim, damage or expense arising from or as a result of such
default by the Company in accordance with the procedures set forth in <U>Section&nbsp;7(c)</U> herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.
<I>R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></I><SMALL></SMALL>. The Company represents and warrants to the Underwriters, as of the date hereof and as of
the closing date, and agrees with the Underwriters that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company has prepared and filed in conformity with the
requirements of the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and published rules and regulations thereunder (the &#147;<B>Rules and Regulations</B>&#148;) adopted by the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) a &#147;shelf&#148; Registration Statement (as hereinafter defined) on Form S-3 (File No.&nbsp;333-189185), which became effective as of July&nbsp;18, 2013 (the &#147;<B>Effective Date</B>&#148;), including a base
prospectus relating to the Shares (the &#147;<B>Base Prospectus</B>&#148;), and such amendments and supplements thereto as may have been required up to the date of this Agreement. The term &#147;<B>Registration Statement</B>&#148; as used in this
Agreement means the registration statement (including all exhibits, financial schedules and all documents and information deemed to be a part of the Registration Statement pursuant to Rule 430B of the Rules and Regulations), as amended and/or
supplemented to the date of this Agreement, including the Base Prospectus. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or
preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the Company&#146;s knowledge, are threatened by the Commission. The Company, if required by the Rules and
Regulations of the Commission, will file the Prospectus (as defined below), with the Commission pursuant to Rule 424(b) of the Rules and Regulations. The term &#147;<B>Prospectus</B>&#148; as used in this Agreement means the Prospectus, in the form
in which it is to be filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations, or, if the Prospectus is not to be filed with the Commission pursuant to Rule 424(b), the Prospectus in the form included as part of the
Registration Statement as of the Effective Date, except that if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the Offering which differs from the Prospectus (whether
or not such revised prospectus or prospectus supplement is required to be filed by the Company pursuant to Rule 424(b) of the Rules and Regulations), the term &#147;<B>Prospectus</B>&#148; shall refer to such revised prospectus or prospectus
supplement, as the case may be, from and after the time it is first provided to the Underwriters for such use (or in the form first made available to the Underwriters by the Company to meet requests of prospective purchasers pursuant to Rule 173
under the Securities Act) . Any preliminary prospectus or prospectus subject to completion included in the Registration Statement or filed with the Commission pursuant to Rule 424 of the Rules and Regulations is hereafter called a
&#147;<B>Preliminary Prospectus</B>.&#148; Any reference herein to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to
Item&nbsp;12 of Form S-3 which were filed under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), on or before the last to occur of the Effective Date, the date of the Preliminary Prospectus, or the date of the
Prospectus, and any reference herein to the terms &#147;amend,&#148; &#147;amendment,&#148; or &#147;supplement&#148; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include
(i)&nbsp;the filing of any document under the Exchange Act after the Effective Date, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be, which is incorporated by reference and (ii)&nbsp;any such document so
filed. If the Company has filed an abbreviated registration statement to register additional securities pursuant to Rule 462(b) under the Rules and Regulations (the &#147;<B>462(b) Registration Statement</B>&#148;), then any reference herein to the
Registration Statement shall also be deemed to include such 462(b) Registration Statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As of the Applicable Time (as defined below) and as of the Closing Date and
any Option Closing Date, neither (i)&nbsp;any General Use Free Writing Prospectus (as defined below) issued at or prior to the Applicable Time, and the Pricing Prospectus (as defined below) and the information included on <U>Schedule A</U> hereto,
all considered together (collectively, the &#147;<B>General Disclosure Package</B>&#148;), (ii)&nbsp;any individual Limited Use Free Writing Prospectus (as defined below), nor (iii)&nbsp;the bona fide electronic road show (as defined in Rule
433(h)(5) of the Rules and Regulations), if any, that has been made available without restriction to any person, when considered together with the General Disclosure Package, included or will include, any untrue statement of a material fact or
omitted or as of the Closing Date or any Option Closing Date 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; <I>provided,
however</I>, that the Company makes no representations or warranties as to information contained in or omitted from any Issuer Free Writing Prospectus, in reliance upon, and in conformity with, written information furnished to the Company by the
Representative by or on behalf of the Underwriters specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). As used in this <U>paragraph
(b)</U>&nbsp;and elsewhere in this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Time</I></B>&#148; means 8:00 A.M., New York time, on the date of
this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>General Use Free Writing Prospectus</I></B>&#148; means any Issuer Free Writing
Prospectus that is identified on <U>Schedule A</U> to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Issuer Free Writing Prospectus</I></B>&#148; means any
&#147;<B>issuer free writing prospectus</B>,&#148; as defined in Rule 433 of the Rules and Regulations relating to the Shares in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company&#146;s records pursuant to Rule 433(g) of the Rules and Regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Limited Use Free Writing
Prospectuses</I></B>&#148; means any Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Pricing
Prospectus</I></B>&#148; means the Preliminary Prospectus, if any, and the Base Prospectus, each as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus
supplement deemed to be a part thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No order preventing or suspending the use of any Preliminary Prospectus, any
Issuer Free Writing Prospectus or the Prospectus relating to the Offering has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted or threatened by the Commission, and
each Preliminary Prospectus (if any), at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and the Rules and Regulations, and did not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>, that the Company makes no representations
or warranties as to information contained in or omitted from any Preliminary Prospectus, in reliance upon, and in conformity with, written information furnished to the Company by the Representative by or on behalf of the Underwriters specifically
for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section 16</U>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) At the time the Registration Statement became effective, at the date of this Agreement and at the Closing Date and any
Option Closing Date, the Registration Statement conformed and will conform in all material respects to the requirements of the Securities Act and the Rules and Regulations and did not and will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; the Prospectus, at the time the Prospectus was issued and at the Closing Date and any Option Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and the Rules and Regulations and did not and will not contain 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 under which they were made, not misleading; <I>provided, however</I>, that the foregoing representations and warranties in this <U>paragraph (d)</U>&nbsp;shall not apply to information contained in
or omitted from the Registration Statement or the Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the Representative by or on behalf of the Underwriters specifically for inclusion therein, which
information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each Issuer Free Writing Prospectus, if any, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Shares or until any earlier date that the Company notified or notifies the Representative as described in <U>Section&nbsp;4(e)</U>, did not, does not and will not include
any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, Pricing Prospectus or the Prospectus, including any document incorporated by reference therein and any prospectus supplement
deemed to be a part thereof that has not been superseded or modified, or includes an untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written
information furnished to the Company by the Representative by or on behalf of the Underwriters specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in
<U>Section&nbsp;16</U>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The documents incorporated by reference in the Prospectus, when they became effective or were
filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of such documents
contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and any
further documents so filed and incorporated by reference in the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or
the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;(i) 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 164(h)(2) under the Securities Act) of the Shares and (ii)&nbsp;at the date hereof, the Company
was not and is not an &#147;ineligible issuer,&#148; as defined in Rule 405 under the Securities Act. The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering other than
any Preliminary Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with <U>Section&nbsp;4(b)</U> below. The Company will file with the Commission all Issuer Free Writing Prospectuses (other than
a &#147;road show,&#148; as described in Rule 433(d)(8) of the Rules and Regulations), if any, in the time and manner required under Rules 163(b)(2) and 433(d) of the Rules and Regulations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company and each of its subsidiaries (as defined in
<U>Section&nbsp;14</U>) have been duly organized and are validly existing as corporations or other legal entities in good standing (or the foreign equivalent thereof) under the laws of their respective jurisdictions of organization. The Company and
each of its subsidiaries are duly qualified to do business and are in good standing as foreign corporations or other legal entities in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective
businesses requires such qualification and have all power and authority (corporate or other) necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to so qualify or have
such power or authority would not (i)&nbsp;have, singly or in the aggregate, a material adverse effect on the condition (financial or otherwise), results of operations, assets, properties, business or prospects of the Company and its subsidiaries
taken as a whole, or (ii)&nbsp;impair in any material respect the ability of the Company to perform its obligations under this Agreement or to consummate any transactions contemplated by this Agreement, the General Disclosure Package or the
Prospectus (any such effect as described in clauses (i)&nbsp;or (ii), a &#147;<B>Material Adverse Effect</B>&#148;). The Company owns or controls, directly or indirectly, only the following corporations, partnerships, limited liability partnerships,
limited liability companies, associations or other entities: (i)&nbsp;FCE FuelCell Energy Ltd., a Canadian company, (ii)&nbsp;Alliance Star Energy, LLC, a California limited liability company, (iii)&nbsp;Bridgeport Fuel Cell Park, LLC, a Connecticut
limited liability company, (iv)&nbsp;DFC-ERG Milford, LLC, a Delaware limited liability company, (v)&nbsp;DFC ERG CT, LLC, a Connecticut limited liability company, (vi)&nbsp;Star Energy East, LLC, a Connecticut limited liability company,
(vii)&nbsp;Long Beach Clean Energy, LLC, a New York limited liability company, (viii)&nbsp;FuelCell Energy Solutions GmbH, a German company, (ix)&nbsp;FCE Korea, Ltd., a South Korean company, (x)&nbsp;Versa Power Systems, Inc., a Delaware
corporation, (xi)&nbsp;Versa Power Systems, Ltd., a Canadian Company and (xii)&nbsp;Waterbury Renewable Energy, LLC, a Delaware Limited Liability company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company has the full right, power and authority to enter into this Agreement, and to perform and to discharge its
obligations hereunder; and this Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as rights
to indemnify hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject
to general principles of equity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Firm Shares and the Additional Shares to be issued and sold by the Company to the
Underwriters hereunder have been duly and validly authorized and, when issued and delivered by the Company against payment therefor as provided herein will conform to the description thereof contained in the General Disclosure Package and the
Prospectus. There are no preemptive rights or other rights to subscribe for or to purchase any shares of Common Stock or shares of any other capital stock or other equity interests of the Company or any of its subsidiaries, or any agreement or
arrangement between the Company and any of the Company&#146;s stockholders or between any of the Company&#146;s subsidiaries and any of such subsidiary&#146;s stockholders, or to the Company&#146;s knowledge, between or among any of the
Company&#146;s stockholders or any of its subsidiaries&#146; stockholders, which grant special rights with respect to any shares of the Company&#146;s or any of its subsidiaries&#146; capital stock or which in any way affect any stockholder&#146;s
ability or right to alienate freely or vote such shares (other than rights which have been waived in writing in connection with the issuance and sale of the Firm Shares and the Additional Shares and the other transactions contemplated by this
Agreement or otherwise satisfied). In connection with this Offering, the Company has received a written waiver from POSCO Power (&#147;<B>POSCO</B>&#148;) of its investor rights under that certain Securities Purchase Agreement between POSCO and the
Company, dated April&nbsp;30, 2012 (&#147;<B>POSCO Securities Purchase Agreement</B>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The Company has an authorized capitalization as set forth in the Pricing
Prospectus, and all of the issued shares of the Company have been duly and validly authorized and issued, are fully paid and nonassessable, have been issued in compliance with federal and state securities laws, and conform to the description thereof
contained in the General Disclosure Package and the Prospectus.&nbsp;As of December&nbsp;31, 2013, there were (a)&nbsp;205,379,875 shares of Common Stock, par value $0.0001, issued and outstanding, (b)&nbsp;64,020 Series B preferred shares issued
and outstanding, convertible into 5,448,512 shares of common stock, (c)&nbsp;1,000,000 shares of the Company&#146;s subsidiary, FuelCell Energy, Ltd.&#146;s, Series 1 preferred shares, issued and outstanding, which would require 17,901,054 shares of
the Company&#146;s common stock to settle the outstanding principal and accrued and unpaid dividends, and (d)&nbsp;27,456,203 shares of Common Stock issuable upon the exercise of all options, warrants and convertible securities outstanding as of
such date, excluding any shares that could be used to satisfy interest amounts due on convertible securities if not paid in cash. Since such date, the Company has not issued any securities, other than (i)&nbsp;Common Stock of the Company issued
pursuant to the exercise of stock options previously outstanding under the Company&#146;s stock plans or (ii)&nbsp;the issuance of options or restricted Common Stock under the Company&#146;s stock plans.&nbsp;All of the stock options, warrants and
other rights to purchase or exchange any securities for shares of the Company&#146;s capital stock have been duly authorized and validly issued, and were issued in compliance with US federal and state securities laws.&nbsp;None of the outstanding
shares of Common Stock was issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company and (iii)&nbsp;Common Stock issued upon conversion of the Company&#146;s
8% Senior Unsecured Notes (the &#147;Notes&#148;).&nbsp;There are no authorized or outstanding shares of capital stock, options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities
convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its subsidiaries other than those described above or accurately described in the General Disclosure Package.&nbsp;The description of the Company&#146;s
stock option, stock bonus and other stock plans or arrangements, and the stock options or other rights granted thereunder, as described in the General Disclosure Package and the Prospectus, accurately and fairly present the information required to
be shown with respect to such plans, arrangements, stock options and rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) All the outstanding shares of capital stock or other equity interests of each
subsidiary of the Company have been duly authorized and validly issued, are fully paid and nonassessable and, except to the extent set forth in the General Disclosure Package or the Prospectus, are owned by the Company directly or indirectly through
one or more wholly-owned subsidiaries, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The execution, delivery and performance of this Agreement by the Company, the issuance and sale of the Firm Shares or any
Additional Shares by the Company and the consummation of the transactions contemplated hereby and thereby will not (with or without notice or lapse of time or both) (i)&nbsp;conflict with or result in a breach or violation of any of the terms or
provisions of, constitute a default or Debt Repayment Triggering Event (as defined below) under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation or loss of a benefit under, or give
rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company or any subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii)&nbsp;result in any
violation of the provisions of the charter or by-laws (or analogous governing instruments, as applicable) of the Company or any of its subsidiaries or (iii)&nbsp;result in any violation of any law, statute, rule, regulation, judgment, order or
decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets, except with respect to clauses (i)&nbsp;and (iii)&nbsp;above, to the
extent any such conflict, breach or violation has been waived or would not result in a Material Adverse Effect. A &#147;<B>Debt Repayment Triggering Event</B>&#148; means any event or condition that gives, or with the giving of notice or lapse of
time would give the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#146;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the
Company or any of its subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) No consent, approval, authorization or order of, or filing, qualification or
registration with, any court or governmental agency or body, foreign or domestic, which has not been made, obtained or taken and is not in full force and effect, is required for the execution, delivery and performance of this Agreement by the
Company, the offer or sale of the Shares or the consummation of the transactions contemplated hereby or thereby, except for the registration of the Common Stock under the Securities Act and such consents, approvals, authorizations, registrations or
qualifications as may be required under the Exchange Act and applicable state securities laws, the Financial Industry Regulatory Authority (&#147;<B>FINRA</B>&#148;) and the NASDAQ Global Market (the &#147;<B>NASDAQ GM</B>&#148;) in connection with
the Offering by the Company, and the listing of the Shares on the NASDAQ GM. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) KPMG LLP, who have certified certain financial statements and related
schedules included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, and have audited the Company&#146;s internal control over financial reporting and management&#146;s assessment thereof,
is an independent registered public accounting firm as required by the Securities Act and the Rules and Regulations and the Public Company Accounting Oversight Board (United States) (the &#147;<B>PCAOB</B>&#148;). Except as pre-approved in
accordance with the requirements set forth in Section&nbsp;10A of the Exchange Act, KPMG LLP has not been engaged by the Company to perform any &#147;prohibited activities&#148; (as defined in Section&nbsp;10A of the Exchange Act). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) The financial statements, together with the related notes and schedules, included or incorporated by reference in the
General Disclosure Package, the Prospectus and in the Registration Statement fairly present the financial position and the results of operations and changes in stockholders&#146; equity and cash flows of the Company and its consolidated subsidiaries
and other consolidated entities at the respective dates or for the respective periods therein specified. Such statements and related notes and schedules have been prepared in accordance with generally accepted accounting principles in the United
States (&#147;<B>GAAP</B>&#148;) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated by reference in the General Disclosure Package. The financial statements,
together with the related notes and schedules, included or incorporated by reference in the General Disclosure Package and the Prospectus comply in all material respects with the Securities Act, the Exchange Act, and the Rules and Regulations and
the rules and regulations under the Exchange Act. No other financial statements or supporting schedules or exhibits are required by the Securities Act or the Rules and Regulations to be described, or included or incorporated by reference in the
Registration Statement, the General Disclosure Package or the Prospectus. There is no pro forma or as adjusted financial information which is required to be included in the Registration Statement, the General Disclosure Package, or and the
Prospectus or a document incorporated by reference therein in accordance with the Securities Act and the Rules and Regulations which has not been included or incorporated as so required. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Neither the Company nor any of its subsidiaries has sustained, since the date of the latest audited financial statements
included or incorporated by reference in the General Disclosure Package, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as set forth or contemplated in the General Disclosure Package; and, since such date, there has not been any change in the capital stock or long-term debt of the Company or any of its subsidiaries
or any material adverse changes, or any development involving a prospective material adverse change, in or affecting the business, assets, general affairs, management, financial position, prospects, stockholders&#146; equity or results of operations
of the Company and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in the General Disclosure Package. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) There are no legal or governmental actions, suits, claims or proceedings
pending or, to the Company&#146;s knowledge, threatened or contemplated to which the Company or any of its subsidiaries is or would be a party or of which any of their respective properties is or would be subject at law or in equity, before or by
any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or before or by any self-regulatory organization or other non-governmental regulatory authority which are required to be described in the
Registration Statement, the General Disclosure Package or the Prospectus or a document incorporated by reference therein and are not so described therein, or which, singly or in the aggregate, if resolved adversely to the Company or such subsidiary,
would reasonably be likely to result in a Material Adverse Effect or prevent or materially and adversely affect the ability of the Company to consummate the transactions contemplated hereby. To the Company&#146;s knowledge, no such proceedings are
threatened or contemplated by governmental authorities or threatened by other third parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) Neither the Company nor
any of its subsidiaries is in (i)&nbsp;violation of its charter or by-laws (or analogous governing instrument, as applicable), (ii)&nbsp;default in any respect, and no event has occurred which, with notice or lapse of time or both, would constitute
such a default, in the due performance or observance of any term, covenant, obligation, agreement or condition contained in any indenture, mortgage, deed of trust, bank loan or credit agreement, other evidence of indebtedness, or any license, lease,
contract or other agreement or instrument to which it is a party or by which the Company or its subsidiaries are is bound or to which any of its property or assets is subject or (iii)&nbsp;violation in any respect of any statute, law, ordinance,
governmental rule, regulation, ordinance, or court order, decree or judgment to which it or its property or assets may be subject except, in the case of clauses (ii)&nbsp;and (iii)&nbsp;of this paragraph (s), for any violations or defaults which
would not, singly or in the aggregate, have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) The Company and each of its subsidiaries have
made all material filings, applications and submissions required by, and owns or possess all material approvals, licenses, certificates, certifications, clearances, consents, exemptions, marks, notifications, orders, authorizations and permits
issued by, and have made all material declarations and filings with, the appropriate local, state, federal or foreign regulatory agencies or bodies that are necessary or desirable for the ownership of their respective properties or the conduct of
their respective businesses as described in the General Disclosure Package and the Prospectus (collectively, the &#147;<B>Governmental Permits</B>&#148;) and is in compliance in all material respects with the terms and conditions of all such
Governmental Permits, except where any failures to possess or make the same would not, singly or in the aggregate, have a Material Adverse Effect. All such Governmental Permits are valid and in full force and effect. All such Governmental Permits
are free and clear of any restriction or condition that are in addition to, or materially different from those normally applicable to similar licenses, certificates, authorizations and permits. Neither the Company nor any of its subsidiaries has
received any notice of any proceedings relating to revocation or modification of, any such Permit, which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect. Except as
may be required under the Securities Act and state and foreign Blue Sky laws and the rules and regulations of FINRA, no other Governmental Permits are required for the Company or any of its subsidiaries to enter into, deliver and perform this
Agreement and to issue and sell the Shares to be issued and sold by the Company hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) Neither the Company nor any of its subsidiaries is or, after giving effect to
the Offering and the application of the proceeds thereof as described in the General Disclosure Package and the Prospectus, will be (i)&nbsp;required to register as an &#147;investment company&#148; as defined in the Investment Company Act of 1940,
as amended (the &#147;<B>Investment Company Act</B><I>&#148;</I>), and the rules and regulations of the Commission thereunder or (ii)&nbsp;a &#147;business development company&#148; (as defined in Section&nbsp;2(a)(48) of the Investment Company
Act). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Neither the Company, its subsidiaries nor, to the Company&#146;s knowledge, any of the Company&#146;s or its
subsidiaries&#146; officers, directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or resulted in, or which could
in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) The Company and each of its subsidiaries owns or possesses the right to use all patents, trademarks, trademark
registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, software, databases, know-how, Internet domain names, trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures, and other intellectual property (collectively, &#147;<B>Intellectual Property</B>&#148;) necessary to carry on their respective businesses as currently conducted, and as proposed to be conducted and described in
the General Disclosure Package and the Prospectus, and the Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company and its subsidiaries with respect to the foregoing except for those that
would not reasonably be expected to have a Material Adverse Effect. The Intellectual Property licenses described in the General Disclosure Package and the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in
accordance with their terms. The Company and each of its subsidiaries has complied in all material respects with, and is not in breach nor has received any asserted or threatened claim of breach of, any Intellectual Property license, and the Company
has no knowledge of any breach or anticipated breach by any other person to any Intellectual Property license. The Company&#146;s and each of its subsidiaries&#146; businesses as now conducted and as proposed to be conducted do not and will not
infringe or conflict with any valid and enforceable patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses or other Intellectual Property or franchise right of any person. Neither the Company nor any of its subsidiaries
has received notice of any claim against the Company or any of its subsidiaries alleging the infringement by the Company or any of its subsidiaries of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other
intellectual property right or franchise right of any person. The Company and each of its subsidiaries has taken all reasonable steps to protect, maintain and safeguard its rights in all Intellectual Property, including the execution of appropriate
nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other
person in respect of, the Company&#146;s or any of its subsidiaries&#146; right to own, use, or hold for use any of the Intellectual Property as owned, used or held for use in the conduct of the businesses as currently conducted. The Company and
each of its subsidiaries has at all times complied in all material respects with all applicable laws relating to privacy, data protection, and the collection and use of personal information collected, used, or held for use by the Company and any of
its subsidiaries in the conduct of the Company&#146;s and its subsidiaries businesses. No claims have been asserted or threatened against the Company or any of its subsidiaries alleging a violation of any person&#146;s privacy or personal
information or data rights and, to the knowledge of the Company, the consummation of the transactions contemplated hereby will not breach or otherwise cause any violation of any law related to privacy, data protection, or the collection and use of
personal information collected, used, or held for use by the Company or any of its subsidiaries in the conduct of the Company&#146;s or any of its subsidiaries&#146; businesses. The Company and each of its subsidiaries takes reasonable measures to
ensure that such information is protected against unauthorized access, use, modification, or other misuse. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) The Company and each of its subsidiaries have good, valid and marketable
title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its subsidiaries taken as a whole, in each case free and clear of all liens,
encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any of its
subsidiaries; and all of the leases and subleases material to the business of the Company and its subsidiaries, considered as one enterprise, and under which the Company or any of its subsidiaries holds properties described in the General Disclosure
Package and the Prospectus, are in full force and effect, and neither the Company nor any subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any subsidiary
under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) No labor disturbance or dispute with the employees of the Company or any of the Company&#146;s subsidiaries exists, or, to
the best of the Company&#146;s knowledge, is threatened or imminent, which would reasonably be expected to result in a Material Adverse Effect. The Company is not aware of any existing or imminent labor disturbance by the employees of any of its or
its subsidiaries&#146; principal suppliers, manufacturers, customers or contractors, that singly or in the aggregate, might be expected to have a Material Adverse Effect. The Company is not aware that any key employee or significant group of
employees of the Company or any of the Company&#146;s subsidiaries plans to terminate employment with the Company or any of the Company&#146;s subsidiaries. Neither the Company nor any of its subsidiaries has engaged in any unfair labor practice;
except for matters which would not, singly or in the aggregate, result in a Material Adverse Effect, (i)&nbsp;there is (A)&nbsp;no unfair labor practice complaint pending or, to the Company&#146;s knowledge, threatened against the Company or any of
its subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&#146;s knowledge, threatened, (B)&nbsp;no strike, labor
dispute, slowdown or stoppage pending or, to the Company&#146;s knowledge, threatened against the Company or any of its subsidiaries and (C)&nbsp;no union representation dispute currently existing concerning the employees of the Company or any of
its subsidiaries and (ii)&nbsp;to the Company&#146;s knowledge, no union organizing activities are currently taking place concerning the employees of the Company or any of its subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) No &#147;prohibited transaction&#148; (as defined in Section&nbsp;406 of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (&#147;<B>ERISA</B>&#148;), or Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended from time to time (the
&#147;<B>Code</B>&#148;)) has occurred or could reasonably be expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which could, singly or in the aggregate, have a Material Adverse Effect. Each
employee benefit plan of the Company or any of its subsidiaries is in compliance in all material respects with applicable law, including ERISA and the Code. For purposes of this section, an &#147;employee benefit plan&#148; and an &#147;employee
pension benefit plan&#148; are as defined in ERISA section 3(2), and an employee welfare benefit plan as defined in ERISA section 3(1). The Company and its subsidiaries have not incurred and could not reasonably be expected to incur liability under
Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have any liability that is intended to be qualified under
Section&nbsp;401(a) of the Code is so qualified, and, to the knowledge of the Company, nothing has occurred, whether by action or by failure to act, which could, singly or in the aggregate, cause the loss of such qualification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) The Company and its subsidiaries are and have been in compliance with all foreign, federal, state and local statute, law
(including the common law), ordinance, rule, regulation, order, judgment, decree or Governmental Permit, relating to the use, treatment, storage and disposal of hazardous or toxic substances, materials or wastes or the protection of health and
safety or the environment which are applicable to their businesses (&#147;<B>Environmental Laws</B>&#148;), except where the failure to comply would not, singly or in the aggregate, have a Material Adverse Effect. There has been no storage,
generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of hazardous or toxic substances, materials or wastes by, due to, or caused by the Company or any of its subsidiaries (or, to the
Company&#146;s knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise be liable) upon any of the property now or previously owned, leased or operated by the Company or any of its
subsidiaries, or upon any other property, in violation of, or which would give rise to any liability under, any Environmental Law, except for any violation or liability which would not have, singly or in the aggregate with all such violations and
liabilities, a Material Adverse Effect; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any hazardous or toxic substances, materials or wastes
with respect to which the Company has knowledge, except for any such disposal, discharge, emission, or other release of any kind which would not have, singly or in the aggregate with all such discharges and other releases, a Material Adverse Effect.
In the ordinary course of business, the Company and its subsidiaries conduct reviews of the effect of Environmental Laws on their businesses and assets, as part of which they identify and evaluate associated costs and liabilities (including, without
limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws and Governmental Permits issued thereunder, any related constraints on operating activities and any potential
liabilities to third parties). On the basis of such reviews, the Company and its subsidiaries have reasonably concluded that such associated costs and liabilities would not have, singly or in the aggregate, a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) The Company and its subsidiaries are in compliance in all respects with all
applicable provisions of the Occupational Safety and Health Act of 1970, as amended, including all applicable regulations thereunder, except for such noncompliance as would not, singly or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) The Company and its subsidiaries, each (i)&nbsp;has timely filed all necessary federal, state, local and foreign tax
returns (or timely filed applicable extensions therefor) that have been required to be filed, and all such returns were true, complete and correct, (ii)&nbsp;has paid all federal, state, local and foreign taxes, assessments, governmental or other
charges that are due and payable for which it is liable, including, without limitation, all sales and use taxes and all taxes which the Company or any of its subsidiaries is obligated to withhold from amounts owing to employees, creditors and third
parties, and (iii)&nbsp;does not have any tax deficiency or claims outstanding or assessed or, to the best of its knowledge, proposed against any of them, except those, in each of the cases described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of this
<U>paragraph (bb)</U>, that would not, singly or in the aggregate, have a Material Adverse Effect. The Company and its subsidiaries, each has not engaged in any transaction which is a corporate tax shelter or which could be characterized as such by
the Internal Revenue Service or any other taxing authority. The accruals and reserves on the books and records of the Company and its subsidiaries in respect of tax liabilities for any taxable period not yet finally determined are adequate to meet
any assessments and related liabilities for any such period, and since October&nbsp;31, 2011 the Company and its subsidiaries each has not incurred any liability for taxes other than in the ordinary course. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) The Company and each of its subsidiaries maintains or is covered by insurance provided by recognized, financially sound
and reputable institutions with insurance policies in such amounts and covering such risks as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses in similar
industries. All such insurance is fully in force on the date hereof and will be fully in force as of the Closing Date. The Company has no reason to believe that it and its subsidiaries will not be able to renew their 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 have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied
any material insurance policy or coverage for which it has applied. Neither the Company nor any of its subsidiaries insures risk of loss through any captive insurance, risk retention group, reciprocal group or by means of any fund or pool of assets
specifically set aside for contingent liabilities other than as described in the General Disclosure Package. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) The Company and its subsidiaries each maintains a system of internal
accounting and other controls sufficient to provide reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the General Disclosure Package, since the end of the Company&#146;s most
recent audited fiscal year, there has been (A)&nbsp;no material weakness in the Company&#146;s internal control over financial reporting (whether or not remediated) and (B)&nbsp;no change in the Company&#146;s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff) The Company has established, maintains and evaluates &#147;disclosure controls and procedures&#148; (as such term is
defined in Rule&nbsp;13a-15(e) and 15d-15(e) under the Exchange Act), which (i)&nbsp;are designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company&#146;s principal executive officer and
its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared, (ii)&nbsp;have been evaluated for effectiveness as of the end of the
last fiscal period covered by the Registration Statement; and (iii)&nbsp;such disclosure controls and procedures are effective to perform the functions for which they were established. There are no significant deficiencies or material weaknesses in
the design or operation of internal controls which could adversely affect the Company&#146;s ability to record, process, summarize, or report financial data to management and the Board of Directors of the Company. The Company is not aware of any
fraud, whether or not material, that involves management or other employees who have a role in the Company&#146;s internal controls; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no
significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. Except as set forth in the General
Disclosure Package, the Audit Committee of the Board of Directors of the Company (the &#147;<B>Audit Committee</B>&#148;) is not reviewing or investigating, and neither the Company&#146;s independent auditors nor its internal auditors have
recommended that the Audit Committee review or investigate, (iv)&nbsp;adding to, deleting, changing the application of or changing the Company&#146;s disclosure with respect to, any of the Company&#146;s material accounting policies, (v)&nbsp;any
manner which could result in a restatement of the Company&#146;s financial statements for any annual or interim period during the current or prior three fiscal years, or (iii)&nbsp;a significant deficiency, material weakness, change in internal
control over financial reporting or fraud involving management or other employees who have a significant role in the internal control over financial reporting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg) Except as described in the General Disclosure Package and the Prospectus,
there are no material off-balance sheet transactions (including, without limitation, transactions related to, and the existence of, &#147;variable interest entities&#148; within the meaning of Financial Accounting Standards Board Interpretation
No.&nbsp;46), arrangements, obligations (including contingent obligations), or any other relationships with unconsolidated entities or other persons, that may have a material current or future effect on the Company&#146;s financial condition,
changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh) The Company&#146;s Board of Directors has validly appointed an audit committee whose composition satisfies the
requirements of Rule 4350(d)(2) of the Rules of NASDAQ and Section&nbsp;10A-3 of the Exchange Act and the Board of Directors and/or the audit committee has adopted a charter that satisfies the requirements of Rule 4350(d)(1) of the Rules of NASDAQ
and Section&nbsp;10A-3 of the Exchange Act. The audit committee has reviewed the adequacy of its charter within the past twelve months. Neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company
aware, of (i)&nbsp;any significant deficiencies in the design or operation of the Company&#146;s internal controls that could adversely affect the Company&#146;s ability to record, process, summarize and report financial data or any material
weakness in the Company&#146;s internal controls; or (ii)&nbsp;any fraud, whether or not material, that involves management or other employees of the Company who have a significant role in the Company&#146;s internal controls. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The minute books of the Company and each of its subsidiaries that would be a &#147;significant subsidiary&#148; within the
meaning of Rule 1-02(w) of Regulation S-X under the Exchange Act (such a significant subsidiary of the Company, a &#147;<B>Significant Subsidiary</B>&#148;) have been made available to the Underwriters and counsel for the Underwriters, and such
books (i)&nbsp;contain a complete summary of all meetings and actions of the board of directors (including each board committee) and stockholders of the Company (or analogous governing bodies and interest holders, as applicable), and each of its
Significant Subsidiaries since the time of its respective incorporation or organization through the date of the latest meeting and action, and (ii)&nbsp;accurately in all material respects reflect all transactions referred to in such minutes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj) There is no franchise, lease, contract, agreement or document required by
the Securities Act or by the Rules and Regulations to be described in the General Disclosure Package and in the Prospectus or a document incorporated by reference therein or to be filed as an exhibit to the Registration Statement or a document
incorporated by reference therein which is not described or filed therein as required; and all descriptions of any such franchises, leases, contracts, agreements or documents contained in the Registration Statement or in a document incorporated by
reference therein are accurate and complete descriptions of such documents in all material respects. Other than as described in the General Disclosure Package, no such franchise, lease, contract or agreement has been suspended or terminated for
convenience or default by the Company or any of its subsidiaries or any of the other parties thereto, and neither the Company nor any of its subsidiaries has received notice nor does the Company have any other knowledge of any such pending or
threatened suspension or termination, except for such pending or threatened suspensions or terminations that would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk) No relationship, direct or indirect, exists between or among the Company and any of its subsidiaries on the one hand, and
the directors, officers, stockholders (or analogous interest holders), customers or suppliers of the Company or any of its subsidiaries or any of their affiliates on the other hand, which is required to be described in the General Disclosure Package
and the Prospectus or a document incorporated by reference therein and which is not so described. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll) No person or entity
has the right to require registration of shares of Common Stock or other securities of the Company or any of its subsidiaries because of the filing or effectiveness of the Registration Statement or otherwise, except for persons and entities who have
expressly waived such right in writing or who have been given timely and proper written notice and have failed to exercise such right within the time or times required under the terms and conditions of such right. There are no contracts, agreements
or understandings between the Company or any of its subsidiaries and any person granting such person the right (other than (i)&nbsp;registration rights granted to POSCO under the POSCO Securities Purchase Agreement, which have been satisfied to
date, and (ii)&nbsp;rights which have been waived in writing in connection with the transactions contemplated by this Agreement or otherwise satisfied) to require the Company or any of its subsidiaries to register any securities with the Commission.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm) Neither the Company nor any of its subsidiaries owns any &#147;margin securities&#148; as that term is defined in
Regulation U of the Board of Governors of the Federal Reserve System (the &#147;<B>Federal Reserve Board</B>&#148;), and none of the proceeds of the sale of any of the Shares will be used, directly or indirectly, for the purpose of purchasing or
carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares to be considered a
&#147;purpose credit&#148; within the meanings of Regulation T, U or X of the Federal Reserve Board. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn) At the
Applicable Time there were, and as of the Closing Date there will be, no securities of or guaranteed by the Company that are rated by a &#147;nationally recognized statistical rating organization,&#148; as that term is defined in Rule 436(g)(2)
promulgated under the Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo) Neither the Company nor any of its subsidiaries is a party to any contract,
agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against the Company or the Underwriters for a brokerage commission, finder&#146;s fee or like payment in connection with the offering and
sale of any of the Shares or any transaction contemplated by this Agreement, the Registration Statement, the General Disclosure Package or the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp) No forward-looking statement (within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the
Exchange Act) contained in either the General Disclosure Package or the Prospectus, including without limitation the Company&#146;s Fiscal 2014 Financial Outlook contained in the Recent Developments section of the Prospectus Supplement, has been
made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq) The Company is subject
to and in compliance in all material respects with the reporting requirements of Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. The Common Stock is registered pursuant to Section&nbsp;12(b) or 12(g) of the Exchange Act and is listed on
the NASDAQ GM, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NASDAQ GM, nor has the Company
received any notification that the Commission, FINRA or the NASDAQ Stock Market LLC is currently contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of the NASDAQ
GM for maintenance of inclusion of the Common Stock thereon. No consent, approval, authorization or order of, or filing, notification or registration with, the NASDAQ GM is required for the listing and trading of the shares of Common Stock on the
NASDAQ GM, except for (i)&nbsp;a Notification Form: Listing of Additional Shares; and (ii)&nbsp;a Notification Form: Change in the Number of Shares Outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr) The Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14 and 15(d)
of the Exchange Act during the preceding 12 months (except to the extent that Section&nbsp;15(d) requires reports to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act, which shall be governed by the next clause of this sentence); and
the Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act since January&nbsp;1, 2004, except where the failure to timely file would not reasonably be expected singly or in the
aggregate to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss) The Company, and to its knowledge, each of the Company&#146;s directors
or officers, in their capacities as such, is, and after giving effect to the Offering will be, in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act of 2002 and any related rules and regulations
promulgated by the Commission thereunder (the &#147;<B>Sarbanes-Oxley Act</B>&#148;). Each of the principal executive officer and the principal financial officer of the Company (and each former principal executive officer of the Company and each
former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be
filed by him or her with the Commission. For purposes of the preceding sentence, &#147;principal executive officer&#148; and &#147;principal financial officer&#148; shall have the meanings given to such terms in the Sarbanes-Oxley Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt) The Company is, and after giving effect to the Offering will be, in
compliance with all applicable corporate governance requirements set forth in the NASDAQ Marketplace Rules. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(uu) Neither
the Company nor any of its subsidiaries nor, to the Company&#146;s knowledge, any other person associated with or acting on behalf of the Company, including without limitation any director, officer, agent or employee of the Company or any of its
subsidiaries has, directly or indirectly, while acting on behalf of the Company or any of its subsidiaries (i)&nbsp;used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity
or failed to disclose fully any contribution in violation of law, (ii)&nbsp;made any payment to any federal or state governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required
or permitted by the laws of the United States or any jurisdiction thereof, (iii)&nbsp;violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended or (iv)&nbsp;made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vv) Any statistical, industry-related or market-related data included or
incorporated by reference in the Registration Statement, the Prospectus or the General Disclosure Package, are based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agree
with the sources from which they are derived. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ww) Neither the Company nor any subsidiary nor any of their affiliates
(within the meaning of FINRA&#146;s NASD Conduct Rule 2720(f)(1)) directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article I, Section&nbsp;1(ee) of the By-laws of
FINRA) of, any member firm of FINRA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xx) The operations of the Company and its subsidiaries are and have been conducted
at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA PATRIOT Act, applicable money laundering
statutes of all jurisdictions and the applicable rules, related rules and regulations thereunder (collectively, the &#147;<B>Money Laundering Laws</B>&#148;), and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending, or to the best knowledge of the Company, threatened against the Company or any of its subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(yy) Neither the Company nor any of its subsidiaries nor, to the Company&#146;s
knowledge, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(&#147;<B>OFAC</B>&#148;); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, which, to
the Company&#146;s knowledge, will use such proceeds for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(zz) No approval of the shareholders of the Company under the rules and regulations of Nasdaq (including Rule 5635 of the
Nasdaq Global Marketplace Rules) is required for the Company to issue and deliver to the Underwriters the Shares. Any certificate signed by or on behalf of the Company and delivered to the Underwriters or to counsel for the Underwriters shall be
deemed to be a representation and warranty by the Company to the Underwriters as to the matters covered thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aaa)
Neither the Company nor its subsidiaries are subject to regulation as a &#147;public utility&#148;, &#147;public service company&#148;, &#147;holding company&#148; or similar designation by any governmental or regulatory authority, including under
the Federal Power Act, as amended or any applicable state utility laws; and the Company and its subsidiaries are not required to file with any applicable state or local commissions, governmental authorities or regulatory bodies that regulate
utilities any forms, statements, reports, registrations or documents required to be filed by the Company or its subsidiaries under such applicable state or local laws to which the Company or its subsidiaries are subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any certificate signed by or on behalf of the Company and delivered to the Representative or to counsel for the Underwriters
shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters covered thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.
<I>F<SMALL>URTHER</SMALL> A<SMALL>GREEMENTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></I><SMALL></SMALL>. The Company agrees with the Underwriters: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the Rules and Regulations, to prepare the Rule 462(b) Registration Statement, if necessary, in a form approved
by the Representative and file such Rule 462(b) Registration Statement with the Commission on the date hereof; to prepare the Prospectus in a form approved by the Representative containing information previously omitted at the time of effectiveness
of the Registration Statement in reliance on Rules 430A, 430B and 430C of the Rules and Regulations and to file such Prospectus pursuant to Rule 424(b) of the Rules and Regulations not later than the second (2<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP>)&nbsp;business day following the execution and delivery of this Agreement or, if applicable, such earlier time as may be required by Rule 430A of the Rules and Regulations; to notify the
Representative immediately of the Company&#146;s intention to file or prepare any supplement or amendment to the Registration Statement or to the Prospectus in connection with this Offering and to make no amendment or supplement to the Registration
Statement, the General Disclosure Package or to the Prospectus to which the Representative shall reasonably object by notice to the Company after a reasonable period to review; to advise the Representative, promptly after it receives notice thereof,
of the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the General Disclosure Package or the Prospectus or any amended Prospectus has been filed and to furnish the Representative copies
thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) or 163(b)(2), as the case may be, of the Rules and Regulations; to file promptly all reports and any definitive proxy or
information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus (or in lieu
thereof, the notice referred to in Rule 173(a) of the Rules and Regulations) is required or sale of the Shares; to advise the Representative, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any
order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or
threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement, the General Disclosure Package or the Prospectus or for additional information; and, in the
event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus or suspending any such qualification, and promptly to use its best efforts
to obtain the withdrawal of such order. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company represents and agrees that, it has not made, and unless it
obtains the prior consent of the Representative, it will not, make any offer relating to the Shares that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 of the Rules and Regulations (each, a &#147;<B>Permitted Free
Writing Prospectus</B>&#148;); <I>provided</I> that the prior written consent of the Representative hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectus(es) included in <U>Schedule A</U> hereto. The Company
represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, comply with the requirements of Rules 164 and 433 of the Rules and Regulations applicable to any Issuer Free
Writing Prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping and will not take any action that would result in the Underwriters or the Company being required to file with the Commission
pursuant to Rule 433(d) of the Rules and Regulations a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If at any time when a Prospectus relating to the Shares is required to be delivered under the Securities Act, any event
occurs or condition exists as a result of which the Prospectus, as then amended or supplemented, would include any 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 under which they were made, not misleading, or the Registration Statement, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein not misleading, or if for any other reason it is necessary at any time to amend or supplement any Registration Statement or the Prospectus to comply with the Securities Act or the Exchange Act, the Company will promptly notify the
Representative, and upon the Representative&#146;s request, the Company will promptly prepare and file with the Commission, at the Company&#146;s expense, an amendment to the Registration Statement or an amendment or supplement to the Prospectus
that corrects such statement or omission or effects such compliance and will deliver to the Underwriters, without charge, such number of copies thereof as the Underwriters may reasonably request. The Company consents to the use of the Prospectus or
any amendment or supplement thereto by the Underwriters. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the General Disclosure Package is being used to solicit offers to buy the
Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Representative, it becomes necessary to amend or
supplement the General Disclosure Package in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or to make the statements therein not conflict with the information contained or
incorporated by reference in the Registration Statement then on file and not superseded or modified, or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, the Company promptly will either
(i)&nbsp;prepare, file with the Commission (if required) and furnish to the Underwriters and any dealers an appropriate amendment or supplement to the General Disclosure Package or (ii)&nbsp;prepare and file with the Commission an appropriate filing
under the Exchange Act which shall be incorporated by reference in the General Disclosure Package so that the General Disclosure Package as so amended or supplemented will not, in the light of the circumstances under which they were made, be
misleading or conflict with the Registration Statement then on file, or so that the General Disclosure Package will comply with law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as
a result of which such Issuer Free Writing Prospectus conflicted or will conflict with the information contained in the Registration Statement, Pricing Prospectus or Prospectus, including any document incorporated by reference therein and any
prospectus supplement deemed to be a part thereof and not superseded or modified or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Company has promptly notified or will promptly notify the Representative so that any use of the Issuer Free Writing Prospectus
may cease until it is amended or supplemented and has promptly amended or will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing
sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the Representative by or on behalf of the Underwriters
specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) To the extent not available on the Commission&#146;s EDGAR system or any
successor system, to furnish promptly to the Underwriters and to counsel for the Underwriters a signed copy of the Registration Statement as originally filed with the Commission, and of each amendment thereto filed with the Commission, including all
consents and exhibits filed therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) To the extent not available on the Commission&#146;s EDGAR system or any
successor system, to deliver promptly to the Representative in New York City such number of the following documents as the Representative shall reasonably request: (i)&nbsp;conformed copies of the Registration Statement as originally filed with the
Commission (in each case excluding exhibits), (ii)&nbsp;each Preliminary Prospectus (if any), (iii)&nbsp;any Issuer Free Writing Prospectus, (iv)&nbsp;the Prospectus (the delivery of the documents referred to in clauses (i), (ii), (iii)&nbsp;and
(iv)&nbsp;of this <U>paragraph (g)</U>&nbsp;to be made not later than 10:00 A.M., New York time, on the business day following the execution and delivery of this Agreement), (v)&nbsp;conformed copies of any amendment to the Registration Statement
(excluding exhibits), (vi)&nbsp;any amendment or supplement to the General Disclosure Package or the Prospectus (the delivery of the documents referred to in clauses (v)&nbsp;and (vi)&nbsp;of this <U>paragraph (g)</U>&nbsp;to be made not later than
10:00 A.M., New York City time, on the business day following the date of such amendment or supplement) and (vii)&nbsp;any document incorporated by reference in the General Disclosure Package or the Prospectus (excluding exhibits thereto) (the
delivery of the documents referred to in clause (vi)&nbsp;of this <U>paragraph (g)</U>&nbsp;to be made not later than 10:00 A.M., New York City time, on the business day following the date of such document). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) To make generally available to its stockholders as soon as practicable, but in any event not later than eighteen
(18)&nbsp;months after the effective date of each Registration Statement (as defined in Rule 158(c) of the Rules and Regulations), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with
Section&nbsp;11(a) of the Securities Act and the Rules and Regulations (including, at the option of the Company, Rule 158); and, if not available on the Commission&#146;s EDGAR System or any successor system, to furnish to its stockholders after the
end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders&#146; equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and after each of
the first three fiscal quarters of each fiscal year (beginning with the first fiscal quarter after the effective date of such Registration Statement), consolidated summary financial information of the Company and its subsidiaries for such quarter in
reasonable detail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) To take promptly from time to time such actions as the Representative may reasonably request to
qualify the Shares for offering and sale under the securities or blue sky laws of such jurisdictions (domestic or foreign) as the Representative may designate and to continue such qualifications in effect, and to comply with such laws, for so long
as required to permit the offer and sale of Shares in such jurisdictions; <I>provided </I>that the Company and its subsidiaries shall not be obligated to qualify as foreign corporations in any jurisdiction in which they are not so qualified or to
file a general consent to service of process in any jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) During the period of five (5)&nbsp;years from the date hereof, to the extent
not available on the Commission&#146;s EDGAR system or any successor system, to deliver to the Underwriters, (i)&nbsp;upon request, copies of all reports or other communications furnished generally to stockholders, and (ii)&nbsp;upon request, copies
of any reports and financial statements furnished or filed with the Commission or any national securities exchange or automatic quotation system on which the Common Stock is listed or quoted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) That the Company will not, for a period of ninety (90)&nbsp;days from the date of the Prospectus, (the &#147;<B>Lock-Up
Period</B>&#148;) without the prior written consent of LCM, directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock, other than (i)&nbsp;the Company&#146;s sale of the Stock hereunder (ii)&nbsp;the issuance of restricted Common Stock or options to acquire Common Stock pursuant to the Company&#146;s employee benefit plans, qualified
stock option plans or other employee compensation plans as such plans are in existence on the date hereof and described in the Prospectus and the issuance of Common Stock pursuant to the valid exercises of options, warrants or rights outstanding on
the date hereof, (iii)&nbsp;shares issued for the sole purpose of funding any cash dividends payable in respect of the Series B Preferred Shares and the Series 1 Preferred Shares during the Lock-Up Period, (iv)&nbsp;shares issued to Enbridge, Inc.
(or its affiliates) or shares issued to fund any cash payments to Enbridge, Inc. (or its affiliates), in each case for the sole purpose of paying or settling any obligation in respect of the Series 1 Preferred Shares that is payable during the
Lock-Up Period, (v)&nbsp;the Excepted Issuances, (vi)&nbsp;pursuant to warrants to purchase common stock that are outstanding on the date hereof and which have been publicly disclosed and (vii)&nbsp;the issuance of warrants to purchase Common Stock
issued to unaffiliated strategic partners on an arm&#146;s length basis in connection with a transaction approved by the board of directors of the Company; provided, however, that such issuance of warrants pursuant to this Section&nbsp;4(k)(vii)
shall not exceed 5% (on an as exercised basis) of the outstanding shares of Common Stock of the Company as of the date of this Agreement. The Company will cause each executive officer and director listed in <U>Schedule B</U> to furnish to the
Underwriters, prior to the Closing Date, a letter, substantially in the form of <U>Exhibit A</U> hereto. The Company also agrees that during such period (other than for the sale of the Shares hereunder), the Company will not file any registration
statement, preliminary prospectus or prospectus, or any amendment or supplement thereto, under the Securities Act for any such transaction or which registers, or offers for sale, Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock, except for a registration statement on Form S-8 relating to employee benefit plans. The Company hereby agrees that (i)&nbsp;if it issues an earnings release or material news, or if a material event relating to the
Company occurs, during the last seventeen (17)&nbsp;days of the Lock-Up Period, (ii)&nbsp;if prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on
the last day of the Lock-Up Period, the restrictions imposed by this <U>paragraph (k)</U>&nbsp;or the letter shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the
occurrence of the material news or material event; <I>provided, however</I> that such extension will not apply if, (i)&nbsp;within three business days prior to the 15th calendar day before the last day of the Lock-Up Period, the Company delivers a
certificate, signed by the Chief Financial Officer or Chief Executive Officer of the Company, certifying on behalf of the Company that (A)&nbsp;the Shares are &#147;actively traded securities&#148; (as defined in Regulation M), (B)&nbsp;the Company
meets the applicable requirements of paragraph (a)(1) of Rule 139 under the Securities Act in the manner contemplated by FINRA Conduct Rule 2711(f)(4), and (C)&nbsp;the provisions of FINRA Conduct Rule 2711(f)(4) are not applicable to any research
reports relating to the Company published or distributed by any of the Underwriters during the 15 days before or after the last day of the Lock-Up Period (before giving effect to such extension); or (D)&nbsp;FINRA Rule 2711 is amended to permit any
of the Underwriters to publish or otherwise distribute research reports during the 15 days before or after the last day of the Lock-Up Period (before giving effect to such extension). The Company will provide the Underwriters with prior notice of
any such announcement that gives rise to an extension of the Lock-Up Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) To supply the Representative with copies of all correspondence to and from,
and all documents issued to and by, the Commission in connection with the registration of the Shares under the Securities Act or the Registration Statement, any Preliminary Prospectus or the Prospectus, or any amendment or supplement thereto or
document incorporated by reference therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Prior to the Closing Date to furnish to the Representative, as soon as
they have been prepared, copies of any unaudited interim consolidated financial statements of the Company for any periods subsequent to the periods covered by the financial statements appearing in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Prior to the Closing Date not to issue any press release or other communication directly or indirectly or hold any press
conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the past
practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press release
or communication is required by law or applicable stock exchange rules. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Until the Representative shall have notified
the Company of the completion of the offering of the Shares, that the Company will not, and will cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, bid for or
purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Shares, or attempt to induce any person to purchase any Shares; and not to, and to cause its affiliated purchasers not to, make bids or
purchases for the purpose of creating actual, or apparent, active trading in or of raising the price of the Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Not to take any action prior to the Closing Date, which would require the
Prospectus to be amended or supplemented pursuant to <U>Section&nbsp;4</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) To at all times comply with all applicable
provisions of the Sarbanes-Oxley Act in effect from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) To apply the net proceeds from the sale of the
Shares as set forth in the Registration Statement, the General Disclosure Package and the Prospectus under the heading &#147;Use of Proceeds.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) To use its commercially reasonable best efforts to list, subject to notice of issuance, effect and maintain the quotation
and listing of the Common Stock on the NASDAQ GM. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) To use its commercially reasonable best efforts to assist the
Representative with any filings with FINRA and obtaining clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) To use its commercially reasonable best efforts to do and perform all things required to be done or performed under this
Agreement by the Company prior to the Closing Date, and any Option Closing Date, and to satisfy all conditions precedent to the delivery of the Firm Shares and Additional Shares, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <I>P<SMALL>AYMENT</SMALL> <SMALL>OF</SMALL> E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>. The Company agrees to pay, or reimburse if paid by
the Underwriters, upon consummation of the transactions contemplated hereby: (a)&nbsp;the costs incident to the authorization, issuance, sale, preparation and delivery of the Shares to the Underwriters and any taxes payable in that connection;
(b)&nbsp;the costs incident to the registration of the Shares under the Securities Act; (c)&nbsp;the costs incident to the preparation, printing and distribution of the Registration Statement, the Base Prospectus, any Preliminary Prospectus, any
Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus, any amendments, supplements and exhibits thereto or any document incorporated by reference therein and the costs of printing, reproducing and distributing any
transaction document by mail or other means of communications; (d)&nbsp;the reasonable fees and expenses (including related fees and expenses of counsel for the Underwriters) incurred in connection with securing any required review by FINRA of the
terms of the sale of the Shares and any filings made with FINRA; (e)&nbsp;any applicable listing, quotation or other fees; (f)&nbsp;the reasonable fees and expenses (including related fees and expenses of counsel to the Underwriters) of qualifying
the Shares under the securities laws of the several jurisdictions as provided in <U>Section&nbsp;4(i)</U> and of preparing, printing and distributing wrappers, &#147;Blue Sky Memoranda&#148; and &#147;Legal Investment Surveys&#148;; (g)&nbsp;the
cost of preparing and printing stock certificates; (h)&nbsp;all fees and expenses of the registrar and transfer agent of the Shares; (i)&nbsp;the reasonable fees, disbursements and expenses of counsel to the Underwriters; and (j)&nbsp;all other
reasonable costs and expenses incident to the offering of the Shares or the performance of the obligations of the Company under this Agreement (including, without limitation, the fees and expenses of the Company&#146;s counsel and the Company&#146;s
independent accountants and the travel and other expenses incurred by Company&#146;s and Underwriters&#146; personnel in connection with any &#147;road show&#148; including, without limitation, any expenses advanced by the Underwriters on the
Company&#146;s behalf (which will be promptly reimbursed)). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <I>C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> O<SMALL>BLIGATIONS</SMALL>
<SMALL>OF</SMALL> <SMALL>THE</SMALL> U<SMALL>NDERWRITERS</SMALL>, <SMALL>AND</SMALL> <SMALL>THE</SMALL> S<SMALL>ALE</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>HARES</SMALL></I><SMALL></SMALL>. The respective obligations of the Underwriters
hereunder, and the closing of the sale of the Shares, are subject to the accuracy, when made and as of the Applicable Time and on the Closing Date and any Option Closing Date, of the representations and warranties of the Company contained herein, to
the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) No stop order suspending the effectiveness of the Registration Statement or any part thereof, preventing or suspending the
use of any Base Prospectus, any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part thereof shall have been issued and no proceedings for that purpose or pursuant to Section&nbsp;8A under the Securities Act
shall have been initiated or threatened by the Commission, and all requests for additional information on the part of the Commission (to be included or incorporated by reference in the Registration Statement or the Prospectus or otherwise) shall
have been complied with to the reasonable satisfaction of the Representative; the Rule 462(b) Registration Statement, if any, each Issuer Free Writing Prospectus, if any, and the Prospectus shall have been filed with the Commission within the
applicable time period prescribed for such filing by, and in compliance with, the Rules and Regulations and in accordance with <U>Section&nbsp;4(a)</U>, and the Rule 462(b) Registration Statement, if any, shall have become effective immediately upon
its filing with the Commission; and FINRA shall have raised no objection to the fairness and reasonableness of the terms of this Agreement or the transactions contemplated hereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Representative shall not have discovered and disclosed to the Company on or prior to the Closing Date and any Option
Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Underwriters, is material or omits to state any fact which, in the opinion of such
counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading, or that the General Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement
thereto contains an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary in order to make the statements, in the light of the
circumstances in which they were made, not misleading. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All corporate proceedings and other legal matters incident to
the authorization, form and validity of each of this Agreement, the Shares, the Additional Shares, the Registration Statement, the General Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal
matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and information
that they may reasonably request to enable them to pass upon such matters. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Robinson&nbsp;&amp; Cole LLP shall have furnished to the Representative such
counsel&#146;s written opinion and negative assurances statement, as counsel to the Company, addressed to the Underwriters and dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), in form and substance
reasonably satisfactory to the Representative. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Underwriters shall have received from Proskauer Rose LLP, counsel
for the Underwriters, such opinion or opinions and negative assurances statement, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), with respect to such matters as the Representative may reasonably
require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) At the time of the execution of this Agreement, the Representative shall have received from KPMG LLP a letter, addressed to
the Underwriters, executed and dated such date, in form and substance satisfactory to the Representative (A)&nbsp;confirming that they are an independent registered accounting firm with respect to the Company and its subsidiaries within the meaning
of the Securities Act and the Rules and Regulations and PCAOB and (B)&nbsp;stating the conclusions and findings of such firm, of the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters, with respect to the
financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) On the effective date of any post-effective amendment to any Registration Statement and on the Closing Date and any Option
Closing Date (if such date is other than the Closing Date), the Representative shall have received a letter (the &#147;<B>Bring-Down Letter</B>&#148;) from KPMG LLP addressed to the Underwriters and dated the Closing Date and any Option Closing Date
(if such date is other than the Closing Date) confirming, as of the date of the Bring-Down Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the
General Disclosure Package and the Prospectus, as the case may be, as of a date not more than three (3)&nbsp;business days prior to the date of the Bring-Down Letter), the conclusions and findings of such firm, of the type ordinarily included in
accountants&#146; &#147;comfort letters&#148; to underwriters, with respect to the financial information and other matters covered by its letter delivered to the Representative concurrently with the execution of this Agreement pursuant to paragraph
(g)&nbsp;of this <U>Section 6</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company shall have furnished to the Representative a certificate, dated
the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chairman of the Board, Chief Executive Officer or its President and its Chief Financial Officer or a Vice President of Finance, each in his capacity
as an officer of the Company, stating that (i)&nbsp;such officers have carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus and the Prospectus and, in their opinion, the Registration
Statement and each amendment thereto, at the Applicable Time and as of the date of this Agreement and as of the Closing Date and any Option Closing Date (if such date is other than the Closing Date) did not include any untrue statement of a material
fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the General Disclosure Package, as of the Applicable Time and as of the Closing Date and any Option Closing
Date (if such date is other than the Closing Date), any Permitted Free Writing Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing
Date and any Option Closing Date (if such date is other than the Closing Date), did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances in which they were made, not misleading, (ii)&nbsp;since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the General
Disclosure Package or the Prospectus that has not been so set forth therein, (iii)&nbsp;to the best of their knowledge after reasonable investigation, as of the Closing Date and any Option Closing Date (if such date is other than the Closing Date),
the representations and warranties of the Company in this Agreement are true and correct, and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing
Date and any Option Closing Date (if such date is other than the Closing Date), and (iv)&nbsp;there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in the General Disclosure
Package, any material adverse change in the financial position or results of operations of the Company and its subsidiaries or any change or development that, singly or in the aggregate, would involve a material adverse change or a prospective
material adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its subsidiaries taken as a whole, except as set forth in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Since the date of the latest audited financial statements included in the General Disclosure Package or incorporated by
reference in the General Disclosure Package as of the date hereof, (i)&nbsp;neither the Company nor any of its subsidiaries shall have sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the General Disclosure Package, and (ii)&nbsp;there shall not have been any change in the capital stock (other than a
change in the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants or the conversion of convertible indebtedness) or short-term or long-term debt of the Company or any of its
subsidiaries, or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders&#146; equity or results of operations of the Company and its subsidiaries
otherwise than as set forth in the General Disclosure Package, the effect of which, in any such case described in clause (i)&nbsp;or (ii)&nbsp;of this <U>paragraph (i)</U>, is, in the judgment of the Representative, so material and adverse as to
make it impracticable or inadvisable to proceed with the sale or delivery of the Shares on the terms and in the manner contemplated in the General Disclosure Package. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) No action shall have been taken and no law, statute, rule, regulation or
order shall have been enacted, adopted or issued by any governmental agency or body which would prevent the issuance or sale of the Shares or materially and adversely affect or potentially materially and adversely affect the business or operations
of the Company or its subsidiaries and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance or sale of the Shares or materially
and adversely affect or potentially materially and adversely affect the business or operations of the Company or its subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following:
(i)&nbsp;trading in securities generally on the New York Stock Exchange, NASDAQ GM or the American Stock Exchange or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall
have been suspended or materially limited, or minimum or maximum prices or maximum range for prices shall have been established on any such exchange or such market by the Commission, by such exchange or market or by any other regulatory body or
governmental authority having jurisdiction, (ii)&nbsp;a banking moratorium shall have been declared by Federal or state authorities or a material disruption has occurred in commercial banking or securities settlement or clearance services in the
United States, (iii)&nbsp;the United States shall have become engaged in hostilities, or the subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities involving the United States, or there shall have been a
declaration of a national emergency or war by the United States or (iv)&nbsp;there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial
markets in the United States shall be such) as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with the sale or delivery of the Shares on the terms and in the manner contemplated in the General Disclosure
Package and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Company shall have filed a Notification: Listing of Additional Shares with the NASDAQ
GM and shall have received no objection thereto from the NASDAQ GM. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The Underwriters shall have not have received any
unresolved objection from the FINRA as to the fairness and reasonableness of the amount of compensation allowable or payable to the Underwriters in connection with the issuance and sale of the Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) The Representative shall have received the written agreements, substantially
in the form of <U>Exhibit A</U> hereto, of the executive officers and directors of the Company listed in <U>Schedule B</U> to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) The Representative shall have received the written waiver from POSCO Power (&#147;<B>POSCO</B>&#148;) relating to its
notice and participation rights arising under and pursuant to the terms of that certain Securities Purchase Agreement, dated April&nbsp;30, 2012 between POSCO and the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Prior to the Closing Date and any Option Closing Date (if such date is other than the Closing Date), the Company shall have
furnished to the Representative such further information, opinions, certificates (including a Secretary&#146;s Certificate), letters or such other documents as the Representative shall have reasonably requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.
<I>I<SMALL>NDEMNIFICATION</SMALL> <SMALL>AND</SMALL> C<SMALL>ONTRIBUTION</SMALL></I><SMALL></SMALL>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall
indemnify and hold harmless each Underwriter, each of its affiliates and each of its and their respective directors, officers, members, employees, representatives and agents, and each person, if any, who controls such Underwriter within the meaning
of Section&nbsp;15 of the Securities Act of or Section&nbsp;20 of the Exchange Act (collectively, the &#147;<B>Underwriter Indemnified Parties</B>,&#148; and each a &#147;<B>Underwriter Indemnified Party</B>&#148;) against any loss, claim, damage,
expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Underwriter Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim,
damage, expense, liability, action, investigation or proceeding arises out of or is based upon (A)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, any Issuer Free Writing Prospectus,
any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference
therein, (B)&nbsp;the omission or alleged omission to state in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any
Registration Statement or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading or
(C)&nbsp;any breach of the representations and warranties of the Company contained herein, or the failure of the Company to perform its obligations hereunder or pursuant to any law, and which is included as part of or referred to in any loss, claim,
damage, expense, liability, action, investigation or proceeding arising out of or based upon matters covered by subclause (A), (B)&nbsp;or (C)&nbsp;above of this Section&nbsp;7(a), and shall reimburse the Underwriter Indemnified Party for any legal
fees or other expenses reasonably incurred by that Underwriter Indemnified Party in connection with investigating, or preparing to defend, or defending against, settling, compromising, or appearing as a third party witness in respect of, or
otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding, as such fees and expenses are incurred; <I>provided, however</I>, that the Company shall not be liable in any such case to
the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement or alleged untrue statement in, or omission or alleged omission from any Preliminary Prospectus, any Registration Statement or the
Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information furnished to the Company by the Representative by or on behalf of the Underwriters
specifically for use therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in <U>Section&nbsp;16</U>). This indemnity agreement is not exclusive and will be in addition to any liability
which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Underwriter, severally and not jointly, shall indemnify and hold
harmless the Company and its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act
(collectively, the &#147;<B>Company Indemnified Parties</B>,&#148; and each a &#147;<B>Company Indemnified Party</B>&#148;) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect
thereof), joint or several, to which such Company Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based
upon (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d)
of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii)&nbsp;the omission or alleged omission to state in any Preliminary Prospectus, any Issuer Free Writing Prospectus, any
&#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein
or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written
information furnished to the Company by the Representative by or on behalf of any Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriters&#146; Information as defined in
<U>Section&nbsp;16</U>, and shall reimburse the Company Indemnified Party for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party
witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this <U>Section&nbsp;7(b)</U>, in no event shall any indemnity by any
Underwriter under this <U>Section&nbsp;7(b)</U> exceed the total discount and commission received by such Underwriter in connection with the Offering. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Promptly after receipt by an indemnified party under this
<U>Section&nbsp;7</U> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <U>Section&nbsp;7</U>, notify such indemnifying party in writing of
the commencement of that action; <I>provided, however</I>, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this <U>Section&nbsp;7</U> except to the extent it has been materially
prejudiced by such failure; and, <I>provided, further</I>, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <U>Section&nbsp;7</U>. If any
such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly
notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying
party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under
<U>Section&nbsp;7</U> for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; <I>provided, however</I>, that any indemnified party
shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified
party unless (i)&nbsp;the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <U>Section&nbsp;7(a)</U> or <U>Section&nbsp;2.5</U> or LCM in the case of a claim for
indemnification under <U>Section&nbsp;7(b)</U>, (ii)&nbsp;such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the
indemnifying party, or (iii)&nbsp;the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the
action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such
indemnified party and the indemnifying party shall be responsible for legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; <I>provided, however</I>, that the indemnifying party shall
not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys at any time for all such indemnified parties (in addition to any local counsel), which firm shall be designated in writing by LCM if the indemnified parties under this <U>Section&nbsp;7</U> consist of any Underwriter
Indemnified Party or by the Company if the indemnified parties under this <U>Section&nbsp;7</U> consist of any Company Indemnified Parties. Subject to this <U>Section&nbsp;7(c)</U>, the amount payable by an indemnifying party under
<U>Section&nbsp;7</U> shall include, but not be limited to, (x)&nbsp;reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third
party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y)&nbsp;all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this
<U>Section&nbsp;7</U> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party in form and substance
reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be
unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold
harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees
and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i)&nbsp;such settlement is entered into more than forty-five (45)&nbsp;days
after receipt by such indemnifying party of the request for reimbursement, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least thirty (30)&nbsp;days prior to such settlement being entered into and
(iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the indemnification provided for in this <U>Section&nbsp;7</U> is
unavailable or insufficient to hold harmless an indemnified party under <U>Section&nbsp;7(a)</U> or <U>Section&nbsp;7(b)</U>, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable
or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i)&nbsp;in such proportion as shall be appropriate to
reflect the relative benefits received by the Company on the one hand and each of the Underwriters on the other hand from the offering of the Shares, or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;of this <U>Section&nbsp;7(d)</U> 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;of this <U>Section&nbsp;7(d)</U> but also the relative fault of the Company on the one hand and the
Underwriters on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other
relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering
of the Shares purchased under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discount and commission received by the Underwriters in connection with the Offering, in each case as set forth in the
table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement, omission, act or failure to act; <I>provided</I> that the parties hereto agree that the written information furnished to the Company by the Representative by or on behalf of any Underwriter
for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters&#146; Information as defined in <U>Section&nbsp;16</U>. The Company and the
Underwriters agree that it would not be just and equitable if contributions pursuant to this <U>Section&nbsp;7(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this <U>Section&nbsp;7(d)</U> shall be deemed
to include, for purposes of this <U>Section&nbsp;7(d)</U>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in
respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this <U>Section&nbsp;7(d)</U>, no Underwriter shall be required to
contribute any amount in excess of the total discount and commission received by such Underwriter in connection with the Offering, less the amount of any damages which such Underwriter has otherwise paid or become liable to pay by reason of any
untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <I>T<SMALL>ERMINATION</SMALL></I><SMALL></SMALL>. The obligations of the Underwriters
hereunder may be terminated by the Representative, in its absolute discretion by notice given to the Company prior to delivery of and payment for the Shares if, prior to that time, any of the events described in <U>Sections 6(i)</U>,<U> 6(j)</U>, or
<U>6(k)</U> have occurred or if the Underwriters shall decline to purchase the Shares for any reason permitted under this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <I>R<SMALL>EIMBURSEMENT</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL>&#146;
E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>. Notwithstanding anything to the contrary in this Agreement, if (a)&nbsp;this Agreement shall have been terminated pursuant to <U>Section&nbsp;8</U>, (b)&nbsp;the Company shall fail to tender the Shares for
delivery to the Underwriters for any reason not permitted under this Agreement, (c)&nbsp;the Underwriters shall decline to purchase the Shares for any reason permitted under this Agreement or (d)&nbsp;the sale of the Shares is not consummated
because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with
the provisions hereof, then, in addition to the payment of out-of-pocket expenses in accordance with <U>Section&nbsp;5</U>, the Company shall reimburse the Underwriters for the fees and expenses of the Underwriters&#146; counsel and for such other
accountable out-of-pocket expenses as shall have been reasonably incurred by them in connection with this Agreement and the proposed purchase of the Shares, and upon demand the Company shall pay the full amount thereof to the Representative on
behalf of the Underwriters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <I>A<SMALL>BSENCE</SMALL> <SMALL>OF</SMALL> F<SMALL>IDUCIARY</SMALL>
R<SMALL>ELATIONSHIP</SMALL></I><SMALL></SMALL> The Company acknowledges and agrees that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Underwriter&#146;s
responsibility to the Company is solely contractual in nature, each Underwriter has been retained solely to act as an underwriter in connection with the Offering and no fiduciary, advisory or agency relationship between the Company and such
Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether any underwriter or any of its affiliates has advised or is advising the Company on other matters; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the price of the Shares set forth in this Agreement was established by the Company following discussions and arms-length
negotiations with the Representative, and the Company 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="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) it has been advised that each of the underwriters and their respective affiliates are engaged in a broad range of
transactions which may involve interests that differ from those of the Company and that the Underwriters have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) it waives, to the fullest extent permitted by law, any claims it may have against the Underwriters for breach of
fiduciary duty or alleged breach of fiduciary duty and agrees that the Underwriters shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on
behalf of or in right of the Company, including stockholders, employees or creditors of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <I>S<SMALL>UCCESSORS</SMALL>; P<SMALL>ERSONS</SMALL> E<SMALL>NTITLED</SMALL>
<SMALL>TO</SMALL> B<SMALL>ENEFIT</SMALL> <SMALL>OF</SMALL> A<SMALL>GREEMENT</SMALL></I><SMALL></SMALL>. This Agreement shall inure to the benefit of and be binding upon the several Underwriters, the Company, and their respective successors and
assigns. Notwithstanding the foregoing, the determination as to whether any condition in <U>Section&nbsp;6</U> hereof shall have been satisfied, and the waiver of any condition in <U>Section&nbsp;6</U> hereof, may be made by the Representative in
its sole discretion, and any such determination or waiver shall be binding on each of the Underwriters and shall not require the consent of any Underwriter. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give
any person, other than the persons mentioned in the preceding sentences, any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof
being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement
shall also be for the benefit of the Underwriter Indemnified Parties and the several indemnities of the Underwriters shall be for the benefit of the Company Indemnified Parties. It is understood that each Underwriter&#146;s responsibility to the
Company is solely contractual in nature and the Underwriters do not owe the Company, or any other party, any fiduciary duty as a result of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <I>S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> I<SMALL>NDEMNITIES</SMALL>, R<SMALL>EPRESENTATIONS</SMALL>, W<SMALL>ARRANTIES</SMALL>,
<SMALL>ETC</SMALL></I><SMALL></SMALL>. The respective indemnities, covenants, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by them respectively,
pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter, the Company or any person controlling any of them and shall survive delivery of and payment for the Shares.
Notwithstanding any termination of this Agreement, including without limitation any termination pursuant to <U>Section&nbsp;8</U>, the indemnity and contribution and reimbursement agreements contained in <U>Sections 7</U> and <U>9</U> and the
representations and warranties set forth in this Agreement shall not terminate and shall remain in full force and effect at all times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <I>N<SMALL>OTICES</SMALL></I><SMALL></SMALL>. All statements, requests, notices and agreements hereunder shall be in writing, and: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) if to the Representatives, shall be delivered or sent by mail, facsimile transmission or email to c/o Stifel,
Nicolaus&nbsp;&amp; Company, Incorporated, 237 Park Avenue, 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10017 (fax no.: 212-371-3747); Attention: Robert Kaplan; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) if to the Company, shall be delivered or sent by mail, facsimile transmission or email to: FuelCell Energy, Inc., 3 Great
Pasture Road, Danbury, CT 06813, <U>Attention</U>: Ross Levine, Esq., Corporate Legal, Fax: (203)&nbsp;825-6069; with copies to (i)&nbsp;Patterson Belknap Webb&nbsp;&amp; Tyler LLP, 1133 Avenue of the Americas, New York, NY 10036, <U>Attention</U>:
Peter Schaeffer, Esq., Fax: 212-336-1244, and (ii)&nbsp;Robinson&nbsp;&amp; Cole LLP, 1055 Washington Boulevard, Stamford, CT 06901, <U>Attention</U>: Richard A. Krantz, Facsimile No.: (203)&nbsp;462-7599; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that any notice to the Underwriters pursuant to <U>Section&nbsp;7</U> shall be delivered or sent by mail or facsimile transmission
to the Representative at its address set forth in its acceptance communication to the Representative, which address will be supplied to any other party hereto by the Representative upon request. Any such statements, requests, notices or agreements
shall take effect at the time of receipt thereof, except that any such statement, request, notice or agreement delivered or sent by email shall take effect at the time of confirmation of receipt thereof by the recipient thereof.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <I>D<SMALL>EFINITION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL>
T<SMALL>ERMS</SMALL></I><SMALL></SMALL>. For purposes of this Agreement, (a)&nbsp;&#147;<B>business day</B>&#148; means any day on which the New York Stock Exchange, Inc. is open for trading, (b)&nbsp;&#147;<B>knowledge</B>&#148; means the knowledge
of the directors and officers of the Company after reasonable inquiry and (c)&nbsp;&#147;<B>subsidiary</B>&#148; has the meaning set forth in Rule 405 of the Rules and Regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <I>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL>, A<SMALL>GENT</SMALL> <SMALL>FOR</SMALL> S<SMALL>ERVICE</SMALL> <SMALL>AND</SMALL>
J<SMALL>URISDICTION</SMALL></I><SMALL></SMALL>. <B>This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including without limitation Section&nbsp;5-1401 of the New York General Obligations Law</B>.
No legal proceeding may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which
courts shall have jurisdiction over the adjudication of such matters, and the Company and the Underwriters each hereby consent to the jurisdiction of such courts and personal service with respect thereto. The Company and the Underwriters each hereby
waive all right to trial by jury in any legal proceeding (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Company agrees that a final judgment in any such legal proceeding brought in any
such court shall be conclusive and binding upon the Company and the Underwriters and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <I>U<SMALL>NDERWRITERS</SMALL>&#146; <SMALL>INFORMATION</SMALL></I><SMALL></SMALL>. The parties hereto acknowledge and agree that, for all
purposes of this Agreement, the &#147;Underwriters&#146; Information&#148; consists solely of the following information in the Prospectus: (i)&nbsp;the last paragraph on the front cover page concerning the terms of the offering; and (ii)&nbsp;the
statements concerning the Underwriters contained in the first paragraph, concerning the Underwriters and in the seventh paragraph and concerning stabilization by the Underwriters in the tenth paragraph, in each case under the heading
&#147;Underwriting.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <I>P<SMALL>ARTIAL</SMALL> U<SMALL>NENFORCEABILITY</SMALL></I><SMALL></SMALL>. The invalidity or
unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this
Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <I>G<SMALL>ENERAL</SMALL></I><SMALL></SMALL>. This Agreement constitutes the entire agreement of the parties to this Agreement and
supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine and neuter genders and the singular and the plural
include one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction or interpretation of this Agreement. This Agreement may be amended or modified, and the observance of any
term of this Agreement may be waived, only by a writing signed by the Company and the Representative. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <I>R<SMALL>ESEARCH</SMALL> A<SMALL>NALYST</SMALL> I<SMALL>NDEPENDENCE</SMALL>.</I> The
Company acknowledges that each Underwriter&#146;s research analysts and research departments are required to be independent from its investment banking division and are subject to certain regulations and internal policies, and that such
Underwriter&#146;s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their investment banking division.
The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against either Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by its
independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriter&#146;s investment banking division. The Company acknowledges that each Underwriter
is a full service securities firm and as such from time to time, subject to applicable securities laws, rules and regulations, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or
equity securities of the Company; provided, however, that nothing in this <U>Section&nbsp;20</U> shall relieve either Underwriter of any responsibility or liability it may otherwise bear in connection with activities in violation of applicable
securities laws, rules or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <I>D<SMALL>EFAULTING</SMALL> U<SMALL>NDERWRITERS</SMALL>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase
Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate number of such Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than <FONT
STYLE="white-space:nowrap">one-tenth</FONT> of the aggregate number of such Securities to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their
respective names in Schedule C bears to the aggregate number of Firm Shares set forth opposite the names of all such <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or in such other proportions as you may specify, to purchase
the Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of such Securities that any Underwriter has agreed to purchase pursuant to this
Agreement be increased pursuant to this <U>Section&nbsp;20</U> by an amount in excess of <FONT STYLE="white-space:nowrap">one-ninth</FONT> of such number of Securities without the written consent of such Underwriter. If, on the Closing Date, any
Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than <FONT STYLE="white-space:nowrap">one-tenth</FONT> of the aggregate number of Firm
Shares to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of such Firm Shares are not made within thirty-six (36)&nbsp;hours after such default, this Agreement shall terminate without liability on the
part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter or the Company. In any such case either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven (7)&nbsp;days, in
order that the required changes, if any, in the Registration Statement, in the Pricing Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail
or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the
non-defaulting Underwriters shall have the option to (i)&nbsp;terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (i)&nbsp;purchase not less than the number of Additional Shares that such
non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under
this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <I>C<SMALL>OUNTERPARTS</SMALL></I><SMALL></SMALL>. This Agreement may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument and such signatures may be delivered by facsimile. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of the agreement between the Company
and the Underwriters, kindly indicate your acceptance in the space provided for that purpose below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">FUELCELL ENERGY, INC.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael S. Bishop</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name: Michael S. Bishop</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Senior Vice President &amp; Chief Financial &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Confirmed as of the date </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">first above written, on </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">behalf of itself and the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Underwriters set forth in </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule C hereto: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">STIFEL,&nbsp;NICOLAUS&nbsp;&amp;&nbsp;COMPANY,&nbsp;INCORPORATED</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Craig DeDomenico</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name: Craig DeDomenico</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Managing Director </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to FuelCell Energy Underwriting Agreement &#150; January 2014</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General Use Free Writing Prospectuses </B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>List of officers and directors subject to <U>Section 4</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Board of Directors </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Arthur A. Bottone </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard A. Bromley </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J. H. England </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James D. Gerson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William A. Lawson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John A. Rolls </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Togo Dennis West, Jr. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Non-Director Executives </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Bishop </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anthony F. Rauseo </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE C </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:61.95pt; font-size:8pt; font-family:Times New Roman"><B>UNDERWRITER</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>NUMBER&nbsp;OF&nbsp;FIRM<BR>SHARES TO BE<BR>PURCHASED</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>ADDITIONAL<BR>SHARES</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STIFEL, NICOLAUS &amp; COMPANY, INCORPORATED</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,145,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>COWEN AND COMPANY, LLC</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">825,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FBR CAPITAL MARKETS &amp; CO.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">330,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Lock Up Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January &nbsp;&nbsp;&nbsp;&nbsp;, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stifel,
Nicolaus&nbsp;&amp; Company, Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cowen and Company , LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FBR Capital Markets&nbsp;&amp; Co. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;c/o
Stifel, Nicolaus&nbsp;&amp; Company, Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One South Street, 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Baltimore, Maryland 21202 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>FuelCell Energy, Inc. Offering of Common Stock</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to induce Stifel, Nicolaus&nbsp;&amp; Company, Incorporated (&#147;<B>SNC</B>&#148;), Cowen and Company, LLC
(&#147;<B>Cowen</B>&#148;) and FBR Capital Markets&nbsp;&amp; Co. (&#147;<B>FBR</B>&#148; and, together with SNC, and Cowen, the &#147;<B>Underwriters</B>&#148;) to enter into a certain underwriting agreement with FuelCell Energy, Inc., a Delaware
corporation (the &#147;<B>Company</B>&#148;), with respect to the public offering (the &#147;<B>Offering</B>&#148;) of shares of the Company&#146;s Common Stock, par value $0.0001 per share (&#147;<B>Common Stock</B>&#148;), the undersigned hereby
agrees that for a period of ninety (90)&nbsp;days following the date of this Agreement (the &#147;<B>lock-up period</B>&#148;), the undersigned will not, without the prior written consent of SNC, directly or indirectly, (i)&nbsp;offer, sell, assign,
transfer, pledge, contract to sell, or otherwise dispose of, or announce the intention to otherwise dispose of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (including, without
limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as the same may be amended or
supplemented from time to time (such shares or securities, the &#147;<B>Beneficially Owned Shares</B>&#148;)), (ii)&nbsp;enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership
of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock, or (iii)&nbsp;engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or
exercisable or exchangeable for Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If (i)&nbsp;the Company issues an earnings release or material news or a material event
relating to the Company occurs during the last seventeen (17)&nbsp;days of the lock-up period, or (ii)&nbsp;prior to the expiration of the lock-up period, the Company announces that it will release earnings results during the sixteen (16)-day period
beginning on the last day of the lock-up period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the
material news or material event. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Notwithstanding the foregoing, the undersigned may sell or otherwise transfer shares of
Common Stock or Beneficially Owned Shares (i)&nbsp;as a <B></B><I>bona fide </I><B></B>gift or gifts or pledge, provided that the undersigned provides prior written notice of such gift or gifts or pledge to SNC and the donee or donees or pledgee or
pledgees (as the case may be) thereof agree to be bound by the restrictions set forth herein, (ii)&nbsp;either during the undersigned&#146;s lifetime or on death by will or intestacy to the undersigned&#146;s immediate family or to a trust, the
beneficiaries of which are exclusively the undersigned and a member or members of the undersigned&#146;s immediate family, provided that the transferee thereof agrees to be bound by the restrictions set forth herein, (iii)&nbsp;pursuant to any
10b-5(1) trading plans in effect as of the date of the date of the Offering, or (iv)&nbsp;to pay for the tax liability arising from the vesting of restricted stock by netting a portion of such restricted stock in accordance with the existing
practices of the Company, or (v)&nbsp;with the prior written consent of SNC in its sole discretion. In addition, if the undersigned is a partnership, limited liability company, trust, corporation or similar entity, it may distribute the Common Stock
or Beneficially Owned Shares to its partners, members or stockholders; provided, however, that in each such case, prior to any such transfer, each transferee shall execute a duplicate form of this letter agreement or execute an agreement, reasonably
satisfactory to SNC, pursuant to which each transferee shall agree to receive and hold such Common Stock or Beneficially Owned Shares subject to the provisions hereof, and there shall be no further transfer except in accordance with the provisions
hereof. For the purposes of this paragraph, &#147;<B>immediate family</B>&#148; shall mean spouse, domestic partner, lineal descendant (including adopted children), father, mother, brother or sister of the transferor. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the undersigned hereby waives, from the date hereof until the expiration of the lock-up period, any and all rights, if any, to
request or demand registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock that are registered in the name of the undersigned or
that are Beneficially Owned Shares. In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or stop-transfer orders with the transfer agent of the Common Stock with respect to any
shares of Common Stock, securities convertible into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares owned by the undersigned. </P>

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<TD VALIGN="top" COLSPAN="3">[Signatory]</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director/ Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">FuelCell Energy,
Inc.</P></TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g661819g51j77.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FOR IMMEDIATE RELEASE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FuelCell Energy Prices $27.5 Million </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Public Offering of Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DANBURY, CT &#150; January&nbsp;17, 2014 &#151;</B> <U>FuelCell Energy, Inc.</U> (Nasdaq: FCEL), a global leader in the design, manufacture, operation and
service of ultra-clean, efficient and reliable fuel cell power plants, today announced that it has priced an underwritten public offering of 22,000,000 shares of its common stock at a price to the public of $1.25 per share for gross proceeds of
approximately $27.5 million. The net proceeds from the sale of the shares, after deducting the underwriters&#146; discounts and other estimated offering expenses payable by the Company, will be approximately $26.0 million. FuelCell has also granted
the underwriters a 30-day option to purchase up to an additional 3,300,000 shares of common stock offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of approximately $4.1 million if
exercised in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FuelCell Energy intends to use the net proceeds from this offering for project development, project finance, working capital support
and general corporate purposes. The offering is expected to close on or about January&nbsp;23, 2014, subject to the satisfaction of customary closing conditions. Stifel is acting as the sole book-running manager for the offering. Cowen and Company
is acting as the co-lead manager, and FBR Capital Markets&nbsp;&amp; Co. is acting as co-manager for the offering. Ardour Capital Investments, LLC is acting as selling group member for the offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A shelf registration statement relating to the above-described securities was previously filed with and declared effective by the Securities and Exchange
Commission. A preliminary prospectus supplement related to the offering was filed with the Securities and Exchange Commission. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the
effective registration statement. When available, copies of the final prospectus supplement together with the base prospectus relating to this offering can be obtained at the Securities and Exchange Commission&#146;s website http://www.sec.gov. or
from Stifel at One Montgomery Street, Suite 3700, San Francisco, CA 94104, or via telephone at (415)&nbsp;364-2720. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release does not
constitute an offer to sell or the solicitation of offers to buy any securities of FuelCell Energy, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>About FuelCell Energy </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct FuelCell<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> power plants are generating ultra-clean, efficient and reliable power at more than 50
locations worldwide.&nbsp;With more than 300 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations,
universities, municipal water treatment facilities, government installations and other customers around the world.&nbsp;The Company&#146;s power plants have generated more than two billion kilowatt hours of ultra-clean power using a variety of fuels
including renewable biogas from wastewater treatment and food processing, as well as clean natural gas.</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy,
Inc. DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" NOWRAP><B>Contact:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FuelCell Energy, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kurt Goddard, Vice
President Investor Relations</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">203-830-7494</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>ir@fce.com</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"># # # # </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
