<SEC-DOCUMENT>0001161697-23-000324.txt : 20230526
<SEC-HEADER>0001161697-23-000324.hdr.sgml : 20230526
<ACCEPTANCE-DATETIME>20230526160217
ACCESSION NUMBER:		0001161697-23-000324
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230526
DATE AS OF CHANGE:		20230526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KORU Medical Systems, Inc.
		CENTRAL INDEX KEY:			0000704440
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				133044880
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272026
		FILM NUMBER:		23968713

	BUSINESS ADDRESS:	
		STREET 1:		100 CORPORATE DRIVE
		CITY:			MAHWAH
		STATE:			NJ
		ZIP:			07430
		BUSINESS PHONE:		845-469-2042

	MAIL ADDRESS:	
		STREET 1:		100 CORPORATE DRIVE
		CITY:			MAHWAH
		STATE:			NJ
		ZIP:			07430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REPRO MED SYSTEMS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>form_s-3.htm
<DESCRIPTION>PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-3 REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May 26, 2023 .</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-272026 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Pre-Effective Amendment No. 1 </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> to </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>KORU MEDICAL SYSTEMS, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Delaware</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation or organization)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>13-3044880</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer Identification Number)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100 Corporate Drive</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mahwah, New Jersey 07430</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (845) 469-2042</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Thomas Adams<BR>
Interim Chief Financial Officer</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Koru Medical Systems, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100 Corporate Drive</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mahwah, New Jersey 07430</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (845) 469-2042</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>with a copy to:</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Heather R. Badami, Esq</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Royer Cooper Cohen Braunfeld LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two Logan Square</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100 N. 18th Street, Suite 710</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Philadelphia, PA 19103</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (215) 839-1000</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>From time to time after this registration statement
becomes effective.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Approximate date of commencement of proposed sale
to the public)</P>

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


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box: &nbsp;[&nbsp;&nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 4l5 under the Securities Act of l933, other than securities offered only in connection
with dividend or interest reinvestment plans, check the following box: &nbsp;[X]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. &nbsp;[&nbsp;&nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering. &nbsp;[&nbsp;&nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If this Form is a registration statement pursuant to General Instruction
I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box. &nbsp;[&nbsp;&nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule
4l3(b) under the Securities Act, check the following box. &nbsp;[&nbsp;&nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &quot;emerging growth company&quot;
in Rule l2b-2 of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.75in; padding-left: 0.5in"><FONT STYLE="font-size: 12pt">Large Accelerated filer &nbsp;[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 3.75in; padding-left: 0.5in"><FONT STYLE="font-size: 12pt">Accelerated filer &nbsp;[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 12pt">Non-accelerated filer &nbsp;[X]</FONT></TD>
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 12pt">Smaller reporting company &nbsp;[X]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 12pt">Emerging growth company &nbsp;[&nbsp;&nbsp;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of Securities Act. &nbsp;[&nbsp;&nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.25pt solid"><B>Title of Each Class of Securities to be Registered</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount to be</B><BR>
    <B>Registered</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(1)</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.25pt solid; text-align: center"><B>Proposed<BR>
Maximum<BR>
Offering <BR>
Price Per<BR>
Unit (2)</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.25pt solid; text-align: center"><B>Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering<BR>
Price (3)</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.25pt solid; text-align: center"><B>Amount of<BR>
Registration<BR>
Fee(4)</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E6E6E6">
    <TD STYLE="width: 39%; padding-bottom: 2.5pt">Common stock, par value $0.01 per share (6)</TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2.5pt">Preferred stock, par value $0.01 per share (7)</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E6E6E6">
    <TD STYLE="padding-bottom: 2.5pt">Debt Securities (8)</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2.5pt">Warrants</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E6E6E6">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in">Total</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">$ 71,250,000</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">N/A</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">$ 71,250,000(5)</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: center">$ 12,980(5) (9) </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.15pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="width: 7.25in">The amount to be registered consists of up to $71,250,000 of an indeterminate amount of common stock, preferred stock, debt securities and warrants. There is also being registered hereunder such currently indeterminate number of (i) shares of common stock or other securities of the registrant as may be issued upon conversion of, or in exchange for, convertible or exchangeable debt securities and/or preferred stock registered hereby, or (ii) shares of preferred stock, common stock, or debt securities as may be issued upon exercise of warrants registered hereby, as the case may be. Any securities registered hereunder may be sold separately or as units with the other securities registered hereunder.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD>The proposed maximum aggregate offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II.D of Form S-3 under the Securities Act.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(3)</TD>
    <TD>Estimated solely for purposes of computing the registration fee. No separate consideration will be received for (i) common stock or other securities of the registrants that may be issued upon conversion of, or in exchange for, convertible or exchangeable debt securities and/or preferred stock registered hereby; or (ii) preferred stock, common stock, or debt securities that may be issued upon exercise of warrants registered hereby, as the case may be.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(4)</TD>
    <TD>The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(5)</TD>
    <TD>In accordance with Rule 415(a)(6) under the Securities Act, all $71,250,000 of the securities registered pursuant to this Registration Statement are unsold securities that previously were registered pursuant to the registration statement on Form S-3 (File No. 333-238242), initially effective on May 20, 2020 (the &ldquo;Prior Registration Statement&rdquo;). The Prior Registration Statement registered the offer and sale of an indeterminate number of common stock, preferred stock, debt securities and warrants with an aggregate offering price not to exceed $100,000,000, of which, $71,250,000 of such securities remain unsold as of the filing date of this Registration Statement, all of which are being included in this Registration Statement (the &ldquo;Unsold Securities&rdquo;). Pursuant to Rule 415(a)(6), the registration fees in the amount of $9,248 previously paid with respect to the Unsold Securities will continue to be applied to the Unsold Securities. To the extent that, after the filing date hereof and prior to the effectiveness of this Registration Statement, the registrant sells any of the Unsold Securities pursuant to the Prior Registration Statement, the registrant will identify in a pre-effective amendment to this Registration Statement the updated amount of such Unsold Securities from the Prior Registration Statement to be included in this Registration Statement pursuant to Rule 415(a)(6) and the amount of any new securities to be registered under this Registration Statement, such that the securities hereunder shall have an aggregate initial offering price not to exceed $71,250,000. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(6)</TD>
    <TD>Including such indeterminate amount of common stock as may be issued from time to time at indeterminate prices or upon conversion of debt securities and/or preferred stock registered hereby, or upon exercise of warrants registered hereby, as the case may be.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(7)</TD>
    <TD>Including such indeterminate amount of preferred stock as may be issued from time to time at indeterminate prices or upon conversion of debt securities and/or preferred stock registered hereby, or upon exercise of warrants registered hereby, as the case may be.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(8)</TD>
    <TD>Including such indeterminate principal amount of debt securities as may be issued from time to time at indeterminate prices or upon exercise of warrants registered hereby, as the case may be.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> (9) </TD>
    <TD> The registration fee was previously paid in connection with the initial filing of this Registration Statement on May 18, 2023. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall hereafter become effective in accordance with Section 8(a) of the Securities
Act or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may
determine.</P>

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

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


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red">The information in this preliminary prospectus is not complete
and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission
is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities
in any jurisdiction where such offer or sale is not permitted.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red">SUBJECT TO COMPLETION, DATED MAY 26, 2023 </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$71,250,000</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time, we may offer,
issue and sell up to $71,250,000 of any combination of the securities described in this prospectus. We may also offer securities as may
be issuable upon conversion, redemption, repurchase, exchange or exercise of any securities registered hereunder, including any applicable
anti-dilution provisions. This prospectus provides you with a general description of the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide the specific
terms of these offerings and securities in one or more supplements to this prospectus. We may also authorize one or more free writing
prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing prospectus
may also add, update or change information contained in this prospectus. You should carefully read this prospectus, the applicable prospectus
supplement and any related free writing prospectus, as well as any documents incorporated by reference, before buying any of the securities
being offered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our common stock is listed on
the Nasdaq Capital Market under the symbol &ldquo;KRMD.&rdquo; The applicable prospectus supplement will contain information, where applicable,
as to any other listing, if any, on the Nasdaq Capital Market or any securities market or other exchange of the securities covered by
the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investing in our securities involves
a high degree of risk. You should review carefully the risks and uncertainties described under the heading &ldquo;<I>Risk Factors</I>&rdquo;
on page 2 of this prospectus and contained in the applicable prospectus supplement and any related free writing prospectus, and under
similar headings in the other documents that are incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>This prospectus may not be used to consummate a
sale of any securities unless accompanied by a prospectus supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The securities may be sold directly
by us to investors, through agents designated from time to time or to or through underwriters or dealers, on a continuous or delayed basis.
For additional information on the methods of sale, you should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this
prospectus. If any agents or underwriters are involved in the sale of any securities with respect to which this prospectus is being delivered,
the names of such agents or underwriters and any applicable fees, commissions, discounts and over-allotment options will be set forth
in a prospectus supplement. The price to the public of such securities and the net proceeds that we expect to receive from such sale will
also be set forth in a prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Neither the Securities and
Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The date of this prospectus is May __, 2023.</B></P>

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

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


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="width: 7in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#AbooutProspectus">ABOUT THIS PROSPECTUS</A></FONT></TD>
    <TD STYLE="width: 0.5in; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#OurCompany">OUR COMPANY</A></FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#RiskFactors">RISK FACTORS</A></FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CautionaryNote">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#UseOfProceeds">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DividendPolicy">DIVIDEND POLICY</A></FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DescriptionOfCapitalStock">DESCRIPTION OF CAPITAL STOCK</A></FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DescriptionOfDebtSecurities">DESCRIPTION OF DEBT SECURITIES</A></FONT></TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DescriptionOfWarrants">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#PlanOfDistribution">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#LegalMatters">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#Experts">EXPERTS</A></FONT></TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#AdditionalInformation">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#IncorporationOfCertainDocumentsByReference">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD STYLE="text-align: right">17</TD></TR>
  </TABLE>

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


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="AbooutProspectus"></A>ABOUT THIS PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus is part of a registration statement
that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a &ldquo;shelf&rdquo; registration process. By using
a shelf registration statement, we may sell securities from time to time and in one or more offerings up to a total dollar amount of $71,250,000
as described in this prospectus. Each time that we offer and sell securities, we will provide a prospectus supplement to this prospectus
that contains specific information about the securities being offered and sold and the specific terms of that offering. The prospectus
supplement may also add, update or change information contained in this prospectus with respect to that offering. If there is any inconsistency
between the information in this prospectus and the applicable prospectus supplement, you should rely on the prospectus supplement. Before
purchasing any securities, you should carefully read both this prospectus and the applicable prospectus supplement, together with the
additional information described under the headings &ldquo;<I>Where You Can Find Additional Information</I>&rdquo; and &ldquo;<I>Incorporation
of Certain Documents by Reference</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should rely only on the information contained in
or incorporated by reference in this prospectus or any related prospectus supplement. We have not authorized any other person to provide
you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We will
not make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information
appearing in this prospectus and the applicable prospectus supplement to this prospectus is accurate only as of the date on its respective
cover, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless
we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When we refer to &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;us&rdquo; and the &ldquo;Company&rdquo; in this prospectus, we mean Koru Medical Systems, Inc. When we refer to &ldquo;you,&rdquo;
we mean the holders of the applicable type or series of securities.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 1 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="OurCompany"></A>OUR COMPANY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We develop, manufacture, and commercialize innovative
and easy-to-use subcutaneous drug delivery systems that improve quality of life for patients around the world. Our FREEDOM Syringe Infusion
System currently includes the FREEDOM60&reg; and FreedomEdge&reg; Syringe Infusion Drivers, Precision Flow Rate Tubing&trade; and HIgH-Flo
Subcutaneous Safety Needle Sets&trade;. These devices are used for infusions administered in the home and alternate care settings. We
were incorporated in the State of New York in March 1980 and converted to a Delaware corporation in May 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our principal office is located at 100 Corporate Drive,
Mahwah, New Jersey 07430. Our telephone number is (845) 469-2042.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our common stock is traded on the Nasdaq Capital Market
under the symbol &ldquo;KRMD.&rdquo;</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="RiskFactors"></A>RISK FACTORS</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investing in our securities involves a high
degree of risk. You should carefully review the risks and uncertainties described under the heading &ldquo;Risk Factors&rdquo; contained
in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that
are incorporated by reference into this prospectus, before deciding whether to purchase any of the securities being registered pursuant
to the registration statement of which this prospectus is a part. Each of the risk factors could adversely affect our business, operating
results and financial condition, as well as adversely affect the value of an investment in our securities, and the occurrence of any of
these risks might cause you to lose all or part of your investment. Moreover, the risks described are not the only ones that we face.
Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="CautionaryNote"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus and the documents incorporated by reference
in this prospectus contain &ldquo;forward-looking statements&rdquo; about our business, financial condition and prospects based on our
current expectations, assumptions, estimates, and projections about us and our industry. All statements herein and therein other than
statements of historical fact are &ldquo;forward-looking statements&rdquo;, including, but not limited to, any projections of financial
items; any statements of the plans, strategies and objections of management for future operations; any statements concerning proposed
new products or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements
of assumptions underlying any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Forward-looking statements may include the words &ldquo;may,&rdquo;
&ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;continue,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect&rdquo;
or &ldquo;anticipate&rdquo; or other similar words. These forward-looking statements present our estimates and assumptions only as of
the date of this prospectus. Unless otherwise required by law, we do not intend, and undertake no obligation, to update any forward-looking
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although we believe that the expectations reflected
in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any
of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and inherent risks and uncertainties. We discuss many of these risks, uncertainties and other important factors
in greater detail under the heading &ldquo;Risk Factors&rdquo; contained in our most recent Annual Report on Form 10-K and most recent
quarterly report on Form 10-Q, as well as any amendments thereto reflected in subsequent filings with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some of the factors impacting these risks and uncertainties
include, but are not limited to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&bull;</TD>
    <TD STYLE="width: 6.75in">introduction of competitive products;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>availability of insurance reimbursement;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>changes in United States Food and Drug Administration regulations;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>changes to health care policies;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>success of our research and development efforts;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>our ability to raise capital if or when needed;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>acceptance of and demand for new and existing products;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>expanded market acceptance of the FREEDOM System;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 2 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&bull;</TD>
    <TD STYLE="width: 6.75in">our ability to obtain required governmental approvals;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>success in enforcing and obtaining patents;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>continued performance by principal suppliers;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>continued customer preference to work through distributors;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>continued service of key personnel and attracting and maintaining new personnel;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>the costs, duration and ultimate outcome of litigation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&bull;</TD>
    <TD>general economic and business conditions.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should read the matters described
in the section entitled &ldquo;Risk Factors&rdquo; and the other cautionary statements made in our Annual Reports on Form 10-K, our Quarterly
Reports on Form 10-Q and any applicable prospectus supplement as being applicable to all related forward-looking statements wherever they
appear. We cannot assure you that any of our forward-looking statements will prove to be accurate and therefore prospective investors
are encouraged not to place undue reliance on forward-looking statements.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="UseOfProceeds"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We intend to use the net proceeds
from the sale of the securities as set forth in the applicable prospectus supplement. General corporate purposes may include the acquisition
of companies or businesses, repayment and refinancing of debt, working capital and capital expenditures. We have not determined the amount
of net proceeds to be used specifically for such purposes.<BR>
<BR>
</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="DividendPolicy"></A>DIVIDEND POLICY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not paid any cash dividends on our common stock
and do not plan to pay any such dividends in the foreseeable future. We currently intend to use all available funds for our business operations.
In addition, our credit facility with KeyBank National Association restricts our ability to declare or pay any cash dividend or make any
other cash payment or distribution, directly or indirectly, to the holders of our common stock in their capacity as such.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="DescriptionOfCapitalStock"></A>DESCRIPTION OF CAPITAL STOCK</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have authorized capital stock consisting of 77,000,000
shares, of which 75,000,000 are designated common stock, $0.01 par value per share, and 2,000,000 are designated preferred stock, $0.01
par value per share. As of the date of this prospectus, we had 45,613,150 shares of common stock and no shares of preferred stock issued
and outstanding. Unless stated otherwise, the following discussion summarizes the terms and provisions of our certificate of incorporation
and our bylaws. This description is summarized from, and qualified in its entirety by reference to, our certificate of incorporation and
bylaws, copies of which have been publicly filed with the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The holders of shares of our common stock are entitled
to one vote per share on all matters to be voted upon by our stockholders and there are no cumulative rights. The holders of shares of
our common stock are entitled to receive ratably any dividends that may be declared from time to time by our board of directors out of
funds legally available for that purpose. In the event of our liquidation, dissolution or winding up, the holders of shares of our common
stock are entitled to share ratably in all assets remaining after payment of liabilities. Our common stock has no preemptive or conversion
rights or other subscription rights. There are no redemption or sinking fund provisions applicable to our common stock. The outstanding
shares of our common stock are fully paid and non-assessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are authorized to issue &ldquo;blank check&rdquo;
preferred stock, which may be issued in one or more series upon authorization of our board of directors. Our board of directors is authorized
to fix the designation of the series, the number of authorized shares of the series, dividend rights and terms, conversion rights, voting
rights, redemption rights and terms, liquidation preferences and any other rights, powers, preferences and limitations applicable to each
series of preferred stock. The authorized shares of our preferred stock are available for issuance without further action by our stockholders,
unless such action is required by applicable law or the rules of any stock exchange on which our securities may be listed. If the approval
of our stockholders is not required for the issuance of shares of our preferred stock, our board may determine not to seek stockholder
approval.</P>

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


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<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A series of our preferred stock could, depending on
the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. Our board of directors will make
any determination to issue preferred shares based upon its judgment as to the best interests of our stockholders. Our directors, in so
acting, could issue preferred stock having terms that could discourage an acquisition attempt through which an acquirer may be able to
change the composition of our board of directors, including a tender offer or other transaction that some, or a majority, of our stockholders
might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then-current market
price of the stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Anti-Takeover Effects of Provisions of Our Charter Documents</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Provisions in our certificate of incorporation and
bylaws contain certain provisions that could make it more difficult for a third party to acquire control of the Company or otherwise take
shareholder action. These provisions, for example:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;empower our board
of directors, without shareholder approval, to issue our preferred stock, the terms of which, including voting power, are set by our board
of directors;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preclude cumulative
voting in elections of directors;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permit our board
of directors to alter, amend or repeal bylaws or to adopt new bylaws;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prescribe the procedure
that a shareholder must follow to nominate directors or bring business before shareholders&rsquo; meetings; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;require the request
of holders of at least 10% of the outstanding shares entitled to vote at a meeting to call a special shareholders&rsquo; meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Limitations of Liability
and Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our certificate of incorporation includes a provision
that eliminates the personal liability of directors for monetary damages for any breach of fiduciary duty as a director, except where
such liability is imposed under the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;). The DGCL provides that a corporation may
indemnify an individual made a party to a proceeding because he is or was a director against liability incurred in the proceeding unless
(i) the act or omission was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active
and deliberate dishonesty; (ii) the director actually received an improper personal benefit; or (iii) in the case of any criminal proceeding,
the director had reasonable cause to believe the act or omission was unlawful, provided however, that if the proceeding was by or in the
right of the corporation, no indemnification may be made if the director is adjudged liable to the corporation. The Board of Directors
of the Company (the &ldquo;Board&rdquo;) may also indemnify an employee or agent of the corporation who was or is a party to any proceeding
by reason of the fact that he is or was an employee or agent of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our certificate of incorporation and bylaws provide
that, to the maximum extent permitted by Delaware law and the federal securities laws, we must indemnify and, upon request advance, expenses
to a director or officer made, or threatened to be made, a party to any action or proceeding (other than a shareholder derivative action)
by reason of such person being a director or officer, if such director or officer acted in good faith for a purpose which he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation and, in criminal actions or proceedings, in addition, had
no reasonable cause to believe that his or her conduct was unlawful. Indemnification would cover reasonable expenses, including attorneys'
fees, judgments, fines, amounts paid in settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The limitation of liability, indemnification and advancement
provisions in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breach
of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors
and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act, may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act, and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the
final adjudication of such issue.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 4 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The stock transfer agent for our securities is Continental
Stock Transfer and Trust Company of New York, New York.&nbsp; Their address is 1 State Street, 30th Floor, New York, NY 10004. Their phone
number is (212) 509-4000.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="DescriptionOfDebtSecurities"></A>DESCRIPTION OF DEBT SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may offer debt securities which may be senior or
subordinated. We refer to the senior debt securities and the subordinated debt securities collectively as debt securities. The following
description summarizes the general terms and provisions of the debt securities. We will describe the specific terms of the debt securities
and the extent, if any, to which the general provisions summarized below apply to any series of debt securities in the prospectus supplement
relating to the series and any related free writing prospectus that we authorize to be delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may issue senior debt securities from time to time,
in one or more series under a senior indenture to be entered into between us and a senior trustee to be named in a prospectus supplement,
which we refer to as the senior trustee. We may issue subordinated debt securities from time to time, in one or more series under a subordinated
indenture to be entered into between us and a subordinated trustee to be named in a prospectus supplement, which we refer to as the subordinated
trustee. The forms of any senior indenture and any subordinated indenture are filed as exhibits to the registration statement of which
this prospectus forms a part. The senior indenture and the subordinated indenture are referred to individually as an indenture and together
as the indentures and the senior trustee and the subordinated trustee are referred to individually as a trustee and together as the trustees.
This section summarizes some of the provisions of the indentures and is qualified in its entirety by the specific text of the indentures,
including definitions of terms used in the indentures. Wherever we refer to particular sections of, or defined terms in, the indentures,
those sections or defined terms are incorporated by reference in this prospectus or the applicable prospectus supplement. You should review
the indentures that are filed as exhibits to the registration statement of which this prospectus forms a part for additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither indenture will limit the amount of debt securities
that we may issue. The applicable indenture will provide that debt securities may be issued up to an aggregate principal amount authorized
from time to time by us and may be payable in any currency or currency unit designated by us or in amounts determined by reference to
an index.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The senior debt securities will constitute our unsecured
and unsubordinated general obligations and will rank equally in right of payment with our other unsecured and unsubordinated obligations.
The subordinated debt securities will constitute our unsecured and subordinated general obligations and will be junior in right of payment
to our senior indebtedness (including senior debt securities), as described under the heading &ldquo;- <I>Certain Terms of the Subordinated
Debt Securities&thinsp;&mdash;&thinsp;Subordination</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The debt securities will be our unsecured obligations.
Any secured debt or other secured obligations will be effectively senior to the debt securities to the extent of the value of the assets
securing such debt or other obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The applicable prospectus supplement and/or free writing
prospectus will include any additional or different terms of the debt securities of any series being offered, including the following
terms:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the title and type
of the debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the debt
securities will be senior or subordinated debt securities, and, with respect to any subordinated debt securities the terms on which they
are subordinated;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the initial aggregate
principal amount of the debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the price or prices
at which we will sell the debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the maturity date
or dates of the debt securities and the right, if any, to extend such date or dates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate or rates,
if any, at which the debt securities will bear interest, or the method of determining such rate or rates;</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 5 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates
from which such interest will accrue, the interest payment dates on which such interest will be payable or the method of determination
of such dates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the right, if any,
to extend the interest payment periods and the duration of that extension;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the manner of paying
principal and interest and the place or places where principal and interest will be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions for
a sinking fund, purchase fund or other analogous fund, if any;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any redemption
dates, prices, obligations and restrictions on the debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the currency, currencies
or currency units in which the debt securities will be denominated and the currency, currencies or currency units in which principal and
interest, if any, on the debt securities may be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any conversion
or exchange features of the debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the debt
securities will be subject to the defeasance provisions in the indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the debt
securities will be issued in definitive or global form or in definitive form only upon satisfaction of certain conditions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the debt
securities will be guaranteed as to payment or performance;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any special tax
implications of the debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any events of defaults
or covenants in addition to or in lieu of those set forth in the indenture; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other material
terms of the debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When we refer to &ldquo;principal&rdquo; in this section
with reference to the debt securities, we are also referring to &ldquo;premium, if any.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may from time to time, without notice to or the
consent of the holders of any series of debt securities, create and issue further debt securities of any such series ranking equally with
the debt securities of such series in all respects (or in all respects other than (1) the payment of interest accruing prior to the issue
date of such further debt securities or (2) the first payment of interest following the issue date of such further debt securities). Such
further debt securities may be consolidated and form a single series with the debt securities of such series and have the same terms as
to status, redemption or otherwise as the debt securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You may present debt securities for exchange and you
may present debt securities for transfer in the manner, at the places and subject to the restrictions set forth in the debt securities
and the applicable prospectus supplement. We will provide you those services without charge, although you may have to pay any tax or other
governmental charge payable in connection with any exchange or transfer, as set forth in the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Debt securities may bear interest at a fixed rate or
a floating rate. Debt securities bearing no interest or interest at a rate that at the time of issuance is below the prevailing market
rate (original issue discount securities) may be sold at a discount below their stated principal amount. U.S. federal income tax considerations
applicable to any such discounted debt securities or to certain debt securities issued at par which are treated as having been issued
at a discount for U.S. federal income tax purposes will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may issue debt securities with the principal amount
payable on any principal payment date, or the amount of interest payable on any interest payment date, to be determined by reference to
one or more currency exchange rates, securities or baskets of securities, commodity prices or indices. You may receive a payment of principal
on any principal payment date, or a payment of interest on any interest payment date, that is greater than or less than the amount of
principal or interest otherwise payable on such dates, depending on the value on such dates of the applicable currency, security or basket
of securities, commodity or index. Information as to the methods for determining the amount of principal or interest payable on any date,
the currencies, securities or baskets of securities, commodities or indices to which the amount payable on such date is linked and certain
related tax considerations will be set forth in the applicable prospectus supplement.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 6 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Certain Terms of the Senior Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Covenants.</I> Unless we indicate otherwise in a
prospectus supplement with respect to a particular series of senior debt securities, the senior debt securities will not contain any financial
or restrictive covenants, including covenants restricting us from incurring, issuing, assuming or guaranteeing any indebtedness secured
by a lien on any of our property or capital stock, or restricting us from entering into sale and leaseback transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Consolidation, Merger and Sale of Assets.</I> Unless
we indicate otherwise in a prospectus supplement with respect to a particular series of senior debt securities, we may not consolidate
with or merge into any other person, in a transaction in which we are not the surviving corporation, or convey, transfer or lease our
properties and assets substantially as an entirety to any person, in either case, unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the successor entity,
if any, is a U.S. corporation, limited liability company, partnership or trust;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the successor entity
assumes our obligations on the senior debt securities and under the senior indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after
giving effect to the transaction, no default or event of default shall have occurred and be continuing; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we have delivered
to the senior trustee an officer&rsquo;s certificate and an opinion of counsel, each stating that the consolidation, merger, conveyance,
transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply
with the senior indenture and all conditions precedent provided for in the senior indenture relating to such transaction have been complied
with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The restrictions described in the bullets above do
not apply (1) to our consolidation with or merging into one of our affiliates, if our board of directors determines in good faith that
the purpose of the consolidation or merger is principally to change our state of incorporation or our form of organization to another
form or (2) if we merge with or into a single direct or indirect wholly-owned subsidiary of ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The surviving business entity will succeed to, and
be substituted for, us under the senior indenture and the senior debt securities and, except in the case of a lease, we shall be released
from all obligations under the senior indenture and the senior debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>No Protection in the Event of a Change in Control.</I>
Unless we indicate otherwise in a prospectus supplement with respect to a particular series of senior debt securities, the senior debt
securities will not contain any provisions that may afford holders of the senior debt securities protection in the event we have a change
in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in control).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Events of Default.</I> Unless we indicate otherwise
in a prospectus supplement with respect to a particular series of senior debt securities, the following are events of default under the
senior indenture with respect to senior debt securities of each series:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure to pay
interest on any senior debt securities of such series when due and payable, if that default continues for a period of 30 days (or such
other period as may be specified for such series);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure to pay
principal on the senior debt securities of such series when due and payable whether at maturity, upon redemption, by declaration or otherwise
(and, if specified for such series, the continuance of such failure for a specified period);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the
performance of or breach of any of our covenants or agreements in the senior indenture applicable to senior debt securities of such series,
other than a covenant breach which is specifically dealt with elsewhere in the senior indenture, and that default or breach continues
for a period of 90 days after we receive written notice from the trustee or from the holders of 25% or more in aggregate principal amount
of the senior debt securities of such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certain events
of bankruptcy or insolvency, whether or not voluntary; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other event
of default provided for in such series of senior debt securities as may be specified in the applicable prospectus supplement.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 7 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The default by us under any other debt, including any
other series of debt securities, is not a default under the senior indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an event of default other than an event of default
specified in the fourth bullet point above occurs with respect to a series of senior debt securities and is continuing under the senior
indenture, then, and in each such case, either the trustee or the holders of not less than 25% in aggregate principal amount of such series
then outstanding under the senior indenture (each such series voting as a separate class) by written notice to us and to the trustee,
if such notice is given by the holders, may, and the trustee at the request of such holders shall, declare the principal amount of and
accrued interest on such series of senior debt securities to be immediately due and payable, and upon this declaration, the same shall
become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an event of default specified in the fourth bullet
point above occurs and is continuing, the entire principal amount of and accrued interest on each series of senior debt securities then
outstanding shall automatically become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise specified in the prospectus supplement
relating to a series of senior debt securities originally issued at a discount, the amount due upon acceleration shall include only the
original issue price of the senior debt securities, the amount of original issue discount accrued to the date of acceleration and accrued
interest, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon certain conditions, declarations of acceleration
may be rescinded and annulled and past defaults may be waived by the holders of a majority in aggregate principal amount of all the senior
debt securities of such series affected by the default, each series voting as a separate class. Furthermore, subject to various provisions
in the senior indenture, the holders of a majority in aggregate principal amount of a series of senior debt securities, by notice to the
trustee, may waive a continuing default or event of default with respect to such senior debt securities and its consequences, except a
default in the payment of principal of or interest on such senior debt securities (other than any such default in payment resulting solely
from an acceleration of the senior debt securities) or in respect of a covenant or provision of the senior indenture which cannot be modified
or amended without the consent of the holders of each such senior debt security. Upon any such waiver, such default shall cease to exist,
and any event of default with respect to such senior debt securities shall be deemed to have been cured, for every purpose of the senior
indenture; but no such waiver shall extend to any subsequent or other default or event of default or impair any right consequent thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The holders of a majority in aggregate principal amount
of a series of senior debt securities may direct the time, method and place of conducting any proceeding for any remedy available to the
trustee or exercising any trust or power conferred on the trustee with respect to such senior debt securities. However, the trustee may
refuse to follow any direction that conflicts with law or the senior indenture, that may involve the trustee in personal liability or
that the trustee determines in good faith may be unduly prejudicial to the rights of holders of such series of senior debt securities
not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction
received from holders of such series of senior debt securities. A holder may not pursue any remedy with respect to the senior indenture
or any series of senior debt securities unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the holder gives
the trustee written notice of a continuing event of default;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the holders of
at least 25% in aggregate principal amount of such series of senior debt securities make a written request to the trustee to pursue the
remedy in respect of such event of default;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the requesting
holder or holders offer the trustee indemnity satisfactory to the trustee against any costs, liability or expense;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the trustee does
not comply with the request within 60 days after receipt of the request and the offer of indemnity; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during such 60-day
period, the holders of a majority in aggregate principal amount of such series of senior debt securities do not give the trustee a direction
that is inconsistent with the request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These limitations, however, do not apply to the right
of any holder of a senior debt security of any affected series to receive payment of the principal of and interest on such senior debt
security in accordance with the terms of such debt security, or to bring suit for the enforcement of any such payment in accordance with
the terms of such debt security, on or after the due date for the senior debt securities, which right shall not be impaired or affected
without the consent of the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The senior indenture requires certain of our officers
to certify, on or before a fixed date in each year in which any senior debt security is outstanding, as to their knowledge of our compliance
with all covenants, agreements and conditions under the senior indenture.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 8 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Satisfaction and Discharge</I>. We can satisfy and
discharge our obligations to holders of any series of debt securities if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we have paid or
caused to be paid the principal of and interest on all senior debt securities of such series (with certain limited exceptions) when due
and payable; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we deliver to the
senior trustee for cancellation all senior debt securities of such series theretofore authenticated under the senior indenture (with certain
limited exceptions); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all senior debt
securities of such series have become due and payable or will become due and payable within one year (or are to be called for redemption
within one year under arrangements satisfactory to the senior trustee) and we deposit in trust an amount of cash or a combination of cash
and U.S. government or U.S. government agency obligations (or in the case of senior debt securities denominated in a foreign currency,
foreign government securities or foreign government agency securities) sufficient to make interest, principal and any other payments on
the debt securities of that series on their various due dates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and if, in any such case, we also pay or cause to be paid all other sums
payable under the senior indenture, as and when the same shall be due and payable and we deliver to the senior trustee an officer&rsquo;s
certificate and an opinion of counsel, each stating that these conditions have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under current U.S. federal income tax law, the deposit
and our legal release from the debt securities would be treated as though we took back your debt securities and gave you your share of
the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain or loss on the debt securities you give
back to us. Purchasers of the debt securities should consult their own advisers with respect to the tax consequences to them of such deposit
and discharge, including the applicability and effect of tax laws other than the U.S. federal income tax law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Defeasance</I>. Unless the applicable prospectus
supplement provides otherwise, the following discussion of legal defeasance and covenant defeasance will apply to any series of debt securities
issued under the indentures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Legal Defeasance</I>. We can legally release ourselves
from any payment or other obligations on the debt securities of any series (called &ldquo;legal defeasance&rdquo;) if certain conditions
are met, including the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We deposit in trust
for your benefit and the benefit of all other direct holders of the debt securities of the same series cash or a combination of cash and
U.S. government or U.S. government agency obligations (or, in the case of senior debt securities denominated in a foreign currency, foreign
government or foreign government agency obligations) that will generate enough cash to make interest, principal and any other payments
on the debt securities of that series on their various due dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is a change
in current U.S. federal income tax law or an IRS ruling that lets us make the above deposit without causing you to be taxed on the debt
securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due. Under current
U.S. federal income tax law, the deposit and our legal release from the debt securities would be treated as though we took back your debt
securities and gave you your share of the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain
or loss on the debt securities you give back to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We deliver to the
trustee a legal opinion of our counsel confirming the tax law change or ruling described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we accomplish legal defeasance, as described above,
you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the
event of any shortfall.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Covenant Defeasance</I>. Without any change in current
U.S. federal tax law, we can make the same type of deposit described above and be released from some of the covenants in the debt securities
(called &ldquo;covenant defeasance&rdquo;). In that event, you would lose the protection of those covenants but would gain the protection
of having money and securities set aside in trust to repay the debt securities. In order to achieve covenant defeasance, we must do the
following (among other things):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must deposit
in trust for your benefit and the benefit of all other direct holders of the debt securities of the same series cash or a combination
of cash and U.S. government or U.S. government agency obligations (or, in the case of senior debt securities denominated in a foreign
currency, foreign government or foreign government agency obligations) that will generate enough cash to make interest, principal and
any other payments on the debt securities of that series on their various due dates.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 9 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must deliver
to the trustee a legal opinion of our counsel confirming that under current U.S. federal income tax law we may make the above deposit
without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt
securities ourselves when due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we accomplish covenant defeasance, you could still
look to us for repayment of the debt securities if there were a shortfall in the trust deposit. In fact, if one of the events of default
occurred (such as our bankruptcy) and the debt securities become immediately due and payable, there may be such a shortfall. Depending
on the events causing the default, you may not be able to obtain payment of the shortfall.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Modification and Waiver</I>. We and the trustee
may amend or supplement the senior indenture or the senior debt securities of any series without the consent of any holder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to convey, transfer,
assign, mortgage or pledge any assets as security for the senior debt securities of one or more series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence the
succession of a corporation, limited liability company, partnership or trust to us, and the assumption by such successor of our covenants,
agreements and obligations under the senior indenture or to otherwise comply with the covenant relating to mergers, consolidations and
sales of assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to comply with
the requirements of the SEC in order to effect or maintain the qualification of the senior indenture under the Trust Indenture Act of
1939, as amended (the &ldquo;Trust Indenture Act&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to our covenants
such new covenants, restrictions, conditions or provisions for the protection of the holders, and to make the occurrence, or the occurrence
and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity,
defect or inconsistency in the senior indenture or in any supplemental indenture or to conform the senior indenture or the senior debt
securities to the description of senior debt securities of such series set forth in this prospectus or any applicable prospectus supplement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to provide for
or add guarantors with respect to the senior debt securities of any series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to establish the
form or forms or terms of the senior debt securities as permitted by the senior indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence and
provide for the acceptance of appointment under the senior indenture by a successor trustee, or to make such changes as shall be necessary
to provide for or facilitate the administration of the trusts in the senior indenture by more than one trustee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to, change
or eliminate any of the provisions of the senior indenture in respect of one or more series of senior debt securities, provided that any
such addition, change or elimination shall (a) neither (1) apply to any senior debt security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (2) modify the rights of the holder of any such senior
debt security with respect to such provision or (b) become effective only when there is no senior debt security described in clause (a)(1)
outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make any change
to the senior debt securities of any series so long as no senior debt securities of such series are outstanding; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make any change
that does not adversely affect the rights of any holder in any material respect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other amendments and modifications of the senior indenture
or the senior debt securities issued may be made, and our compliance with any provision of the senior indenture with respect to any series
of senior debt securities may be waived, with the consent of the holders of a majority of the aggregate principal amount of the outstanding
senior debt securities of each series affected by the amendment or modification (voting as separate series); provided, however, that each
affected holder must consent to any modification, amendment or waiver that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;extends the final
maturity of any senior debt securities of such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduces the principal
amount of any senior debt securities of such series;</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 10 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduces the rate,
or extends the time for payment of, interest on any senior debt securities of such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduces the amount
payable upon the redemption of any senior debt securities of such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes the currency
of payment of principal of or interest on any senior debt securities of such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduces the principal
amount of original issue discount securities payable upon acceleration of maturity or the amount provable in bankruptcy;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waives a continuing
default in the payment of principal of or interest on the senior debt securities (other than any such default in payment resulting solely
from an acceleration of the senior debt securities);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes the provisions
relating to the waiver of past defaults or impairs the right of holders to receive payment or to institute suit for the enforcement of
any payment or conversion of any senior debt securities of such series on or after the due date therefor;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modifies any of
the provisions of these restrictions on amendments and modifications, except to increase any required percentage or to provide that certain
other provisions cannot be modified or waived without the consent of the holder of each senior debt security of such series affected by
the modification;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adversely affects
the right to convert or exchange senior debt securities into common stock or other securities or property in accordance with the terms
of the senior debt securities; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduces the above-stated
percentage of outstanding senior debt securities of such series whose holders must consent to a supplemental indenture or modifies or
amends or waives certain provisions of or defaults under the senior indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It shall not be necessary for the holders to approve
the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if the holders&rsquo; consent approves
the substance thereof. After an amendment, supplement or waiver of the senior indenture in accordance with the provisions described in
this section becomes effective, the trustee must give to the holders affected thereby certain notice briefly describing the amendment,
supplement or waiver. Any failure by the trustee to give such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such amendment, supplemental indenture or waiver.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>No Personal Liability of Incorporators, Stockholders,
Officers, Directors</I>. The senior indenture provides that no recourse shall be had under any obligation, covenant or agreement of ours
in the senior indenture or any supplemental indenture, or in any of the senior debt securities or because of the creation of any indebtedness
represented thereby, against any of our incorporators, stockholders, officers or directors, past, present or future, or of any predecessor
or successor entity thereof under any law, statute or constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise. Each holder, by accepting the senior debt securities, waives and releases all such liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Concerning the Trustee</I>. The senior indenture
provides that, except during the continuance of an event of default, the trustee will not be liable except for the performance of such
duties as are specifically set forth in the senior indenture. If an event of default has occurred and is continuing, the trustee will
exercise such rights and powers vested in it under the senior indenture and will use the same degree of care and skill in its exercise
as a prudent person would exercise under the circumstances in the conduct of such person&rsquo;s own affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The senior indenture and the provisions of the Trust
Indenture Act incorporated by reference therein contain limitations on the rights of the trustee thereunder, should it become a creditor
of ours, to obtain payment of claims in certain cases or to realize on certain property received by it in respect of any such claims,
as security or otherwise. The trustee is permitted to engage in other transactions, provided that if it acquires any conflicting interest
(as defined in the Trust Indenture Act), it must eliminate such conflict or resign.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may have normal banking relationships with the senior
trustee in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Unclaimed Funds</I>. All funds deposited with the
trustee or any paying agent for the payment of principal, premium, interest or additional amounts in respect of the senior debt securities
that remain unclaimed for two years after the date upon which such amounts became due and payable will be repaid to us. Thereafter, any
right of any holder of senior debt securities to such funds shall be enforceable only against us, and the trustee and paying agents will
have no liability therefor.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 11 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Governing Law</I>. The senior indenture and the
senior debt securities will be governed by, and construed in accordance with, the internal laws of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Certain Terms of the Subordinated Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other than the terms of the subordinated indenture
and subordinated debt securities relating to subordination or otherwise as described in the prospectus supplement relating to a particular
series of subordinated debt securities, the terms of the subordinated indenture and subordinated debt securities are identical in all
material respects to the terms of the senior indenture and senior debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additional or different subordination terms may be
specified in the prospectus supplement applicable to a particular series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Subordination</I>. The indebtedness evidenced by
the subordinated debt securities is subordinate to the prior payment in full of all of our senior indebtedness, as defined in the subordinated
indenture. During the continuance beyond any applicable grace period of any default in the payment of principal, premium, interest or
any other payment due on any of our senior indebtedness, we may not make any payment of principal of or interest on the subordinated debt
securities (except for certain sinking fund payments). In addition, upon any payment or distribution of our assets upon any dissolution,
winding-up, liquidation or reorganization, the payment of the principal of and interest on the subordinated debt securities will be subordinated
to the extent provided in the subordinated indenture in right of payment to the prior payment in full of all our senior indebtedness.
Because of this subordination, if we dissolve or otherwise liquidate, holders of our subordinated debt securities may receive less, ratably,
than holders of our senior indebtedness. The subordination provisions do not prevent the occurrence of an event of default under the subordinated
indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The term &ldquo;senior indebtedness&rdquo; of a person
means with respect to such person the principal of, premium, if any, interest on, and any other payment due pursuant to any of the following,
whether outstanding on the date of the subordinated indenture or incurred by that person in the future:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of the indebtedness
of that person for money borrowed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of the indebtedness
of that person evidenced by notes, debentures, bonds or other securities sold by that person for money;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of the lease
obligations that are capitalized on the books of that person in accordance with generally accepted accounting principles;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all indebtedness
of others of the kinds described in the first two bullet points above and all lease obligations of others of the kind described in the
third bullet point above that the person, in any manner, assumes or guarantees or that the person in effect guarantees through an agreement
to purchase, whether that agreement is contingent or otherwise; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all renewals, extensions
or refundings of indebtedness of the kinds described in the first, second or fourth bullet point above and all renewals or extensions
of leases of the kinds described in the third or fourth bullet point above;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">unless, in the case of any particular indebtedness,
renewal, extension or refunding, the instrument creating or evidencing it or the assumption or guarantee relating to it expressly provides
that such indebtedness, renewal, extension or refunding is not superior in right of payment to the subordinated debt securities. Our senior
debt securities constitute senior indebtedness for purposes of the subordinated indenture.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="DescriptionOfWarrants"></A>DESCRIPTION OF WARRANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following description, together with the additional
information that we include in any applicable prospectus supplement and in any related free writing prospectus that we may authorize to
be distributed to you, summarizes the material terms and provisions of the warrants that we may offer under this prospectus, which may
be issued in one or more series. Warrants may be offered independently or in combination with other securities offered by any prospectus
supplement. While the terms we have summarized below will apply generally to any warrants that we may offer under this prospectus, we
will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. The following description
of warrants will apply to the warrants offered by this prospectus unless we provide otherwise in the applicable prospectus supplement.
The applicable prospectus supplement for a particular series of warrants may specify different or additional terms.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 12 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any warrants issued under this prospectus may be evidenced
by warrant certificates. Warrants also may be issued under an applicable warrant agreement that we enter into with a warrant agent. We
will indicate the name and address of the warrant agent, if applicable, in the prospectus supplement relating to the particular series
of warrants being offered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will file as exhibits to the registration statement
of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of warrant and/or
the warrant agreement and warrant certificate, as applicable, that contain the terms of the particular series of warrants we are offering,
and any supplemental agreements, before the issuance of such warrants. The following description summarizes the material terms and provisions
of the warrants and is subject to, and qualified in its entirety by reference to, all the provisions of the form of warrant and/or the
warrant agreement and warrant certificate, as applicable, and any supplemental agreements applicable to a particular series of warrants
that we may offer under this prospectus. We urge you to read the applicable prospectus supplement related to the particular series of
warrants that we may offer under this prospectus, as well as any related free writing prospectuses, and the complete form of warrant and/or
the warrant agreement and warrant certificate, as applicable, and any supplemental agreements, that contain the terms of the warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will describe in the applicable prospectus supplement
the terms of the series of warrants being offered, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the offering price
and aggregate number of warrants offered;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the currency for
which the warrants may be purchased;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable,
the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security
or each principal amount of such security;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of
warrants to purchase common stock, the number of shares of common stock, purchasable upon the exercise of one warrant and the price at
which these shares may be purchased upon such exercise;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the designation,
aggregate principal amount, currency and terms of any debt securities that may be purchased upon exercise of the warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the effect of any
merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms of any
rights to redeem or call the warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions
for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the dates on which
the right to exercise the warrants will commence and expire;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the manner in which
the warrant agreements and warrants may be modified;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a discussion of
any material or special U.S. federal income tax considerations of holding or exercising the warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms of the
securities issuable upon exercise of the warrants; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other specific
terms, preferences, rights or limitations of or restrictions on the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Before exercising their warrants, holders of warrants
will not have any of the rights of holders of the securities purchasable upon such exercise, including: in the case of warrants to purchase
common stock or preferred stock, the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up
or to exercise voting rights, if any.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 13 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each warrant will entitle the holder to purchase the
securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus
supplement. The warrants may be exercised as set forth in the prospectus supplement relating to the warrants offered. Unless we otherwise
specify in the applicable prospectus supplement, warrants may be exercised at any time up to the close of business on the expiration date
set forth in the prospectus supplement relating to the warrants offered thereby. After the close of business on the expiration date, unexercised
warrants will become void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon receipt of payment and the warrant or warrant
certificate, as applicable, properly completed and duly executed at the corporate trust office of the warrant agent, if any, or any other
office, including ours, indicated in the prospectus supplement, we will, as soon as practicable, issue and deliver the securities purchasable
upon such exercise. If less than all of the warrants (or the warrants represented by such warrant certificate) are exercised, a new warrant
or a new warrant certificate, as applicable, will be issued for the remaining warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless we otherwise specify in the applicable prospectus
supplement, the warrants and any warrant agreements will be governed by and construed in accordance with the laws of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Enforceability of Rights by Holders of Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each warrant agent, if any, will act solely as our
agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of
any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no
duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility
to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the
related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities
purchasable upon exercise of, its warrants.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="PlanOfDistribution"></A>PLAN OF DISTRIBUTION</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;directly to one
or more purchasers in negotiated sales or competitively bid transactions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through a block
trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position and
resell a portion of the block as principal to facilitate the transaction; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through a combination
of any of these methods of sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we may issue the securities as a dividend
or distribution or in a subscription rights offering to our existing security holders. This prospectus may be used in connection with
any offering of our securities through any of these methods or other methods described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may directly solicit offers to purchase securities,
or agents may be designated to solicit such offers. We will, in the prospectus supplement relating to such offering, name any agent that
could be viewed as an underwriter under the Securities Act, and describe any commissions that we must pay. Any such agent will be acting
on a best efforts basis for the period of its appointment or, if indicated in the applicable prospectus supplement, on a firm commitment
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The distribution of the securities may be effected
from time to time in one or more transactions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at a fixed price,
or prices, which may be changed from time to time;</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 14 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at market prices
prevailing at the time of sale;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at prices related
to such prevailing market prices;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in &ldquo;at the
market offerings,&rdquo; within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing
trading market or an exchange or otherwise; or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each prospectus supplement will describe the method
of distribution of the securities and any applicable restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The prospectus supplement with respect to the securities
of a particular series will describe the terms of the offering of the securities, including the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the name of the
agent or any underwriters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the public offering
or purchase price and the proceeds we will receive from the sale of the securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any discounts and
commissions to be allowed or re-allowed or paid to the agent or underwriters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other items
constituting underwriting compensation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any discounts and
commissions to be allowed or re-allowed or paid to dealers; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any exchanges on
which the securities will be listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any underwriters or agents are utilized in the sale
of the securities in respect of which this prospectus is delivered, we will enter into an underwriting agreement or other agreement with
them at the time of sale to them, and we will set forth in the prospectus supplement relating to such offering the names of the underwriters
or agents and the terms of the related agreement with them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a dealer is utilized in the sale of the securities
in respect of which this prospectus is delivered, we will sell such securities to the dealer, as principal. The dealer may then resell
such securities to the public at varying prices to be determined by such dealer at the time of resale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we offer securities in a subscription rights offering
to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters. We
may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not enter into
a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Remarketing firms, agents, underwriters, dealers and
other persons may be entitled under agreements which they may enter into with us to indemnification by us against certain civil liabilities,
including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform services for us in the
ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If so indicated in the applicable prospectus supplement,
we will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase securities
from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated in the prospectus supplement. Each
contract will be for an amount not less than, and the aggregate amount of securities sold pursuant to such contracts shall not be less
nor more than, the respective amounts stated in the prospectus supplement. Institutions with whom the contracts, when authorized, may
be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions
and other institutions, but shall in all cases be subject to our approval. Delayed delivery contracts will not be subject to any conditions
except that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the purchase by
an institution of the securities covered under that contract shall not at the time of delivery be prohibited under the laws of the jurisdiction
to which that institution is subject; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the securities
are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased such securities
not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility in respect of
the validity or performance of delayed delivery contracts.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 15 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain agents, underwriters and dealers, and their
associates and affiliates may be customers of, have borrowing relationships with, engage in other transactions with, and/or perform services,
including investment banking services, for us or one or more of our respective affiliates in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to facilitate the offering of the securities,
any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the securities or any other securities
the prices of which may be used to determine payments on such securities. Specifically, any underwriters may overallot in connection with
the offering, creating a short position for their own accounts. In addition, to cover overallotments or to stabilize the price of the
securities or of any such other securities, the underwriters may bid for, and purchase, the securities or any such other securities in
the open market. Finally, in any offering of the securities through a syndicate of underwriters, the underwriting syndicate may reclaim
selling concessions allowed to an underwriter or a dealer for distributing the securities in the offering if the syndicate repurchases
previously distributed securities in transactions to cover syndicate short positions, in stabilization transactions or otherwise. Any
of these activities may stabilize or maintain the market price of the securities above independent market levels. Any such underwriters
are not required to engage in these activities and may end any of these activities at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Rule 15c6-1 of the Exchange Act, trades in the
secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise
or the securities are sold by us to an underwriter in a firm commitment underwritten offering. The applicable prospectus supplement may
provide that the original issue date for your securities may be more than two scheduled business days after the trade date for your securities.
Accordingly, in such a case, if you wish to trade securities on any date prior to the second business day before the original issue date
for your securities, you will be required, by virtue of the fact that your securities initially are expected to settle in more than two
scheduled business days after the trade date for your securities, to make alternative settlement arrangements to prevent a failed settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The securities may be new issues of securities and
may have no established trading market. The securities may or may not be listed on a national securities exchange. We can make no assurance
as to the liquidity of or the existence of trading markets for any of the securities. In compliance with the guidelines of the Financial
Industry Regulatory Authority, or FINRA, the aggregate maximum discount, commission or agency fees or other items constituting underwriting
compensation to be received by any FINRA member or independent broker-dealer will not exceed 8% of the proceeds from any offering pursuant
to this prospectus and any applicable prospectus supplement.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="LegalMatters"></A>LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain legal matters relating to the validity of our
securities offered by this prospectus will be passed upon for us by Royer Cooper Cohen Braunfeld LLC, Philadelphia, Pennsylvania.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="Experts"></A>EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our consolidated financial statements as of December
31, 2022 and December 31, 2021 and for the years then ended included in our Annual Report on Form 10-K for the year ended December 31,
2022 have been audited by McGrail Merkel Quinn &amp; Associates, P.C., an independent registered public accounting firm, as stated in
their report dated March 8, 2023, which is incorporated by reference herein, and has been so incorporated in reliance upon the report
of such firm given on the authority of said firm as experts in auditing and accounting.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="AdditionalInformation"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We file annual, quarterly and current reports, proxy
statements and other documents with the Securities and Exchange Commission (&ldquo;SEC&rdquo;). These filings contain important information
which does not appear in this prospectus. You may read and copy, at prescribed rates, any documents we have filed with the SEC at its
Public Reference Room located at 100 F Street, N.E., Washington, DC 20549. You may obtain information on the operation of the Public Reference
Room by calling the SEC at 1-800-SEC-0330. We also file these documents with the SEC electronically. You can access the electronic versions
of these filings on the SEC&rsquo;s website found at http://www.sec.gov. You may also obtain free copies of the documents that we file
with the SEC by going to the Investors section of our website, www.korumedical.com. The information provided on our website is not part
of this prospectus, and therefore is not incorporated by reference.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 16 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus is part of a registration statement
on Form S-3 that we have filed with the SEC under the Securities Act. This prospectus does not contain all of the information in the registration
statement. We have omitted certain parts of the registration statement, as permitted by the rules and regulations of the SEC. You may
inspect and copy the registration statement, including exhibits, at the SEC&rsquo;s public reference room or Internet site.</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="IncorporationOfCertainDocumentsByReference"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The SEC allows us to incorporate by reference the information
we file with it, which means that we can disclose important information to you by referring you to another document that we have filed
separately with the SEC. You should read the information incorporated by reference because it is an important part of this prospectus.
We incorporate by reference the following information or documents that we have filed with the SEC, excluding any portions of any Current
Report on Form 8-K that are not deemed &ldquo;filed&rdquo; pursuant to the General Instructions of Form 8-K:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: center">&bull;</TD>
    <TD STYLE="width: 7in"><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/704440/000116169723000158/form_10-k.htm">Our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 8, 2023</A>;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&bull;</TD>
    <TD><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/704440/000116169723000281/form_10-q.htm">Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the SEC on May 4, 2023</A>;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&bull;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000194/schedule_14a.htm">Our Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 29, 2023</A>;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&bull;</TD>
    <TD><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/704440/000116169723000302/form_8-k.htm">Our Current Report on Form 8-K, filed with the SEC on May 17, 2023 </A>; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&bull;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000304/form_8-a.htm">The description of our common stock set forth in our registration statement on Form 8-A12B/A , filed with the SEC on May 17, 2023 </A>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any information in any of the foregoing documents will
automatically be deemed to be modified or superseded to the extent that information in this prospectus or in a later filed document that
is incorporated or deemed to be incorporated herein by reference modifies or replaces such information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also incorporate by reference any future filings
(other than current reports furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of Form 8-K and exhibits filed on such form that are related
to such items) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including those made after the date
of filing of the initial registration statement and prior to effectiveness of the registration statement, until we file a post-effective
amendment that indicates the termination of the offering of the securities made by this prospectus. Information in such future filings
updates and supplements the information provided in this prospectus. Any statements in any such future filings will automatically be deemed
to modify and supersede any information in any document we previously filed with the SEC that is incorporated or deemed to be incorporated
herein by reference to the extent that statements in the later filed document modify or replace such earlier statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide to each person, including any beneficial
owner, to whom a prospectus is delivered, without charge upon written or oral request, a copy of any or all of the information that is
incorporated by reference into this prospectus but not delivered with the prospectus, including exhibits which are specifically incorporated
by reference into such documents. You may request a copy of these filings at no cost, by writing to or telephoning us at the following
address:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">100 Corporate Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Mahwah, New Jersey 07430</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: (845) 469-2042</P>

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

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">- 17 -</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the costs and expenses
relating to the sale of our securities being registered hereby. All amounts are estimates except the SEC registration fee.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.25pt solid; padding-bottom: 1.5pt; text-align: center"><B>Amount</B></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E6E6E6">
    <TD STYLE="vertical-align: bottom; width: 283.5pt">SEC registration fees</TD>
    <TD STYLE="vertical-align: bottom; width: 11.45pt">$</TD>
    <TD STYLE="width: 57.55pt; text-align: right">0</TD>
    <TD STYLE="vertical-align: bottom; width: 9pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Legal fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E6E6E6">
    <TD STYLE="vertical-align: bottom">Accounting fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Transfer agent&rsquo;s, trustee&rsquo;s and depositary&rsquo;s fees and expenses</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.25pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.25pt solid; text-align: right">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #E6E6E6">
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">*</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Fees depend on number of issuances and amount of securities sold and
accordingly cannot be estimated at this time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company was incorporated under the laws of the
State of Delaware and is subject the provisions of the Delaware General Corporation Law (DGCL). Under Section 145 of the DGCL (summarized
below), and subject to the procedures and limitations therein, the Company is empowered to indemnify and hold harmless any director or
officer or other person from and against any and all claims and demands whatsoever, subject to such standards and restrictions, if any,
as are set forth in its restated certificate of incorporation or amended and restated bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s Certificate of Incorporation provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 6.01 Limitation of Liability: To the fullest extent permitted
by the DGCL as it presently exists or may hereafter be amended, a director of the Corporation shall not be personally liable to the Corporation
or its stockholder for monetary damages for any breach of fiduciary duty as a director. No amendment to, modification of, or repeal of
this Section 6.01 shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with
respect to any acts or omissions of such director occurring prior to such amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 6.02 Indemnification: The Corporation shall indemnify
to the fullest extent permitted by law as it presently exists or may hereafter be amended any person made or threatened to be made a party
or is otherwise involved in any action, suit or proceeding, whether criminal, civil, administrative, or investigative, by reason of the
fact that they, their testator or intestate is or was a director or officer of the Corporation or any predecessor of the Corporation,
or serves or served at any other enterprise as a director or officer at the request of the Corporation or any predecessor of the Corporation.
Any amendment, repeal, or modification of this Section 6.02 shall not adversely affect any right or protection hereunder of any person
in respect of any act or omission occurring prior to the time of such repeal or modification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">ARTICLE V of the Company&rsquo;s Bylaws provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 5.01 Indemnification. The Corporation shall indemnify
and hold harmless to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person who
was or is made or is threatened to be made a party or is otherwise involved in any action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (a &ldquo;Proceeding&rdquo;), by reason of the fact that they, or a person for whom they are the legal
representative, is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving
at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust,
enterprise, or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and
expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person. Notwithstanding the preceding sentence, the
Corporation shall be required to indemnify a person in connection with a Proceeding (or part thereof) commenced by such person only if
the commencement of such Proceeding (or part thereof) by the person was authorized in the specific case by the Board of Directors.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">II-1</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 5.02 Advancement of Expenses<B>. </B>The Corporation
shall pay the expenses (including attorneys&rsquo; fees) actually and reasonably incurred by a director or officer of the Corporation
in defending any Proceeding in advance of its final disposition, upon receipt of an undertaking by or on behalf of such person to repay
all amounts advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that
such person is not entitled to be indemnified for such expenses under this Section 5.02 or otherwise</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 5.03 Non-Exclusivity of Rights. The rights conferred
on any person by this Article V will not be exclusive of any other right which such person may have or hereafter acquire under any statute,
provision of the Certificate of Incorporation, these by-laws, agreement, vote of stockholders or disinterested directors, or otherwise,
both as to action in their official capacity and as to action in another capacity while holding office. The Corporation is specifically
authorized to enter into individual contracts with any or all of its directors, officers, employees, or agents respecting indemnification
and advances, to the fullest extent not prohibited by the DGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 5.04 Other Indemnification. The Corporation&rsquo;s obligation,
if any, to indemnify any person who was or is serving at its request as a director or officer of another corporation, partnership, joint
venture, trust, enterprise, or nonprofit entity shall be reduced by any amount such person may collect as indemnification from such other
corporation, partnership, joint venture, trust, enterprise, or nonprofit entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 5.05 Insurance. The Corporation may purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the
request of Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, enterprise,
or nonprofit entity against any liability asserted against them and incurred by them in any such capacity, or arising out of their status
as such, whether or not the Corporation would have the power to indemnify them against such liability under the provisions of the DGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Section 5.06 Repeal, Amendment, or Modification. Any amendment,
repeal, or modification of this Article V shall not adversely affect any right or protection hereunder of any person in respect of any
act or omission occurring prior to the time of such repeal or modification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(a) of the DGCL provides that a corporation
shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation)
by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person
did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(b) of the DGCL provides that a corporation
shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was
a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys'
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person
acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and
except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged
to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem
proper.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">II-2</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(c) of the DGCL provides that: (1) to the
extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein,
such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection
therewith; and (2) The corporation may indemnify any other person who is not a present or former director or officer of the corporation
against expenses (including attorneys' fees) actually and reasonably incurred by such person to the extent he or she has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of this section, or in
defense of any claim, issue or matter therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(d) of the DGCL provides that any indemnification
under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only as authorized in the specific
case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances
because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of this section. Such determination
shall be made, with respect to a person who is a director or officer of the corporation at the time of such determination: (1) By a majority
vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum; or (2) By a committee of
such directors designated by majority vote of such directors, even though less than a quorum; or (3) If there are no such directors, or
if such directors so direct, by independent legal counsel in a written opinion; or (4) By the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(e) of the DGCL provides that expenses (including
attorneys' fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative or investigative
action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such
person is not entitled to be indemnified by the corporation as authorized in this section. Such expenses (including attorneys' fees) incurred
by former directors and officers or other employees and agents of the corporation or by persons serving at the request of the corporation
as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid
upon such terms and conditions, if any, as the corporation deems appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(f) of the DGCL provides that the indemnification
and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of
any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another
capacity while holding such office. A right to indemnification or to advancement of expenses arising under a provision of the certificate
of incorporation or a bylaw shall not be eliminated or impaired by an amendment to or repeal or elimination of the certificate of incorporation
or the bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative
action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time
of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145(g) of the DGL provides that a corporation
shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in
any such capacity, or arising out of such person's status as such, whether or not the corporation would have the power to indemnify such
person against such liability under this section. For purposes of this subsection, insurance shall include any insurance provided directly
or indirectly (including pursuant to any fronting or reinsurance arrangement) by or through a captive insurance company organized and
licensed in compliance with the laws of any jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 16. EXHIBITS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(a)&nbsp;&nbsp;The following exhibits are filed herewith or
incorporated by reference.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 0.75in; border-bottom: Black 1.25pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 6.5in; border-bottom: Black 1.25pt solid"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Underwriting Agreement *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>3.1(i)</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000302/ex_3-1.htm">Certificate of Incorporation effective May 11, 2023</A> (incorporated by reference to the Company&rsquo;s Form 8-K filed with the SEC on May 17, 2023).</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>3.2(ii)</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000302/ex_3-2.htm">Bylaws dated May 12, 2023 </A> (incorporated by reference to the Company&rsquo;s Form 8-K filed with the SEC on May 17, 2023).</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">II-3</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 0.75in; border-bottom: Black 1.25pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 6.5in; border-bottom: Black 1.25pt solid"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>4.1</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Warrant Agreement and Warrant Certificate *</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>4.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_4-2.htm">Form of Senior Indenture</A> (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>4.3</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_4-3.htm">Form of Subordinated Indenture</A> (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>4.4</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_4-4.htm">Form of Senior Note</A> (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>4.5</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_4-5.htm">Form of Subordinated Note</A> (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>5.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_5-1.htm">Opinion of Royer Cooper Cohen Braunfeld LLC</A> (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>23.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_5-1.htm">Consent of Royer Cooper Cohen Braunfeld LLC</A> (included as part of Exhibit 5.1) (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>23.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_23-2.htm">Consent of McGrail Merkel Quinn &amp; Associates, P.C.</A> (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>24</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/form_s-3.htm#PowerOfAttorney">Powers of Attorney</A> (included on the signature page to the Registration Statement) (previously filed) </TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD>107</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/704440/000116169723000311/ex_107.htm">Calculation of Filing Fee Tables</A> (previously filed) </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* To be filed by amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 17. UNDERTAKINGS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;To include any prospectus required by section&nbsp;10(a)(3)&nbsp;of
the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration
statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(iii)&nbsp;To include any material information with respect
to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>provided, however</I>, that
paragraphs&nbsp;(a)(1)(i), (a)(1)(ii)&nbsp;and (a)(1)(iii)&nbsp;do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section&nbsp;13
or section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or
is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">II-4</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; color: blue"><A HREF="#toc"><I>Table of Contents</I></A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;Each prospectus filed by the registrant pursuant
to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part
of and included in the registration statement;&nbsp;and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;Each prospectus required to be filed pursuant
to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance on Rule&nbsp;430B relating to an offering
made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by section&nbsp;10(a)&nbsp;of
the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such
form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial<I>&nbsp;bona fide</I>&nbsp;offering
thereof.<I>&nbsp;Provided, however,</I>&nbsp;that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;Any preliminary prospectus or prospectus of
the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;Any free writing prospectus relating to the
offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(iii)&nbsp;The portion of any other free writing prospectus
relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(iv)&nbsp;Any other communication that is an offer in
the offering made by the undersigned registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to section&nbsp;13(a)&nbsp;or section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial<I>&nbsp;bona fide</I>&nbsp;offering
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant,
the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such issue.</P>

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


<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">II-5</P>


<HR ALIGN="CENTER" NOSHADE SIZE="2" STYLE="WIDTH: 100%"><P STYLE="BREAK-BEFORE: ALWAYS"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of l933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Mahwah, State of New Jersey, on May 26, 2023 .</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">KORU MEDICAL SYSTEMS, INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 3.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1.25pt solid"><I>/s/ Thomas Adams</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>Thomas Adams, Interim Chief Financial Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.5in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32.02%; border-bottom: black 1.5pt solid; text-align: center"><B>Signature</B></TD>
    <TD STYLE="width: 2.02%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 47.58%; border-bottom: black 1.5pt solid; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16.38%; border-bottom: black 1.5pt solid; text-align: center"><B>Date</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><I>/s/ Linda Tharby</I></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Linda Tharby</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><I>/s/ Thomas Adams</I></TD>
    <TD>&nbsp;</TD>
    <TD>Interim Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Thomas Adams</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> * </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">R. John Fletcher</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> * </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Robert A. Cascella</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> * </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Donna French</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> * </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Joseph M. Manko, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> * </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Shahriar Matin</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD> May 26, 2023 </TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> * By <U>/s/ Linda Tharby</U> </P>

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

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

<P STYLE="FONT: 10PT TIMES NEW ROMAN, TIMES, SERIF; MARGIN: 0; TEXT-ALIGN: CENTER">II-6</P>

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